RAMs Strategy Follow a balanced risk strategy aimed at enhancing stockholder value by increasing net asset value, net reserves and cash flow per share through acquisitions acquisitions, development development, exploitation and…
Geographically Focused Areas of Operation Osage Electra/ Fitts--Allen Fitts Burkburnett Louisiana = Rig working/planned Area of focus in 2011 Lacopita capital budget South Texas 4
Oil and Liquids Rich Reserve Base Benefitting from Existing Price Premium for Oil 70% of production is based on price of oil (1) Oil and liquids account for 89% of sales (1) Oil and liquids account for 64% of proved reserves…
Repositioned for Growth in 2011 Refinanced outstanding bank debt March 2011 - Lowered borrowing costs - Improved terms/flexibility - Extended maturities; Revolver March 2016, Term facility September Sep e be 2016 0 6 250 MM…
2011 Capital Expenditure Budget 2011 Capital budget of 35 MM is targeted to be within estimated annual cash flow - 18 MM development and exploitation drilling - 9 MM allocated to exploration - 8 MM geological, geophysical and…
Substantial Inventory of Projects(1) RAM has deep inventory of project locations Non- Major Oil Fields: Proved Proved Total Electra/Burkburnett 214 49 263 N.E. Fitts/Allen 69 10 79 Developing Fields: South Texas 23 55 78…
Recent Drilling Achievements Consistent with Long and Successful Track Record Wells Drilled Wells Drilled Total Wells Drilled 2010 2011(1) 1987- 2011 (1) Producers 65 21 812 Dry Holes 1 0 51 Drilling or Completing 4 9 13 Total 70…
Major Oil Fields: Strong Operating Cash Flow Supports Company CAPEX Electra / Burkburnett and N.E. Fitts/Allen Areas Combined(1) 50 2,267 BOE/D 50.00/BOE 69.00/BOE Month Month These areas accounted for a combined 50%…
Piper Lease Production Enhancement through Waterflood Historically: Typical of Electra area, wells produce from multiple sands and principal source of production increase has been due to infill drilling Waterfloods Waterflood s…
RAMs Osage Concession: Part of Broad Industry Mississippian Exploration Oil Play Pawnee Harvey Stafford Reno Edwards Greenwood RAM has a concession in Osage g Sedgwick g Butler Pratt County, Oklahoma covering Kiowa Kingman…
RAMs Osage Concession: Part of Broad Industry Mississippian pp Exploration p Oil Play y Osage, OK Cost to drill and complete vertical well; 350 - 400 M for initial wells; subsequent well cost estimated at 250 M Initial 3-D…
RAMs Osage Concession: Part of Broad Industry Mississippian Exploration Oil Play 2011 Objectives 2010: Mashunkashey 1-15 Drill 12 or more wells to test significant portion Surber 1-26 of 25 sq. mile area of first phase of 3-D…
RAMs Osage Concession: Part of Broad Industry Mississippian Exploration Oil Play Southern Surber Area 7 wells drilled and 1 SWD well in Southern Surber area Surber 1-26 Completed in Mississippi Chat formation at TD of 2,530…
RAMs Osage Concession: Part of Broad Industry Mississippian Exploration Oil Play Central Mashunkashey Area 3 wells drilled, drilled 1 additional well planned to drill in 3Q11 Mashunkashey 1-15: Drilled late 2010, producing from…
RAMs Osage Concession: Part of Broad Industry Mississippian Exploration Oil Play Northern Jones Area 3 wells planned to drill during late 3Q11 tto ttestt Northern N th Area A off Phase Ph I 3-D seismic shoot covering 25 sq.…
2011 and 2012 Derivative Positions (1) Crude Oil (Bbls) (2) Natural Gas (Mmbtu) (3)(4) Floors Ceilings g Floors Ceilings g Year Per Day Price Per Day Price Year Per Day Price Per Day Price Q3 11 2,250 80.00 2,250 105.00 Q3 11…
Attractive Valuation Price/Cash Flow Potential appreciation of 132% if RAM multiple equals 2012 peer group price/cash flow average of 4.2X 8.0X 7.5 7.0 60 6.0 ash Flow Multiple e 5.0 5.0 4.2 4.1 4.1 4.2 4.0 3.8 3.8…
Summary of Investment Considerations Repositioned for growth; - Above average oil weighting in production and reserves compared to peers - Stable cash flow base supported by substantial inventory of projects - Osage Concession…
APPENDIX 22
EBITDA & Free Cash Flow Per Share Non-GAAP Financial Measures Modified EBITDA, a non-GAAP measure, is determined by adding the following to net income (loss): interest expense, income taxes, depreciation, amortization, accretion, share-…
RAM Production by Area Texas Oklahoma Louisiana Other Total Three Months Ended March 31, 2011 A Aggregate t Net N t Production P d ti Oil (MBbls) 125 74 16 7 222 NGLs (MBbls) 41 3 - 3 47 Natural Gas (MMcf) 444 80 153 33 710…
RAM Volumes, Expenses & Sales Adjusted for Asset Sales ((1)) Three months ended March 31, 2010 1Q 2010 Results from 1Q 2010 A R As Reported t d S Sold ld Properties P ti P F Pro-Forma Oil and natural gas sales (in…
RAM Accomplishments 2008 2010 Preserving our asset base in a volatile environment Managed smooth integration of Ascent after its acquisition in November 2007 effectively doubling RAMs size Reduced debt by 41% from December 2007 to…
Total Debt Debt reduced 139 MM or 41% since December 31, 2007 level of 336 MM after acquisition of Ascent Energy 400 336 300 255 246 Debt MM 200 197 Total D 100 0 2007 2008 2009 2010 27 (1) As of 12/31…
5100 East Skelly Drive Meridian Tower, Suite 650 Tulsa, Oklahoma 74135 (918)663-2800 www.ramenergy.com
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