Key Developments For RAM Energy Resources, Inc.
RAM Energy Resources, Inc. (RAME.O) (Consolidated Issue listed on NASDAQ Global Market)
RAM Energy Resources, Inc. Reaffirms FY 2009 EBITDA And Production Guidance
RAM Energy Resources, Inc. announced that the Company continues to expect that EBITDA will approximate the lower end of the $60.0-$65.0 million range projected for the fiscal 2009. The Company also continues to target full year production of 2.5 million BOE.
RAM Energy Resources, Inc. Reaffirms FY 2009 EBITDA And Production Guidance
RAM Energy Resources, Inc. announced that the Company continues to expect that EBITDA will approximate the lower end of the $60.0-$65.0 million range projected for the fiscal 2009. The Company also continues to target full year production of 2.5 million BOE.
RAM Energy Resources, Inc. Reaffirms FY 2009 Production Guidance
RAM Energy Resources, Inc. announced that based on first half 2009 production totaling 1.3 million BOE and planned activity during the remainder of the year, the Company reaffirmed its previously established target production for fiscal 2009 of 2.5 million BOE.
RAM Energy Resources, Inc. Reiterates FY 2009 Production Outlook
RAM Energy Resources, Inc. reiterated its fiscal 2009 production outlook of 2.5 million barrels of oil equivalent.
RAM Energy Resources, Inc. Reports Amendment To Senior Credit Facility
RAM Energy Resources, Inc. reported that it has renegotiated certain terms of the Company's senior secured credit facility with its commercial lenders. Effective June 26, 2009, the Company and the lenders amended the existing loan agreement to provide flexibility in certain financial covenants, thereby facilitating execution of the Company's planned $40 to $45 million capital expenditures program in 2009. The amendment was crafted to ensure compliance by the Company with the various financial covenants under the loan agreement through the remaining term of the facility, based on company projections and current commodity futures prices. In addition, the amendment permits additional asset sales by the Company up to an aggregate $10 million per year. Under the terms of the amendment the maximum allowable leverage ratio (total debt to trailing twelve months EBITDA) is increased to 4.75 times to 1 (from the previous 4.00 times to 1) and the minimum allowable asset coverage ratio (reserve value to total debt) is decreased to 1.50 times to 1 (from the previous 1.75 times to 1). In addition, the amendment eliminates from the calculation of EBITDA all charges relating to the settlement of the previously disclosed Sacket class action lawsuit, and excludes payment in kind (PIK) interest and the amortization of fees associated with the amendment process from the calculation of interest expense for purposes of the interest ratio covenant.
