Wednesday, September 24, 2008

Barnett Shale - RAME Ram Energy Resources Operational Update

Today, RAME provided an update on their Barnett Shale wells:

Continued Progress in Barnett Shale Play of North Texas

Seven wells have been drilled year-to-date in RAM's North Texas Barnett Shale play, where the company has joint operating agreements with EOG Resources (NYSE: EOG) and Devon Energy (NYSE: DVN). Three wells were spud in the Barnett Shale play during the first quarter. Two of these three wells, the Etta Burress 3H and Molloy A1-H began producing late in the second quarter with combined gross initial daily production rates of 5,166 Mcfe (1,860 Mcfe net) and are making a full quarter's contribution to the third quarter production. Four additional horizontal wells, the TL Dickenson A-2H, A-3H, A-4H and A-5H began producing at a combined gross daily rate of 8,582 Mcf in August, partially impacting the third quarter and contributing fully to the fourth quarter. The company is continuing completion operations on its Brown 2H well and has proposed another well, the Reddell #2-H, to its joint interest participants. The Reddell # 2-H well, which RAM expects to spud in the fourth quarter, is planned as a horizontal well in Wise County, Texas targeting the Barnett Shale formation at a depth of approximately 6,800 feet with a 2,200 foot lateral.