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RAM Energy Resources, Inc.

TM. RAM Energy Resources, Inc. NOBLE FINANCIAL SMALL CAP CONFERENCE. AUGUST 2007. Disclosure Statement.

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RAM Energy Resources, Inc.

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  1. TM RAM Energy Resources, Inc. NOBLE FINANCIAL SMALL CAP CONFERENCE AUGUST 2007

  2. Disclosure Statement This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, including, without limitation, statements that address estimates of RAM’s proved reserves of oil, gas and natural gas liquids, its derivative positions, the impact of derivatives, exploration activities, capital spending, borrowing availability, financial position, business strategy, management’s objectives, future operations, and industry conditions, are forward-looking statements. Although RAM believes that the expectations reflected in such forward-looking statements are reasonable, RAM can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from RAM’s expectations (“Cautionary Statements”) include, without limitation, the actual quantities of RAM’s oil and natural gas reserves, future production levels, future prices and demand for oil and natural gas, the results of RAM’s future exploration and development activities, future operating, development costs and future acquisitions, the effect of existing and future laws and governmental regulations (including those pertaining to the environment), the continued availability of capital and financing, and the political and economic climate of the United States as well as risk factors listed from time to time in our reports and documents filed with the SEC. All subsequent written and oral forward-looking statements attributable to RAM, or persons acting on RAM’s behalf, are expressly qualified in their entirety by the Cautionary Statements.

  3. Summary of Investment Considerations • Creating Shareholder value since 1987 • Proven value creation through both acquisitions and drillbit • Stable cash flow base from long-lived reserves • Mid-year 2007 proved reserves of 19.3 MMBOE or 116 Bcfe • First half 2007 production: 650 MMBOE or 3.9 Bcfe • R/P ratio 15 years • Large inventory of growth opportunities • 202 PUD locations at June 30, 2006, a three year drilling inventory • Accelerating development on 27,700 gross (6,800 net) acre position in Barnett Shale • Testing initial wells of a 15,000 net acre Wolfcamp Shale exploration play • 6,600 net acres in Woodford/Barnett Shale play in West Texas

  4. Summary of Investment Considerations • Compelling valuation vs. peers • Significant discount to peers based on reserves and cash flows • Substantial discount to net asset value calculated by analysts • High degree of operating control • Significant management and technical experience • Management’s substantial ownership of RAM stock supports alignment with shareholder interest

  5. Company Overview Operations Proved Reserves (6/30/07) 19.3 MMBOE % Crude & NGL 69% % Developed 73% PV-10 Value - At year end 2006 $270 MM - At 6/30/2007 $344 MM % of PV-10 Value Operated 86% (1) First Half 2007 Financial Results(2) Oil and Natural Gas Sales $33.0 MM EBITDA $19.5 MM Operating Income $24.2 MM Net Income $0.32 MM Net Income Per Share (3) $0.01 (1) PV-10 value calculated using proved reserve volumes and prices at 6/30/07 of $70.69/Bbl for oil and $6.40/MMBtu for natural gas. • As of 6/30/07 (3) Based on fully diluted shares outstanding

  6. Drilling Success Rate Remains High Total Wells Drilled 1st Half 07 1987- YTD 2007 (1) 550 Producers 30 43 Dry Holes 2 7 7 Drilling or Completing 600 39 Total Success Ratio 94% (2) 93% (1) Gross wells drilled (2) Excluding wells in progress

  7. Liquidity • Recent amendment to credit facility • Increases borrowing availability to $150 million vs. prior $140 million • Reduces interest rate margin applied above company’s LIBOR base on existing balances • Improvement in certain covenants of credit agreement 6/30/07 Pro Forma Amendment to Credit Facility • Financial Liquidity Analysis: Cash Plus: Total Credit Line Less: Outstanding Credit 6/30/07 ($millions) ($millions) 29 29 140 150 (119) (119) 50 60 Financial Liquidity (1) $300 million Sr. Secured Credit Facility with initial borrowing limit of $150 million provides expanded financial flexibility for growth

  8. 2007E Non-Acquisition Capital Expenditure Detail North Texas Barnett Shale Electra / Burkburnett Boonsville Egan, Vinegarone, and Other West Texas Woodford / Barnett Shale Wolfcamp Formation Capitalized G & G Cost $9.7 MM $10.0 MM $1.6 MM $4.2 MM $0.5 MM $7.4 MM $2.9 MM (1) • Non-Acquisition CAPEX of approximately $5.4 million in 2Q07; brings YTD total to $9.9 million $36.3 Million Proved Drilling Cap Ex Non-Proved Drilling Cap Ex Non-Drilling Cap Ex (1) Excludes acquisition of properties located in Southeast New Mexico and West Texas for $18.7 million which closed May 15, 2007.

  9. Electra / Burkburnett • Wichita and Wilbarger Counties, Texas • 2Q07 production of 157.5 MBOE from 554 producers • 16 wells drilled in 2Q07; 30 wells drilled YTD • 79 wells drilled in 2006 • 173 identified PUD drilling locations(1) with a projected D&C of $6.14 per BOE 100% WI ownership & operational control Includes assets that help maintain drilling schedule and control costs: gas plant, gathering system, one drilling rig, five workover rigs, and a supply company (1) At 6/30/07

  10. Electra/Burkburnett Type Curve Inital Rate - 30 BOEPD 100 BOEPD 10 1 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 Months Electra / Burkburnett Production and Capital Expenditures • Average well statistics at year-end 2006 • Drill & complete $128,000 • EUR 22,000 BOE • Economic life 20 years • IRR per well @$60/Bbl > 100% • IRR per well @$50/Bbl > 100% Forecast of Electra/Burkburnett Production (1) 1,000 900 800 700 600 Production (MBoe) 500 PUD inventory sufficient to maintain or increase production over the next several years, thereby sustaining RAM’s stable cash flow base 2007E Capital expenditures for Electra / Burkburnett budgeted for $9.7 million (38% of total capital expenditure budget) 400 300 200 100 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 Year PDP PUD 2006 PUD 2007 PUD 2008 (1) Based on estimate of proved reserves and associated capital spending at 12/31/06.

  11. Boonsville • Jack and Wise Counties, Texas • 2Q07 production of 37.2 MBOE from 89 producers • 20 identified drilling locations • Avg. D&C cost: $625,000 • Avg. EUR: 115,000 BOE • 25 miles of gas gathering system • Proved reserves of 2,823 MBOE(1) • Capital expenditure budget of $1.6 million in 2007 • Producing wells hold Barnett Shale rights (1) As of June 30, 2007

  12. Barnett Shale • Jack and Wise Counties, Texas • 27,700 gross/6,800 net acres • All acreage is “held by production” • 90% of acreage is in Core area • 325 potential horizontal drilling locations on 80-acre spacing • 11 gross producing wells existing • Project inventory/near-intermediate term upside potential; • 9 PUD locations • 15 probable seismic locations • 7 possible seismic locations • 1 well drilling • 32 total additional locations identified to date Core Tier 1 Tier 2 RAM’s Barnett Shale operating area

  13. Barnett Shale (EOG Area) • Approximately 23,500 gross acres (5,600 net) – RAM WI=24% • More than 290 potential drilling locations on 80-acre spacing • Two producing wells – Ashe 1H, and Ashe C 1-H • Ashe C 1-H completed 2Q07, IP 2.55 MMcfe/d gross (0.38 MMcfe/d net) currently producing at 1.1 MMcfe/d gross (0.16 MMcfe/d net) • One well, Dethloff #1H, currently drilling • RAM has proposed five wells to EOG this year; EOG has elected to participate and operate all five • One PUD location booked to date • Sealy C-1H • 37 square miles of 3-D seismic • Additional 60 square miles planned for 2007 • Ongoing seismic review supports 20 identified locations to date • Right to propose wells • If EOG declines to participate, RAM can drill wells on a non-consent basis Sealy C-1H Ashe 1H Brown 2H Ashe C-1H Dethloff 1H Ramsey 1H Seismic Acquired 2006 Planned 2007 Producing Proposed

  14. Barnett Shale (Devon Area) • Approximately 3,500 gross acres (1,200 net) – RAM WI=36% • More than 35 potential drilling locations on 80-acre spacing • 8 producing wells to date • TL Dickenson 1H, completed 2Q, IP 4.30 MMcfe/d gross (1.23 MMcfe/d net), currently producing 2.78 MMcfe/d gross (0.80 MMcfe/d net) • 8 PUD locations booked to date • 8 square miles of 3-D seismic • Ongoing seismic review supports 3 identified locations to date • Continuous drilling clause in the participation agreement • Devon must drill a well 120 days after the completion of the previous well Additional Locations PDP - (Rawle 4H, Rawle A 1H, Burress Unit 1H, Burress Unit 2H, Etta Burress 1H, North of Paradise 1H, Fitzgerald 5H, TL Dickenson 1H ) PUD - (Etta Burress 2-H, Etta Burress 3H, Etta Burress 4H, North of Paradise 2H, Fitzgerald 5-2H, Buress Unit 3H, Burress Unit 4H, and Rawle 5H.)

  15. Barnett Shale Type Curve 10,000 1,000 MCFEPD 100 10 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 Months Barnett Shale (Devon Area) Rawle / Burress Lease • 8 wells drilled and completed • Average initial production = 2,318 MCFEPD • Average EUR = 2.3 Bcfe • Average well cost = $2.1 MM (2) (2) (1) (1) Composite of industry horizontal wells in Barnett Shale adjusted for RAM’s Rawle/Burress well performance (2) As of June 30, 2007

  16. Wolfcamp Fairway • Southwest Texas • Potential high-impact exploration • RAM has leased & optioned 15,000 net acres • 100% working interest • Two test wells vertically drilled • Recovery of frac fluid and testing underway on two wells • If commercial, significant potential upside on 80 acre spacing

  17. Attractive Valuation vs. Peers EV as % of PV-10(2) (3) (4) EV / Proved Reserves (BOE)(1)(3) (4) • Represents proved reserves as of most recent SEC proved reserve filing • Represents PV-10 value as of most recent SEC proved reserve filing • RAM EV adjusted to reflect offering of common stock 2/8/07 • Share prices as of close 8/13/07

  18. Attractive Valuation vs. Peers EV / LTM EBITDA (3) (4) EV / LTM Daily Production (BOEPD)(1) (2) (3) (4) • “Herold Mean” are mean results of search of J. S. Herold’s database of industry transactions in the last twelve months ending December 31, 2006, of Gulf Coast Onshore, Mid-Continent, and Permian Basin transactions between $25 million and $250 million • Production based on last 12 months quarter ended June 30, 2007 • RAM EV adjusted to reflect offering of common stock 2/8/07 • Share prices as of close 8/13/07

  19. Attractive Valuation vs. Peers Price / NAV (1) (2) (3) • Represents most recent proved reserves and PV-10 value • Share prices as of close 8/13/07 • RAM shares outstanding adjusted to reflect offering of common stock 2/8/07

  20. Summary of Investment Considerations Stable cash flow base Compelling valuation vs. peers Significant management and technical experience Balanced oil & natural gas exposure Large inventory of growth opportunities High degree of operating control Proven value creation through both acquisitions and drillbit Management’s substantial ownership of RAM stock supports alignment with shareholder interest

  21. TM RAM Energy Resources, Inc.

  22. Derivative Positions (1) (1) As of July 31, 2007 (2) Crude oil floors and ceilings for 2007 cover August through December. Natural gas floors and ceilings for 2007 cover September through December. Natural gas secondary floors for 2007 are for September and October. Crude oil floors and ceilings for 2009 cover calendar year. Natural gas floors and ceilings for 2009 cover January through September. Crude oil secondary floors for 2009 cover January through March.

  23. Sequential Quarterly Results (1) Oil (MBbl) Gas (MMCF) NGL (MBbl) MBOE 684 186 337 37 181 313 35 582 2Q071Q07 2Q07 1Q07 2Q07 1Q07 2Q07 1Q07 Up 8% Up 18% Up 6% Up 3% (1) As reported

  24. Second Quarter Production (2Q07 VS 2Q06) Oil (MBbl) Gas (MMCF) NGL (MBbl) MBOE 684 202 337 37 186 329 32 566 2Q072Q06 2Q07 2Q06 2Q07 2Q06 2Q07 2Q06 Up 2% Up 21% Up 16% Down 8%

  25. Realized Prices(2Q07 VS 2Q06) Oil (Per Bbl) NGL Gas (Per Mcf) BOE (Per Bbl) $54.70 $6.70 $67.35 $44.64 $53.06 $5.54 $62.54 $38.21 2Q07 2Q06 2Q07 2Q06 2Q07 2Q06 2Q07 2Q06 Up 17% Up 21% Down 3% Down 7%

  26. Second Quarter Results(2Q07 VS 2Q06) ($ In Millions) (1) (2) (3) Net Income Per Share (Loss) (1) Oil & Natural Gas Sales Non-GAAP Net Income (Loss) Cash Flow From Operations $6.0 $18.0 $.902 $.02 $4.0 $17.9 ($0.10) ($3.1) 2Q072Q06 2Q07 2Q06 2Q07 2Q06 2Q07 2Q06 (1) Includes pre-tax realized and unrealized derivative gains and losses. (2) 2Q 2006 per share result was restated to a loss of $0.10 per share. The 2Q 2006 per share result was originally reported as a loss of $0.13 per share. (3) Cash flow is a non-GAAP measure. See appendix for a reconciliation of this non-GAAP measure to the corresponding GAAP amount.

  27. Production Volumes and Expenses

  28. Net Realized Prices Before/After Derivatives

  29. Production Volumes and Expenses

  30. Non-GAAP Financial Measure Cash flow, a non-GAAP measure, represents cash provided by operating activities before the impact of discontinued operations, changes in working capital items related to operating activities. In addition, non-GAAP cash flow is further adjusted to exclude the impact of realized gains or losses on derivative transactions This non-GAAP measure is presented because management believes it is a useful adjunct to cash provided by operating activities under accounting principles generally accepted in the United States (GAAP). This non-GAAP cash flow measure is widely accepted as a financial indicator of an oil and gas company’s ability to generate cash which is used to internally fund exploration and development activities and to service debt. This non-GAAP measure is not a measure of financial performance under GAAP and should not be considered as an alternative to cash provided (used) by operating, investing, or financing activities as an indicator of cash flows, or as a measure of liquidity.

  31. Cash Flow Reconciliation of cash flow from operations (a non-GAAP measure) to GAAP cash flow from operating activities June 30 2007 June 30 2006 (in thousands) (in thousands)

  32. Barnett Shale (EOG Area) Joint Operating Agreement (JOA) Terms Any working interest owner may propose a well Non-proposing parties have 30 days to elect to participate or opt for “non-consent” Participate “Non Consent” EOG Operates RAM operates or other option Must spud well within 90 days Must spud well within 90 days Estimated cost to drill and Complete, $3 million (MM) per well Estimated cost to drill and complete, $3 million (MM) per well Allocation of costs by working interest Allocation of costs by working interest (1) Other =10% RAM =24% EOG =66% RAM =90% Other =10% EOG =0% $2.7MM $0.0MM $0.3MM $0.7MM $2.0MM $0.3MM (1) Assumes “other” working interest partners elect to maintain existing working interests totaling approximately 10%

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