UPDATE 1-RAM Energy Q3 profit beats Street

* Q3 EPS $0.01 vs est breakeven

* Q3 rev $27.1 mln vs est. $27.6 mln

Nov 8 (BestGrowthStock) – Debt-laden RAM Energy Resources Inc’s
(RAME.O: ) third-quarter profit (Read more your timing to make a profit.) beat market estimates on higher
realized prices for oil and natural gas.

On Nov. 1, the company agreed to sell some of its natural
gas assets to an unnamed buyer for $43.8 million as it tried to
cut debt, which stood at more than double its market
capitalization. [ID:nSGE6A00M5]

July-September earnings were $1.6 million, or 2 cents a
share, compared with a loss of $3.1 million, or 4 cents a
share, a year ago.

Excluding items, the oil and gas company earned 1 cent a
share.

Revenue rose 8 percent to $27.1 million.

Analysts, on average, were expecting the company to break
even, on revenue of $27.6 million, according to Thomson Reuters
I/B/E/S.

Realized price for oil rose 13 percent to an average of
$74.05 per barrel, while realized prices for natural gas rose
31 percent to $4.05 per thousand cubic feet.

Its quarterly production fell 14 percent to 541,000 barrels
of oil equivalent.

The company, for which oil and natural gas liquids
contribute more than 80 percent of total revenue, said its
outstanding borrowings under its credit facility were $246.8
million, as of Sept. 30.

Shares of the Tulsa, Oklahoma-based company closed at $1.56
Friday on Nasdaq. They have gained about 17 percent in value
after touching a year-low of $1.33 on Oct. 12, a few days after
it said it will sell assets to repay debt.
(Reporting by Vaishnavi Bala in Bangalore; Editing by Maju
Samuel)

UPDATE 1-RAM Energy Q3 profit beats Street