RAM Energy Sells North Texas Gas Assets

RAM Energy Resources has divested its North Texas Barnett Shale and Boonsville properties to a private E&P company for $43.75m.

The assets include RAM’s interest in its shallow gas Bend Conglomerate properties and its deeper Barnett Shale properties, all in Fort Worth Basin, Texas.

The proved reserves from the properties account for a total of 26.4 billion cubic feet equivalent (bcfe) of natural gas, natural gas liquids and oil, or an estimated 13% of RAM’s 2009 proved reserves of 204bcfe.

The total daily production for the combined properties was 5.6 million cubic feet equivalent (mcfe) composed of 25.5mcfe of natural gas, 465 barrels of natural gas liquids and 50 barrels of oil during the second quarter ending 20 June 2010.

The transaction is expected to close in December 2010.