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Posted: Mon May 03, 2010 11:38 am
TULSA, Okla. (AP) -- Oil and gas company RAM Energy Resources Inc. on Monday reported a first-quarter profit due to climbing oil revenue compared to a year ago, when it posted a loss due to a large impairment charge.
RAM posted a profit of $2.4 million, or 3 cents per share. A year ago, the company lost $29.4 million, or 38 cents per share in part because of an impairment charge of $47.6 million.
Revenue increased 19 percent to $30.9 million from $26 million.
According to Thomson Reuters, analysts expected the company to break even and report $28.4 million in revenue.
RAM said its oil revenue jumped 73 percent to $19.5 million. Natural gas revenue edged up to $6.4 million from $6.1 million and natural gas liquid revenue rose to $3.9 million from $1.7 million.
Meanwhile, production expenses and amortization costs decreased in its latest quarter.
RAM stock picked up 11 cents, or 5.9 percent, to $1.98 in midday trading
RAM posted a profit of $2.4 million, or 3 cents per share. A year ago, the company lost $29.4 million, or 38 cents per share in part because of an impairment charge of $47.6 million.
Revenue increased 19 percent to $30.9 million from $26 million.
According to Thomson Reuters, analysts expected the company to break even and report $28.4 million in revenue.
RAM said its oil revenue jumped 73 percent to $19.5 million. Natural gas revenue edged up to $6.4 million from $6.1 million and natural gas liquid revenue rose to $3.9 million from $1.7 million.
Meanwhile, production expenses and amortization costs decreased in its latest quarter.
RAM stock picked up 11 cents, or 5.9 percent, to $1.98 in midday trading