TULSA, Okla., Sept. 21, 2009 (GLOBE NEWSWIRE) -- RAM Energy Resources, Inc. (Nasdaq:RAME) reported today that it received a letter from The Nasdaq Stock Market notifying the company, that for the 30 consecutive business days preceding the date of the letter, the bid price of the company's common stock had closed below the $1.00 per share minimum bid price required for continued listing on The Nasdaq Capital Market pursuant to NASDAQ's listing requirements. This notification is simply a notice of deficiency, not of imminent delisting, and has no effect on the listing or trading of RAM's common stock on the Nasdaq Capital Market at this time.
RAM believes that the minimum bid requirement is the only NASDAQ listing condition which the company does not currently meet. Accordingly, RAM has 180 days to regain compliance with the minimum bid price rule, defined as meeting or exceeding the $1.00 per share minimum closing price for a period of at least 10 consecutive trading days (but generally no more than 20 consecutive trading days) to demonstrate the company's ability to maintain long-term compliance. In addition, provided the company meets all other listing standards at the end of the initial 180 day compliance period, except that of the $1.00 minimum bid, RAM will be afforded a second 180 day period in which to comply with the minimum bid requirement. If the company does not qualify for the second compliance period or fails to regain compliance during the second 180 day period, then NASDAQ will notify RAM of its determination to delist the company's common stock.
During each of the five trading days since the end of the 30-day period upon which the notice of deficiency was based, shares of RAM stock have closed above the $1.00 per share minimum bid price.
"RAM's share price, like that of approximately 200 other companies currently not in compliance with NASDAQ's minimum bid rule, has not fully recovered from the dramatic overall market volatility of the past year despite its substantial rise from the low price recorded earlier this year," said Larry Lee, President and CEO. "Assuming the continuation of the current trends in the commodity markets, improvement in the credit markets and increasing awareness by the investment community of the intrinsic value of our company, we have no reason to believe that RAM will not meet the continued listing requirements under NASDAQ rules," added Mr. Lee.
Forward-Looking Statements
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address RAM's interpretation of Nasdaq Marketplace Rule 5801C (3)(A) as well as potential outcomes evolving from the compliance process including assumptions of continuing positive trends in the commodity markets, improvement in the credit markets, increasing awareness of the company's estimated intrinsic value and events or developments that the company expects or believes are forward-looking statements. Although RAM believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include oil and gas prices, developmental, exploitation and exploration successes, actions taken and to be taken by governments as a result of political and economic conditions or other factors, inflation rates, continued availability of capital and financing, and general economic, market or business conditions as well as other risk factors described from time to time in the company's filings with the SEC. The company assumes no obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise.
RAM is an independent energy company engaged in the acquisition, development, exploitation and exploration of oil and gas properties and the marketing of natural gas and crude oil. Company headquarters are in Tulsa, Oklahoma, and its common shares are traded on the Nasdaq Exchange under the symbol RAME. For additional information, visit the company website at www.ramenergy.com.