RAM Energy Resources, Inc. (NASDAQ: RAM) today announced the appointment of Mr. G. Les Austin as Chief Operating Officer. Mr. Austin has served as Senior Vice President, Chief Financial Officer, Secretary and Treasurer of RAM since April 1, 2008 and will continue to serve in these capacities. Prior to joining RAM Energy Resources, Mr. Austin was Vice President and Chief Financial Officer of Matrix Service Company, a NASDAQ company providing engineering, fabrication, construction, repair and maintenance services to energy and industrial markets throughout the U. S. and Canada. He is a certified public accountant and serves as a director on the Advisory Board of the Oklahoma State University School of Accounting. “We are pleased to announce Les’s promotion to the position of Chief Operating Officer of RAM,” said Larry E. Lee, Chairman, CEO and President of the company. “In the three and one-half years since coming on board, Les has proven himself to be an invaluable member of the management team. He understands our business, has done an excellent job working with our lenders and is experienced and well regarded in the capital markets. Les is an exceptional executive with the ability to identify opportunities, manage complicated transactions and supervise the day-to-day execution of the business plan. We look forward to realizing the benefits of Les’s leadership in his new role as COO,” added Mr. Lee. The company also announced the retirement of Mr. Larry G. Rampey, Senior Vice President - Operations, scheduled for December 2011. Mr. Rampey has been Senior Vice President - Operations of the company since May 2006 and a Senior Vice President of RAM Energy, Inc. since 1998. He was a Vice President of RAM Energy, Inc. from 1989 to 1998. The company also announced the planned retirement of Mr. Drake N. Smiley, Senior Vice President - Land and Exploration, effective June 2012. Mr. Smiley has been Senior Vice President - Land and Exploration of the company since May 2006 and a Senior Vice President of RAM Energy, Inc. since 1998. He was a Vice President of RAM Energy, Inc. from 1989 to 1994, and again from 1997 to 1998.
RAM Energy Resources (Nasdaq:RAM) hit a new 52-week high Tuesday as it is currently trading at $3.59, above its previous 52-week high of $3.45 with 459,888 shares traded as of 9:40 a.m. ET. Average volume has been 1.3 million shares over the past 30 days.
RAM Energy Resources (Nasdaq:RAM) is trading at unusually high volume Tuesday with 4.9 million shares changing hands. It is currently at 5.5 times its average daily volume and trading down 8 cents (-2.6%).