CUTE RAME. REALLY CUTE. SHELL GAME, WHERE DID I MOVE THE PEA. ROBBING PETER TO PAY PAUL.

Long-Term Debt and Liquidity

Long-term debt at September 30, 2009 under RAM’s credit facility totaled $250.2 million, composed of $110.2 million of term debt and $140.0 million outstanding under its revolver, which is currently subject to a $175.0 million borrowing base. Proceeds from non-strategic asset sales in late July coupled with cash flow in excess of capital spending during the third quarter was used to reduce long-term debt from $255.4 million in the second quarter 2009. Based on the borrowing base and the amount drawn on its revolver, at September 30, 2009 the company had $35.0 million available under its facility; however, advances in excess of $163.3 million at September 30, 2009 would have been restricted by a financial ratio covenant under the facility. On September 28, 2009 RAM announced that the company’s previous borrowing base of $175.0 million on its revolving credit facility was reaffirmed by its commercial lenders as a result of RAM’s regularly scheduled semi-annual borrowing base redetermination.