Floyd Wilson's Ram Energy $550MM Recapitalization Closes, Plans Name Change To Halcon

Acquired company with interests in Electra/Burkburnett fields in Wichita & Wilbarger counties, TX; Northeast Fitts &Allen fields in OK; & various fields in LA, gaining 23.7 MMBOE proved.

Ram Energy Resources Inc., Tulsa, (Nasdaq: RAM) reports the $550-million securities purchase by Halcón Resources LLC, a newly-formed company led by Floyd C. Wilson, former chairman and chief executive of Petrohawk Energy Corp., has closed and funded.

The investment is comprised of $275 million in new common stock, $275 million of five-year convertible note and warrants for the purchase of an additional 110 million shares of common stock.

Wilson was appointed chairman, president and CEO of Ram in December, Mark J. Mize was elected executive vice president, chief financial officer and treasurer, and a new ten-member board of directors has been appointed. In addition, Ram’ name has been changed to Halcón Resources Corp. Effective Feb. 9, the company's common stock will trade on the Nasdaq Global Market under the symbol HK.

Wilson says, “We plan to continue our evaluation of the Company's existing assets and expect to quickly implement our growth strategy. We have already identified several emerging liquids plays that we believe will be core areas for the company in the near future."

Ram's assets include interests in Electra/Burkburnett fields in Wichita and Wilbarger counties, Texas; Northeast Fitts and Allen fields in Oklahoma; and various fields in Louisiana. Proved reserves as of year-end 2010 were 23.7 million barrels of oil equivalent.