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All of RAM's non-acquisition capital expenditures have been funded from internally generated cash flow during the nine months ended 30 September 2008. Around USD22m was allocated to exploitation and development activities and approximately USD9m for acquisitions. Long-term debt totalled around USD246m as at 30 September, while cash and cash equivalents on the balance sheet were approximately USD7m, giving a net debt position of approximately USD239m, which is largely unchanged from the net debt level of USD237m at 30 June 2008.
At the end of the third quarter RAM had borrowed USD246m from its existing credit facility, leaving around USD42m of immediately available funds. The current credit facility is comprised of a term loan of USD113m which matures in 4.2 years and a revolving credit agreement of USD175m, with current borrowings outstanding of USD133m, which matures in 3.2 years. RAM announced in December 2007 that the non-acquisition capital budget for 2008 was USD80m. In the first nine months of the year about USD62m has been spent on exploration, exploitation and development activities with another USD10m for acquisitions of production, reserves and pipeline assets. The company said that it expects to be able to fund the majority, if not all, of its estimated fourth quarter non-acquisition capital budget of approximately USD18m through internally generated cash flow, excluding anticipated proceeds from divestitures.
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