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Last week, RAM revealed it had received a Sept. 15 Nasdaq letter, warning that the company could be delisted for failing to meet the index's minimum bid price rules. RAM's stock closed below $1 per share for 30 consecutive business days before the Nasdaq letter, according to reports.
Tuesday's trading session ended with RAM valued at $1.23 per share, its 10th straight day of closing at $1 or above. On Wednesday, shares of RAM fell 2 cents to finish at $1.21.
The oil and gas exploration and production company, which focuses its drilling efforts in Oklahoma, Texas, Louisiana and a few other states, apparently has struggled with shareholder confidence over the past year.
Shares of RAM closed at $2.78 on Sept. 29, 2008, but then plunged along with commodity prices.
The low point this year was a Nasdaq closing at 64 cents on July 14. RAM stock did return above $1 until dropping during the Sept. 11 trading session.
RAM, which had a second-quarter net loss of $11.6 million, has reported only one quarterly profit since 2007.
The 22-year-old company, however, increased its first-half production to 1.3 million barrels of oil equivalent this year.
Rod Walton 581-8457 rod.walton@tulsaworld.com
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