Ram Energy Resources Inc., Tulsa, Okla., (Nasdaq: RAME) has completed its acquisition of privately held Ascent Energy Inc., Plano, Texas, (Nasdaq: ASNT) for $286 million in cash, stock and warrants.

Ram estimates the price is $15.38 per proved barrel of oil equivalent and $2.56 per thousand cubic feet of gas after allocating $25 million of the purchase price to undeveloped acreage. Ram paid $190 million in cash, 18.8 million shares of stock and 6.2 million warrants.

Assets include approximately 31,534 gross (18,478 net) acres of developed conventional gas and oil properties in South and East Texas, Oklahoma and Louisiana. Ascent also owns approximately 83,000 net acres of unconventional gas leases in the Barnett shale in North Texas, the Woodford and Caney shales in Oklahoma, and the Devonian shale in Appalachia.

Proved reserves total 18.6 million barrels of oil equivalent, roughly doubling Ram’s proved reserves, consisting of 8.5 million barrels of proved developed producing reserves, 1.3 million barrels of proved developed nonproducing reserves and 8.8 million barrels of proved undeveloped reserves. Net production is 3,162 barrels of oil equivalent. Of Ascent’s proved reserves, approximately 49% are gas, 44% are oil and 7% gas liquids.

Ram’s reserves mix is now approximately 51% oil, and 56% proved developed producing.

RBC Capital Markets provided a fairness opinion to Ram. Netherland Sewell & Associates conducted the reserves audit through June 30. Ram completed the funding with an expanded credit facility to $500 million and an initial borrowing base of $375 million.

Ram chairman and chief executive Larry Lee says, “We are moving rapidly to ramp up operational activity on the opportunities identified on Ascent’s undeveloped properties.”