RAAM Global Energy Company Drilling Update

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Dec 22, 2014, 09:56 ET

LEXINGTON, Ky., Dec. 22, 2014 /PRNewswire/ -- The following are the results of the drilling program since the bondholders conference call on November 13, 2014:

California

The Company's first California Stevens well produced an average of 261 gross barrels of oil per day for the month of November representing 208 net barrels of production to the Company.

The second California Stevens well has reached total depth and the initial evaluation indicates the well can be completed as an oil well. The Company is in the process of running casing so that the well can be completed and put on line in January 2015.

State Waters of the Gulf of Mexico

In November 2014, the Company drilled a well in the state waters of the Gulf of Mexico to total depth and encountered an oil productive sand. The well was completed and tested at an initial rate of 422 barrels of oil per day, and 795 thousand cubic feet of gas per day. Facilities are being constructed and the well is being hooked up with anticipated first production in February 2015.

During November 2014, it was determined that one well drilled as part of our farm-out program in the state waters of the Gulf of Mexico was a dry hole. Under the terms of the farm-out program, the Company had no costs associated with the drilling of this well.

A well being drilled as part of the farm-out program in the state waters of the Gulf of Mexico, which the Company owns a 50% working interest in, is scheduled to reach total depth in February 2015.

Federal Waters of the Gulf of Mexico

The Company logged a well in the federal waters of the Gulf of Mexico on December 18, 2014. The well encountered oil on water in a partially depleted zone. It is anticipated that the well will be completed with production flowing through the facilities already in place. The Company anticipates that first production will be in January 2015.

Texas Yegua

The Company has drilled a well in the Texas Yegua trend to the intermediate casing point. It is anticipated to reach total depth before year-end.

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SOURCE RAAM Global Energy Company