RAM Energy Resources, Inc.

RAM Energy Resources, Inc.

May 2008

TM

First Quarter 2008 Review

2

TM

Disclosure StatementThis document contains forward-looking statements within the meaning of Section 27A

of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, including, without limitation, statements that address estimates of RAM’s proved reserves of oil, gas and natural gas liquids, its derivative positions, the impact of derivatives, exploration activities, capital spending, borrowing availability, financial position, business strategy, management’s objectives, future operations, and industry conditions, are forward-looking statements. Although RAM believes that the expectations reflected in such forward-looking statements are reasonable, RAM can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from RAM’s expectations (“Cautionary Statements”) include, without limitation, the actual quantities of RAM’s oil and natural gas reserves, future production levels, future prices and demand for oil and natural gas, the results of RAM’s future exploration and development activities, future operating, development costs and future acquisitions, the effect of existing and future laws and governmental regulations (including those pertaining to the environment), the continued availability of capital and financing, and the political and economic climate of the United States as well as risk factors listed from time to time in our reports and documents filed with the SEC. All subsequent written and oral forward-looking statements attributable to RAM, or persons acting on RAM’s behalf, are expressly qualified in their entirety by the Cautionary Statements.

3

TM

First Quarter 2008 Highlights

• First quarter 2008 production volumes grew 96% to 612,000 BOE.

- Average daily production in the first quarter 2008 was 6,725 BOE vs. first quarter 2007 level of 3,478 BOE.

- First quarter production also rose 40% compared to production of 436,000 BOE in the fourth quarter of 2007.

• The average realized price of oil, NGLs and natural gas were substantially higher in the first quarter 2008 vs. first quarter 2007.

- Oil was $96.17 up 71%- NGL was $53.99 up 42%- Natural gas was $7.54 up 21%- Total/BOE was $71.13 up 47%

4

TM

First Quarter 2008 Highlights

• Higher production combined with increased product prices drove oil and gas sales to $43.5 million, 188% above last year’s sales.

• RAM reported a net loss of $523,000, or $0.01 per share, principally the result of non-cash unrealized derivative losses. Exclusive of the impact of unrealized derivative losses, adjusted net income for the quarter was $2.8 million, or $0.05 per share.

• Cash flow from operations (a non-GAAP measure) in the quarter was $16.2 million compared to $4.1 million in the first quarter 2007.

• RAM’s EBITDA for the quarter was $24.0 million.

• Capital spending for the quarter was $13.2 million.

5

TM

2008 Growth Projects • South Texas

2 wells drilled and producing 1 well completing 6 additional wells to drill

• Barnett Shale activity accelerating- RAM has interest in 15 producing wells- 3 wells completed during 1Q08- 3 wells spud during 1Q08, currently producing or awaiting

completion- 3 wells spud in 2Q08- 1 well proposed

2008 Operating Highlights 2008 Operating Highlights (1)(1)

• West Virginia Rig contracted to initiate drilling program beginning early second quarter in company’s Devonian Shale play 6 wells permitted 8 additional wells programmed for full year

_______________(1) As of May 1, 2008

6

TM

• Electra/Burkburnett

16 wells drilled and producing

Drilling five wells per month with company owned rig

Recompletion program underway

Inventory of 150 PUD locations supports visibility of cash flow

• Fitts/Allen

- 2 wells drilled and producing

- 1 well completing

- 1 well currently drilling

- 10 wells scheduled to be drilled

- 1 new disposal well to be drilled

- Inventory of approximately 57 PUD locations

2008 Operating Highlights 2008 Operating Highlights (1)

Production Maintenance Projects – Cash Flow GeneratorsProduction Maintenance Projects – Cash Flow Generators

_______________(1) As of May 1, 2008

7

TM

Company OverviewCompany Overview- Areas of Operation

= Rig under contract

8

TM

2008 Non-Acquisition Capital ExpenditureBudget by Economic Risk

60%

33%

7%

Development (1) Exploitation (2) Exploration (3)

(1) Development: Activity targeting primarily conventional proved undeveloped reserves aimed at conversion to

proved developed producing status.

(2) Exploitation: Activity targeting shale plays known to be hydrocarbon bearing with principal project risk is the

ability to establish commercial development.

(3) Exploration: Activity targeting discovery of reserves from previously untested formations with significant

geological and commercial risk present.

$80 Million

9

TM

Drilling Success Rate Remains High

(2) Excluding wells in progress

(1) Gross wells drilled as of May 1, 2008

100% 93%

(1)Total Wells Drilled

1987- 2008

Producers

Dry Holes

Drilling or Completing

Total

Success Ratio

23 617

48

8

31 673

(2)

0

8

YTD 2008(1)

10

TM

PUD -

Probable -

Possible -

18

13

39

South Texas – Growth DriverVicksburg Wilcox

• One well completed prior to year-end 2007

- Garza Hitchcock #12 initial daily flow rate of 1,947 Mcfe

• Three wells drilled or completing during first quarter 2008

Garza Hitchcock #13 completed early February with initial daily flow rate of 3,194 Mcfe

Garza Hitchcock #11 completed early April with initial daily flow rate of 2,698 Mcfe

Garza Hitchcock #14 completing

Principal impact in second quarter 2008

• RAM is operator with 100% Working Interest

• 2008 CAPEX: $19.0 million

6 additional wells planned

Represents 20% of total 2008 CAPEX

• PUD Inventory of 18 locations

_______________(1) As of May 1, 2008

11

TM

• 27,700 gross (6,800 net) acres located in Core area and all held by production

• 26,267gross (20,802 net) leasehold acres located in Tier 2

• 85 square miles of seismic (1)

• Current Activity;

- 15 producing wells- 1 well completing

- 2 wells awaiting completion

- 2 wells drilling

- 1 well proposed

- 29 future locations

• 2008 CAPEX: $10 million

RAM’s Barnett Shale operating area

Barnett Shale - Growth Driver

Core

Tier 1

Tier 2

Newly acquired acreage

(1) 45 square miles of 3-D seismic acquired covering Tier 1 acreage and 40 square miles of 3-D

seismic covering Tier 2 acreage

12

TM

Barnett Shale (Devon Area)- Growth DriverBarnett Shale (Devon Area)- Growth DriverRawle-Burress LeaseRawle-Burress Lease

• Principal impact from first quarter activity to occur in second and third quarter 2008

• Etta Burress #2-H and #4-H combined daily IP rate of 3.1 Mmcfe

• Etta Burress #3-H horizontal well completed daily IP rate of 3.7 Mmcfe

• Molloy #1-H horizontal well completing

• T.L. Dickenson A-4H and A-3H awaiting completion

• Devon has proposed one additional horizontal well

• Approximately 3,500 gross (1,260 net) acres

• RAM WI = 36%

• Nine wells producing

T.L. Dickenson 1H Producing

Etta Burress 1-H Producing

Burress 1-H Producing

Burress 2-H Producing

Rawle A 1-H Producing

Rawle 4-H Producing

Etta Burress 5-H PUD

Burress Unit 10-H Poss

T.L. Dickenson #2H Prop

T.L. Dickenson A #3-H

Raw

le 6H Poss

Rawle 5H PUD

Etta Burress 6-H PUD

Burress Unit 7-H Prob

Burress Unit 3-H PUD

Etta B

urress 4-H

Etta Burress 2-

HMolloy U

.A. "A

" 1-H P

rop

Etta Burress 3-H Prob

Etta Burress 4-H PUD

T.L. Dickenson A 5H PropT.L. Dickenson A 4H Prop

Producing Wells (PDP): 9

Drilling/awaiting comp: 4

Booked PUDs: 5

Proposed: 1

Probable/Possible: 3

13

TM

Barnett Shale (EOG Area) – Growth Driver

Producing

Acquired 2006

Seismic

Ashe 1H

Proposed

Sealy C-1H

Ashe C-1H

Ramsey 1H

Brown 2H

Dethloff 1H

Permitting

• 3 wells producing

• Brown 2-H well currently drilling

• 37 square miles of 3-D seismic- Additional 20 square miles planned for 2008- Ongoing seismic review supports

additional drilling locations

• Approximately 23,500 gross acres (5,600 net)

• RAM WI = 24%• Right to propose wells

If EOG declines to participate, RAM can drill wells on a non-consent basis

14

TM

West Virginia – Growth DriverDevonian Shale Play

• RAM is operator with 100% Working Interest

• Approximately 47,000 gross (45,000 net) leasehold acres

• 2008 CAPEX: $19.0 million first well to spud early second

quarter

6 wells permitted with rig under contract

8 additional wells scheduled for 2008

represents 24% of total 2008 CAPEX

Over 500 potential future drilling locations

Reserve potential between 450 Bcfe to 800 Bcfe based on comments from Equitable Resources and Cabot Oil & Gas

RAM Existing Wells

15

TM

West Virginia – Growth DriverDevonian Shale Play

RAM Existing Wells

Cabot Existing Wells

RAM Acreage

Cabot Acreage

RAM owned gathering system

Rig contracted to commence drilling on initial 6 well

program; first well to spud early second quarter.

Hurricane Project

16

TM

• Financial Liquidity Analysis:

Cash

Plus: Available Credit LineLess: Outstanding Credit

Liquidity

Financial Liquidity

(351)

3/31/08

375 15

39

• Expanded credit facility to $500 million from previous $300 million

• Increases borrowing availability to $375 million vs. prior $150 million

• Substantial interest expense savings accruing from reductions in LIBOR rates and payoff of Senior Notes on February 15, 2008. (2)

($millions)

(1) Borrowing base using 6/30/07 mid-year reserve report

(2) March 2008 interest expense was $2,487,000

(1)

17

TM

Attractive Valuation vs. Peers

Price / NAV (1) (2) (3)

(1) Represents most recent proved reserves and PV-10 value for peers. RAM’s PV-10 value at 12/31/07.(2) Share prices as of close 04/30/08.(3) RAM shares outstanding adjusted to reflect offering of common stock 2/8/07 and additional 18.8 million common shares

issued in the acquisition of Ascent which closed 11/29/07.

0.81x1.18x

2.93x

1.31x 1.24x1.56x

0.53x

0.00x

1.00x

2.00x

3.00x

4.00x

ARD

BEXP

CRZOPLLL

Mea

n

Med

ian

RAME

18

TM

• Significant increase in drilling activity on “growth driver” properties anticipated to positively impact second and third quarters 2008

• Large inventory of growth opportunities

• Stable cash flow base

• Oil and NGL rich reserve and production base

• High degree of operating control

• Proven value creation through both acquisitions and drillbit

• Compelling valuation vs. peers

• Management’s substantial ownership of RAM stock supports alignment with shareholder interest

Summary of Investment Considerations

RAM Energy Resources, Inc.

TM

21

TM

Derivative Positions

(1) As of April 30, 2008

(2) Crude oil floors and ceilings and natural gas floors and ceilings cover April through December 2008. Crude oil bare

floors cover April through December 2008. Crude oil floors and ceilings for 2009 cover the calendar year. Natural gas floors

and ceilings for 2009 cover January through October. Crude oil bare floors cover January through December 2009.

Crude oil secondary floors for 2009 cover January through March. Crude oil floors and ceilings for 2010 cover

January through March.

(1)

per day Price per day Price per day Price per day PriceCollarsQ2' 08 1,500 $65.33 1,500 $83.13 10,000 $7.00 10,000 $10.06Q3 '08 1,500 $65.33 1,500 $84.80 10,000 $8.00 10,000 $11.04Q4 '08 1,500 $65.33 1,500 $83.06 10,000 $7.73 10,000 $14.60

Q1 '09 2,000 $58.50 2,000 $82.63 10,000 $7.60 10,000 $15.31Q2 '09 1,500 $60.00 1,500 $81.07 10,000 $7.00 10,000 $10.01Q3 '09 1,000 $60.00 1,000 $81.22 10,000 $7.00 10,000 $10.23Q4 '09 1,000 $60.00 1,000 $82.50 10,000 $7.00 10,000 $10.33

Q1 '10 500 $60.00 500 $80.00 - - - -

BareFloorsQ2' 08 1,800 $72.32Q3 '08 1,800 $70.00Q4 '08 1,800 $70.00

Q1 '09 1,000 $65.00Q2' 09 2,000 $67.50Q3' 09 1,000 $70.00Q4' 09 1,000 $70.00

SecondaryFloorsQ1 '09 800 $75.00

Crude Oil (Bbls) Natural Gas (Mmbtu)Floors Ceilings Floors Ceilings

22

TM

Non-GAAP Financial Measure

Cash flow, a non-GAAP measure, represents cash provided by operating activities before the impact of discontinued operations, changes in working capital items related to operating activities, and further adjusted for unrealized gains or losses on derivative transactions. This non-GAAP measure is presented because management believes it is a useful adjunct to cash provided by operating activities under accounting principles generally accepted in the United States (GAAP). This non-GAAP cash flow measure is widely accepted as a financial indicator of an oil and gas company’s ability to generate cash which is used to internally fund exploration and development activities and fund debt service costs. This non-GAAP measure is not a measure of financial performance under GAAP and should not be considered as an alternative to cash provided (used) by operating, investing, or financing activities as an indicator of cash flows, or as a measure of liquidity.

23

TM

Cash FlowReconciliation of cash flow from operations (a non-GAAP measure)

to GAAP cash flow from operating activities

Net cash provided by (used in) operating activities per condensed Consolidated statements of cash flow $5,052 ($37)

Less: working capital changes (11,188) (4,121)

Cash flow from operations (a non-GAAP measure) $16,240 $4,084

Cash flow from operations (a non-GAAP measure) $16,240 $4,084Less: realized gains (losses) on derivatives (2,318) (30)

Cash flow from operations (a non-GAAP measure) excluding

Realized and unrealized gains (losses) on derivatives $18,558 $4,114

First Quarter ended March 31

(in thousands)2008 2007

(in thousands)

24

TM

Oil Gas NGL PercentMBBL MMcf MBBL MBOE of total

Reserve Category

Proved Developed producing 12,648 40,504 2,300 21,698 55%

Developed non-producing 904 10,486 265 2,917 7%

Undeveloped 5,992 42,368 1,706 14,760 38%

Total Proved 19,544 93,358 4,271 39,375 100%

Estimates of Proved Reserves

1) Estimate of RAM proved reserves at 12/31/07

____________

25

TM

North Texas – Production MaintenanceElectra / Burkburnett

• Average well statistics (1)

- F & D costs $5.91/BOE EUR 22 MBOE Economic life 20 years Working Interest 100% IRR at $53.00/Bbl = 100%

• PUD Inventory of 150 locations Three year drilling inventory at 2008

planned activity level

• 2008 CAPEX: $7.5 million 60 wells planned

(1) At 12/31/07

• 16 wells drilled and completed through 5/1/08

• Proved Reserves of 9.4 MMBOE

26

TM

• PUD Inventory of 57 locations

• 2008 CAPEX: $7.5 million

2 wells drilled and producing 1 well completing 1 well drilling- 10 wells scheduled to be drilled 1 new disposal well to be drilled Represents 9% of total 2008

CAPEX

• RAM is operator with 97% Working Interest

PUDInjectors

PDP

57

10 60

Allen Field

Fitts Field

Oklahoma - Production Maintenance

PUD WF

____________

(1) As of May 1, 2008

27

TM

$80 Million

2008E Non-Acquisition Capital Expenditure Detail

ExplorationExplorationNorth

Texas

North

Texas

$7.5 MM $7.5 MM $19.0 MM $8.5 MM $19.0 MM $5.0 MM$10.0 MM

OklahomaOklahoma South

Texas

South

TexasBarnett

Shale

Barnett

Shale LouisianaLouisianaAppalachianAppalachian Capitalized

G&G

Capitalized

G&G

$3.5 MM

28

TM

Company Overview Company Overview Proved Reserves Proved Reserves (1)(1)

PV10 by Reserve Category

57%

8%

35%

PDP

PDNP

PUD

(1) Estimate of RAM proved reserves as of 12/31/07

Percent Total Reserves by Category

55%

7%

38%

PDP

PDNP

PUD

• High ratio of PDP and PDNP component of total reserve and PV-10 value contributes to consistent cash flow

29

TM

Production Volumes and Expenses

Three Months Ended March 31 Percent2008 2007 Change

Production volumes:Oil and condensate (MBbls) 298 181 65Natural gas liquids (MBbls) 74 35 111Natural gas (MMcf) 1,442 582 148 Total (Mboe) 612 313 96

Expenses (dollars per BOE):

Oil and natural gas production taxes $3.97 $2.63 51Oil and natural gas production expenses 15.23 14.47 5Amortization of full cost pool 16.95 10.46 62General and administrative 9.01 7.50 20Share-based compensation 0.89 0.55 62 Total (per BOE) $46.05 $35.61 29

30

TM

Net Realized Prices Before/After Derivatives

Percent2008 2007 Change

Average realized prices (before effects of derivatives):

Oil and condensate (per Bbl) $96.17 $56.37 71Natural gas liquids (per Bbl) 53.99 37.94 42Natural gas (per Mcf) 7.54 6.21 21 Total per BOE 71.13 48.41 47

Effect of contract premiums and settlement of derivatives contracts:

Oil and condensate (per Bbl) ($7.78) $0.01Natural gas liquids (per Bbl) 0 -Natural gas (per Mcf) 0 (0.05) Total per BOE (3.79) (0.10)

Average realized prices (after effects of derivatives):

Oil and condensate (per Bbl) $88.39 $56.38 57Natural gas liquids (per Bbl) 53.99 37.94 42Natural gas (per Mcf) 7.54 6.15 23 Total per BOE 67.34 48.31 39

Three Months Ended March 31

(dollars per unit of production)

RAM Energy Resources, Inc.

TM