RAM Energy Resources, Inc.

RAM Energy Resources, Inc.

October 6, 2008TMIPAA 2008 OGIS San Francisco

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 RAMs 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, managements 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 RAMs expectations (Cautionary Statements) include, without limitation, the actual quantities of RAMs oil and natural gas reserves, future production levels, future prices and demand for oil and natural gas, the results of RAMs 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 RAMs behalf, are expressly qualified in their entirety by the Cautionary Statements.

TM

Second Quarter 2008 Highlights Four wells drilled on the companys North Texas Barnett Shale properties during the last several months recently began producing during August, adding partially to production in the third quarter and fully to production in fourth quarter 2008;

RAM expanded its position in the companys West Virginia Devonian Shale play with the purchase of a 14 mile pipeline, 6,000 acres of leases and approximately one billion cubic feet of natural gas reserves;

Also in West Virginia, RAM has executed a letter of intent with another operator in the area to evaluate the potential productivity of Devonian Shale in an area covering approximately 22,000 acres of jointly owned leases north of the Kanawha River in RAMs Bug Run area;

Production guidance for the second half of 2008 targeting production growth of two to three percent above that of the first half of the year currently remains intact, in spite of shut-in production experienced in the third quarter due to electrical power outages resulting from hurricanes Gustav and Ike which affected the companys South Texas and Louisiana properties.

TM

Company Overview- Areas of Operation= Rig under contractEast Texas

TM

2008 Non-Acquisition Capital ExpenditureBudget by Economic Risk (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. 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

Chart1

47.8

26.4

5.8

Budget


2008 Non-Acquisition Capital Budget

No. of% of

Drlg Wells$MMTotal

Summary80.0

Drilling Wells8358.673

Recompletions/Land/Other12.916

Exploration3.54

Capitalized G&G5.06

FieldNo. of Drlg Wells$MM

North Texas7.59

Drilling Wells416.9

Electra/Burkburnett365.0

Boonsville10.5

Hutchinson41.4

Recompletions0.6

Oklahoma7.59

Drilling Wells124.9

NE Fitts83.2

Allen31.2

Jesse10.5

Waterflood/Workovers2.6

South Texas19.024

Drilling Wells816.1

LaCapita49.6

West Lissie22.8

New Taiton23.7

Land/Maintenance2.9

Barnett Shale10.013

Drilling Wells77.8

Devon33.1

EOG32.0

RAM12.8

Bosque Completion1.0

Seismic1.2

Louisiana8.511

Drilling Wells17.9

Land/Maintenance0.6

Appalachian19.024

Drilling Wells1415.0

Pipeline2.0

Land2.0

Risk

Development (1)47.8

Exploitation (2)26.4

Exploration (3)5.8

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

RAM

E/B5.00.00.05.0

Boonsville0.50.00.00.5

Hutchinson1.40.00.01.4

BShale-Devon3.10.00.03.1

BShale-EOG0.02.00.02.0

BShale-Devon0.02.80.02.8

Recompletions0.60.00.00.6

Crockett0.00.01.01.0

Unallocated0.00.01.31.3

Osage0.00.02.02.0

Reeves0.00.00.50.5

G&G2.40.00.02.4

RAM Total13.04.84.822.6

Ascent

BShale0.00.01.01.0

South Texas19.00.00.019.0

West Virgina0.019.00.019.0

Oklahoma4.92.60.07.5

Louisiana8.50.00.08.5

G&G2.40.00.02.4

Ascent Total34.821.61.057.4

Grand Total47.826.45.880.0

Risk

0

0

0

Budget by Drilling Risk

TM

Drilling Success Rate Remains High(2) Excluding wells in progress(1) Gross wells drilled as of September 10, 200898%93%(1)Total Wells Drilled1987- 2008ProducersDry HolesDrilling or CompletingTotalSuccess Ratio51693 506 58749(2) 16Wells DrilledYTD 2008(1)

TM

6 wells drilled and completedInventory of 18 PUD, 15 Probable, and 45 Possible locationsFive wells completed in La Copita (Vicksburg formation), combined average initial daily flow rate over 3.0 Mmcf/dField revitalization development project targeting Wilcox formation at 9,800 depth

Wiese #1, completingThomas Trust #1, drillingIf successful these wells could expand inventory of projectsRemainder of 2008 drilling Heard #4 Garza Hitchcock #18 Brannan #7 Thomas Trust #1 RAM is operator with 100% Working Interest in most wells2008 CAPEX: $19.0 million, 20% of total PUD - Probable -Possible -18 1545South Texas Growth Driver (1)VicksburgWilcox_______________(1) Data as of September 2008

TM

27,700 gross (6,800 net) acres located in Core area and all held by production (1)85 square miles of existing seismic (2)Current Activity;- 20 producing wells1 well completing-Brown 2H- 30 future locations2008 CAPEX: $10 millionRAMs Barnett Shale operating areaUnconventional Resource - Barnett Shale Growth DriverCoreTier 1Tier 2Recently acquired acreage45 square miles of 3-D seismic acquired covering Tier 1 acreage and 40 square miles of 3-D seismic covering Tier 2 acreage(2) RAM also holds 26,267 gross (20,802 net) leasehold acres located in Tier 2

TM

Barnett Shale (Devon Area)- Growth DriverRawle-Burress Lease6 wells drilled YTD 20082 wells initiated production in 2Q084 wells initiated production in August 2008Approximately 3,500 gross (1,260 net) acresRAM WI = 36%

T.L. Dickenson 1H ProducingEtta Burress 1-H ProducingBurress 1-H ProducingBurress 2-H ProducingRawle A 1-H ProducingRawle 4-H ProducingEtta Burress 5-H PUDBurress Unit 10-H PossT.L. Dickenson #2H ProducingT.L. Dickenson A #3-H ProducingRawle 6H PossRawle 5H PUDEtta Burress 6-H PUDBurress Unit 7-H ProbBurress Unit 3-H PUDEtta Burress 4-HEtta Burress 2-HMolloy U.A. "A" 1-H ProducingEtta Burress 3-H ProducingEtta Burress 4-H PUDT.L. Dickenson A 5H ProducingT.L. Dickenson A 4H ProducingProducing Wells (PDP): 14Drilling/awaiting comp: 0 Booked PUDs: 5Proposed: 0Probable/Possible: 3

TM

3 wells producing, 1 well completingReddell 2-H well proposed; 6,800 vertical depth and 2,200 lateral37 square miles of 3-D seismicAdditional 50 square miles underway for 2008Ongoing seismic review supports additional drilling locationsApproximately 23,500 gross acres (5,600 net)RAM WI = 24%Right to propose wellsIf EOG declines to participate, RAM can drill wells on a non-consent basisBarnett Shale (EOG Area) Growth DriverProducingAcquired 2006SeismicAshe 1HAshe C-1HBrown 2HDethloff 1HPermittingProposedReddell 2HCompleting

TM

West Virginia Growth DriverDevonian Shale PlayRAM Existing Wells Columbia Gas Transmission LineRAM New WellsRAM is operator with 100% Working Interest Approximately 53,000 gross (51,000 net) leasehold acres2008 CAPEX: $19.2 million; 12 wells scheduled4 wells drilled and testing1 well completing-JD&B Sturgeon 1-H1 well drilling-Donahue 1-H1 well permitteddrilling time 18 days; measured depth 6,400 including lateral of 2,500Over 500 potential future drilling locationsReserve potential between 450 Bcfe to 800 Bcfe based on comments from Equitable Resources and Cabot Oil & Gas

Gas Gathering Pipeline and Newly Purchased AcreageBug RunGreen ParkCornstalk

TM

West Virginia Growth DriverDevonian Shale PlayRAM Existing WellsCabot Existing WellsRAM AcreageCabot AcreageRAM owned gathering systemHurricane Project Columbia Gas Transmission LineGas Gathering Pipeline and Newly Purchased acreage and reservesMaster MeterCabot WellMeadows A-1HCornstalkPOLYMER PLANT

TM

Newly purchased gathering systemRAM EnergypipelineWest Virginia Growth Driver Devonian Shale Play COLUMBIA gas pipelineOHIO River RAM Energy Drilled Wells RAM Energy Acreage Newly Purchased Acreage AMI Acreage RAM expanded positionPurchase of 14 mile pipelineallows greater control of production to end marketRAM controls 20 miles of gathering system in Cornstalk exploitation areaAdded 6,000 acres of leases adjoining RAM existing leasesAdded 1 Bcf natural gas reservesRAM signed letter of intent to create area of mutual interest (AMI) with offset operator to evaluate acreage in RAMs Bug Run area.

AMI Line

TM

Mid-Year 2008 Proved ReservesProved reserves increase 6% at 6/30/08 to 41.8 MMBOE from year-end 2007 level of 39.4 MMBOEPV-10 increased 75% to $1.6 billion at mid-year compared to $912 million at year-end 2007Replaced 295% of 1H08 production of 1.3 MMBOEFinding cost of $10.09 per BOEProved reserve compositionPercentOil 19.3 MMBBL 46NGL 5.0 MMBBL 12Gas 105.4 Bcf 42 Total 100

65% of total proved is proved developed

TM

Attractive Valuation vs. PeersPrice / NAV (1) (2) (3)(4)Represents most recent proved reserves and PV-10 value for peers. RAMs PV-10 value at 6/30/08Using PV10 of proved reserves at year-end 2007 for RAM, Price/NAV ration is .39XShare prices as of close 09/22/08.RAM shares outstanding adjusted to reflect exercise of 17.6 million warrants bringing total shares outstanding to approximately 78.6 million.

Chart1

0.8592704467

1.9168006495

2.0416132221

0.6742260623

1.0541333585

0.6383185499

0.719856793

1.3840887343

1.161038477

0.9567019026

0.1909832634

Summary

SUMMARY DETAIL

TEV/TEV asTEV/ LTM

Proved Reserves% ofTEV/Daily Prod.

CompanySymbol($/BOE)PV 10LTM EBITDA(BOEPD)P/NAV

RAM Energy Resources, Inc.RAME$11.8931%6.1x$89,8370.19x

Arena ResourcesARD$30.8286%16.4x$358,0630.86x

Brigham ExplorationBEXP$34.96157%7.7x$141,0711.92x

Carrizo Oil & GasCRZO$26.58181%13.2x$164,0342.04x

Parallel PetroleumPLLL$17.2776%6.8x$97,8460.67x

Clayton WilliamsCWEI$28.27104%4.8x$79,1201.05x

Goodrich PetroleumGDP$0.000%0.0x$00.00x

GMX ResourcesGMXR$2.3028%2.8x$37,3610.00x

Gulfport EnergyGPOR$19.2967%7.0x$121,6790.64x

Petroquest EnergyPQ$0.000%0.0x$00.00x

Swift EnergySFY$0.000%0.0x$00.00x

St. Mary Land & ExplorationSM$16.5876%4.3x$59,7330.72x

TXCO ResourcesTXCO$33.17128%7.5x$123,9461.38x

MEAN$17.4475%5.9x$98,5710.77x

MEDIAN$18.2876%5.8x$88,4830.70x

Graph DB

GRAPH DATABASE

TEV/TEV asTEV/ LTM


CompanySymbol($/BOE)PV10LTM EBITDA(BOEPD)Price/NAV

Arena ResourcesARD$30.82ARD86%ARD16.4xARD$358,063ARD0.86x

Brigham ExplorationBEXP$34.96BEXP157%BEXP7.7xBEXP$141,071BEXP1.92x

Carrizo Oil & GasCRZO$26.58CRZO181%CRZO13.2xCRZO$164,034CRZO2.04x

Parallel PetroleumPLLL$17.27PLLL76%PLLL6.8xPLLL$97,846PLLL0.67x

Clayton WilliamsCWEI$28.27CWEI104%CWEI4.8xCWEI$79,120CWEI1.05x

GMX ResourcesGMXR$0.00GMXR0%GMXR0.0xGMXR$0GMXR0.00x

Gulfport EnergyGPOR$19.29GPOR67%GPOR7.0xGPOR$121,679GPOR0.64x

Petroquest EnergyPQ$0.00PQ0%PQ0.0xPQ$0PQ0.00x

Swift EnergySFY$0.00SFY0%SFY0.0xSFY$0SFY0.00x

St. Mary Land & ExplorationSM$16.58SM76%SM4.3xSM$59,733SM0.72x

TXCO ResourcesTXCO$33.17TXCO128%TXCO7.5xTXCO$123,946TXCO1.38x

Mean$18.81Mean79%Mean6.2xMean$104,136Mean1.16x

Median$19.29Median76%Median6.8xMedian$97,846Median0.96x

RAM Energy Resources, Inc.RAME$11.89RAME31%RAME6.1xRAME$89,837RAME0.19x

Graphs

GRAPHS

EV / Proved Reserves (BOE)

Graphs

30.818447454

34.9614886513

26.5799846646

17.2697496837

28.2705462948

19.2919536551

16.5782743628

33.1741982736

22.9136201072

26.5799846646

11.8898290101

Graph DB Ascending

GRAPH DATABASE

TEV/TEV asTEV/ LTM


CompanySymbol($/BOE)SymbolPV10SymbolLTM EBITDASymbol(BOEPD)SymbolPrice/NAV

Arena ResourcesRAME$11.89RAME31%SFY0.0xSM$59,733RAME0.19x

Brigham ExplorationSFY$0.00SFY0%SM4.3xSFY$0SFY0.00x

Carrizo Oil & GasGMXR$2.30GPOR67%CWEI4.8xPQ$0SM0.72x

Parallel PetroleumSM$16.58SM76%PQ0.0xCWEI$79,120GPOR0.64x

Clayton WilliamsGPOR$19.29ARD86%TXCO7.5xTXCO$123,946ARD0.86x

GMX ResourcesPLLL$17.27PLLL76%RAME6.1xRAME$89,837PLLL0.67x

Gulfport EnergyTXCO$33.17TXCO128%BEXP7.7xPLLL$97,846TXCO1.38x

Petroquest EnergyARD$30.82CWEI104%GPOR7.0xBEXP$141,071CWEI1.05x

Swift EnergyCRZO$26.58BEXP157%PLLL6.8xGPOR$121,679BEXP1.92x

St. Mary Land & ExplorationCWEI$28.27CRZO181%CRZO13.2xCRZO$164,034CRZO2.04x

TXCO ResourcesBEXP$34.96GMXR28%ARD16.4xGMXR$37,361GMXR0.00x

RAM Energy Resources, Inc.PQ$0.00PQ0%GMXR2.8xARD$358,063PQ0.00x

EV as % of PV-10

ARD

BEXP

CRZO

PLLL

CWEI

GPOR

SM

TXCO

Mean

Median

RAME

0.8616699431

1.5709150956

1.8059760909

0.7568196246

1.0378889025

0.6709314766

0.7592861935

1.278393808

1.0024657776

0.8616699431

0.3111171924

EV / LTM EBITDA

ARD

BEXP

CRZO

PLLL

CWEI

GPOR

SM

TXCO

Mean

Median

RAME

16.4086223604

7.7361674091

13.2184659358

6.7886563638

4.7997545359

6.9791315136

4.3258466859

7.4712789396

6.1570839767

6.7886563638

6.0928703536

EV / LTM Daily Production (BOEPD)

ARD

BEXP

CRZO

PLLL

CWEI

GPOR

SM

TXCO

Mean

Median

RAME

358063.205673265

141070.901577919

164034.391454109

97846.3183590868

79119.8534027449

121679.425531915

59732.6643979342

123946.422857143

104135.743932192

97846.3183590868

89837.3904771893

Price / NAV

ARD

BEXP

CRZO

PLLL

CWEI

GPOR

SM

TXCO

Mean

Median

RAME

0.8592704467

1.9168006495

2.0416132221

0.6742260623

1.0541333585

0.6383185499

0.719856793

1.3840887343

1.161038477

0.9567019026

0.1909832634

Graphs Ascending

EV / Proved Reserves (BOE)

Graphs Ascending

11.8898290101

4.0846282302

2.3047180667

16.5782743628

19.2919536551

17.2697496837

33.1741982736

30.818447454

26.5799846646

28.2705462948

34.9614886513

38.7158318426

TEV

Total Enterprise Value (TEV)

Total

PriceSharesEquityEnterprise

PriceChangeOut.Mkt. Cap.TotalValuePrice @

CompanySymbol7/30/08YTD(MM)($MM)+Debt+Pref.-Cash=(TEV) MM12/31/07

RAM Energy Resources, Inc.RAME$3.31(34%)78.6$260.2$254.6$0.0$17.0$497.8$5.02

Arena ResourcesARD$44.527%37.6$1,674.3$40.5$0.0$6.7$1,708.1$41.71

Brigham ExplorationBEXP$13.4078%46.3$620.7$207.2$0.0$11.0$816.9$7.52

Carrizo Oil & GasCRZO$43.98(20%)30.6$1,347.1$217.7$0.0$24.8$1,540.0$54.75

Parallel PetroleumPLLL$10.54(40%)41.4$436.1$227.5$0.0$7.8$655.8$17.63

Clayton WilliamsCWEI$80.48158%12.1$974.1$414.7$0.0$18.5$1,370.3$31.16

Goodrich PetroleumGDP$0.00(100%)33.3$0.0$284.0$2.3$2.7$283.6$22.62

GMX ResourcesGMXR$0.00(100%)16.5$0.0$170.6$0.0$3.7$166.9$32.28

Gulfport EnergyGPOR$11.43(37%)42.6$486.9$82.0$0.0$6.4$562.5$18.26

Petroquest EnergyPQ$16.5015%50.2$828.3$193.8$0.0$12.1$1,010.0$14.30

Swift EnergySFY$0.00(100%)30.5$0.0$623.4$0.0$10.2$613.2$44.03

St. Mary Land & ExplorationSM$39.763%61.5$2,445.6$564.0$0.0$7.5$3,002.1$38.61

TXCO ResourcesTXCO$11.36(6%)35.0$398.1$110.7$0.0$1.5$507.3$12.06

EV / LTM EBITDA

SFY

SM

CWEI

PQ

TXCO

RAME

BEXP

GPOR

PLLL

CRZO

ARD

GMXR

1.1631259484

4.3258466859

4.7997545359

4.6350022946

7.4712789396

6.0928703536

7.7361674091

6.9791315136

6.7886563638

13.2184659358

16.4086223604

2.7909698997

Price / NAV

RAME

SFY

SM

GPOR

ARD

PLLL

TXCO

CWEI

BEXP

CRZO

GMXR

PQ

0.1909832634

0

0.719856793

0.6383185499

0.8592704467

0.6742260623

1.3840887343

1.0541333585

1.9168006495

2.0416132221

0

2.2590313413

EV as % of PV-10

RAME

SFY

GPOR

SM

ARD

PLLL

TXCO

CWEI

BEXP

CRZO

GMXR

PQ

0.3111171924

0.1618771694

0.6709314766

0.7592861935

0.8616699431

0.7568196246

1.278393808

1.0378889025

1.5709150956

1.8059760909

0.2815259532

1.8418392958

EV / LTM Daily Production (BOEPD)

SM

SFY

PQ

CWEI

TXCO

RAME

PLLL

BEXP

GPOR

CRZO

GMXR

ARD

65900.8517531938

72353.5681501718

88203.4045506257

88896.8837482253

111873.788251001

112394.601269527

137726.923066449

149790.168851069

150522.042553192

195974.73083518

290899.754862385

349627.751022165

Proved Reserves

Proved Reserves

Proved ReservesProved Developed Reserves

LiquidsGasEquiv.PUDGasLiquidsGasEquiv.PDPPUD

CompanySymbol(MMbbl)(Bcf)(MMboe)(%)(%)(MMbbl)(Bcf)(MMboe)(%)(%)

RAM Energy Resources, Inc.RAME24.3105.441.941%42%16.151.024.659%41%

Arena ResourcesARD47.448.155.464%14%15.030.820.136%64%

Brigham ExplorationBEXP5.6106.623.451%76%3.349.411.549%51%

Carrizo Oil & GasCRZO16.5248.457.953%71%6.5122.627.047%53%

Parallel PetroleumPLLL28.457.238.044%25%14.441.621.356%44%

Clayton WilliamsCWEI27.9123.248.524%42%20.698.437.076%24%

Goodrich PetroleumGDP1.8346.959.669%97%0.3108.118.331%69%

GMX ResourcesGMXR4.7406.372.464%94%1.8144.225.836%64%

Gulfport EnergyGPOR25.124.329.272%14%7.16.78.228%72%

Petroquest EnergyPQ2.3142.526.131%91%2.195.618.069%31%

Swift EnergySFY84.5394.0150.155%44%36.8187.267.945%55%

St. Mary Land & ExplorationSM78.8613.5181.123%56%68.3426.6139.477%23%

TXCO ResourcesTXCO8.242.315.341%46%4.128.99.059%41%

Average24.5115.143.70.50.59.861.120.00.50.5

PV10

PV 10

PV10

CompanySymbolMM

RAM Energy Resources, Inc.RAME$1,600.0

Arena ResourcesARD$1,982.4

Brigham ExplorationBEXP$520.0

Carrizo Oil & GasCRZO$852.7

Parallel PetroleumPLLL$866.5

Clayton WilliamsCWEI$1,320.3

Goodrich PetroleumGDP$321.1

GMX ResourcesGMXR$592.8

Gulfport EnergyGPOR$838.4

Petroquest EnergyPQ$548.3

Swift EnergySFY$3,788.1

St. Mary Land & ExplorationSM$3,953.9

TXCO ResourcesTXCO$396.8

SECPV10

SEC PV10

RAM Energy Resources, Inc.Arena Resources, Inc.Brigham ExplorationCarrizo Oil & GasParallel PetroleumClayton WilliamsGoodrich PetroleumGMX ResourcesGulfport EnergyPetroquest EnergySwift EnergySt. Mary Land & ExplorationSt. Mary Land & Exploration

2007200720072007200720072007200720072007200720072007

Future Revenues$2,722.1Future Revenues$4,634.6Future Revenues$1,319.0Future Revenues$2,663.3Future Revenues$2,944.7Future Revenues$3,363.3Future Revenues$2,399.3Future Revenues$3,549.4Future Revenues$2,405.5Future Revenues$1,155.2Future Revenues$9,547.8Future Revenues$11,629.7Future Revenues$1,126.8

Future Development Costs($146.7)Future Development Costs($321.5)Future Development Costs($160.5)Future Development Costs($277.1)Future Development Costs($118.0)Future Development Costs($174.3)Future Development Costs($709.4)Future Development Costs($555.6)Future Development Costs($326.2)Future Development Costs($135.0)Future Development Costs($1,220.5)Future Development Costs($611.3)Future Development Costs($410.3)

Future Production Costs($824.6)Future Production Costs($790.3)Future Production Costs($248.1)Future Production Costs($618.5)Future Production Costs($824.3)Future Production Costs($999.9)Future Production Costs($795.0)Future Production Costs($1,097.5)Future Production Costs($696.6)Future Production Costs($240.8)Future Production Costs($2,184.2)Future Production Costs($3,672.9)Future Production Costs$0.0

Future Income Tax Expense($574.2)Future Income Tax Expense($1,255.0)Future Income Tax Expense($219.7)Future Income Tax Expense($394.6)Future Income Tax Expense($536.2)Future Income Tax Expense($653.8)Future Income Tax Expense($103.2)Future Income Tax Expense($528.1)Future Income Tax Expense($280.5)Future Income Tax Expense($143.7)Future Income Tax Expense($1,867.6)Future Income Tax Expense($2,316.6)Future Income Tax Expense($156.8)

Total Future Costs($1,545.5)Total Future Costs($2,366.8)Total Future Costs($628.4)Total Future Costs($1,290.1)Total Future Costs($1,478.5)Total Future Costs($1,828.0)Total Future Costs($1,607.5)Total Future Costs($2,181.2)Total Future Costs($1,303.4)Total Future Costs($519.5)Total Future Costs($5,272.3)Total Future Costs($6,600.8)Total Future Costs($567.1)

Pre-Tax Future Cash Flows$1,176.6Pre-Tax Future Cash Flows$2,267.9Pre-Tax Future Cash Flows$690.6Pre-Tax Future Cash Flows$1,373.2Pre-Tax Future Cash Flows$1,466.3Pre-Tax Future Cash Flows$1,535.3Pre-Tax Future Cash Flows$791.8Pre-Tax Future Cash Flows$1,368.1Pre-Tax Future Cash Flows$1,102.1Pre-Tax Future Cash Flows$635.7Pre-Tax Future Cash Flows$4,275.6Pre-Tax Future Cash Flows$5,028.9Pre-Tax Future Cash Flows$559.7

Pre-Tax SEC PV10$890.4Pre-Tax SEC PV10$1,982.4Pre-Tax SEC PV10$520.0Pre-Tax SEC PV10$852.7Pre-Tax SEC PV10$866.5Pre-Tax SEC PV10$1,320.3Pre-Tax SEC PV10$321.1Pre-Tax SEC PV10$592.8Pre-Tax SEC PV10$838.4Pre-Tax SEC PV10$548.3Pre-Tax SEC PV10$3,788.1Pre-Tax SEC PV10$3,953.9Pre-Tax SEC PV10$396.8

After-Tax SEC PV10$598.4After-Tax SEC PV10$1,276.2After-Tax SEC PV10$394.5After-Tax SEC PV10$662.4After-Tax SEC PV10$634.4After-Tax SEC PV10$926.0After-Tax SEC PV10$284.1After-Tax SEC PV10$427.7After-Tax SEC PV10$668.3After-Tax SEC PV10$447.3After-Tax SEC PV10$2,636.4After-Tax SEC PV10$2,706.9After-Tax SEC PV10$310.0

Production

LTM Production

LTM9290929291366

ProductionLTM Production (BOE)

CompanySymbol(BOE)DaysBOEPD4Q062Q073Q074Q071Q082Q08Total

RAM Energy Resources, Inc.RAME2,028,0003665,5410337,000336,000436,000612,000644,0002,028,000

Arena ResourcesARD1,746,0003664,770331,200385,000403,000441,000517,0001,746,000

Brigham ExplorationBEXP2,119,5003665,791581,000694,000652,000532,000483,000452,5002,119,500

Carrizo Oil & GasCRZO3,436,0003669,388609,330701,000739,000941,0001,055,0003,436,000

Parallel PetroleumPLLL2,453,0003666,702563,000550,000595,000617,000691,0002,453,000

Clayton WilliamsCWEI6,339,00036617,3201,493,0001,598,0001,581,0001,667,0006,339,000

Goodrich PetroleumGDP2,985,0003668,156620,000714,000773,000878,0002,985,000

GMX ResourcesGMXR1,635,0003664,467341,000367,000449,000478,0001,635,000

Gulfport EnergyGPOR1,692,0003664,623396,000440,000433,000423,0001,692,000

Petroquest EnergyPQ5,274,00036614,4101,304,0001,347,0001,308,0001,315,0005,274,000

Swift EnergySFY11,347,00036631,0032,966,0003,028,0002,784,0002,569,00011,347,000

St. Mary Land & ExplorationSM18,395,00036650,2604,339,0004,575,0004,757,0004,724,00018,395,000

TXCO ResourcesTXCO1,498,0003664,093348,000396,000396,000358,0001,498,000

EBITDA

LTM EBITDA

LTM

CompanySymbolEBITDA

RAM Energy Resources, Inc.RAME$81.7

Arena ResourcesARD$104.1

Brigham ExplorationBEXP$105.6

Carrizo Oil & GasCRZO$116.5

Parallel PetroleumPLLL$96.6

Clayton WilliamsCWEI$285.5

Goodrich PetroleumGDP$77.6

GMX ResourcesGMXR$59.8

Gulfport EnergyGPOR$80.6

Petroquest EnergyPQ$217.9

Swift EnergySFY$527.2

St. Mary Land & ExplorationSM$694.0

TXCO ResourcesTXCO$67.9

NAV

NAV

RAMEARDCRZOBEXPPLLLCWEIGDPGMXRGPORPQSFYSMTXCO

PV10 of Proven Reserves$1,600.0$1,982.4$852.7$520.0$866.5$1,320.3$321.1$592.8$838.4$548.3$3,788.1$3,953.9$396.8

Less: Long-Term Debt($254.6)($40.5)($217.7)($207.2)($227.5)($414.7)($284.0)($170.6)($82.0)($193.8)($623.4)($564.0)($110.7)

Plus: Cash & Equivalents$17.0$6.7$24.8$11.0$7.8$18.5$2.7$3.7$6.4$12.1$10.2$7.5$1.5

NET ASSET VALUE$1,362.4$1,948.6$659.8$323.8$646.8$924.1$39.8$425.9$762.8$366.6$3,174.9$3,397.4$287.6

Shares Out. (MM)78.637.630.646.341.412.133.316.542.650.230.561.535.0

NAV/Share$17.33$51.81$21.54$6.99$15.63$76.35$1.19$25.78$17.91$7.30$103.97$55.23$8.21

Current Share Price$3.31$44.52$43.98$13.40$10.54$80.48$0.00$0.00$11.43$16.50$0.00$39.76$11.36

P/NAV0.19x0.86x2.04x1.92x0.67x1.05x0.00x0.00x0.64x2.26x0.00x0.72x1.38x

TM

Large inventory of growth opportunitiesStable cash flow baseOil and NGL rich reserve and production baseHigh degree of operating controlProven value creation through both acquisitions and drillbitCompelling valuation vs. peersManagements substantial ownership of RAM stock supports alignment with shareholder interestSummary of Investment Considerations


TM

TM

APPENDIX

TM

Production and Reserve GrowthProduction GrowthReserve GrowthAs of June 30, 2008As of December 31, 2007

Guidance

Second Half 2008 TargetsFirst HalfSecond Half

Production Gains2% - 3%1,256 BOE1,281 - 1,294 BOE*

Production ExpensesSame$19.55 BOE$19.55 BOE

Interest Expense$1.6 Million / Month$14.4 Million$9.6 Million

EBITDA2% - 3%$56.0 Million$57.1 - $57.7 Million

Free Cash Flow15% - 20%$39.3 Million$45.2 - $47.2 Million

CAPEX$80 Million Budget$37.3 Million$42.6 Million

* Before Property Sales--$10 - $20 Million

Hedge Summary

Hedge Summary

SecondFirstNext

HalfHalf21 Months

200820092010Total

Curde Oil (MBbls)607.2956.545.01608.7

Natural Gas (Bcf)1.843.04-4.88

Total MBOE913.81463.245.02422.0

BOE / Day4967.04009.0500.03790.0

Financial Data

($ in 000's)2nd Qtr1st Qtr2nd QTRSequentialAnnual

200820082007GrowthGrowth

Oil and Natural Gas Sales$57,672$43,627$17,98232.2%220.7%

EBITDA31,98523,9659,90333.5%223.0%

Capital Expenditures24,47313,46524,11781.8%1.5%

Free Cash Flow Per Share$0.36$0.25$0.1844.0%100.0%

Adjusted Net Income Per Share$0.21$0.07$0.02200.0%950.0%

Production Growth & Reserve Gro

(MBOE)2ND QTR1ST QTR2ND QTRSEQUENTIALANNUAL

200820082007GROWTHGROWTH

DEVELOPING FIELDS188.7166.923.613.1%698.5%

MATURE OIL FIELDS290.3278.4157.54.3%84.3%

MATURE GAS FIELDS164.8166.6156.1(1.1%)5.6%

TOTAL PRODUCTION643.8611.9337.25.2%90.9%

(MBOE)SEQUENTIAL

2008 (1)2007 (2)GROWTH

PROVED PRODUCING23,593.021,698.08.7%

PROVED NON-PRODUCING3,598.02,917.023.3%

PROVED UNDEVELOPED14,639.014,759.0(0.8%)

TOTAL PROVED41,830.039,375.06.2%

PV-10 ($ in billions)$1.6$0.975.3%

TM

Derivative Positions(1) As of August 31, 2008(2) Crude oil floors and ceilings for 2008 cover September through December, while natural gas floors and ceilings for 2008 cover October through December. Crude oil bare floors for 2008 cover September through December. Crude oil floors and ceilings for 2009 cover the calendar year, and natural gas floors and ceilings for 2009 cover January through October. Crude oil secondary floors for 2009 cover January through March, and bare floors cover the calendar year. Natural gas bare floors for 2009 cover November and December. Crude oil bare floors for 2010 cover January through March. Natural gas bare floors for 2010 cover January through March.(1)

Oil Trades

RAM ENERGY, INC.

REPORTING PERIOD: ENDING AUGUST 31, 2008

PV

MARKETINTRINSICDiscountedCONTRACT

COUNTER-REFVOLUMEFIXED ORPERIODLEGPRICEVALUE@ 10%PREMIUMVALUE

PARTYPRODUCTREF#DATETYPE CONTRACT(Bbls/m)STRIKEEXTENSIONCOVEREDNUMBER@8/31/08EXTENSION@8/31/08@8/31/08COST@8/31/08

CORALOIL212440825-May-06PURCHASED PUT31,000$49.000$1,519,000January, 2007171700479701$54.672$1,694,832$0$0$31,000$31,000

CORALOIL20546007-Apr-06PURCHASED PUT15,500$60.000$930,000January, 2007172054600701$54.672$847,416$82,584costless

CORALOIL170048314-Apr-05SOLD CALL31,000$70.750$2,193,250January, 2007171700483701$54.672$1,694,832$0$0costless$0

CORALOIL20545997-Apr-06SOLD CALL15,500$80.250$1,243,875January, 2007172054599701$54.672$847,416$0costless

CORALOIL212440825-May-06PURCHASED PUT28,000$49.000$1,372,000February, 2007271700479702$0$1,372,000$0$28,000$1,400,000

CORALOIL20546007-Apr-06PURCHASED PUT14,000$60.000$840,000February, 2007272054600702$0$840,000costless

CORALOIL170048314-Apr-05SOLD CALL28,000$70.750$1,981,000February, 2007271700483702$0$0$0costless$0

CORALOIL20545997-Apr-06SOLD CALL14,000$80.250$1,123,500February, 2007272054599702$0$0costless

CORALOIL212440825-May-06PURCHASED PUT31,000$49.000$1,519,000March, 2007371700479703$0.000$0$1,519,000$0$31,000$1,550,000

CORALOIL20546007-Apr-06PURCHASED PUT15,500$60.000$930,000March, 2007372054600703$0.000$0$930,000costless

CORALOIL170048314-Apr-05SOLD CALL31,000$70.750$2,193,250March, 2007371700483703$0.000$0$0$0costless$0

CORALOIL20545997-Apr-06SOLD CALL15,500$80.250$1,243,875March, 2007372054599703$0.000$0$0costless

CORALOIL212440825-May-06PURCHASED PUT30,000$49.000$1,470,000April, 2007471700479704$64.036$1,921,080$0$0$30,000$30,000

CORALOIL20546007-Apr-06PURCHASED PUT15,000$60.000$900,000April, 2007472054600704$64.036$960,540$0costless

CORALOIL170048314-Apr-05SOLD CALL30,000$70.750$2,122,500April, 2007471700483704$64.036$1,921,080$0$0costless$0

CORALOIL20545997-Apr-06SOLD CALL15,000$80.250$1,203,750April, 2007472054599704$64.036$960,540$0costless

CORALOIL212440825-May-06PURCHASED PUT31,000$49.000$1,519,000May,2007571700479705$63.531$1,969,461$0$0$31,000$31,000

CORALOIL20546007-Apr-06PURCHASED PUT15,500$60.000$930,000May,2007572054600705$63.531$984,731$0costless

CORALOIL170048314-Apr-05SOLD CALL31,000$70.750$2,193,250May,2007571700483705$63.531$1,969,461$0$0costless$0

CORALOIL20545997-Apr-06SOLD CALL15,500$80.250$1,243,875May,2007572054599705$63.531$984,731$0costless

CORALOIL212440825-May-06PURCHASED PUT30,000$49.000$1,470,000June, 2007671700479706$67.125$2,013,750$0$0$30,000$30,000

CORALOIL20546007-Apr-06PURCHASED PUT15,000$60.000$900,000June, 2007672054600706$67.125$1,006,875$0costless

CORALOIL170048314-Apr-05SOLD CALL30,000$70.750$2,122,500June, 2007671700483706$67.125$2,013,750$0$0costless$0

CORALOIL20545997-Apr-06SOLD CALL15,000$80.250$1,203,750June, 2007672054599706$67.125$1,006,875$0costless

CORALOIL212440825-May-06PURCHASED PUT31,000$49.000$1,519,000July, 2007771700481707$74.150$2,298,650$0$0$31,000$31,000

CORALOIL20546007-Apr-06PURCHASED PUT15,500$60.000$930,000July, 2007772054600707$74.150$1,149,325$0costless

CORALOIL170048214-Apr-05SOLD CALL31,000$68.750$2,131,250July, 2007771700482707$74.150$2,298,650($167,400)$0costless($167,400)

CORALOIL20545997-Apr-06SOLD CALL15,500$80.250$1,243,875July, 2007772054599707$74.150$1,149,325$0costless

CORALOIL212440825-May-06PURCHASED PUT31,000$49.000$1,519,000August, 2007871700481708$72.359$2,243,129$0$0$31,000$31,000

CORALOIL20546007-Apr-06PURCHASED PUT15,500$60.000$930,000August, 2007872054600708$72.359$1,121,565$0costless

CORALOIL170048214-Apr-05SOLD CALL31,000$68.750$2,131,250August, 2007871700482708$72.359$2,243,129($111,879)$0costless($111,879)

CORALOIL20545997-Apr-06SOLD CALL15,500$80.250$1,243,875August, 2007872054599708$72.359$1,121,565$0costless

CORALOIL212440825-May-06PURCHASED PUT30,000$49.000$1,470,000September, 2007971700481709$79.626$2,388,780$0$0$30,000$30,000

CORALOIL20546007-Apr-06PURCHASED PUT15,000$60.000$900,000September, 2007972054600709$79.626$1,194,390$0costless

CORALOIL170048214-Apr-05SOLD CALL30,000$68.750$2,062,500September, 2007971700482709$79.626$2,388,780($326,280)$0costless($326,280)

CORALOIL20545997-Apr-06SOLD CALL15,000$80.250$1,203,750September, 2007972054599709$79.626$1,194,390$0costless

CORALOIL212440825-May-06PURCHASED PUT31,000$49.000$1,519,000October, 20071071700481710$85.658$2,655,398$0$0$31,000$31,000

CORALOIL20546007-Apr-06PURCHASED PUT15,500$60.000$930,000October, 20071072054600710$85.658$1,327,699$0costless

CORALOIL170048214-Apr-05SOLD CALL31,000$68.750$2,131,250October, 20071071700482710$85.658$2,655,398($524,148)$0costless($524,148)

CORALOIL20545997-Apr-06SOLD CALL15,500$80.250$1,243,875October, 20071072054599710$85.658$1,327,699($83,824)costless

CORALOIL212440825-May-06PURCHASED PUT30,000$49.000$1,470,000November, 20071171700481711$94.454$2,833,620$0$30,000$30,000

CORALOIL20546007-Apr-06PURCHASED PUT15,000$60.000$900,000November, 20071172054600711$94.454$1,416,810$0costless

CORALOIL170048214-Apr-05SOLD CALL30,000$68.750$2,062,500November, 20071171700482711$94.454$2,833,620($771,120)costless($771,120)

CORALOIL20545997-Apr-06SOLD CALL15,000$80.250$1,203,750November, 20071172054599711$94.454$1,416,810($213,060)costless

CORALOIL212440825-May-06PURCHASED PUT31,000$49.000$1,519,000December, 20071271700481712$91.743$2,844,033$0$31,000$31,000

CORALOIL20546007-Apr-06PURCHASED PUT15,500$60.000$930,000December, 20071272054600712$91.743$1,422,017$0costless

CORALOIL170048214-Apr-05SOLD CALL31,000$68.750$2,131,250December, 20071271700482712$91.743$2,844,033($712,783)$758,497costless($712,783)

CORALOIL20545997-Apr-06SOLD CALL15,500$80.250$1,243,875December, 20071272054599712$91.743$1,422,017($178,142)$202,837costless

CORALOIL289204321-Dec-07PURCHASED PUT24,800$70.000$1,736,000January, 2008182892043801$92.929$2,304,639$0$6,944$6,944

CORALOIL21359497-Jun-06PURCHASED PUT6,200$60.000$372,000January, 2008$92.929$576,160$0($2)costless

CORALOIL253678327-Mar-07PURCHASED PUT15,500$60.000$930,000January, 2008$92.929$1,440,400$0($5)costless

SHELLOIL280591219-Oct-07PURCHASED PUT31,000$70.000$2,170,000January, 2008$92.929$2,880,799$0($870)$44,330

SHELLOIL287221710-Dec-07PURCHASED PUT15,500$75.350$1,167,925January, 2008$92.929$1,440,400$0$15,500

SHELLOIL289204621-Dec-07PURCHASED PUT7,750$75.000$581,250January, 2008$92.929$720,200$0$6,355

SHELLOIL289254521-Dec-07PURCHASED PUT1,550$75.000$116,250January, 2008$92.929$144,040$0$1,008

CORALOIL200048110-Feb-06SOLD CALL24,800$86.000$2,132,800January, 2008182000481801$92.929$2,304,639($171,839)$190,427costless($171,839)

CORALOIL21359807-Jun-06SOLD CALL6,200$85.000$527,000January, 2008$92.929$576,160($49,160)$52,317costless

CORALOIL253678427-Mar-07SOLD CALL15,500$76.100$1,179,550January, 2008$92.929$1,440,400($260,850)$252,021costless

CORALOIL289204321-Dec-07PURCHASED PUT23,200$70.000$1,624,000February, 2008282892043802$95.349$2,212,097$0$6,496$6,496

CORALOIL21359497-Jun-06PURCHASED PUT5,800$60.000$348,000February, 2008$95.349$553,024$0costless

CORALOIL253678327-Mar-07PURCHASED PUT14,500$60.000$870,000February, 2008$95.349$1,382,561$0costless

SHELLOIL280591219-Oct-07PURCHASED PUT29,000$70.000$2,030,000February, 2008$95.349$2,765,121$0$41,470

SHELLOIL287221710-Dec-07PURCHASED PUT14,500$75.350$1,092,575February, 2008$95.349$1,382,561$0$14,500

SHELLOIL289204621-Dec-07PURCHASED PUT7,250$75.000$543,750February, 2008$95.349$691,280$0$5,945

SHELLOIL289254521-Dec-07PURCHASED PUT1,450$75.000$108,750February, 2008$95.349$138,256$0$943

CORALOIL200048110-Feb-06SOLD CALL23,200$86.000$1,995,200February, 2008282000481802$95.349$2,212,097($216,897)costless($216,897)

CORALOIL21359807-Jun-06SOLD CALL5,800$85.000$493,000February, 2008$95.349$553,024($60,024)costless

CORALOIL253678427-Mar-07SOLD CALL14,500$76.100$1,103,450February, 2008$95.349$1,382,561($279,111)costless

CORALOIL289204321-Dec-07PURCHASED PUT24,800$70.000$1,736,000March, 2008382892043803$105.420$2,614,416$0$6,944$6,944

CORALOIL21359497-Jun-06PURCHASED PUT6,200$60.000$372,000March, 2008$105.420$653,604$0costless

CORALOIL253678327-Mar-07PURCHASED PUT15,500$60.000$930,000March, 2008$105.420$1,634,010$0costless

SHELLOIL280591219-Oct-07PURCHASED PUT31,000$70.000$2,170,000March, 2008$105.420$3,268,020$0$44,330

SHELLOIL287221710-Dec-07PURCHASED PUT15,500$75.350$1,167,925March, 2008$105.420$1,634,010$0$15,500

SHELLOIL289204621-Dec-07PURCHASED PUT7,750$75.000$581,250March, 2008$105.420$817,005$0$6,355

SHELLOIL289254521-Dec-07PURCHASED PUT1,550$75.000$116,250March, 2008$105.420$163,401$0$1,008

CORALOIL200048110-Feb-06SOLD CALL24,800$86.000$2,132,800March, 2008382000481803$105.420$2,614,416($481,616)costless($481,616)

CORALOIL21359807-Jun-06SOLD CALL6,200$85.000$527,000March, 2008$105.420$653,604($126,604)costless

CORALOIL253678427-Mar-07SOLD CALL15,500$76.100$1,179,550March, 2008$105.420$1,634,010($454,460)costless

CORALOIL289204521-Dec-07PURCHASED PUT24,000$70.000$1,680,000April, 2008482892045804$112.463$2,699,112$0$16,080

CORALOIL21359497-Jun-06PURCHASED PUT6,000$60.000$360,000April, 2008$112.463$674,778$0costless

CORALOIL253678327-Mar-07PURCHASED PUT15,000$60.000$900,000April, 2008$112.463$1,686,945$0costless

SHELLOIL280591219-Oct-07PURCHASED PUT30,000$70.000$2,100,000April, 2008$112.463$3,373,890$0$42,900

SHELLOIL287221710-Dec-07PURCHASED PUT15,000$75.350$1,130,250April, 2008$112.463$1,686,945$0$15,000

SHELLOIL289204621-Dec-07PURCHASED PUT7,500$75.000$562,500April, 2008$112.463$843,473$0$6,150

SHELLOIL289254521-Dec-07PURCHASED PUT1,500$75.000$112,500April, 2008$112.463$168,695$0$975

CORALOIL203064313-Mar-06SOLD CALL24,000$87.050$2,089,200April, 2008482030643804$112.463$2,699,112($609,912)($609,912)costless

CORALOIL21359807-Jun-06SOLD CALL6,000$85.000$510,000April, 2008$112.463$674,778($164,778)($164,778)costless

CORALOIL253678427-Mar-07SOLD CALL15,000$76.100$1,141,500April, 2008$112.463$1,686,945($545,445)($545,445)costless

CORALOIL289204521-Dec-07PURCHASED PUT24,800$70.000$1,736,000May, 2008582892045805$119.370$2,960,376$0$16,616

CORALOIL21359497-Jun-06PURCHASED PUT6,200$60.000$372,000May, 2008$119.370$740,094$0costless

CORALOIL253678327-Mar-07PURCHASED PUT15,500$60.000$930,000May, 2008$119.370$1,850,235$0costless

SHELLOIL280591219-Oct-07PURCHASED PUT31,000$70.000$2,170,000May, 2008$119.370$3,700,470$0$44,330

SHELLOIL287221710-Dec-07PURCHASED PUT15,500$75.350$1,167,925May, 2008$119.370$1,850,235$0$15,500

SHELLOIL289204621-Dec-07PURCHASED PUT7,750$75.000$581,250May, 2008$119.370$925,118$0$6,355

SHELLOIL289254521-Dec-07PURCHASED PUT1,550$75.000$116,250May, 2008$119.370$185,024$0$1,008

CORALOIL203064313-Mar-06SOLD CALL24,800$87.050$2,158,840May, 2008582030643805$124.979$3,099,479($940,639)($940,639)costless

CORALOIL21359807-Jun-06SOLD CALL6,200$85.000$527,000May, 2008$124.979$774,870($247,870)($247,870)costless

CORALOIL253678427-Mar-07SOLD CALL15,500$76.100$1,179,550May, 2008$124.979$1,937,175($757,625)($757,625)costless

CORALOIL289204521-Dec-07PURCHASED PUT24,000$70.000$1,680,000June, 2008682892045806$134.016$3,216,384$0$16,080

CORALOIL21359497-Jun-06PURCHASED PUT6,000$60.000$360,000June, 2008$134.016$804,096$0costless

CORALOIL253678327-Mar-07PURCHASED PUT15,000$60.000$900,000June, 2008$134.016$2,010,240$0costless

SHELLOIL280591219-Oct-07PURCHASED PUT30,000$70.000$2,100,000June, 2008$134.016$4,020,480$0$42,900

SHELLOIL287221710-Dec-07PURCHASED PUT15,000$75.350$1,130,250June, 2008$134.016$2,010,240$0$15,000

SHELLOIL289204621-Dec-07PURCHASED PUT7,500$75.000$562,500June, 2008$134.016$1,005,120$0$6,150

SHELLOIL289254521-Dec-07PURCHASED PUT1,500$75.000$112,500June, 2008$134.016$201,024$0$975

CORALOIL203064313-Mar-06SOLD CALL24,000$87.050$2,089,200June, 2008682030643806$134.016$3,216,384($1,127,184)($1,127,184)costless

CORALOIL21359807-Jun-06SOLD CALL6,000$85.000$510,000June, 2008$134.016$804,096($294,096)($294,096)costless

CORALOIL253678427-Mar-07SOLD CALL15,000$76.100$1,141,500June, 2008$134.016$2,010,240($868,740)($868,740)costless

CORALOIL289204921-Dec-07PURCHASED PUT24,800$70.000$1,736,000July, 2008$133.485$3,310,428$0$21,576

CORALOIL21359497-Jun-06PURCHASED PUT6,200$60.000$372,000July, 2008$133.485$827,607$0costless

CORALOIL256685725-Apr-07PURCHASED PUT15,500$60.000$930,000July, 2008$133.485$2,069,018$0costless

SHELLOIL282069030-Oct-07PURCHASED PUT31,000$70.000$2,170,000July, 2008$133.485$4,138,035$0$62,000

SHELLOIL287464411-Dec-07PURCHASED PUT15,500$70.000$1,085,000July, 2008$133.485$2,069,018$0$23,250

SHELLOIL289204721-Dec-07PURCHASED PUT7,750$70.000$542,500July, 2008$133.485$1,034,509$0$10,230

SHELLOIL289254621-Dec-07PURCHASED PUT1,550$70.000$108,500July, 2008$133.485$206,902$0$1,938

CORALOIL212440025-May-06SOLD CALL24,800$87.100$2,160,080July, 2008$133.485$3,310,428($1,150,348)($1,150,348)costless

CORALOIL21359807-Jun-06SOLD CALL6,200$85.000$527,000July, 2008$133.485$827,607($300,607)($300,607)costless

CORALOIL256685825-Apr-07SOLD CALL15,500$81.050$1,256,275July, 2008$133.485$2,069,018($812,743)($812,743)costless

($2,263,698)($2,263,698)$118,994

CORALOIL289204921-Dec-07PURCHASED PUT24,800$70.000$1,736,000August, 2008$116.688$2,893,862$0$21,576

CORALOIL21359497-Jun-06PURCHASED PUT6,200$60.000$372,000August, 2008$116.688$723,466$0costless

CORALOIL256685725-Apr-07PURCHASED PUT15,500$60.000$930,000August, 2008$116.688$1,808,664$0costless

SHELLOIL282069030-Oct-07PURCHASED PUT31,000$70.000$2,170,000August, 2008$116.688$3,617,328$0$62,000

SHELLOIL287464411-Dec-07PURCHASED PUT15,500$70.000$1,085,000August, 2008$116.688$1,808,664$0$23,250

SHELLOIL289204721-Dec-07PURCHASED PUT7,750$70.000$542,500August, 2008$116.688$904,332$0$10,230

SHELLOIL289254621-Dec-07PURCHASED PUT1,550$70.000$108,500August, 2008$116.688$180,866$0$1,938

CORALOIL212440025-May-06SOLD CALL24,800$87.100$2,160,080August, 2008$116.688$2,893,862($733,782)($733,782)costless

CORALOIL21359807-Jun-06SOLD CALL6,200$85.000$527,000August, 2008$116.688$723,466($196,466)($196,466)costless

CORALOIL256685825-Apr-07SOLD CALL15,500$81.050$1,256,275August, 2008$116.688$1,808,664($552,389)($552,389)costless

($1,482,637)($1,482,637)$118,994

CORALOIL289204921-Dec-07PURCHASED PUT24,000$70.000$1,680,000September, 2008$114.980$2,759,520$0$20,880

CORALOIL21359497-Jun-06PURCHASED PUT6,000$60.000$360,000September, 2008$114.980$689,880$0costless

CORALOIL289205121-Dec-07PURCHASED PUT24,800$70.000$1,736,000October, 2008$115.460$2,863,408$0$41,912

CORALOIL289205121-Dec-07PURCHASED PUT24,000$70.000$1,680,000November, 2008$115.850$2,780,400$0$40,560

CORALOIL289205121-Dec-07PURCHASED PUT24,800$70.000$1,736,000December, 2008$116.310$2,884,488$0$41,912

CORALOIL246042323-Jan-07PURCHASED PUT24,800$50.000$1,240,000January, 2009$116.680$2,893,664$0$26,400

CORALOIL246042323-Jan-07PURCHASED PUT22,400$50.000$1,120,000February, 2009$116.940$2,619,456$0$26,400

CORALOIL246042323-Jan-07PURCHASED PUT24,800$50.000$1,240,000March, 2009$117.130$2,904,824$0$26,400

CORALOIL256687825-Apr-07PURCHASED PUT6,200$60.000$372,000January, 2009$116.680$723,416$0costless

CORALOIL256687825-Apr-07PURCHASED PUT5,600$60.000$336,000February, 2009$116.940$654,864$0costless

CORALOIL256687825-Apr-07PURCHASED PUT6,200$60.000$372,000March, 2009$117.130$726,206$0costless

CORALOIL256685725-Apr-07PURCHASED PUT15,000$60.000$900,000September, 2008$114.980$1,724,700$0costless

CORALOIL256680425-Apr-07PURCHASED PUT21,700$60.000$1,302,000October, 2008$115.460$2,505,482$0costless

CORALOIL256680425-Apr-07PURCHASED PUT21,000$60.000$1,260,000November, 2008$115.850$2,432,850$0costless

CORALOIL256680425-Apr-07PURCHASED PUT21,700$60.000$1,302,000December, 2008$116.310$2,523,927$0costless

CORALOIL26163541-Jun-07PURCHASED PUT24,000$60.000$1,440,000April, 2009$117.270$2,814,480$0costless

CORALOIL26163541-Jun-07PURCHASED PUT24,800$60.000$1,488,000May, 2009$117.380$2,911,024$0costless

CORALOIL26163541-Jun-07PURCHASED PUT24,000$60.000$1,440,000June, 2009$117.430$2,818,320$0costless

CORALOIL263743320-Jun-07PURCHASED PUT15,500$60.000$930,000July, 2009$117.480$1,820,940$0costless

CORALOIL263743320-Jun-07PURCHASED PUT15,500$60.000$930,000August, 2009$117.510$1,821,405$0costless

CORALOIL263743320-Jun-07PURCHASED PUT15,000$60.000$900,000September, 2009$117.520$1,762,800$0costless

CORALOIL266621813-Jul-07PURCHASED PUT15,500$60.000$930,000October, 2009$117.520$1,821,560$0costless

CORALOIL266621813-Jul-07PURCHASED PUT15,000$60.000$900,000November, 2009$117.520$1,762,800$0costless

CORALOIL266621813-Jul-07PURCHASED PUT15,500$60.000$930,000December, 2009$117.500$1,821,250$0costless

CORALOIL274334211-Sep-07PURCHASED PUT6,200$60.000$372,000July, 2009$117.480$728,376$0costless

CORALOIL274334211-Sep-07PURCHASED PUT6,200$60.000$372,000August, 2009$117.510$728,562$0costless

CORALOIL274334211-Sep-07PURCHASED PUT6,000$60.000$360,000September, 2009$117.520$705,120$0costless

CORALOIL274425911-Sep-07PURCHASED PUT15,500$60.000$930,000October, 2009$117.520$1,821,560$0costless

CORALOIL274425911-Sep-07PURCHASED PUT15,000$60.000$900,000November, 2009$117.520$1,762,800$0costless

CORALOIL274425911-Sep-07PURCHASED PUT15,500$60.000$930,000December, 2009$117.500$1,821,250$0costless

CORALOIL274623912-Sep-07PURCHASED PUT15,500$60.000$930,000January, 2009$116.680$1,808,540$0costless

CORALOIL274623912-Sep-07PURCHASED PUT14,000$60.000$840,000February, 2009$116.940$1,637,160$0costless

CORALOIL274623912-Sep-07PURCHASED PUT15,500$60.000$930,000March, 2009$117.130$1,815,515$0costless

CORALOIL274625212-Sep-07PURCHASED PUT15,000$60.000$900,000April, 2009$117.270$1,759,050$0costless

CORALOIL274625212-Sep-07PURCHASED PUT15,500$60.000$930,000May, 2009$117.380$1,819,390$0costless

CORALOIL274625212-Sep-07PURCHASED PUT15,000$60.000$900,000June, 2009$117.430$1,761,450$0costless

CORALOIL274597912-Sep-07PURCHASED PUT6,000$60.000$360,000April, 2009$117.270$703,620$0costless

CORALOIL274597912-Sep-07PURCHASED PUT6,200$60.000$372,000May, 2009$117.380$727,756$0costless

CORALOIL274597912-Sep-07PURCHASED PUT6,000$60.000$360,000June, 2009$117.430$704,580$0costless

CORALOIL274604512-Sep-07PURCHASED PUT9,300$60.000$558,000July, 2009$117.480$1,092,564$0costless

CORALOIL274604512-Sep-07PURCHASED PUT9,300$60.000$558,000August, 2009$117.510$1,092,843$0costless

CORALOIL274604512-Sep-07PURCHASED PUT9,000$60.000$540,000September, 2009$117.520$1,057,680$0costless

CORALOIL274997714-Sep-07PURCHASED PUT15,500$60.000$930,000January, 2010$117.470$1,820,785$0costless

CORALOIL274997714-Sep-07PURCHASED PUT14,000$60.000$840,000February, 2010$117.430$1,644,020$0costless

CORALOIL274997714-Sep-07PURCHASED PUT15,500$60.000$930,000March, 2010$117.400$1,819,700$0costless

SHELLOIL282069030-Oct-07PURCHASED PUT30,000$70.000$2,100,000September, 2008$114.980$3,449,400$0$60,000

SHELLOIL284518219-Nov-07PURCHASED PUT31,000$70.000$2,170,000October, 2008$115.460$3,579,260$0$65,100

SHELLOIL284518219-Nov-07PURCHASED PUT30,000$70.000$2,100,000November, 2008$115.850$3,475,500$0$63,000

SHELLOIL284518219-Nov-07PURCHASED PUT31,000$70.000$2,170,000December, 2008$116.310$3,605,610$0$65,100

SHELLOIL287464411-Dec-07PURCHASED PUT15,000$70.000$1,050,000September, 2008$114.980$1,724,700$0$22,500

SHELLOIL287464411-Dec-07PURCHASED PUT15,500$70.000$1,085,000October, 2008$115.460$1,789,630$0$23,250

SHELLOIL287464411-Dec-07PURCHASED PUT15,000$70.000$1,050,000November, 2008$115.850$1,737,750$0$22,500

SHELLOIL287464411-Dec-07PURCHASED PUT15,500$70.000$1,085,000December, 2008$116.310$1,802,805$0$23,250

SHELLOIL287771112-Dec-07PURCHASED PUT31,000$65.000$2,015,000January, 2009$116.680$3,617,080$0$45,570

SHELLOIL287771112-Dec-07PURCHASED PUT28,000$65.000$1,820,000February, 2009$116.940$3,274,320$0$41,160

SHELLOIL287771112-Dec-07PURCHASED PUT31,000$65.000$2,015,000March, 2009$117.130$3,631,030$0$45,570

SHELLOIL287771112-Dec-07PURCHASED PUT30,000$65.000$1,950,000April, 2009$117.270$3,518,100$0$44,100

SHELLOIL287771112-Dec-07PURCHASED PUT31,000$65.000$2,015,000May, 2009$117.380$3,638,780$0$45,570

SHELLOIL287771112-Dec-07PURCHASED PUT30,000$65.000$1,950,000June, 2009$117.430$3,522,900$0$44,100

SHELLOIL289204721-Dec-07PURCHASED PUT7,500$70.000$525,000September, 2008$114.980$862,350$0$9,900

SHELLOIL289204721-Dec-07PURCHASED PUT7,750$70.000$542,500October, 2008$115.460$894,815$0$10,230

SHELLOIL289204721-Dec-07PURCHASED PUT7,500$70.000$525,000November, 2008$115.850$868,875$0$9,900

SHELLOIL289204721-Dec-07PURCHASED PUT7,750$70.000$542,500December, 2008$116.310$901,403$0$10,230

SHELLOIL289254621-Dec-07PURCHASED PUT1,500$70.000$105,000September, 2008$114.980$172,470$0$1,875

SHELLOIL289254621-Dec-07PURCHASED PUT1,550$70.000$108,500October, 2008$115.460$178,963$0$1,938

SHELLOIL289254621-Dec-07PURCHASED PUT1,500$70.000$105,000November, 2008$115.850$173,775$0$1,875

SHELLOIL289254621-Dec-07PURCHASED PUT1,550$70.000$108,500December, 2008$116.310$180,281$0$1,938

SHELLOIL294764929-Jan-08PURCHASED PUT15,500$70.000$1,085,000January, 2009$116.680$1,808,540$0costless

SHELLOIL294764929-Jan-08PURCHASED PUT14,000$70.000$980,000February, 2009$116.940$1,637,160$0costless

SHELLOIL294764929-Jan-08PURCHASED PUT15,500$70.000$1,085,000March, 2009$117.130$1,815,515$0costless

SHELLOIL305609514-Apr-08PURCHASED PUT30,000$70.000$2,100,000April, 2009$117.270$3,518,100$0$45,000

SHELLOIL305609514-Apr-08PURCHASED PUT31,000$70.000$2,170,000May, 2009$117.380$3,638,780$0$46,500

SHELLOIL305609514-Apr-08PURCHASED PUT30,000$70.000$2,100,000June, 2009$117.430$3,522,900$0$45,000

SHELLOIL305648614-Apr-08PURCHASED PUT31,000$70.000$2,170,000July, 2009$117.480$3,641,880$0$57,350

SHELLOIL305648614-Apr-08PURCHASED PUT31,000$70.000$2,170,000August, 2009$117.510$3,642,810$0$57,350

SHELLOIL305648614-Apr-08PURCHASED PUT30,000$70.000$2,100,000September, 2009$117.520$3,525,600$0$55,500

SHELLOIL305769915-Apr-08PURCHASED PUT31,000$70.000$2,170,000October, 2009$117.520$3,643,120$0$64,480

SHELLOIL305769915-Apr-08PURCHASED PUT30,000$70.000$2,100,000November, 2009$117.520$3,525,600$0$62,400

SHELLOIL305769915-Apr-08PURCHASED PUT31,000$70.000$2,170,000December, 2009$117.500$3,642,500$0$64,480

SHELLOIL331468527-Aug-08PURCHASED PUT31,000$70.000$2,170,000January, 2010$117.470$3,641,570$0$78,120

SHELLOIL331468527-Aug-08PURCHASED PUT28,000$70.000$1,960,000February, 2010$117.430$3,288,040$0$70,560

SHELLOIL331468527-Aug-08PURCHASED PUT31,000$70.000$2,170,000March, 2010$117.400$3,639,400$0$78,120

OPEN INTEREST - August 31, 2008FLOORS1,494,100$64.991$97,103,000$116.863$174,605,296$0$0$1,607,979($238,578)

CORALOIL212440025-May-06SOLD CALL24,000$87.100$2,090,400September, 2008$114.980$2,759,520($669,120)($669,120)costless

CORALOIL21359807-Jun-06SOLD CALL6,000$85.000$510,000September, 2008$114.980$689,880($179,880)($179,880)costless

CORALOIL24088641-Dec-06SOLD CALL24,800$85.000$2,108,000October, 2008$115.460$2,863,408($755,408)($755,408)costless

CORALOIL24088641-Dec-06SOLD CALL24,000$85.000$2,040,000November, 2008$115.850$2,780,400($740,400)($740,400)costless

CORALOIL24088641-Dec-06SOLD CALL24,800$85.000$2,108,000December, 2008$116.310$2,884,488($776,488)($776,488)costless

CORALOIL246119723-Jan-07SOLD CALL24,800$65.000$1,612,000January, 2009$116.680$2,893,664($1,281,664)($1,281,664)costless

CORALOIL246119723-Jan-07SOLD CALL22,400$65.000$1,456,000February, 2009$116.940$2,619,456($1,163,456)($1,163,456)costless

CORALOIL246119723-Jan-07SOLD CALL24,800$65.000$1,612,000March, 2009$117.130$2,904,824($1,292,824)($1,292,824)costless

CORALOIL256687925-Apr-07SOLD CALL6,200$81.200$503,440January, 2009$116.680$723,416($219,976)($219,976)costless

CORALOIL256687925-Apr-07SOLD CALL5,600$81.200$454,720February, 2009$116.940$654,864($200,144)($200,144)costless

CORALOIL256687925-Apr-07SOLD CALL6,200$81.200$503,440March, 2009$117.130$726,206($222,766)($222,766)costless

CORALOIL256685825-Apr-07SOLD CALL15,000$81.050$1,215,750September, 2008$114.980$1,724,700($508,950)($508,950)costless

CORALOIL256680525-Apr-07SOLD CALL21,700$80.850$1,754,445October, 2008$115.460$2,505,482($751,037)($751,037)costless

CORALOIL256680525-Apr-07SOLD CALL21,000$80.850$1,697,850November, 2008$115.850$2,432,850($735,000)($735,000)costless

CORALOIL256680525-Apr-07SOLD CALL21,700$80.850$1,754,445December, 2008$116.310$2,523,927($769,482)($769,482)costless

CORALOIL26163551-Jun-07SOLD CALL24,000$80.000$1,920,000April, 2009$117.270$2,814,480($894,480)($894,480)costless

CORALOIL26163551-Jun-07SOLD CALL24,800$80.000$1,984,000May, 2009$117.380$2,911,024($927,024)($927,024)costless

CORALOIL26163551-Jun-07SOLD CALL24,000$80.000$1,920,000June, 2009$117.430$2,818,320($898,320)($898,320)costless

CORALOIL263743420-Jun-07SOLD CALL15,500$81.900$1,269,450July, 2009$117.480$1,820,940($551,490)($551,490)costless

CORALOIL263743420-Jun-07SOLD CALL15,500$81.900$1,269,450August, 2009$117.510$1,821,405($551,955)($551,955)costless

CORALOIL263743420-Jun-07SOLD CALL15,000$81.900$1,228,500September, 2009$117.520$1,762,800($534,300)($479,658)costless

CORALOIL266621913-Jul-07SOLD CALL15,500$85.000$1,317,500October, 2009$117.520$1,821,560($504,060)($448,771)costless

CORALOIL266621913-Jul-07SOLD CALL15,000$85.000$1,275,000November, 2009$117.520$1,762,800($487,800)($430,705)costless

CORALOIL266621913-Jul-07SOLD CALL15,500$85.000$1,317,500December, 2009$117.500$1,821,250($503,750)($441,112)costless

CORALOIL274334311-Sep-07SOLD CALL6,200$80.000$496,000July, 2009$117.480$728,376($232,376)($232,376)costless

CORALOIL274334311-Sep-07SOLD CALL6,200$80.000$496,000August, 2009$117.510$728,562($232,562)($232,562)costless

CORALOIL274334311-Sep-07SOLD CALL6,000$80.000$480,000September, 2009$117.520$705,120($225,120)($202,097)costless

CORALOIL274426011-Sep-07SOLD CALL15,500$80.000$1,240,000October, 2009$117.520$1,821,560($581,560)($517,770)costless

CORALOIL274426011-Sep-07SOLD CALL15,000$80.000$1,200,000November, 2009$117.520$1,762,800($562,800)($496,927)costless

CORALOIL274426011-Sep-07SOLD CALL15,500$80.000$1,240,000December, 2009$117.500$1,821,250($581,250)($508,976)costless

CORALOIL274624012-Sep-07SOLD CALL15,500$82.850$1,284,175January, 2009$116.680$1,808,540($524,365)($524,365)costless

CORALOIL274624012-Sep-07SOLD CALL14,000$82.850$1,159,900February, 2009$116.940$1,637,160($477,260)($477,260)costless

CORALOIL274624012-Sep-07SOLD CALL15,500$82.850$1,284,175March, 2009$117.130$1,815,515($531,340)($531,340)costless

CORALOIL274625312-Sep-07SOLD CALL15,000$82.500$1,237,500April, 2009$117.270$1,759,050($521,550)($521,550)costless

CORALOIL274625312-Sep-07SOLD CALL15,500$82.500$1,278,750May, 2009$117.380$1,819,390($540,640)($540,640)costless

CORALOIL274625312-Sep-07SOLD CALL15,000$82.500$1,237,500June, 2009$117.430$1,761,450($523,950)($523,950)costless

CORALOIL274598012-Sep-07SOLD CALL6,000$81.750$490,500April, 2009$117.270$703,620($213,120)($213,120)costless

CORALOIL274598012-Sep-07SOLD CALL6,200$81.750$506,850May, 2009$117.380$727,756($220,906)($220,906)costless

CORALOIL274598012-Sep-07SOLD CALL6,000$81.750$490,500June, 2009$117.430$704,580($214,080)($214,080)costless

CORALOIL274604612-Sep-07SOLD CALL9,300$80.900$752,370July, 2009$117.480$1,092,564($340,194)($340,194)costless

CORALOIL274604612-Sep-07SOLD CALL9,300$80.900$752,370August, 2009$117.510$1,092,843($340,473)($340,473)costless

CORALOIL274604612-Sep-07SOLD CALL9,000$80.900$728,100September, 2009$117.520$1,057,680($329,580)($295,874)costless

CORALOIL274997814-Sep-07SOLD CALL15,500$80.000$1,240,000January, 2010$117.470$1,820,785($580,785)($504,365)costless

CORALOIL274997814-Sep-07SOLD CALL14,000$80.000$1,120,000February, 2010$117.430$1,644,020($524,020)($451,309)costless

CORALOIL274997814-Sep-07SOLD CALL15,500$80.000$1,240,000March, 2010$117.400$1,819,700($579,700)($495,136)costless

SHELLOIL294765029-Jan-08SOLD CALL15,500$111.200$1,723,600January, 2009$116.680$1,808,540($84,940)($84,940)costless

SHELLOIL294765029-Jan-08SOLD CALL14,000$111.200$1,556,800February, 2009$116.940$1,637,160($80,360)($80,360)costless

SHELLOIL294765029-Jan-08SOLD CALL15,500$111.200$1,723,600March, 2009$117.130$1,815,515($91,915)($91,915)costless

OPEN INTEREST - August 31, 2008CEILINGS728,500$82.197$59,880,580$116.864$85,135,200($25,254,620)($24,532,595)$0($477,156)

CORALOIL246119623-Jan-07PURCHASED CALL24,800$75.000$1,860,000January, 2009$116.680$2,893,664$1,033,664$1,033,664costless

CORALOIL246119623-Jan-07PURCHASED CALL22,400$75.000$1,680,000February, 2009$116.940$2,619,456$939,456$939,456costless

CORALOIL246119623-Jan-07PURCHASED CALL24,800$75.000$1,860,000March, 2009$117.130$2,904,824$1,044,824$1,044,824costless

OPEN INTEREST - August 31, 2008SEE NOTE (A) BELOW72,000$75.000$5,400,000$116.916$8,417,944$3,017,944$3,017,944$0

(A) The purchased calls shown here are separate because they are a part of CALL ref# 2461197 establishing a ceiling of $65.00,

but RAM "comes back in" at $75.00. By stating these separately, total volumes of FLOORS or CEILINGS is not overstated.Net Oil Contract Value($22,236,676)($21,514,651)($715,734)

Net Gas Contract Value$17,670$17,670$0

($22,219,006)($21,496,981)$0

1,800,000

0

0

0

0

0

Brian Emanuel:No matching Call






























Brian Emanuel:Increased floor amount from $50 on 12/20/07




































Brian Emanuel:Formally REF#2030641, closed contract out with REF#2892044



Brian Emanuel:Formerly REF#2408866, closed out contract with REF# 2892050



Brian Emanuel:Formerly REF#2000482,closed contract out with REF#2892042


















NYMEX OIL

AUGUST

$125.1008/1/08August 20, 2008: Expiry of September contracts

$121.4108/4/08

$119.1708/5/08

$118.5808/6/08

$120.0208/7/08

$115.2008/8/08

$114.4508/11/08

$113.0108/12/08

$116.0008/13/08

$115.0108/14/08

$113.7708/15/08August 31, 2008: NYMEX Crude Contracts

$112.8708/18/08

$114.5308/19/08

$114.9808/20/08

$121.1808/21/08

$114.5908/22/08

$115.1108/25/08

$116.2708/26/08

$118.1508/27/08

$115.5908/28/08

$115.4608/29/08

$116.688SHELL SETTLEMENT

OILDB

RAM ENERGY, INC.

REPORTING PERIOD: MONTH ENDING AUGUST 31, 2008

REF#DATETYPE CONTRACT(Bbls/m)STRIKEMoYrVALUE

289204921-Dec-07PURCHASED PUT24,000$70.000981680000

21359497-Jun-06PURCHASED PUT6,000$60.00098360000




246042323-Jan-07PURCHASED PUT24,800$50.000191240000



256687825-Apr-07PURCHASED PUT6,200$60.00019372000










263743320-Jun-07PURCHASED PUT15,500$60.00079930,000



266621813-Jul-07PURCHASED PUT15,500$60.000109930,000



274334211-Sep-07PURCHASED PUT6,200$60.00079372,000





















294764929-Jan-08PURCHASED PUT15,500$70.000191,085,000

294764929-Jan-08PURCHASED PUT14,000$70.00029980,000

294764929-Jan-08PURCHASED PUT15,500$70.000391,085,000

44416000

OPEN INTEREST - August 31, 2008COLLARED FLOORS728,500

REFVOLUMEFIXED OR


212440025-May-06SOLD CALL24,000$87.100982090400

21359807-Jun-06SOLD CALL6,000$85.00098510000

24088641-Dec-06SOLD CALL24,800$85.0001082108000

24088641-Dec-06SOLD CALL24,000$85.0001182040000

24088641-Dec-06SOLD CALL24,800$85.0001282108000

246119723-Jan-07SOLD CALL24,800$65.000191612000

246119723-Jan-07SOLD CALL22,400$65.000291456000

246119723-Jan-07SOLD CALL24,800$65.000391612000

256687925-Apr-07SOLD CALL6,200$81.20019503440

256687925-Apr-07SOLD CALL5,600$81.20029454720

256687925-Apr-07SOLD CALL6,200$81.20039503440

256685825-Apr-07SOLD CALL15,000$81.050981215750

256680525-Apr-07SOLD CALL21,700$80.8501081754445

256680525-Apr-07SOLD CALL21,000$80.8501181697850

256680525-Apr-07SOLD CALL21,700$80.8501281754445

26163551-Jun-07SOLD CALL24,000$80.000491920000

26163551-Jun-07SOLD CALL24,800$80.000591984000

26163551-Jun-07SOLD CALL24,000$80.000691920000

263743420-Jun-07SOLD CALL15,500$81.900791269450

263743420-Jun-07SOLD CALL15,500$81.900891269450

263743420-Jun-07SOLD CALL15,000$81.900991228500

266621913-Jul-07SOLD CALL15,500$85.0001091317500

266621913-Jul-07SOLD CALL15,000$85.0001191275000

266621913-Jul-07SOLD CALL15,500$85.0001291317500

274334311-Sep-07SOLD CALL6,200$80.00079496000

274334311-Sep-07SOLD CALL6,200$80.00089496000

274334311-Sep-07SOLD CALL6,000$80.00099480000

274426011-Sep-07SOLD CALL15,500$80.0001091240000

274426011-Sep-07SOLD CALL15,000$80.0001191200000

274426011-Sep-07SOLD CALL15,500$80.0001291240000

274624012-Sep-07SOLD CALL15,500$82.850191284175

274624012-Sep-07SOLD CALL14,000$82.850291159900

274624012-Sep-07SOLD CALL15,500$82.850391284175

274625312-Sep-07SOLD CALL15,000$82.500491237500

274625312-Sep-07SOLD CALL15,500$82.500591278750

274625312-Sep-07SOLD CALL15,000$82.500691237500

274598012-Sep-07SOLD CALL6,000$81.75049490500

274598012-Sep-07SOLD CALL6,200$81.75059506850

274598012-Sep-07SOLD CALL6,000$81.75069490500

274604612-Sep-07SOLD CALL9,300$80.90079752370

274604612-Sep-07SOLD CALL9,300$80.90089752370

274604612-Sep-07SOLD CALL9,000$80.90099728100

274997814-Sep-07SOLD CALL15,500$80.0001101240000

274997814-Sep-07SOLD CALL14,000$80.0002101120000

274997814-Sep-07SOLD CALL15,500$80.0003101240000

294765029-Jan-08SOLD CALL15,500$111.200191723600

294765029-Jan-08SOLD CALL14,000$111.200291556800

294765029-Jan-08SOLD CALL15,500$111.200391723600

59880580

OPEN INTEREST - August 31, 2008COLLARED CEILINGS728,500

REFVOLUMEFIXED OR


246119623-Jan-07PURCHASED CALL24,800$75.000191860000



5400000

OPEN INTEREST - August 31, 2008SEE NOTE (A) BELOW72,000

REFVOLUMEFIXED OR


282069030-Oct-07PURCHASED PUT30,000$70.000982100000

284518219-Nov-07PURCHASED PUT31,000$70.0001082170000






























331468527-Aug-08PURCHASED PUT31,000$70.0001102170000



52687000

OPEN INTEREST - August 31, 2008BARE FLOORS765,600

Brian Emanuel:Increased floor from $55 on 12/21/07




Gas Trades

RAM ENERGY, INC.

REPORTING PERIOD: ENDING AUGUST 31, 2008

CONTRACTPV

MARKETINTRINSICDiscountedCONTRACT

COUNTER-REFVOLUMEFIXED ORPERIODLEGPRICEVALUE@ 10%PREMIUMVALUE

PARTYPRODUCTREF#DATETYPE CONTRACT(Mmbtu/m)STRIKEEXTENSIONCOVEREDNUMBER8/31/08EXTENSION8/31/088/31/08COST0

CORALGAS180095112-Jul-05PURCHASED PUT140,000$7.000$980,000February, 2007271800951702$0.000$0$0costless$0

CORALGAS180095212-Jul-05SOLD CALL140,000$11.950$1,673,000February, 2007271800952702$0.000$00costless$0

CORALGAS180095112-Jul-05PURCHASED PUT155,000$7.000$1,085,000March, 2007371800951703$0$1,085,000costless$1,085,000

CORALGAS180095212-Jul-05SOLD CALL155,000$11.950$1,852,250March, 2007371800952703$0$0costless$0

CORALGAS198406426-Jan-06PURCHASED PUT120,000$7.500$900,000April, 2007471984064704$7.843$941,160$0$30,571$30,571

CORALGAS198406526-Jan-06SOLD CALL120,000$10.000$1,200,000April, 2007471984065704$7.843$941,160$0costless$0

CORALGAS198406726-Jan-06PURCHASED CALL120,000$12.000$1,440,000April, 2007471984067704$7.843$941,160$0costless$0

CORALGAS198406426-Jan-06PURCHASED PUT124,000$7.500$930,000May, 2007571984064705$7.689$953,436$0$30,571$30,571

CORALGAS198406526-Jan-06SOLD CALL124,000$10.000$1,240,000May, 2007571984065705$7.689$953,436$0costless$0

CORALGAS198406726-Jan-06PURCHASED CALL124,000$12.000$1,488,000May, 2007571984067705$7.689$953,436$0costless$0

CORALGAS198406426-Jan-06PURCHASED PUT120,000$7.500$900,000June, 2007671984064706$7.863$943,560$0$30,571$30,571

CORALGAS198406526-Jan-06SOLD CALL120,000$10.000$1,200,000June, 2007671984065706$7.863$943,560$0costless$0

CORALGAS198406726-Jan-06PURCHASED CALL120,000$12.000$1,440,000June, 2007671984067706$7.863$943,560$0costless$0

CORALGAS198406426-Jan-06PURCHASED PUT124,000$7.500$930,000July, 2007771984064707$6.877$852,748$77,252$30,571$107,823

CORALGAS198406526-Jan-06SOLD CALL124,000$10.000$1,240,000July, 2007771984065707$6.877$852,748$0costless$0

CORALGAS198406726-Jan-06PURCHASED CALL124,000$12.000$1,488,000July, 2007771984067707$6.877$852,748$0costless$0

CORALGAS198406426-Jan-06PURCHASED PUT124,000$7.500$930,000August, 2007871984064708$5.943$736,932$193,068$30,571$223,639

CORALGAS198406526-Jan-06SOLD CALL124,000$10.000$1,240,000August, 2007871984065708$5.943$736,932$0costless$0

CORALGAS198406726-Jan-06PURCHASED CALL124,000$12.000$1,488,000August, 2007871984067708$5.943$736,932$0costless$0

CORALGAS198406426-Jan-06PURCHASED PUT120,000$7.500$900,000September, 2007971984064709$6.360$763,200$136,800$30,571$167,371

CORALGAS198406526-Jan-06SOLD CALL120,000$10.000$1,200,000September, 2007971984065709$6.360$763,200$0costless$0

CORALGAS198406726-Jan-06PURCHASED CALL120,000$12.000$1,440,000September, 2007971984067709$6.360$763,200$0costless$0

CORALGAS198406426-Jan-06PURCHASED PUT124,000$7.500$930,000October, 20071071984064710$6.360$788,640$141,360$30,571$171,931

CORALGAS198406526-Jan-06SOLD CALL124,000$10.000$1,240,000October, 20071071984065710$5.468$678,032$0costless$0

CORALGAS198406726-Jan-06PURCHASED CALL124,000$12.000$1,488,000October, 20071071984067710$5.468$678,032$0costless$0

CORALGAS200176310-Feb-06PURCHASED PUT120,000$8.000$960,000November, 20071172001763711$7.218$866,160$93,840costless$93,840

CORALGAS200176410-Feb-06SOLD CALL120,000$16.700$2,004,000November, 20071172001764711$7.218$866,160$0costless$0

CORALGAS200176310-Feb-06PURCHASED PUT124,000$8.000$992,000December, 20071272001763712$7.557$937,068$54,932($31,531)costless$54,932

CORALGAS200176410-Feb-06SOLD CALL124,000$16.700$2,070,800December, 20071272001764712$7.557$937,068$00costless$0

CORALGAS200176310-Feb-06PURCHASED PUT124,000$8.000$992,000January, 2008182001763801$7.046$873,704$118,296($47,138)costless$118,296

CORALGAS200176410-Feb-06SOLD CALL124,000$16.700$2,070,800January, 2008182001764801$7.046$873,704$069costless$0

CORALGAS200176310-Feb-06PURCHASED PUT116,000$8.000$928,000February, 2008282001763802$8.095$939,020$0($64,879)costless$0

CORALGAS200176410-Feb-06SOLD CALL116,000$16.700$1,937,200February, 2008282001764802$8.095$939,020$01,518costless$0

CORALGAS200176310-Feb-06PURCHASED PUT124,000$8.000$992,000March, 2008382001763803$9.206$1,141,544$0costless$0

CORALGAS200176410-Feb-06SOLD CALL124,000$16.700$2,070,800March, 2008382001764803$9.206$1,141,544$0costless$0

CORALGAS203339916-Mar-06PURCHASED PUT120,000$7.000$840,000April, 2008$9.572$1,148,640$0costless

SHELLGAS29189998-Jan-08PURCHASED PUT60,000$7.000$420,000April, 2008$9.572$574,320$0costless



CORALGAS203340116-Mar-06SOLD CALL120,000$10.300$1,236,000April, 2008$9.572$1,148,640$0costless

SHELLGAS29190008-Jan-08SOLD CALL60,000$9.700$582,000April, 2008$9.572$574,320$0costless



CORALGAS203339916-Mar-06PURCHASED PUT124,000$7.000$868,000May, 2008$10.963$1,359,412$0costless

SHELLGAS29189998-Jan-08PURCHASED PUT62,000$7.000$434,000May, 2008$10.963$679,706$0costless



CORALGAS203340116-Mar-06SOLD CALL124,000$10.300$1,277,200May, 2008$10.963$1,359,412(82,212)(82,212)costless

SHELLGAS29190008-Jan-08SOLD CALL62,000$9.700$601,400May, 2008$10.963$679,706(78,306)(78,306)costless



CORALGAS203339916-Mar-06PURCHASED PUT120,000$7.000$840,000June, 2008$11.801$1,416,120$0costless

SHELLGAS29189998-Jan-08PURCHASED PUT60,000$7.000$420,000June, 2008$11.801$708,060$0costless



CORALGAS203340116-Mar-06SOLD CALL120,000$10.300$1,236,000June, 2008$11.801$1,416,120(180,120)(180,120)costless

SHELLGAS29190008-Jan-08SOLD CALL60,000$9.700$582,000June, 2008$11.801$708,060(126,060)(126,060)costless



CORALGAS300974110-Mar-08PURCHASED PUT124,000$8.000$992,000July, 2008$12.753$1,581,372$0$31,620

SHELLGAS300974110-Mar-08PURCHASED PUT62,000$8.000$496,000July, 2008$12.753$790,686$0$9,300



CORALGAS212443525-May-06SOLD CALL124,000$12.750$1,581,000July, 2008$12.753$1,581,372(372)(372)costless

SHELLGAS29190008-Jan-08SOLD CALL62,000$9.700$601,400July, 2008$12.753$790,686(189,286)(189,286)costless



CORALGAS300974110-Mar-08PURCHASED PUT124,000$8.000$992,000August, 2008$9.163$1,136,212$0$31,620

SHELLGAS300974110-Mar-08PURCHASED PUT62,000$8.000$496,000August, 2008$9.163$568,106$0$9,300



CORALGAS212443525-May-06SOLD CALL124,000$12.750$1,581,000August, 2008$9.163$1,136,212$0$0costless

SHELLGAS29190008-Jan-08SOLD CALL62,000$9.700$601,400August, 2008$9.163$568,106$0$0costless



00$59,520

CORALGAS300974110-Mar-08PURCHASED PUT120,000$8.000$960,000September, 2008$8.278$993,360$0$30,600

SHELLGAS300974110-Mar-08PURCHASED PUT60,000$8.000$480,000September, 2008$8.278$496,680$0$9,000

SHELLGAS300974110-Mar-08PURCHASED PUT60,000$8.000$480,000September, 2008$8.278$496,680$0$9,000

SHELLGAS300974110-Mar-08PURCHASED PUT60,000$8.000$480,000September, 2008$8.278$496,680$0$0$9,000

CORALGAS212443525-May-06SOLD CALL120,000$12.750$1,530,000September, 2008$8.278$993,360$0$0costless

SHELLGAS29190008-Jan-08SOLD CALL60,000$9.700$582,000September, 2008$8.278$496,680$0$0costless



00$57,600

CORALGAS300974110-Mar-08PURCHASED PUT124,000$8.000$992,000October, 2008$7.943$984,932$7,068$7,068$42,780

CORALGAS296936714-Feb-08PURCHASED PUT120,000$7.000$840,000November, 2008$8.363$1,003,560$0$0$23,400

CORALGAS296936714-Feb-08PURCHASED PUT124,000$7.000$868,000December, 2008$8.788$1,089,712$0$0$24,180

CORALGAS246211524-Jan-07PURCHASED PUT124,000$7.000$868,000January, 2009$9.018$1,118,232$0$0costless

CORALGAS246211524-Jan-07PURCHASED PUT112,000$7.000$784,000February, 2009$9.038$1,012,256$0$0costless

CORALGAS246211524-Jan-07PURCHASED PUT124,000$7.000$868,000March, 2009$8.878$1,100,872$0$0costless

CORALGAS261397231-May-07PURCHASED PUT120,000$7.000$840,000April, 2009$8.518$1,022,160$0$0$7,800

CORALGAS261397231-May-07PURCHASED PUT124,000$7.000$868,000May, 2009$8.528$1,057,472$0$0$8,060

CORALGAS261397231-May-07PURCHASED PUT120,000$7.000$840,000June, 2009$8.621$1,034,520$0$0$7,800

CORALGAS263743120-Jun-07PURCHASED PUT124,000$7.000$868,000July, 2009$8.728$1,082,272$0$0costless

CORALGAS263743120-Jun-07PURCHASED PUT124,000$7.000$868,000August, 2009$8.803$1,091,572$0$0costless

CORALGAS263743120-Jun-07PURCHASED PUT120,000$7.000$840,000September, 2009$8.833$1,059,960$0$0costless

SHELLGAS300974110-Mar-08PURCHASED PUT62,000$8.000$496,000October, 2008$7.943$492,466$3,534$3,534$9,300

SHELLGAS29190018-Jan-08PURCHASED PUT60,000$7.000$420,000April, 2009$8.518$511,080$0$0costless

SHELLGAS29190018-Jan-08PURCHASED PUT62,000$7.000$434,000May, 2009$8.528$528,736$0$0costless

SHELLGAS29190018-Jan-08PURCHASED PUT60,000$7.000$420,000June, 2009$8.621$517,260$0$0costless

SHELLGAS29190018-Jan-08PURCHASED PUT62,000$7.000$434,000July, 2009$8.728$541,136$0$0costless

SHELLGAS29190018-Jan-08PURCHASED PUT62,000$7.000$434,000August, 2009$8.803$545,786$0$0costless

SHELLGAS29190018-Jan-08PURCHASED PUT60,000$7.000$420,000September, 2009$8.833$529,980$0$0costless

SHELLGAS29190018-Jan-08PURCHASED PUT62,000$7.000$434,000October, 2009$8.913$552,606$0$0costless









SHELLGAS292778514-Jan-08PURCHASED PUT124,000$7.000$868,000October, 2009$8.913$1,105,212$0$0costless









SHELLGAS30042935-Mar-08PURCHASED PUT180,000$8.000$1,440,000November, 2008$8.363$1,505,340$0$0costless

SHELLGAS30042935-Mar-08PURCHASED PUT186,000$8.000$1,488,000December, 2008$8.788$1,634,568$0$0costless

SHELLGAS30042935-Mar-08PURCHASED PUT186,000$8.000$1,488,000January, 2009$9.018$1,677,348$0$0costless

SHELLGAS30042935-Mar-08PURCHASED PUT168,000$8.000$1,344,000February, 2009$9.038$1,518,384$0$0costless

SHELLGAS30042935-Mar-08PURCHASED PUT186,000$8.000$1,488,000March, 2009$8.878$1,651,308$0$0costless

SHELLGAS331225026-Aug-08PURCHASED PUT150,000$7.000$1,050,000November, 2009$9.218$1,382,700$0$0$48,000

SHELLGAS331225026-Aug-08PURCHASED PUT155,000$7.000$1,085,000December, 2009$9.568$1,483,040$0$0$49,600

SHELLGAS331225026-Aug-08PURCHASED PUT155,000$7.000$1,085,000January, 2010$9.798$1,518,690$0$0$49,600

SHELLGAS331225026-Aug-08PURCHASED PUT140,000$7.000$980,000February, 2010$9.763$1,366,820$0$0$44,800

SHELLGAS331225026-Aug-08PURCHASED PUT155,000$7.000$1,085,000March, 2010$9.523$1,476,065$0$0$49,600

OPEN INTEREST - August 31, 2008FLOORS4,715,000$7.258$34,221,000$8.831$41,636,191$17,670$17,670$383,520

CORALGAS242526419-Dec-06SOLD CALL124,000$14.350$1,779,400October, 2008$7.943$984,932$0$0costless

CORALGAS242526419-Dec-06SOLD CALL120,000$14.350$1,722,000November, 2008$8.363$1,003,560$0$0costless

CORALGAS242526419-Dec-06SOLD CALL124,000$14.350$1,779,400December, 2008$8.788$1,089,712$0$0costless

CORALGAS246211624-Jan-07SOLD CALL124,000$12.400$1,537,600January, 2009$9.018$1,118,232$0$0costless

CORALGAS246211624-Jan-07SOLD CALL112,000$12.400$1,388,800February, 2009$9.038$1,012,256$0$0costless

CORALGAS246211624-Jan-07SOLD CALL124,000$12.400$1,537,600March, 2009$8.878$1,100,872$0$0costless

CORALGAS261397331-May-07SOLD CALL120,000$10.000$1,200,000April, 2009$8.518$1,022,160$0$0costless

CORALGAS261397331-May-07SOLD CALL124,000$10.000$1,240,000May, 2009$8.528$1,057,472$0$0costless

CORALGAS261397331-May-07SOLD CALL120,000$10.000$1,200,000June, 2009$8.621$1,034,520$0$0costless

CORALGAS263743220-Jun-07SOLD CALL124,000$10.550$1,308,200July, 2009$8.728$1,082,272$0$0costless

CORALGAS263743220-Jun-07SOLD CALL124,000$10.550$1,308,200August, 2009$8.803$1,091,572$0$0costless

CORALGAS263743220-Jun-07SOLD CALL120,000$10.550$1,266,000September, 2009$8.833$1,059,960$0$0costless

SHELLGAS29190008-Jan-08SOLD CALL62,000$9.700$601,400October, 2008$7.943$492,466$0$0costless

SHELLGAS29190028-Jan-08SOLD CALL60,000$9.900$594,000April, 2009$8.518$511,080$0$0costless

SHELLGAS29190028-Jan-08SOLD CALL62,000$9.900$613,800May, 2009$8.528$528,736$0$0costless

SHELLGAS29190028-Jan-08SOLD CALL60,000$9.900$594,000June, 2009$8.621$517,260$0$0costless

SHELLGAS29190028-Jan-08SOLD CALL62,000$9.900$613,800July, 2009$8.728$541,136$0$0costless





SHELLGAS292385710-Jan-08SOLD CALL60,000$10.000$600,000A

RAM Energy Resources, Inc.

Documents

future production levels

future operating

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future laws

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