RAM Energy Resources, Inc. February 2008 TM IPAA OGIS Small Cap Conference.

RAM Energy Resources, Inc.

February 2008

TM

IPAA OGIS Small Cap Conference

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

• Strategic focus – creating shareholder value through the drillbit and “tuck in” acquisitions

• Stable cash flow base from long-lived reserves and strong mix of “proved developed” reserves support capital structure

RAM Investment Considerations

R/P ratio 15 years (1)

Proved developed reserves of 23.9 MMBOE equals 63% of total proved reserves of 37.8 MMBOE (1)

• Large inventory of growth opportunities

287 PUD locations at June 30, 2007, a potential 3 year drilling inventory at planned drilling rate for 2008

(1) At June 30, 2007

4

TM

• Continued high degree of operating control

RAM operates approximately 92 percent of the PV-10 value of proved reserves and is operator of nearly all the undeveloped conventional and unconventional acreage

• Preliminary 2008 capital spending budget of $80 million targets growth in production and reserves


• Industry experienced technical and management team

110,685 total net undeveloped conventional and unconventional acres, represent potential opportunities for future growth

5

TM

• Management’s substantial ownership of RAM stock continues to support alignment with shareholder

interest

- RAM management owns approximately 22% of common stock outstanding


• Compelling valuation vs. Peers

- Significant discount to peers based on reserves(1)

Substantial discount to net asset value of proved reserves(1)

(1) Using combined reserves consisting of proved reserves of RAM at 6/30/07 and RAM’s estimate of Ascent’s

proved reserves at 6/30/07

6

TM

Company OverviewCompany Overview- Areas of Operation

7

TM

Oil Gas NGL PercentMBBL MMcf MBBL MBOE of total

Reserve Category

Proved Developed producing 12,075.8 42,472.3 2,008.1 21,162.6 56%

Developed non-producing 963.0 9,358.7 229.8 2,752.6 7%

Undeveloped 6,348.1 38,876.2 1,103.8 13,931.3 37%

Total Proved 19,386.9 90,707.2 3,341.7 37,846.5 100%

Estimates of Proved Reserves

1) RAM SEC pricing at 6/30/07 was $70.69/Bbl for oil and $6.395/Mcf for natural gas

2) Ascent pricing at 6/30/07 was $67.25//bbl for oil and $6.57/Mcf for natural gas

3) Ascent reserves are an estimate by RAM of Ascent's proved reserves at 6/30/07, as audited by Netherland

Sewell & Associates

4) Totals may not sum due to rounding

____________

8

TM

Company Overview Company Overview Reserves / Production Reserves / Production(1)(1)

Hydrocarbon Mix of Reserves

51%

40%

9%

oil

natural gas

NGL's



• Oil and liquids rich reserve base• 62% of production is based on price of oil

Production Mix (1)

51%

38%

11%

Bbls

MCF

NGL

9

TM

Company Overview Company Overview Reserves / Production Reserves / Production(1)(1)

1) Using combined reserves consisting of proved reserves of RAM at 6/30/07 and RAM’s estimate of Ascent’s


2) Production mix as of October 2007

Other

P roduc ing

Fields

11%

North

Texas

32%

Barnett

Shale

3% South

Texas

16%

Louisiana

12%

Oklahoma

26%

Louisiana

9%

South

Texas

16%

Other

P roduc ing

Fields

18%

North

Texas

28%

Oklahoma

24%

Barnett

Shale

5%

Percent of Total Reserves by Area / Field(1) Production by Area / Field(2)

10

TM

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

PV10 by Reserve Category

57%

10%

33%

PDP

PDNP

PUD



Percent Total Reserves by Category

56%

7%

37%

PDPPDNPPUD

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

11

TM

2008E 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

ability to establish commercial development.

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

geological and commercial risk present.

12

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

13

TM

91% 92%

Drilling Success Rate Remains High

(2) Excluding wells in progress

(1) Gross wells drilled - RAM prior to Acquisition of Ascent

(1)Total Wells Drilled

1987- 2007

Producers

Dry Holes

Drilling or Completing

Total

Success Ratio

71 591

48

3

81 642

(2)

7

3

2007(1)

14

TM

Electra / BurkburnettNorth Texas

• 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%

Average Initial Rate - 30 BOEPD

1

10

100

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36

Months

BO

EP

D

• PUD Inventory of 156 locations

Four year drilling inventory at 2008 planned activity level

• 2008 CAPEX: $5.0 million

36 wells planned

Represents 6% of total 2008 CAPEX(1) At 9/30/07

• Proved Reserves of 9.2 MMBOE

15

TM

South Texas - Vicksburg

PUD -

Probable -

Possible -

16

13

39


- F & D costs $10.08/BOE EUR 238 MBOE Economic life 35 years Working Interest 87%



4 wells planned

Represents 12% of total 2008 CAPEX

10

100

1,000

10,000

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36

Months

Da

ily

Ga

s E

q P

rod

- M

CF

PD

E

(1) At 9/30/07

16

TM

South Texas - Wilcox

PUD 2 Upper Wilcox

1 Meek Sand

• PUD Inventory of three locations


4 wells planned



- F&D costs $4.01/BOE EUR 474 MBOE Economic life 25 years Working Interest 100%

10

100

1,000

10,000

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36

Months

Da

ily G

as E

q P

rod

- M

CF

PD

E

(1) At 9/30/07

17

TM

Allen FieldOklahoma


- F&D costs $15.00/BOE EUR 30 MBOE Economic life 40 years Working Interest 97%



3 wells planned


PUD

PUD WF

10

100

1,000

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36

Months

Da

ily

Ga

s E

q P

rod

- M

CF

PD

E

(1) At 9/30/07

18

TM

Fitts FieldOklahoma

PUD

Injectors

PDP

18

10

60



9 wells planned




10

100

1,000

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36

Months

Da

ily

Ga

s E

q P

rod

- M

CF

PD

E

(1) At 9/30/07

19

TM

South Louisiana

• PUD Inventory of one location


1 well planned in 4Q ‘08



- F & D costs $3.08/BOE EUR 2,565 MBOE Economic life 13 years Working Interest 100%

100

1,000

10,000

100,000

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36

Months

Da

ily

Ga

s E

q P

rod

- M

CF

PD

E

(1) At 9/30/07

20

TM

Devonian Shale PlayWest Virginia



• 46,805 gross / 44,617 net leasehold acres


14 wells planned


10

100

1,000

10,000

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36

Months

Da

ily

Ga

s E

q P

rod

- M

CF

PD

E

(1) At 9/30/07

RAM Existing Wells

21

TM

Devonian Shale PlayWest Virginia

RAM Existing Wells

Cabot Existing Wells

RAM Acreage

Cabot Acreage

22

TM

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

• 26,267gross/25,393 net leasehold acres located in Tier 2

• 85 square miles of seismic

• 650 potential horizontal drilling locations on 80-acre spacing

• Project inventory/near-intermediate term upside potential;

11 gross producing wells 10 proved undeveloped locations

21 probable seismic locations

6 possible seismic locations

• 2008 CAPEX: $10 million

Wells planned: Devon 3; EOG 3, RAM 1

Barnett represents 13% of total 2008 CAPEXRAM’s Barnett Shale operating area

Barnett Shale

Core

Tier 1

Tier 2

Newly acquired acreage

23

TM

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

• RAM WI=24%

• RAM has proposed five wells to EOG this year; EOG has elected to participate and operate all five

• One well completing

Dethloff #1-H

• One PUD location booked to date Sealy C-1H

• 37 square miles of 3-D seismic- Additional 20 square miles planned for

2008

- Ongoing seismic review supports 21 identified locations to date

• Right to propose wells If EOG declines to participate, RAM

can drill wells on a non-consent basis

Barnett Shale (EOG Area)

Producing

Acquired 2006

Seismic

Ashe 1H

Proposed

Sealy C-1H

Ashe C-1H

Ramsey 1H

Brown 2H

Dethloff 1H

Permitting 2007

24

TM

• Approximately 3,500 gross acres (1,200 net)

• RAM WI=36%

• 8 producing wells to date

• 9 PUD locations booked to date Etta Burress 2-H and Etta Burress 4-H

wells drilled and awaiting completion

8 square miles of 3-D seismic

Ongoing seismic review supports 6 identified locations to date

• Continuous drilling clause in the participation agreement- Devon must drill a well 120 days after

the completion of the previous well

Barnett Shale (Devon Area)

Additional Locations

PDP - 8 wells

PUD - 8 wells

25

TM

• 6 wells drilled and completed

• Average initial production = 2,318 MCFEPD

• Estimate EUR = 2.0 Bcfe

• F & D cost = $1.40/MCFE

Barnett Shale (Devon Area)Rawle / Burress Lease

Well NameCompletion

Date

Initial Production (MCFEPD)

Rawle No. 4H Feb. 2004 1,302

Rawle A No. 1H Mar. 2005 2,124

Burress No. 1H Nov. 2005 2,384

Burress No. 2H Feb. 2006 2,239

Etta Burress No. 1TL Dickenson 1H

Sept. 2006May 2007

1,5584,300

(1)

Composite of industry horizontal wells in Barnett Shale adjusted for RAM’s Rawle/Burress well performance(1)

Barnett Shale Type Curve

10

100

1,000

10,000

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36

Months

MC

FE

PD

As of June 30, 2007(2)

(2)

26

TM

• Southwest Texas

• Potential high-impact exploration

• RAM has leased & optioned 15,000 net acres

• 100% working interest

• Two test wells vertically drilled

• Recovery of frac fluid and testing underway on two wells

• If commercial, significant potential upside on 80 acre spacing

• One horizontal well planned for 2008

Wolfcamp Shale

27

TM

• Financial Liquidity Analysis:

CashPlus: Available Credit LineLess: Outstanding Credit (334)

Liquidity

Financial Liquidity

12/31/07

375 6

47

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

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

($millions)

1) Includes outstanding credit of $28.4 million of 11.5% Senior Notes due to be retired February 2008.

(1)

28

TM

EV / Proved Reserves (BOE)(1) (3) (4) EV as % of PV-10(2) (3) (4)

Attractive Valuation vs. Peers

(1) Represents proved reserves as of most recent SEC proved reserve filing for peer firms. RAM’s proved reserves are combined reserves of RAM at 6/30/07 and RAM’s estimate of Ascent’s proved reserves at 6/30/07.

(2) Represents PV-10 value as of most recent SEC proved reserve filing for peer firms. Ram’s PV-10 value is combined value of RAM’s PV-10 at 6/30/07 and RAM’s estimate of Ascent’s PV-10 value at 6/30/07.

(3) RAM EV adjusted to reflect offering of common stock 2/8/07 and additional common stock and cash issued in the acquisition of Ascent at 11/29/07

(4) Share prices as of close 1/31/08

$27.49

$19.48

$45.11

$25.19

$20.32

$27.52$25.19

$16.02

$0.00

$10.00

$20.00

$30.00

$40.00

$50.00

ARD

BEXP

CRZOEPEX

PLLL

Mea

n

Med

ian

RAME

93%

140% 134%

397%

154%125%

190%

140%

0%

100%

200%

300%

400%

500%

ARDBEXP

CRZOEPEX

PLLL

Mea

n

Med

ian

RAME

29

TM

EV / LTM Daily Production (BOEPD)(1) (2) (3)EV / LTM EBITDA (1) (2) (3)


(1) EBITDA and Production based on RAM and Ascent last 12 months quarter ended September 30, 2007 (2) RAM EV adjusted to reflect offering of common stock 2/8/07 and additional common stock and cash issued in the acquisition of

Ascent at 11/29/07(3) Share prices as of close 1/31/08

18.5x

4.6x

17.5x

3.7x

9.6x10.8x

9.6x10.9x

0.0x

5.0x

10.0x

15.0x

20.0x

ARD

BEXP

CRZOEPEX

PLLL

Mea

n

Med

ian

RAME

$297,198

$68,174

$223,035

$42,062

$124,114$150,917

$124,114

$84,875

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

ARD

BEXP

CRZOEPEX

PLLL

Mea

n

Med

ian

RAME

30

TM


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

(1) Represents most recent proved reserves and PV-10 value for peers. RAM’s PV-10 value is combined value of RAM’s PV-10 value at 6/30/07 and RAM’s estimate of Ascent’s PV-10 value at 6/30/07.

(2) Share prices as of close 1/31/08(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.

1.38x 1.53x

7.51x

4.99x

1.41x

3.36x

1.53x

0.87x

0.00x

2.00x

4.00x

6.00x

8.00x

10.00x

ARD

BEXP

CRZOEPEX

PLLL

Mea

n

Med

ian

RAME

31

TM

• Stable cash flow base

• Compelling valuation vs. peers

• Significant management and technical experience

• Balanced oil & natural gas exposure

• Large inventory of growth opportunities

• High degree of operating control

• Proven value creation through both acquisitions and drillbit

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

Summary of Investment Considerations


TM

34

TM

Derivative Positions

(1) As of January 31, 2008

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

floors cover February 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 June 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 PriceCollarsQ1 '08 1,500 $65.33 1,500 $82.57 4,000 $8.00 4,000 $16.70Q2' 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 $6.80 10,000 $11.04Q4 '08 1,500 $65.33 1,500 $83.06 6,022 $6.34 6,022 $12.86

Q1 '09 2,000 $58.50 2,000 $82.63 4,000 $7.00 4,000 $12.40Q2 '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 - - - -

BareFloorsQ1 '08 1,800 $72.32Q2' 08 1,800 $72.32Q3 '08 1,800 $70.00Q4 '08 1,800 $70.00

Q1 '09 1,000 $65.00Q2' 09 1,000 $65.00

SecondaryFloorsQ1 '09 800 $75.00

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

35

TM

• Acquisition with Ascent closed November 29, 2007

• The purchase price at closing totaled approximately $286 million and consisted of: $ 190 million in cash; the issuance of 18.8 million shares of RAM common stock; and the issuance of 6.2 million RAM warrants

• At close RAM common shares outstanding totaled 60 million and warrants outstanding totaled 18.9 million

RAM / Ascent Merger


TM