RAM Energy Resources, Inc.

1. TM RAM Energy Resources, Inc. Second Quarter 2008 Conference Call Review August 6, 2008

2. Disclosure Statement This 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. Second Quarter 2008 Highlights • Second quarter 2008 production volume grew 91% to 644 MBOE vs. 337 MBOE in second quarter 2007. • Second quarter 2008 production up 5% sequentially vs. first quarter production of 612 MBOE. Production gains driven by increased production from South Texas (161 MBOE vs. 131 MBOE) and production from mature oil fields. • The average realized price of oil, NGLs and natural gas were all • substantially higher in the second quarter 2008 vs. second quarter • 2007. • Oil was $123.15 up 97% • NGL was $60.58 up 66% • Natural gas was $9.94 up 48% • Total/BOE was $89.39 up 69%

4. Company Overview - Areas of Operation = Rig under contract

5. Unconventional Resource - Barnett Shale Growth Driver • 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; - 17 producing wells • 4 wells completing - 30 future locations • 2008 CAPEX: $10 million Core • 45 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 Tier 1 Tier 2 RAM’s Barnett Shale operating area Recently acquired acreage

6. West Virginia – Growth Driver Devonian Shale Play • 2008 CAPEX: $19.0 million • drilling time – 15 days; measured depth – 6,400’ including lateral of 2,500’ • 6 wells permitted with rig under contract plus 8 additional wells scheduled for 2008 • represents 24% of total 2008 CAPEX • RAM is operator with 100% Working Interest • Approximately 47,000 gross (45,000 net) leasehold acres • Over 500 potential future drilling locations • Reserve potential between 450 Bcfe to 800 Bcfe based on comments from Equitable Resources and Cabot Oil & Gas Columbia Gas Transmission Line RAM Existing Wells RAM New Wells

7. PUD - 16 Probable - 15 Possible - 45 South Texas – Growth Driver (1) Vicksburg Wilcox • RAM is operator with 100% Working Interest • 2008 CAPEX: $19.0 million, 20% of total • 6 additional wells planned _______________ (1) Data as of July 2008

8. Mid-Year 2008 Proved Reserves • Proved reserves increase 6% at 6/30/08 to 41.8 MMBOE from year-end 2007 level of 39.4 MMBOE • PV-10 increased 75% to $1.6 billion at mid-year compared to $912 million at year-end 2007 • Replaced 295% of 1H08 production of 1.3 MMBOE • Finding cost of $10.09 per BOE • Proved reserve composition Percent Oil 19.3 MMBBL 46 NGL 5.0 MMBBL 12 Gas 105.4 Bcf 42 Total 100 • 65% of total proved is proved developed

9. Second Quarter 2008 Highlights • Higher production combined with increased product prices drove • oil and gas sales to $57.6 million, 222% above last year’s oil and • gas sales. • Exclusive of the impact of unrealized derivative losses, adjusted • net income (non-GAAP) for the second quarter 2008 was $14.8 • million, or $0.21 per share. RAM reported a net loss of $5.9, or $0.08 • per share, principally the result of non-cash unrealized derivative • losses. • Free Cash flow from operations (a non-GAAP measure) in the • quarter was $24.8 million, or $0.36 per share, compared to $7.1 • million, or $0.18 per share, in the second quarter 2007. • RAM’s EBITDA for the quarter was $32.0 million representing an • increase of 223% above the same period last year. • Capital spending for the quarter was $24.2 million fully funded by • free cash flow.

10. Debt Reduction • Net debt ratio continues to improve • Warrant exercise a catalyst for significant debt reduction in 2Q08; improves cost of funds and interest expense (1) (1) • Ascent acquisition closed November 29, 2007

11. Liquidity Improvement • Liquidity has improved as debt had declined (2) (2) (1) (1) • Ascent acquisition closed November 29, 2007 • Margin call deposits for derivative obligations

12. Attractive Valuation vs. Peers Price / NAV (1) (2) (3) • Represents most recent proved reserves and PV-10 value for peers. RAM’s PV-10 value at 6/30/08 • Share prices as of close 07/30/08. • RAM shares outstanding adjusted to reflect exercise of 17.6 million warrants bringing total shares outstanding to approximately 78.6 million.

13. Attractive Valuation vs. Peers EV / Proved Reserves (BOE)(1)(2) • Represents proved reserves as of most recent SEC proved reserve filing for RAM and peer firms. • Share prices as of close 7/30/08.

14. Guidance • Estimated • Before potential property sales underway anticipated to generate proceeds of $10 – $20 million

15. Summary of Investment Considerations • Significant increase in drilling activity on “growth driver” properties positively impacts second quarter and production is anticipated to continue contribution in second half 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

16. TM RAM Energy Resources, Inc.

17. Production and Reserve Growth Production Growth Reserve Growth • As of June 30, 2008 • As of December 31, 2007

18. Derivative Positions (1) (1) As of June 30, 2008 (2) Crude oil floors and ceilings and natural gas floors and ceilings cover July through December 2008. Crude oil bare floors cover July 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 calendar year 2009. Crude oil secondary floors for 2009 cover January through March. Crude oil floors and ceilings for 2010 cover January through March.

19. EBITDA Growth • Higher hydrocarbon prices and production volume generated substantial increase in EBITDA since 1Q07 • 2Q08 EBITDA range $32 million (1) EBITDA • As of June 30, 2008

20. Production Volumes by Major Fields

21. Production Volumes by Major Fields

22. TM RAM Energy Resources, Inc.