RAM Energy Resources, Inc.

August 6, 2008

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Second Quarter 2008 Conference Call Review

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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.

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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%

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Company OverviewCompany Overview- Areas of Operation

= Rig under contract

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• 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

RAM’s Barnett Shale operating area

Unconventional Resource - Barnett Shale Growth Driver

Core

Tier 1

Tier 2

Recently acquired acreage

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

seismic covering Tier 2 acreage(2) RAM also holds 26,267 gross (20,802 net) leasehold

acres located in Tier 2

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West Virginia – Growth DriverDevonian 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

RAM Existing Wells

Columbia Gas Transmission Line

CurrentWell Status

C.S. Ball 1-H TestingR. Mays 1-H CompletingM. Jordan 1-H CompletingJ.D. & B. Sturgeon 1-H DrillingM. Stover 1-H PermittedR.L. Powell 1-H Permitting

RAM New Wells

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PUD -

Probable -

Possible -

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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

Date of Initial DailyWell First Production Production

(Mcfe)

Garza Hitchcock #12 December 2007 1,947

Garza Hitchcock #13 February 2008 3,194

Garza Hitchcock #11 April 2008 2,698

Garza Hitchcock #14 May 2008 3,611

Garza Hitchcock #17 July 2008 4,439

Wiese #1 Completing

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Mid-Year 2008 Proved ReservesMid-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

PercentOil 19.3 MMBBL 46NGL 5.0 MMBBL 12Gas 105.4 Bcf 42 Total 100

• 65% of total proved is proved developed

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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.

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Debt ReductionDebt Reduction

57%

77%77%

97%101%102%

129%131%134%

0%

20%

40%

60%

80%

100%

120%

140%

160%

2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08

Net D

ebt t

o Ca

p. % $5,778

$3,906 $3,837 $3,838 $3,990$4,754

$8,162

$6,197

$8,175

10.6%10.9% 10.8% 10.8%

10.4% 10.2%10.7%

8.2%

6.8%

$-

$2,000

$4,000

$6,000

$8,000

$10,000

2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Interest Expense Blended Interest Rate

(1) Ascent acquisition closed November 29, 2007

(1) (1)

• Net debt ratio continues to improve• Warrant exercise a catalyst for significant debt reduction in 2Q08;

improves cost of funds and interest expense

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Liquidity ImprovementLiquidity Improvement

$131.8 $131.7 $132.2 $131.9 $147.8 $147.7

$335.7$351.7

$255.1 $248.8

$-

$50.0

$100.0

$150.0

$200.0

$250.0

$300.0

$350.0

$400.0

2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 July '08

Tota

l Deb

t (M

M)

(1)

$27.8$32.3

$21.1$15.9 $14.5

$37.3

$20.8 $19.3

$46.2

$50.9

$10.1

$18.0 $37.9

$50.3

$-

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 July '08

Liqu

idity

(MM

)

(1) Ascent acquisition closed November 29, 2007(2) Margin call deposits for derivative obligations

(1)

(2)

(2)

• Liquidity has improved as debt had declined

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Attractive Valuation vs. Peers

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

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

approximately 78.6 million.

0.28x0.51x

0.81x 0.81x 0.84x1.09x 1.21x 1.24x

2.07x

2.50x2.66x

2.97x

0.00x

0.50x

1.00x

1.50x

2.00x

2.50x

3.00x

3.50x

RAME SFY SM GPOR ARD PLLL TXCO CWEI BEXP CRZO GMXR PQ

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EV / Proved Reserves (BOE)(1) (2)

Attractive Valuation vs. Peers

(1) Represents proved reserves as of most recent SEC proved reserve filing for RAM and peer firms. (2) Share prices as of close 7/30/08.

$48.72

$37.12$31.76$31.76$30.09$29.94

$24.31$23.86$18.29$17.94$14.94$14.88

$0.00

$10.00

$20.00

$30.00

$40.00

$50.00

$60.00

RAME SFY GMXR SM GPOR PLLL TXCO ARD CRZO CWEI BEXP PQ

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GuidanceGuidance

First Half Second Half (1)

Production Gains 2% - 3% 1,256 MBOE 1,281 - 1,294 MBOE (2)

Production Expenses Same $19.55 MBOE $19.55 MBOE

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

EBITDA 2% - 3% $56.0 Million $57- $58 Million

Free Cash Flow 15% - 20% $39.3 Million $45 - $47 Million

CAPEX $80 Million Budget $37.4 Million $42.6 Million

Second Half 2008 Targets

(1) Estimated(2) Before potential property sales underway anticipated to generate proceeds of $10 – $20 million

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• 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

Summary of Investment Considerations

RAM Energy Resources, Inc.

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Production and Reserve GrowthProduction and Reserve Growth

(MBOE) 2ND QTR 1ST QTR 2ND QTR SEQUENTIAL ANNUAL2008 2008 2007 GROWTH GROWTH

DEVELOPING FIELDS 188.7 166.9 23.6 13.1% 698.5%

MATURE OIL FIELDS 290.3 278.4 157.5 4.3% 84.3%

MATURE GAS FIELDS 164.8 166.6 156.1 (1.1%) 5.6%

TOTAL PRODUCTION 643.8 611.9 337.2 5.2% 90.9%

(MBOE) SEQUENTIAL

2008 (1) 2007 (2) GROWTH

PROVED PRODUCING 23,593.0 21,698.0 8.7%

PROVED NON-PRODUCING 3,598.0 2,917.0 23.3%

PROVED UNDEVELOPED 14,639.0 14,759.0 (0.8%)

TOTAL PROVED 41,830.0 39,375.0 6.2%

PV-10 ($ in billions) $1.6 $0.9 75.3%

Production Growth

Reserve Growth

(1) As of June 30, 2008(2) As of December 31, 2007

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Derivative Positions

(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.

(1)

per day Price per day Price per day Price per day PriceCollarsQ3 '08 1,500 $65.33 1,500 $84.80 10,000 $8.00 10,000 $11.04Q4 '08 1,500 $65.33 1,500 $83.06 10,000 $7.73 10,000 $14.60

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

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

BareFloorsQ3 '08 1,800 $70.00Q4 '08 1,800 $70.00

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

SecondaryFloorsQ1 '09 800 $75.00

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

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EBITDA Growth

(1) As of June 30, 2008

• Higher hydrocarbon prices and production volume generated substantial increase in EBITDA since 1Q07

• 2Q08 EBITDA range $32 million (1)

EBITDA($ in thousands)

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08

Net Income (580)$ 902$ 4,770$ (6,342)$ (523)$ (5,862)$

Adjustments:

DD&A Expense 3,425 4,129 3,913 7,481 10,623 11,179

Interest Expense 3,838 3,990 4,754 8,175 8,162 6,197

Income tax expense (benefit) (229) 415 (4,291) (3,747) (641) (14,809)

Non-cash loss/(gain) on derivatives 1,054 102 3,229 5,671 5,259 33,808

Stock-based compensation 173 221 308 287 547 932

Accretion expense 146 144 146 268 538 540

EBITDA, as defined 7,827$ 9,903$ 12,829$ 11,793$ 23,965$ 31,985$

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Production Volumes by Major Fields

Mature Mature Barnett O il Natural

Three Months Ended June 30, 2008 South Texas Shale Appalachia Fields * Gas Fields TotalAggregate Net Production Bbls Oil 11,361 544 - 237,265 51,142 300,312 Bbls NGLs 31,912 13,700 - 21,932 18,646 86,190 MCF 704,424 77,550 5,294 186,444 570,197 1,543,909 BOE 160,677 27,169 882 290,271 164,821 643,820

Three Months Ended June 30, 2007Aggregate Net Production Bbls Oil - 1,649 - 144,761 39,983 186,393 Bbls NGLs - 1,671 - 12,740 22,469 36,880 MCF - 121,890 - - 561,905 683,795 BOE - 23,635 - 157,501 156,103 337,239

Change in BOE 160,677 3,534 882 132,770 8,718 306,581 Percentage Change in BOE 100.0% 15.0% 100.0% 84.3% 5.6% 90.9%

*Includes Electra/Burkburnett, Allen/Fitts and Layton fields.

Developing Fields

Three Months Ended June 30, 2008

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Production Volumes by Major Fields

Mature Mature

Barnett O il Natural

Six Months Ended June 30, 2008 South Texas Shale Appalachia Fields* Gas Fie lds Total

Aggregate Net Production

Bbls Oil 21,493 1,792 - 470,231 104,780 598,296

Bbls NGLs 52,447 30,774 - 39,612 36,989 159,822

MCF 1,308,424 176,550 9,874 353,130 1,137,760 2,985,738

BOE 292,011 61,991 1,646 568,698 331,396 1,255,742

Six Months Ended June 30, 2007

Aggregate Net Production

Bbls Oil - 2,101 - 364,836 796 367,733

Bbls NGLs - 2,547 - 31,143 37,769 71,459

MCF - 203,883 - 118,726 942,795 1,265,404

BOE - 38,628 - 415,767 195,697 650,092

Change in BOE 292,011 23,363 1,646 152,931 135,699 605,650

Percentage Change in BOE 100.0% 60.5% 100.0% 36.8% 69.3% 93.2%

*Includes Electra/Burkburnett, Allen/Fitts and Layton fields.

Six Months Ended June 30, 2008

Developing Fields

RAM Energy Resources, Inc.

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