1. RAM Energy Resources, Inc. May 20, 2008 TM Pritchard Capital Partners LLC Investor Presentation

2. TM 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. TM 3 Deleveraging Event Exercise of outstanding warrants allows 25 percent reduction in outstanding debt (1) ­Of the total 18.8 million warrants outstanding, 17.6 million were exercised; 1.2 million warrants were allowed to expire by their terms and thus forfeited ­94% of outstanding warrants exercised, no remaining warrants outstanding ­All $86.6 million of proceeds from warrant exercise applied to reduce term portion of debt from $200 million to $113 million outstanding ­Debt reduction translates to interest savings of $739,000 per month or approximately $0.02 per share on a quarterly basis (1) At 3/31/08

4. TM 4 Financial Analysis: - Cash - Available Credit Line - Outstanding Credit - Shareholder’s Equity Deleveraging Event (351) 3/31/08 375 15 ($millions) (1) At 3/31/08 (2) Based upon net proceeds of $86.6 million applied to reduction of term portion of debt outstanding at 3/31/08 which carried an interest rate of Libor plus 7.5% (3) March 2008 interest expense was $2,487,000 (264) Pro Forma Warrant Exercise 5/14/08 288 15 ($millions) (1) Post warrant exercise leverage ratios are improved, enhancing investment competitiveness - Debt to equity ratio reduced to 1.4 : 1 after warrant exercise proceeds applied from first quarter 2008 level of 3.6 : 1 99 185

5. TM 5 Recent Highlights First quarter 2008 production volumes grew 96% to 612,000 BOE. - Average daily production in the first quarter 2008 was 6,725 BOE vs. first quarter 2007 level of 3,478 BOE. - First quarter production also rose 40% compared to production of 436,000 BOE in the fourth quarter of 2007. The average realized price of oil, NGLs and natural gas were substantially higher in the first quarter 2008 vs. first quarter 2007. - Oil was $96.17 up 71% - NGL was $53.99 up 42% - Natural gas was $7.54 up 21% - Total/BOE was $71.13 up 47%

6. TM 6 Recent Highlights Higher production combined with increased product prices drove oil and gas sales to $43.5 million, 188% above last year’s sales. RAM reported a net loss of $523,000, or $0.01 per share, principally the result of non-cash unrealized derivative losses. Exclusive of the impact of unrealized derivative losses, adjusted net income for the quarter was $2.8 million, or $0.05 per share. Cash flow from operations (a non-GAAP measure) in the quarter was $16.2 million compared to $4.1 million in the first quarter 2007. RAM’s EBITDA for the quarter was $24.0 million. Capital spending for the quarter was $13.2 million.

7. TM 7 2008 Growth Projects South Texas ­ 2 wells drilled and producing ­ 1 well testing ­ 6 additional wells to drill Barnett Shale activity accelerating -RAM has interest in 15 producing wells -3 wells completed during 1Q08 -3 wells spud during 1Q08, currently producing or awaiting completion -3 wells spud in 2Q08 2008 Operating Highlights (1) West Virginia ­ First horizontal well in company’s Devonian Shale play spud mid-May ­ 6 wells permitted ­ 8 additional wells programmed for full year _______________ (1) As of May 15, 2008

8. TM 8 Electra/Burkburnett ­16 wells drilled and producing ­ Drilling five wells per month with company owned rig ­ Recompletion program underway ­ Inventory of 132 PUD locations supports visibility of cash flow Fitts/Allen - 2 wells drilled and producing - 1 well completing - 1 well currently drilling - 10 wells scheduled to be drilled - 1 new disposal well to be drilled - Inventory of approximately 57 PUD locations 2008 Operating Highlights 2008 Operating Highlights (1) Production Maintenance Projects – Cash Flow Generators _______________ (1) As of May 1, 2008

9. TM 9 Company Overview - Areas of Operation = Rig under contract

10. TM 10 2008 Non-Acquisition Capital Expenditure Budget 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 with principal project risk is the ability to establish commercial development. (3) Exploration: Activity targeting discovery of reserves from previously untested formations with significant geological and commercial risk present. $80 Million

11. TM 11 Drilling Success Rate Remains High (2) Excluding wells in progress (1) Gross wells drilled as of May 1, 2008 100 % 93 % (1) Total Wells Drilled 1987- 2008 Producers Dry Holes Drilling or Completing Total Success Ratio 2323 61 7 4848 8 31 673 (2) 0 8 Wells Drilled YTD 2008 (1)

12. TM 12 PUD - Probable - Possible - 18 13 39 South Texas – Growth Driver VicksburgWilcox One well completed prior to year-end 2007 -Garza Hitchcock #12 initial daily flow rate of 1,947 Mcfe Three wells drilled or completing during first quarter 2008 ­Garza Hitchcock #13 completed early February with initial daily flow rate of 3,194 Mcfe ­Garza Hitchcock #11 completed early April with initial daily flow rate of 2,698 Mcfe ­Garza Hitchcock #14, flow testing ­Principal impact in second quarter 2008 RAM is operator with 100% Working Interest 2008 CAPEX: $19.0 million ­6 additional wells planned ­Represents 20% of total 2008 CAPEX PUD Inventory of 18 locations _______________ (1) As of May 15, 2008

13. TM 13 27,700 gross (6,800 net) acres located in Core area and all held by production 26,267gross (20,802 net) leasehold acres located in Tier 2 85 square miles of seismic (1) Current Activity; - 15 producing wells - 3 wells completed during 1Q08 - 3 wells spud during 1Q08, currently completing, producing or awaiting completion - 3 wells spud in 2Q08 - 29 future locations 2008 CAPEX: $10 million RAM’s Barnett Shale operating area Barnett Shale - Growth Driver Core Tier 1 Tier 2 Newly acquired acreage (1)45 square miles of 3-D seismic acquired covering Tier 1 acreage and 40 square miles of 3-D seismic covering Tier 2 acreage

14. TM 14 Barnett Shale (Devon Area)- Growth Driver Rawle-Burress Lease Principal impact from first quarter activity to occur in second and third quarter 2008 Etta Burress #2-H and #4-H combined daily IP rate of 3.1 Mmcfe Etta Burress #3-H horizontal well completed daily IP rate of 3.7 Mmcfe Molloy #1-H horizontal well completing T.L. Dickenson A-4H and A-3H awaiting completion T.L. Dickenson A-5H well drilling Approximately 3,500 gross (1,260 net) acres RAM WI = 36% Nine wells producing T.L. Dickenson 1H Producing Etta Burress 1-H Producing Burress 1-H Producing Burress 2-H Producing Rawle A 1-H Producing Rawle 4-H Producing Etta Burress 5-H PUD Burress Unit 10-H Poss T.L. Dickenson #2H Prop T.L. Dickenson A #3-H Rawle 6H Poss Rawle 5H PUD Etta Burress 6-H PUD Burress Unit 7-H Prob Burress Unit 3-H PUD Etta Burress 4-H Etta Burress 2-H Molloy U.A. "A" 1-H Prop Etta Burress 3-H Prob Etta Burress 4-H PUD T.L. Dickenson A 5H Prop T.L. Dickenson A 4H Prop Producing Wells (PDP): 9 Drilling/awaiting comp: 4 Booked PUDs: 5 Proposed: 1 Probable/Possible: 3

15. TM 15 Barnett Shale (EOG Area) – Growth Driver Producing Acquired 2006 Seismic Ashe 1H Proposed Sealy C-1H Ashe C-1H Ramsey 1H Brown 2H Dethloff 1H Permitting 3 wells producing Brown 2-H well currently waiting on completion 37 square miles of 3-D seismic - -Additional 20 square miles planned for 2008 - -Ongoing seismic review supports additional drilling locations Approximately 23,500 gross acres (5,600 net) RAM WI = 24% Right to propose wells ­ ­If EOG declines to participate, RAM can drill wells on a non- consent basis

16. TM 16 West Virginia – Growth Driver Devonian Shale Play RAM is operator with 100% Working Interest Approximately 47,000 gross (45,000 net) leasehold acres 2008 CAPEX: $19.0 million ­first well spud mid-May, target vertical depth 3,300 feet with 3,000 foot lateral ­6 wells permitted with rig under contract ­8 additional wells scheduled for 2008 ­represents 24% of total 2008 CAPEX ­Over 500 potential future drilling locations ­Reserve potential between 450 Bcfe to 800 Bcfe based on comments from Equitable Resources and Cabot Oil & Gas RAM Existing Wells

17. TM 17 West Virginia – Growth Driver Devonian Shale Play RAM Existing Wells Cabot Existing Wells RAM Acreage Cabot Acreage RAM owned gathering system Rig contracted to commence drilling on initial 6 well program; first well spud mid-May 2008 Hurricane Project RAM’s first horizontal well

18. TM 18 Attractive Valuation vs. Peers Price / NAV (1) (2) (3) (1)Represents most recent proved reserves and PV-10 value for peers. RAM’s PV-10 value at 12/31/07. (2)Share prices as of close 04/30/08. (3)RAM shares outstanding adjusted to reflect offering of common stock 2/8/07 and additional 18.8 million common shares issued in the acquisition of Ascent which closed 11/29/07.

19. TM 19 Significant increase in drilling activity on “growth driver” properties anticipated to positively impact second and third quarters 2008 Large inventory of growth opportunities Stable cash flow base Oil and NGL rich reserve and production base High degree of operating control Proven value creation through both acquisitions and drillbit Compelling valuation vs. peers Management’s substantial ownership of RAM stock supports alignment with shareholder interest Summary of Investment Considerations

20. RAM Energy Resources, Inc. TM

21. 21 APPENDIX

22. TM 22 Derivative Positions (1) As of April 30, 2008 (2) Crude oil floors and ceilings and natural gas floors and ceilings cover April through December 2008. Crude oil bare floors cover April through December 2008. Crude oil floors and ceilings for 2009 cover the calendar year. Natural gas floors and ceilings for 2009 cover January through October. Crude oil bare floors cover January through December 2009. Crude oil secondary floors for 2009 cover January through March. Crude oil floors and ceilings for 2010 cover January through March. (1)

23. TM 23 Non-GAAP Financial Measure Cash flow, a non-GAAP measure, represents cash provided by operating activities before the impact of discontinued operations, changes in working capital items related to operating activities, and further adjusted for unrealized gains or losses on derivative transactions. This non-GAAP measure is presented because management believes it is a useful adjunct to cash provided by operating activities under accounting principles generally accepted in the United States (GAAP). This non-GAAP cash flow measure is widely accepted as a financial indicator of an oil and gas company’s ability to generate cash which is used to internally fund exploration and development activities and fund debt service costs. This non-GAAP measure is not a measure of financial performance under GAAP and should not be considered as an alternative to cash provided (used) by operating, investing, or financing activities as an indicator of cash flows, or as a measure of liquidity.

24. TM 24 Cash Flow Reconciliation of cash flow from operations (a non-GAAP measure) to GAAP cash flow from operating activities First Quarter ended March 31 (in thousands) 2008 2007 (in thousands)

25. TM 25 Estimates of Proved Reserves 1) Estimate of RAM proved reserves at 12/31/07 ____________

26. TM 26 North Texas – Production Maintenance Electra / Burkburnett Average well statistics (1) -F & D costs$5.91/BOE ­EUR22 MBOE ­Economic life20 years ­Working Interest100% ­IRR at $53.00/Bbl =100% PUD Inventory of 150 locations ­Three year drilling inventory at 2008 planned activity level 2008 CAPEX: $7.5 million ­60 wells planned (1) At 12/31/07 16 wells drilled and completed through 5/1/08 Proved Reserves of 9.4 MMBOE

27. TM 27 PUD Inventory of 57 locations 2008 CAPEX: $7.5 million ­2 wells drilled and producing ­1 well completing ­1 well drilling -10 wells scheduled to be drilled ­1 new disposal well to be drilled ­Represents 9% of total 2008 CAPEX RAM is operator with 97% Working Interest PUD Injectors PDP 57 10 60 Allen Field Fitts Field Oklahoma - Production Maintenance PUD WF ____________ (1) As of May 1, 2008

28. TM 28 $80 Million 2008E Non-Acquisition Capital Expenditure Detail Exploration North Texas $7.5 MM $19.0 MM$8.5 MM $19.0 MM $5.0 MM $10.0 MM Oklahoma South Texas Barnett Shale Louisiana Appalachian Capitalized G&G $3.5 MM

29. TM 29 Company Overview Proved Reserves (1) (1) Estimate of RAM proved reserves as of 12/31/07 High ratio of PDP and PDNP component of total reserve and PV-10 value contributes to consistent cash flow

30. TM 30 Production Volumes and Expenses

31. TM 31 Net Realized Prices Before/After Derivatives

32. RAM Energy Resources, Inc. TM