RAM Energy Resources, Inc. April 2008 TM IPAA 2008 OGIS New York

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.

TM 3 Fourth Quarter 2007 Highlights Fourth quarter 2007 production volumes grew 37% to 436 MBOE. - Average daily production in fourth quarter 2007 was 4,739 BOE vs. fourth quarter 2006 level of 3,446 BOE. Higher production combined with increased product prices drove oil and gas sales to $29.4 million, 96% above last year’s sales. Cash flow from operations (a non-GAAP measure) in the quarter was $7.6 million vs. $2.3 million in fourth quarter 2006.

TM 4 Post Ascent Acquisition RAM’s consolidated production for December 2007, the first full month of production following the acquisition of Ascent, totaled 203,875 BOE including a contribution of 90,930 BOE production by Ascent. December average daily production from the combined entity was 6,577 BOE. RAM’s EBITDA for December was $7.5 million.

TM Operating Highlights 2008 Capital spending budget of $80 million targets growth in production and reserves. Over 110,000 total net undeveloped conventional and unconventional acres represent potential opportunities for future growth Growth Project Areas South Texas: Multiple well program underway Barnett Shale: Activity accelerating, large inventory West Virginia: Initiating activity on significant acreage position in Devonian shale project 2008 Production Maintenance Projects Electra/Burkburnett: Infill development drilling on PUD locations continues at rapid pace Fitts/Allen: Multiple PUD locations scheduled to be drilled, waterflood evaluation underway

TM 6 Drilling Success Rate Remains High (2) Excluding wells in progress (1) Gross wells drilled 100 % 93 % (1) Total Wells Drilled Producers Dry Holes Drilling or Completing Total Success Ratio (2) 0 7 Wells Drilled YTD 2008 (1)

TM 7 Company Overview 110,000 Net Undeveloped Acres = Rig under contract

TM 8 Company Overview Proved Reserves (1) (1) Estimate of RAM proved reserves as of 12/31/07 Proved Reserves of 39.4 million BOE and PV-10 of $911.5 million High ratio of PDP and PDNP reserves supports consistent cash flow

TM 9 Company Overview Reserves / Production (1) (1) Using RAM proved reserves at 12/31/07 Oil and liquids rich reserve base 67% of production is based on price of oil

TM 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

TM 11 PUD - Probable - Possible South Texas – Growth Driver VicksburgWilcox One well completed prior to year-end Garza Hitchcock #12 initial daily flow rate of 1,947 Mcfe Three wells drilling/completing ­Garza Hitchcock #13 completed with initial daily flow rate of 2,748 Mcfe ­Garza Hitchcock #11 awaiting completion ­Garza Hitchcock #14 drilling 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

TM 12 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 Current Activity; ­ 13 producing wells ­ 2 wells completing/waiting on pipeline ­ 5 wells proposed ­ 31 future locations 2008 CAPEX: $10 million RAM’s Barnett Shale operating area Barnett Shale - Growth Driver Core Tier 1 Tier 2 Newly acquired acreage

TM 13 Approximately 3,500 gross (1,260 net) acres 8 wells producing Etta Burress #2-H and #4-H horizontal wells drilled and completed Etta Burress #3-H horizontal well, completing Molloy #1-H horizontal well, awaiting completion Devon has proposed 4 additional horizontal wells RAM WI = 36% Continuous drilling clause in participation agreement Barnett Shale (Devon Area) – Growth Driver Rawle / Burress Lease 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 A 2-H PUD Prop T.L. Dickenson A3-H PUD Rawle 6H Poss Rawle 5H PUD Etta Burress 6-H PUD Burress Unit 7-H PUD Burress Unit 3-H PUD Etta Burress 4-H Producing Etta Burress 2-H Producing Molloy U.A. "A" 1-H Prob Prop Etta Burress 3-H Prob Burress 4H PUD T. L. Dickenson A 4H Prob Prop T. L. Dickenson A 5H Prob Prop Producing Wells (PDP): 8 Booked PUDs: 8 Additional Locations: 4 Permitted: 2

TM 14 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 Approximately 23,500 gross acres (5,600 net) RAM WI = 24% 3 wells producing 1 well preparing to spud: Brown 2-H RAM has proposed five wells to EOG; EOG has elected to participate and operate all five 37 square miles of 3-D seismic - -Additional 20 square miles planned for Ongoing seismic review supports additional drilling locations Right to propose wells ­ ­If EOG declines to participate, RAM can drill wells on a non-consent basis

TM 15 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 to spud early second quarter ­6 wells permitted with rig under contract ­8 additional wells scheduled for 2008 ­represents 24% of total 2008 CAPEX RAM Existing Wells

TM 16 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 to spud early second quarter. Hurricane Project

TM 17 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 ­Multiple year inventory of non-PUD well locations 2008 CAPEX: $7.5 million ­60 wells planned (1) At 12/31/07 Proved Reserves of 9.4 MMBOE

TM 18 PUD Inventory of 57 locations 2008 CAPEX: $7.5 million ­1 well drilled and producing ­2 wells 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 Allen Field Fitts Field Oklahoma - Production Maintenance PUD WF

TM 19 Financial Liquidity Analysis: Cash Plus: Available Credit Line Less: Outstanding Credit Liquidity Financial Liquidity (334) 12/31/ Credit facility of $500 million, borrowing availability under facility of $375 million Substantial interest expense savings accruing from reductions in LIBOR rates ($millions)

TM 20 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 03/28/08. (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.

TM 21 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. TM

23 APPENDIX

TM 24 Derivative Positions (1) As of February 29, 2008 (2) Crude oil floors and ceilings and natural gas floors and ceilings cover March through December Crude oil bare floors cover March through December 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 Crude oil secondary floors for 2009 cover January through March. Crude oil floors and ceilings for 2010 cover January through March. (1)

TM 25 $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

TM 26 Company Overview Reserves / Production (1) 1) Using RAM proved reserves at 12/31/07 2) Production mix as of December 2007 Percent of Total Reserves by Area / Field (1) Production by Area / Field (2)

TM 27 Estimates of Proved Reserves 1) Estimate of RAM proved reserves at 12/31/07 ____________

TM 28 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.

TM 29 Cash Flow Reconciliation of cash flow from operations (a non-GAAP measure) to GAAP cash flow from operating activities Fourth Quarter ended December 31 (in thousands) (in thousands)

TM 30 Year Ended December 31 (in thousands) (in thousands) Cash Flow Reconciliation of cash flow from operations (a non-GAAP measure) to GAAP cash flow from operating activities

RAM Energy Resources, Inc. TM