1. RAM Energy Resources, Inc. July 2006

2. 2 Who is RAM Energy Resources? RAM has been actively engaged in exploration and production activities since 1987, as a private company. RAM merged with Tremisis, a publicly held “Specified Purpose Acquisition” corporation as a means of becoming a public entity. - - Merger effective May 8, 2006 - - RAM contributed oil and gas assets and liabilities, Tremisis contributed an existing publicly held entity - - Merger provides increased access to capital markets to support growth RAM is listed on Nasdaq, traded under symbol RAME

3. 3 Excellent fundamentals of Oil & Gas Industry Experienced management team with successful track record Balanced growth strategy High quality, diversified portfolio of long-lived producing assets Large inventory of PUD drilling locations and recompletion projects Growth potential in unconventional resource plays Attractive valuation Investment Highlights

4. 4 (1) Results are affected by acquisitions and dispositions during each of the periods. (2) As of December 31, 2005 Reserves Four Year CAGR: 25% 8.1 8.4 19.1 18.8 2005 (2) 2002 2003 2004 (1) 2002 2003 2005 (1)(2) Production Four Year CAGR: 84% 495 671 511 1,405 Proven Reserves and Production Growth Millions of BOE Thousands of BOE

5. 5 As of December 31, 2005 Drilling/Recompletion Projects Six year inventory of development drilling and recompletions Potential multi-year inventory of Barnett Shale locations

6. 6 Drilling Success Rate (2) Excluding wells in progress (1) Gross wells drilled (1) 2005 Wells Total Wells Drilled 1987-2005 Producers Dry Holes Drilling or Completing At Year-End Total Success Ratio 66 428 36 1 0 1 67 465 100% 92% (2)

7. 7 Principal FieldsResource Areas Tulsa Office Houston-District Office Electra-Field Office I II III IV A B I Electra/Burkburnett II Boonsville III Egan IV Vinegarone A Barnett Shale – Fort Worth Basin Reeves County, TX B Barnett & Woodford Shale - Areas of Operations

8. 8 (1) Non-acquisition capital expenditures in 2005 totaled $15.0 MM, composed of $13.5 MM for exploitation and exploration activities, and $1.5 MM for facilities and equipment. 1.6 17.7 6.6 2006 2005 $ Millions 2006 Non-Acquisition Capital Budget $24.3 million 11.9Exploitation Exploration (1)

9. 9 Electra/Burkburnett Area, Wichita and Wilbarger Counties,Texas Net monthly production of over 58,375 BOE from 504 producers 20 Wells drilled in 1Q06, 14 of which completed as producers, remaining 5 completing 200 identified PUD drilling locations 100% WI ownership & operational control Gas plant and gathering system Proved reserves of 9,802 MBOE PV-10% = $182.9 million (1) (1) At year-end 2005

10. 10 Boonsville Area, Jack and Wise Counties, Texas Net monthly production of over 14,670 BOE from 114 producers 22 identified drilling locations and numerous low-cost workovers Operating control of 114 producing wells Producing wells hold Barnett Shale rights 25 miles of gas gathering system Proved reserves of 3,011 MBOE PV-10% = $43.4 million (1) (1) At year-end 2005

11. 11 Egan Field, Acadia Parish, Louisiana Net monthly production of over 7,050 BOE from 10 producers Multizone recompletion potential in 10 existing wellbores Operating and ownership control of field Proved reserves of 1,652 MBOE PV-10% = $38.7 million (1) (1) At year-end 2005

12. 12 Vinegarone Field, Val Verde County, Texas Net monthly production of over 4,385 BOE from 7 non-operated producers 7 identified infill wells to be drilled; operator to spud first of 3 wells in 3Q06 Long-lived natural gas field Proved reserves of 1,111 MBOE PV-10% = $21.5 million (1) (1) At year-end 2005

13. 13 Principal Fields Account for Over 80% of Total Proved Reserves 83% Percent of total proved reserves 21.5 $286.5 1.1 15.5 Vinegarone Total 43.4 3.0Boonsville 38.7 1.6Egan PV-10% ($ millions) Proved Reserves (millions of BOE) Property: $182.9 9.8Electra/Burkburnett As of December 31, 2005

14. 14 Unconventional Resource Areas Barnett Shale - Fort Worth Basin, Jack and Wise Counties, Texas Barnett and Woodford Shale - Exploration Project, Reeves County, Texas

15. 15 Own WI ranging from 23-36% in the 27,700 gross acres lying within a 43 square mile area 124 locations identified for horizontal drilling on HBP leasehold Ashe #1 well, operated by EOG recently completed with initial daily production of 1.9 mmcfe Expect another well to spud in late 2Q bringing to 9 the number of wells in which RAM has an interest Drilling increased year-end 2005 PV- 10 value to $10.5 MM vs. $1.5 MM year-end 2004 Current proved reserves exclude any Barnett Shale probable reserves Over 80% of the acreage lies in “core” area* * Per Pickering Energy Partners, Inc. October 2005 titled “The Barnett Shale, Visitors Guide to the Hottest Gas Play in the US” EOG Resources Ashe #1 well Chief Oil & Gas 5 Operated wells Jack Co. Wise Co. Barnett Shale - Jack and Wise Counties, Texas

16. 16 Barnett and Woodford Shale Reeves County, Texas Exploration play - 11,000 net (70,000 gross) acres Estimated thickness of the Barnett is between 400’-700’ and the Woodford varies from 200’-400’ Capital risk minimized through third-party drilling commitments to earn farmout agreements Keys to success are horizontal drilling and fracture stimulation Four wells drilled under farmout agreements: 3-D seismic shot over 10 square mile area Participating interests range from 6.25-18.75% Alpine Area 3 wells drilled J. Cleo Thompson 1 well drilled

17. 17 (4) Future net revenues of reserves discounted at 10 percent, before income tax Reserve Value at Year-End 2005 100209 5.6Undeveloped $345$66318.8Total Proved $245 $45413.2Developed (2) Future net revenues of reserves, before income tax (3) Reserves (millions BOE) ($ millions) Revenues Future PV-10% (2)(1) (1) Reserves as of December 31, 2005 (3) Assumed prices for oil, gas and NGLs follow SEC prescribed methodology; Oil = $58.63/Bbl, Gas = $9.14/Mcf and NGL = $35.89/Bbl Net (4)

18. 18 Proved Reserves at Year-End 2005 Total proved reserves: 18.8 MMBOE 70% of total reserves are proved developed Balanced hydrocarbon mix of 60% oil, 40% gas 70% 30% Developed PUD 60% 40% Oil Natural Gas & NGL’s

19. 19 (2) In late 2005, the vesting of an outstanding back-in interest in favor of a non-operating partner occurred, effectively reducing 1Q06 production by 22,100 BOE Summary Financial and Operating Data $9.9 $16.8 318 59% 85% 41% CAGR $33.7$5.1$9.1 EBITDAX (millions) $66.2$18.0$20.1 Revenue (millions) 1,405511671 Production (MBOE) 200520042003 (1) (1) CAGR is compound annual growth rate for the three year period ended 12/31/05 1Q2006 3 Year (2)

20. 20 Long-term Debt New $300 million Sr. Secured Credit Facility with initial borrowing limit of $140 million provides expanded financial flexibility for growth Financial Flexibility (1) Due 2008 $111.0 1.1 112.1 0.6 83.2 $28.3 March 31, 2006 (1) ($ millions) 11.5% Sr. Note Sr. Secured Credit Facility Installment Loan Total Cash & Equivalents Net Debt

21. 21 Attractive Valuation vs. Peers (2) PV-10 is based on YE 2005 proved reserves and prices as reported by RAM and Peers not include RAM’s unproved reserves or oil and gas gathering and processing assets; (3) NAV is based on PV-10% of proved reserves and pricing at December 31, 2005 and does also does not include exercise of outstanding warrants (1) Peers include ABP, BEXP, CRZO, CRK, CWEI, EPEX, GDP, PLLL RAMPeers (3) 55.0 13.7 1.2x $23.8 5 70.0 13.4.9x 0.88x TEV/Reserves ($/BOE) TEV/PV-10 Reserve Life Index (in Years) % Proved Developed Net Asset Value per Share (2) $16.80 $7.02 Price/NAV (1)

22. 22 Investment Highlights Excellent fundamentals of Oil & Gas Industry Experienced management team with successful track record Balanced growth strategy High quality, diversified portfolio of long-lived producing assets Large inventory of PUD drilling locations and recompletion projects Growth potential in unconventional resource plays Increased access to capital markets Attractive valuation

23. 23 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, future production, prices, realizations and costs, exploration activities, capital spending, borrowing availability, financial position, business strategy, plans and RAM’s management’s objectives and its 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.

24. RAM Energy Resources, Inc.

25. 25 APPENDIX

26. 26 Production Volumes and Expenses

27. 27 Average Realized Prices Before/After Hedging

28. 28 Hedging Positions As of March 31, 2006

29. 29 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, all exploration costs 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 to service debt. 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. EBITDAX is also presented below because of its wide acceptance by the investment community as a financial indicator of a company’s ability to internally fund exploration and development activities and to service or incur debt. Management also views the non-GAAP measure of EBITDAX as a useful tool for comparison of the company’s financial indicator with those of peer companies. EBITDAX should not be considered as an alternative to net income or cash provided by operating activities, as defined by GAAP. The following table reconciles cash provided by operating activities to cash flow and EBITDAX (in thousands):

30. 30 Cash Flow & EBITDAX

31. 31 Core Tier 1 Tier 2 Unconventional Resource Area - Barnett Shale Fort Worth Basin, Texas Map Source: Pickering Energy Partners Located in Largest Natural gas basin in Texas Commercial production on this acreage confirmed by extensive drilling 1.1 Bcfed from over 3,600 wells Wells: 4,000’ - 11,000’; $400 M - $2,600 M Major activity focused on Denton, Wise, Tarrant, Johnson and Parker Counties Gas production established in Hood, Jack, Erath and Palo Pinto counties