RAM Energy Resources, Inc'

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RAM Energy Resources, Inc.
TM
IPAA 2008 OGIS San Francisco

October 6, 2008
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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 RAMs 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, managements 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 RAMs expectations (Cautionary Statements)
include, without limitation, the actual
quantities of RAMs oil and natural gas reserves,
future production levels, future prices and
demand for oil and natural gas, the results of
RAMs 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 RAMs
behalf, are expressly qualified in their entirety
by the Cautionary Statements.
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Second Quarter 2008 Highlights

• Four wells drilled on the companys North Texas
  Barnett Shale
• properties during the last several months
  recently began producing
• during August, adding partially to
  production in the third quarter and fully to
  production in fourth quarter 2008
• RAM expanded its position in the companys West
  Virginia Devonian
• Shale play with the purchase of a 14 mile
  pipeline, 6,000 acres of
• leases and approximately one billion cubic
  feet of natural gas
• reserves
• Also in West Virginia, RAM has executed a letter
  of intent with another operator in the area to
  evaluate the potential productivity of Devonian
  Shale in an area covering approximately 22,000
  acres of jointly owned leases north of the
  Kanawha River in RAMs Bug Run area
• Production guidance for the second half of 2008
  targeting production
• growth of two to three percent above that of
  the first half of the year
• currently remains intact, in spite of shut-in
  production experienced in
• the third quarter due to electrical power
  outages resulting from
• hurricanes Gustav and Ike which affected the
  companys South Texas
• and Louisiana properties.

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Company Overview
- Areas of Operation
Rig under contract
East Texas
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2008 Non-Acquisition Capital ExpenditureBudget
by Economic Risk
80 Million
(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.
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.
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Drilling Success Rate Remains High
Total Wells Drilled
Wells Drilled YTD 2008
1987- 2008
(1)
(1)
51
693
Producers
1
50
Dry Holes
6
6
Drilling or Completing
58
749
Total
Success Ratio
98
(2)
93
(1) Gross wells drilled as of September 10, 2008
(2) Excluding wells in progress
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South Texas Growth Driver (1)
Vicksburg
Wilcox

• 6 wells drilled and completed
• Inventory of 18 PUD, 15 Probable, and 45 Possible
  locations
• Five wells completed in La Copita (Vicksburg
  formation), combined average initial daily flow
  rate over 3.0 Mmcf/d
• Field revitalization development project
  targeting Wilcox formation at 9,800 depth
• Wiese 1, completing
• Thomas Trust 1, drilling
• If successful these wells could expand inventory
  of projects
• Remainder of 2008 drilling
• Heard 4
• Garza Hitchcock 18
• Brannan 7
• Thomas Trust 1
• RAM is operator with 100 Working Interest in
  most wells
• 2008 CAPEX 19.0 million, 20 of total

PUD -
18
Probable -
15
_______________ (1) Data as of September 2008
Possible -
45
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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
• - 20 producing wells
• 1 well completing-Brown 2H
• - 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
RAMs Barnett Shale operating area
Recently acquired acreage
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Barnett Shale (Devon Area)- Growth
DriverRawle-Burress Lease

• 6 wells drilled YTD 2008
• 2 wells initiated production in 2Q08
• 4 wells initiated production in August 2008
• Approximately 3,500 gross (1,260 net) acres
• RAM WI 36

T.L. Dickenson A 5H Producing
Burress Unit 10-H Poss
T.L. Dickenson A 4H Producing
T.L. Dickenson A 3-H Producing
T.L. Dickenson 1H Producing
T.L. Dickenson 2H Producing
Burress 1-H Producing
Etta Burress 6-H PUD
Etta Burress 1-H Producing
Etta Burress 2-H
Burress Unit 3-H PUD
Etta Burress 4-H
Etta Burress 5-H PUD
Rawle A 1-H Producing
Burress 2-H Producing
Etta Burress 4-H PUD
Molloy U.A. "A" 1-H Producing
Burress Unit 7-H Prob
Etta Burress 3-H Producing
Rawle 5H PUD
Rawle 6H Poss
Rawle 4-H Producing
Producing Wells (PDP) 14 Drilling/awaiting
comp 0 Booked PUDs 5 Proposed
0 Probable/Possible 3
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Barnett Shale (EOG Area) Growth Driver

• 3 wells producing, 1 well completing
• Reddell 2-H well proposed 6,800 vertical depth
  and 2,200 lateral
• 37 square miles of 3-D seismic
• Additional 50 square miles underway
• 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

Reddell 2H
Brown 2H
Ashe 1H
Ashe C-1H
Dethloff 1H
Seismic
Acquired 2006
Permitting
Producing
Proposed
Completing
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West Virginia Growth Driver Devonian Shale Play

• RAM is operator with 100 Working Interest
• Approximately 53,000 gross (51,000 net) leasehold
  acres
• 2008 CAPEX 19.2 million 12 wells scheduled
• 4 wells drilled and testing
• 1 well completing-JDB Sturgeon 1-H
• 1 well drilling-Donahue 1-H
• 1 well permitted
• drilling time 18 days measured depth 6,400
  including lateral of 2,500
• Over 500 potential future drilling locations
• Reserve potential between 450 Bcfe to 800 Bcfe
  based on comments from Equitable Resources and
  Cabot Oil Gas

Bug Run
Green Park
Columbia Gas Transmission Line
Cornstalk
RAM Existing Wells
RAM New Wells
Gas Gathering Pipeline and Newly Purchased Acreage
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West Virginia Growth Driver Devonian Shale Play
POLYMER PLANT
Master Meter
Gas Gathering Pipeline and Newly Purchased
acreage and reserves
RAM owned gathering system
Cornstalk
Cabot Well Meadows A-1H
Hurricane Project
RAM Existing Wells
Cabot Existing Wells
RAM Acreage
Columbia Gas Transmission Line
Cabot Acreage
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West Virginia Growth Driver Devonian Shale Play

• RAM expanded position
• Purchase of 14 mile pipeline
• allows greater control of production to end
  market
• RAM controls 20 miles of gathering system in
  Cornstalk exploitation area
• Added 6,000 acres of leases adjoining RAM
  existing leases
• Added 1 Bcf natural gas reserves
• RAM signed letter of intent to create area of
  mutual interest (AMI) with offset operator to
  evaluate acreage in RAMs Bug Run area.

AMI Line
Newly purchased gathering system
RAM Energy pipeline
OHIO River
RAM Energy Drilled Wells RAM Energy Acreage
Newly Purchased Acreage AMI Acreage

COLUMBIA gas pipeline
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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

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Attractive Valuation vs. Peers
Price / NAV (1) (2) (3)(4)

• Represents most recent proved reserves and PV-10
  value for peers. RAMs PV-10 value at 6/30/08
• Using PV10 of proved reserves at year-end 2007
  for RAM, Price/NAV ration is .39X
• Share prices as of close 09/22/08.
• RAM shares outstanding adjusted to reflect
  exercise of 17.6 million warrants bringing total
  shares outstanding to approximately 78.6 million.

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Summary of Investment Considerations

• 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
• Managements substantial ownership of RAM stock
  supports alignment with shareholder interest

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RAM Energy Resources, Inc.
TM

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APPENDIX
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Production and Reserve Growth
Production Growth
Reserve Growth

• As of June 30, 2008
• As of December 31, 2007

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Derivative Positions
(1)
(1) As of August 31, 2008 (2) Crude oil floors
and ceilings for 2008 cover September through
December, while natural gas floors and ceilings
for 2008 cover October through December. Crude
oil bare floors for 2008 cover September through
December. Crude oil floors and ceilings for 2009
cover the calendar year, and natural gas floors
and ceilings for 2009 cover January through
October. Crude oil secondary floors for 2009
cover January through March, and bare floors
cover the calendar year. Natural gas bare floors
for 2009 cover November and December. Crude oil
bare floors for 2010 cover January through March.
Natural gas bare floors for 2010 cover January
through March.
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Production Volumes by Major Fields
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Production Volumes by Major Fields
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RAM Energy Resources, Inc.
TM