RAM Energy Resources, Inc'

1
RAM Energy Resources, Inc.
TM
January Marketing

January 2008
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 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.
3
RAM Investment Considerations

• Strategic focus creating shareholder value
  through the drillbit and tuck in acquisitions
• Stable cash flow base from long-lived reserves
  and strong mix of proved developed reserves

• Proved developed reserves of 23.9 MMBOE equals
  63 of total proved reserves total of 37.8
  MMBOE(1)
• R/P ratio 15 years (1)

• Large inventory of growth opportunities
• 287 PUD locations at June 30, 2007, a potential 3
  year drilling inventory at planned drilling rate
  for 2008

(1) At June 30, 2007
4
RAM Investment Considerations

• 110,685 total net undeveloped conventional and
  unconventional acres, represent potential
  opportunities for future growth

• Continued high degree of operating control
• RAM operates approximately 92 percent of the
  PV-10 value of proved reserves and is operator of
  nearly all the undeveloped conventional and
  unconventional acreage
• Preliminary 2008 capital spending budget of 80
  million targets growth in production and reserves

• Average industry experience of technical and
  management staff is 15 years

(1) Using combined reserves consisting of proved
reserves of RAM at 6/30/07 and RAMs estimate of
Ascents proved reserves at 6/30/07
5
RAM Investment Considerations

• Managements substantial ownership of RAM stock
  continues to support alignment with shareholder
• interest
• RAM management owns approximately 21 of common
  stock outstanding

• Compelling valuation vs. Peers
• Significant discount to peers based on
  reserves(1)
• Substantial discount to net asset value of proved
  reserves(1)

6
Company Overview
- Areas of Operation

7
Estimates of Proved Reserves
____________
1. RAM SEC pricing at 6/30/07 was 70.69/Bbl for
oil and 6.395/Mcf for natural gas 2. Ascent
pricing at 6/30/07 was 67.25//bbl for oil and
6.57/Mcf for natural gas 3. Ascent reserves
are an estimate by RAM of Ascent's proved
reserves at 6/30/07, as audited by Netherland
Sewell
Associates 4. Totals may not sum due to rounding
8
Company Overview Reserves / Production(1)

• Oil and liquids rich reserve base
• 62 of production is based on price of oil

(1) Using combined reserves consisting of proved
reserves of RAM at 6/30/07 and RAMs estimate of
Ascents proved reserves at 6/30/07
9
Company Overview Proved Reserves (1)

• High ratio of PDP and PDNP component of total
  reserve and PV-10 value contributes to consistent
  cash flow

(1) Using combined reserves consisting of proved
reserves of RAM at 6/30/07 and RAMs estimate of
Ascents proved reserves at 6/30/07
10
Company Overview Reserves / Production (1)
(1) Production mix as of October 2007
11
2008E Non-Acquisition Capital
ExpenditureBudget 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 ability to
establish commercial development. (3)
Exploration Activity targeting discovery of
reserves from previously untested formations with
significant geological and commercial risk
present.
12
2008E Non-Acquisition Capital Expenditure Detail
80 Million
North Texas
Oklahoma
South Texas
Barnett Shale
Louisiana
Appalachian
Capitalized GG
Exploration
7.5 MM
7.5 MM
19.0 MM
10.0 MM
19.0 MM
8.5 MM
5.0 MM
3.5 MM
13
Drilling Success Rate Remains High
Total Wells Drilled
9 months 07
(1)
1987- YTD 2007
(1)
567
Producers
48
47
Dry Holes
6
3
3
Drilling or Completing
57
617
Total
Success Ratio
89
(2)
92
(1) Gross wells drilled - RAM prior to
Acquisition of Ascent
(2) Excluding wells in progress
14
Electra / Burkburnett North Texas
Average Initial Rate - 30 BOEPD
100
BOEPD
10
1
0
2
4
6
8
10
12
14
16
18
20
22
24
26
28
30
32
34
36
Months

• Proved Reserves of 9.2 MMBOE

• Average well statistics (1)
• F D costs 5.91/BOE
• EUR 22 MBOE
• Economic life 20 years
• Working Interest 100
• IRR at 53.00/Bbl 100

• PUD Inventory of 156 locations
• Four year drilling inventory at 2008 planned
  activity level
• 2008 CAPEX 5.0 million
• 36 wells planned
• Represents 6 of total 2008 CAPEX

(1) At 9/30/07
15
South Texas - Vicksburg

• Average well statistics (1)
• F D costs 10.08/BOE
• EUR 238 MBOE
• Economic life 35 years
• Working Interest 87

• PUD Inventory of 16 locations
• 2008 CAPEX 9.6 million
• 4 wells planned
• Represents 12 of total 2008 CAPEX

PUD -
16
Probable -
13
Possible -
39
(1) At 9/30/07
16
South Texas - Wilcox

• Average well statistics (1)
• FD costs 4.01/BOE
• EUR 474 MBOE
• Economic life 25 years
• Working Interest 100

• PUD Inventory of three locations
• 2008 CAPEX 6.5 million
• 4 wells planned
• Represents 8 of total 2008 CAPEX

PUD
2 Upper Wilcox
1 Meek Sand
(1) At 9/30/07
17
Allen Field Oklahoma

• Average well statistics (1)
• FD costs 15.00/BOE
• EUR 30 MBOE
• Economic life 40 years
• Working Interest 97

• PUD Inventory of 39 locations
• 2008 CAPEX 1.2 million
• 3 wells planned
• Represents 2 of total 2008 CAPEX

PUD
PUD WF
(1) At 9/30/07
18
Fitts Field Oklahoma

• Average well statistics (1)
• F D costs 8.20/BOE
• EUR 50 MBOE
• Economic life 20 years
• Working Interest 90

• PUD Inventory of 18 locations
• 2008 CAPEX 5.8 million
• 8 wells planned
• Represents 7 of total 2008 CAPEX

PUD
18
Injectors
10
PDP
60
(1) At 9/30/07
19
South Louisiana

• Average well statistics (1)
• F D costs 3.08/BOE
• EUR 2,565 MBOE
• Economic life 13 years
• Working Interest 100

• PUD Inventory of one location
• 2008 CAPEX 8.5 million
• 1 well planned in 4Q 08
• Represents 11 of total 2008 CAPEX

(1) At 9/30/07
20
Devonian Shale Play West Virginia

• Average well statistics (1)
• F D costs 9.77/BOE
• EUR 133 MBOE
• Economic life 20 years
• Working Interest 100

• 46,805 gross / 44,617 net leasehold acres
• 2008 CAPEX 19.0 million
• 14 wells planned
• Represents 24 of total 2008 CAPEX

RAM Existing Wells
(1) At 9/30/07
21
Devonian Shale Play West Virginia
RAM Existing Wells
Cabot Existing Wells
RAM Acreage
Cabot Acreage
22
Barnett Shale

• 27,700 gross/6,800 net acres located in Core area
  and all held by production
• 26,267gross/25,393 net leasehold acres located in
  Tier 2
• 85 square miles of seismic
• 650 potential horizontal drilling locations on
  80-acre spacing
• Project inventory/near-intermediate term upside
  potential
• 11 gross producing wells
• 10 proved undeveloped locations
• 21 probable seismic locations
• 6 possible seismic locations
• 2008 CAPEX 10 million
• Wells planned Devon 3 EOG 3, RAM 1
• Barnett represents 13 of total 2008 CAPEX

Core
Tier 1
Tier 2
RAMs Barnett Shale operating area
Newly acquired acreage
23
Barnett Shale (EOG Area)

• Approximately 23,500 gross acres (5,600 net)
• RAM WI24
• RAM has proposed five wells to EOG this year EOG
  has elected to participate and operate all five
• One well waiting on completion
• One PUD location booked to date
• Sealy C-1H
• 37 square miles of 3-D seismic
• Additional 20 square miles planned for 2008
• Ongoing seismic review supports 21 identified
  locations to date
• Right to propose wells
• If EOG declines to participate, RAM can drill
  wells on a non-consent basis

Sealy C-1H
Ashe 1H
Brown 2H
Ashe C-1H
Dethloff 1H
Ramsey 1H
Seismic
Acquired 2006
Permitting 2007
Producing
Proposed
24
Barnett Shale (Devon Area)

• Approximately 3,500 gross acres (1,200 net)
• RAM WI36
• 8 producing wells to date
• 9 PUD locations booked to date
• Etta Burress 2-H and Etta Burress 4-H wells
  drilled and awaiting completion
• 8 square miles of 3-D seismic
• Ongoing seismic review supports 6 identified
  locations to date
• Continuous drilling clause in the participation
  agreement
• Devon must drill a well 120 days after the
  completion of the previous well

Additional Locations
PDP - 8 wells
PUD - 8 wells
25
Barnett Shale (Devon Area) Rawle / Burress Lease

• 6 wells drilled and completed
• Average initial production 2,318 MCFEPD
• Estimate EUR 2.0 Bcfe
• F D cost 1.40/MCFE

(2)
(1)
(1)
Composite of industry horizontal wells in Barnett
Shale adjusted for RAMs Rawle/Burress well
performance
(2)
As of June 30, 2007
26
Wolfcamp Shale

• Southwest Texas
• Potential high-impact exploration
• RAM has leased optioned 15,000 net acres
• 100 working interest
• Two test wells vertically drilled
• Recovery of frac fluid and testing underway on
  two wells
• If commercial, significant potential upside on 80
  acre spacing
• One horizontal well planned for 2008

27
Liquidity

• Expanded credit facility to 500 million from
  previous 300 million
• Increases borrowing availability to 375 million
  vs. prior 150 million

• Financial Liquidity Analysis
• Cash
• Plus Available Credit Line
• Less Outstanding Credit

11/30/07
9/30/07
(millions)
(millions)
27
8
150
375
(119)
(306)
58
77
Financial Liquidity
(1)
(1)
(1) Excludes a reserve of 9.5 million as
of 9/30/07 and a reserve of 28.4 million as of
11/30/07 for retirement of our 11.5 Senior Notes
due February 2008, and 25.0 million reserve for
PUD drilling over term of loan.
28
Attractive Valuation vs. Peers
EV / Proved Reserves (BOE)(1) (3) (4)
EV as of PV-10(2) (3) (4)

• Represents proved reserves as of most recent SEC
  proved reserve filing for peer firms. RAMs
  proved reserves are combined reserves of RAM at
  6/30/07 and RAMs estimate of Ascents proved
  reserves at 6/30/07.
• Represents PV-10 value as of most recent SEC
  proved reserve filing for peer firms. Rams PV-10
  value is combined value of RAMs PV-10 at 6/30/07
  and RAMs estimate of Ascents PV-10 value at
  6/30/07.
• RAM EV adjusted to reflect offering of common
  stock 2/8/07 and additional common stock and cash
  issued in the acquisition of Ascent at 11/29/07
• Share prices as of close 12/31/07

29
Attractive Valuation vs. Peers
EV / LTM EBITDA (1) (2) (3)
EV / LTM Daily Production (BOEPD)(1) (2) (3)

• EBITDA and Production based on RAM and Ascent
  last 12 months quarter ended September 30, 2007
• RAM EV adjusted to reflect offering of common
  stock 2/8/07 and additional common stock and cash
  issued in the acquisition of Ascent at 11/29/07
• Share prices as of close 12/31/07

30
Attractive Valuation vs. Peers
Price / NAV (1) (2) (3)

• Represents most recent proved reserves and PV-10
  value for peers. RAMs PV-10 value is combined
  value of RAMs PV-10 value at 6/30/07 and RAMs
  estimate of Ascents PV-10 value at 6/30/07.
• Share prices as of close 12/31/07
• 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.

31
Summary of Investment Considerations

• Stable cash flow base
• Compelling valuation vs. peers
• Significant management and technical experience
• Balanced oil natural gas exposure
• Large inventory of growth opportunities
• High degree of operating control
• Proven value creation through both acquisitions
  and drillbit
• Managements substantial ownership of RAM stock
  supports alignment with shareholder interest

32
RAM Energy Resources, Inc.
TM

33
APPENDIX
34
Derivative Positions
(1)
(1) As of December 31, 2007 (2) Crude oil floors
and ceilings and natural gas floors and ceilings
cover the calendar year 2008. Crude oil bare
floors cover calendar year 2008. Crude oil
floors and ceilings for 2009 cover the calendar
year. Natural gas floors and ceilings for
2009 cover January through September. Crude oil
bare floors cover January through June 2009.
Crude oil secondary floors for 2009 cover
January through March. Crude oil floors and
ceilings for 2010 cover January through
March.
35
RAM / Ascent Merger

• Acquisition with Ascent closed November 29, 2007
• The purchase price at closing totaled
  approximately 286 million and consisted of
  190 million in cash the issuance of 18.8 million
  shares of RAM common stock and the issuance of
  6.2 million RAM warrants
• At close RAM common shares outstanding totaled 60
  million and warrants outstanding totaled 18.9
  million

36
Estimates of Proved Reserves by Field
37
RAM Energy Resources, Inc.
TM