RAM Energy Resources, Inc.

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RAM Energy Resources, Inc.
2009 IPAA OGIS Florida Small Cap Energy
Conference

February 18, 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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Company Overview
- Areas of Operation
Rig working/planned Area of focus in
preliminary 2009 capital budget
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RAM Preliminary 2009 Capital Expenditure Plan

• Consistent with RAMs historical strategy,
  non-acquisition capital expenditures in 2009
  remain within cash flow
• Aim is to offset production decline while keeping
  flexibility in uncertain and volatile hydrocarbon
  price environment
• Focus spending on lower risk development projects
  with high internal rate of return and quick
  payback
• Mature oil fields of Electra/Burkburnett, N.E.
  Fitts and Allen
• South Texas continue successful development of
  La Copita and West Lissie areas
• Other strategic projects positioning for 2010
• Seismic
• Osage Concession

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RAM Preliminary 2009 Capital Expenditure Plan

• Assumptions (1)
• Year-end 2008 oil, gas and NGL strip prices of
  53/Bbl, 6/Mcf and 34/Bbl respectively
• Implied gains of 16 - 18 MM from derivative
  positions in place at 12/31/08
• Asset sales of 5 - 10 MM
• Interest expense of 17 - 18 MM
• Targets
• Production flat with 2008 level
• EBITDA of 60 - 65 MM
• CAPEX program 40 - 45 MM
• Voluntary debt repayment 8 - 12 MM
• Immediately accretive

1) Assumes existing realizations and derivatives
in force at 12/31/08 remain intact for 2009 year
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RAM Three Year Production Growth
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Derivative Positions

• For calendar year 2009 RAM has total of 1,048,500
  barrels of oil or 2,873 barrels per day of
  production hedged at an average floor price of
  64.11
• RAM also has a total of 4.6 BCF or 12,570 MCF per
  day of its natural gas production hedged at an
  average floor price of 7.12 per MCF for 2009

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Mature Oil Fields - North Texas Electra /
Burkburnett

• 2009 CAPEX 8 million plus
• 48 wells planned
• PUD Inventory over 100
• locations
• Two year drilling inventory at 2008 planned
  activity level
• Multiple year inventory of non-PUD well locations

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Mature Oil Fields North Texas Electra /
Burkburnett - Type well Economics Wichita /
Wilbarger counties Texas
(1) Assumed flat pricing for life of production
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Mature Oil Fields Oklahoma Pontotoc County

• 8 wells drilled and completed in 2008
• 2009 CAPEX approximately 1 million
• RAM is operator with 97 Working Interest
• Infill and waterflood reconfiguration program
  under review
• Outperformed last years production forecast

Fitts Field
Allen Field
50
PUD
Injectors
25
PDP
88
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Mature Oil Fields Oklahoma NE Fitts and Allen
FieldsType well Economics
(1) Assumed flat pricing for life of production
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South Texas (1)
Vicksburg
Wilcox

• 6 wells spud during 2008
• Inventory of 27 PUD, 13 Probable, and 31 Possible
  locations
• Six wells completed in La Copita (Vicksburg
  formation), combined average initial daily flow
  rate over 3.0 Mmcf/d (2 5 MM/D range)
• Field revitalization development project (9,800
  Wilcox)
• Wiese 1, testing Gas
• Thomas Trust 1, testing Gas
• Potential for 15 more locations
• RAM is operator with 100 Working Interest in
  most wells

PUD -
27
Probable -
13
_______________ (1) Data as of February 2009
Possible -
31
13
La Copita Field, Texas Vicksburgh Formation Type
well Economics
(1) Assumed flat pricing for life of production
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Total Debt

• Total debt continues to decline compared to year
  ago levels
• RAM borrowing base under existing facilities is
  288 MM
• Revolver 137 MM outstanding (2)
• Term 113 MM outstanding (2)

(1)

• Ascent acquisition closed November 29, 2007
• At 12/31/08

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Interest Expense Moderates

• LIBOR based blended interest rate has continued
  to decline for RAM in concert with recent
  reduction in Fed Funds Rate

(1)

• Ascent acquisition closed November 29, 2007

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Ample Liquidity

• Liquidity remains ample at 37.9 MM at December
  31, 2008
• Revolving facility matures in three years
• Term facility matures in four years

(3)
(2)
(2)
(1)

• Ascent acquisition closed November 29, 2007
• Margin call deposits for derivative obligations
  designated in red
• Litigation escrow restricted cash designated in
  yellow
• RAM borrowing base under existing credit
  facilities is 288 MM 250 MM outstanding at
  12/31/08
• Cash and cash equivalents at 12/31/08 equal 0.2
  MM

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Summary of Investment Considerations

• Target sustain value while focusing on
  opportunity
• Large inventory of low risk opportunities capable
  of rapid returns
• Stable cash flow base supported by substantial
  inventory of projects in mature fields
• High degree of operating control and held by
  production properties absence of significant
  term lease issues
• Proven value creation through both acquisitions
  and drillbit
• Managements substantial ownership of RAM stock
  supports alignment with shareholder interest

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RAM Energy Resources, Inc.
TM