RAM Energy Resources, Inc.

1
RAM Energy Resources, Inc.
TM
Second Quarter 2007 Review

August 9, 2007
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
Highlights

• RAMs production for the quarter was 337,000
  barrel equivalents (BOE), an
• increase of nearly eight percent sequentially
  from the 1Q07 production level of
• 313,000 BOE. Daily production for the second
  quarter
• averaged 3,706 BOE compared to first
  quarters daily production average of
• 3,478 BOE.
• Income for second quarter was 902,000, or 0.02
  per share, compared to a loss
• of 3.1 million in the year ago quarter.
• Drilling activity to support production growth
  continues to advance
• RAM participated in the drilling of 16 gross (16
  net) development wells, 12 of
• which are capable of commercial production and
  four gross (four net) were
• drilling, testing or completing at June 30.
  RAM also participated in five
• gross (0.9 net) exploratory wells of which two
  gross (0.4 net) are producing
• and three gross (0.5 net) were completing at
  the end of the second quarter.

4
Highlights

• Barnett Shale Two wells were completed and
  posted the best initial production rates tested
  by the company in any of their Barnett Shale
  wells to date
• Ashe C 1H daily gross initial production 2.55
  MMcfe (0.38 MMcfe net)
• T.L. Dickenson 1-H daily gross initial
  production 4.30 MMcfe (1.23 MMcfe net)
• The companys most recent well proposed to EOG
  Resources, Inc. spud in late July and is
  currently drilling. The Dethloff 1H well is the
  second RAM-proposed well that EOG has drilled
  this year. In addition, EOG has elected to drill
  and participate as operator in each of three
  additional wells proposed by RAM in jointly held
  Barnett Shale leases.
• Mid-year reserve review of Barnett Shale
• 9 PUDs booked supported by drilling activity vs.
  5 PUDs at year-end 2006
• 15 probable locations
• 7 possible locations
• 1 well currently drilling, Dethloff 1H
• Inventory of 32 projects potentially to support
  future growth

5
Highlights

• Arkoma Basin Two Chesapeake-operated wells were
  also completed during 2Q07, Weyerhaeuser 8-22
  and Weyerhaeuser 10-22
• Net daily production from Ashe C 1H, T.L.
  Dickenson and two Weyerhaeuser wells totaled
  about 376 BOE at June 30, 2007.
• Subsequent to June 30, 2007, RAMs credit
  facility was amended. The effect of the
  amendment was to raise borrowing availability to
  150 million from the previous level of 140
  million, lower interest charged on existing
  outstanding balances and improve certain other
  covenants. As a result, liquidity is currently a
  substantial 60 million.

6
Drilling Success Rate Remains High
Total Wells Drilled
1st Half 07
1987- YTD 2007
(1)
550
Producers
30
43
Dry Holes
2
7
7
Drilling or Completing
39
600
Total
Success Ratio
94
(2)
93
(1) Gross wells drilled
(2) Excluding wells in progress
7
Sequential Quarterly Results
(1)
Oil (thousand Bbl)
Gas (MCF)
BOE (thousands)
NGL (thousand Bbl)
684
186
337
37
181
313
35
582
2Q07 1Q07 2Q07 1Q07
2Q07 1Q07 2Q07 1Q07
Up 8
Up 18
Up 6
Up 3
(1) As reported
8
Second Quarter Production
(2Q07 VS 2Q06)
Oil (thousand Bbl)
Gas (MCF)
BOE (thousands)
NGL (thousand Bbl)
684
202
337
37
186
329
32
566
2Q07 2Q06 2Q07 2Q06
2Q07 2Q06 2Q07 2Q06
Up 2
Up 21
Up 16
Down 8
9
Realized Prices(2Q07 VS 2Q06)
Oil (Per Bbl)
NGL
Gas (Per Mcf)
BOE
(Per Bbl)
54.70
6.70
67.35
44.64
5.54
53.06
62.54
38.21
2Q07 2Q06 2Q07 2Q06
2Q07 2Q06 2Q07
2Q06
Up 17
Up 21
Down 3
Down 7
10
Second Quarter Results(2Q07 VS 2Q06)
( In Millions)
(3)
(1)
(2)
Net Income Per Share (Loss)
(1)
Non-GAAP
Oil Natural Gas Sales
Net Income (Loss)
Cash Flow From Operations
(1)
6.0
18.0
.902
.02
4.0
17.9
(0.10)
(3.1)
2Q07 2Q06 2Q07 2Q06
2Q07 2Q06 2Q07 2Q06
(1) Includes pre-tax realized and
unrealized derivative gains and losses.
(2) 2Q 2006 per share result was restated
to a loss of 0.10 per share. The 2Q 2006 per
share result was originally reported as a loss of
0.13 per share.
(3) Cash flow is a non-GAAP measure. See
appendix for a reconciliation of this non-GAAP
measure to the corresponding GAAP
amount.
11
2007E Non-Acquisition Capital Expenditure Detail
(1)

• Non-Acquisition CAPEX of approximately 5.4
  million in 2Q07
• brings YTD total to 9.9 million

36.3 Million
Proved Drilling Cap Ex
Non-Proved Drilling Cap Ex
Non-Drilling Cap Ex
(1)
Excludes acquisition of properties located in
Southeast New Mexico and West Texas for 18.7
million which closed May 15, 2007.
12
Liquidity

• Recent amendment to credit facility
• Increases borrowing availability to 150 million
  vs. prior 140 million
• Reduces interest rate margin applied above
  companys LIBOR base
• on existing balances
• Improvement in certain covenants of credit
  agreement

6/30/07 Pro Forma Amendment to Credit
Facility

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

6/30/07
(millions)
(millions)
29
29
140
150
(119)
(119)
50
60
Financial Liquidity
(1) 300 million Sr. Secured Credit Facility with
initial borrowing limit of 150 million
provides expanded financial flexibility for growth
13
Barnett Shale

• Jack and Wise Counties, Texas
• 27,700 gross/6,800 net acres
• All acreage is held by production
• 90 of acreage is in Core area
• 325 potential horizontal drilling locations on
  80-acre spacing
• 11 gross producing wells existing
• Project inventory/near-intermediate term upside
  potential
• 9 PUD locations
• 15 probable seismic locations
• 7 possible seismic locations
• 1 well drilling
• 32 total additional locations identified to date

Core
Tier 1
Tier 2
RAMs Barnett Shale operating area
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Barnett Shale (EOG Area)

• Approximately 23,500 gross acres
• (5,600 net) RAM WI24
• More than 290 potential drilling
• locations on 80-acre spacing
• Two producing wells Ashe 1H,
• and Ashe C 1-H
• Ashe C 1-H completed 2Q07, IP 2.55 MMcfe/d gross
  (0.38 MMcfe/d net) currently producing at 1.1
  MMcfe/d gross (0.16 MMcfe/d net)
• One well, Dethloff 1H, currently drilling
• RAM has proposed five wells to EOG this year EOG
  has elected to participate and operate all five
• One PUD location booked to date
• Sealy C-1H
• 37 square miles of 3-D seismic
• Additional 60 square miles planned for 2007
• Ongoing seismic review supports 20 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
Planned 2007
Producing
Proposed
15
Barnett Shale (Devon Area)

• Approximately 3,500 gross acres (1,200 net) RAM
  WI36
• More than 35 potential drilling locations on
  80-acre spacing
• 8 producing wells to date
• TL Dickenson 1H, completed 2Q, IP 4.30 MMcfe/d
  gross (1.23 MMcfe/d net), currently producing
  2.78 MMcfe/d gross (0.80 MMcfe/d net)
• 8 PUD locations booked to date
• 8 square miles of 3-D seismic
• Ongoing seismic review supports 3 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 - (Rawle 4H, Rawle A 1H, Burress Unit 1H,
Burress Unit 2H, Etta Burress 1H,
North of Paradise 1H, Fitzgerald 5H, TL Dickenson
1H )
PUD - (Etta Burress 2-H, Etta Burress 3H, Etta
Burress Unit 4H, North of Paradise
2H, Fitzgerald 5-2H, Buress Unit 3H, Burress Unit
4H, and Rawle 5H.)
16
Barnett Shale (Devon Area) Rawle / Burress Lease

• 8 wells drilled and completed
• Average initial production 1,921 MCFEPD
• Average EUR 1.8 Bcfe
• Average well cost 1.8 MM

(2)
(2)
(1)
(1)
Composite of industry horizontal wells in Barnett
Shale adjusted for RAMs Rawle/Burress well
performance
(2)
As of year end 2006
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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

18
RAM Energy Resources, Inc.
TM

19
APPENDIX
20
Derivative Positions
(1)
(1) As of July 31, 2007 (2) Crude oil floors and
ceilings for 2007 cover August through December.
Natural gas floors and ceilings for 2007 cover
September through December. Natural gas
secondary floors for 2007 are for September and
October. Crude oil floors and ceilings for 2009
cover calendar year. Natural gas floors and
ceilings for 2009 cover January through
September. Crude oil secondary floors for 2009
cover January through March.
21
Production Volumes and Expenses
22
Net Realized Prices Before/After Derivatives
23
Production Volumes and Expenses
24
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. In addition, non-GAAP cash flow is
further adjusted to exclude the impact of
realized 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 companys 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.
25
Cash Flow
Reconciliation of cash flow from operations (a
non-GAAP measure)
to GAAP cash flow from operating activities
June 30 2007
June 30 2006
(in thousands)
(in thousands)