RAM Energy Resources, Inc.

1
RAM Energy Resources, Inc.
TM
Dahlman Rose Co. Energy Supply Chain Conference

March 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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Operating Highlights

• 4Q 2007 production volumes grew 37 to 436 MBOE
  vs. 4Q 2006
• Average daily production in 4Q 2007 was 4,739 BOE
  vs. 4Q 2006 level of 3,446 BOE
• 2007 total production rose 10 to 1.4 MMBOE vs
  1.3 MMBOE in 2006

• Average daily production for December 2007, first
  full month of production following acquisition of
  Ascent, was 6,580 BOE
• Preliminary 2008 capital spending budget of 80
  million targets growth in production and reserves
• 110,685 total net undeveloped conventional and
  unconventional acres represent potential
  opportunities for future growth

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Operating Highlights 2008 Growth Projects

• South Texas
• 2 wells drilled and producing
• 1 well drilling
• 7 additional wells to drill
• Barnett Shale activity accelerating
• 3 wells awaiting pipeline connection
• 1 well awaiting completion
• 1 well drilling
• 5 wells proposed
• West Virginia
• rig contracted to initiate drilling program
• beginning early second quarter in companys
• Devonian Shale play
• 6 wells permitted
• 8 additional wells programmed for full year

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Operating Highlights2008 Production Maintenance
Projects

• Electra/Burkburnett
• drilling five wells per month with company owned
  rig
• recompletion program underway
• Fitts/Allen
• 1 well drilled awaiting completion
• 11 wells scheduled to be drilled
• 1 new disposal well to be drilled

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Company Overview
- Areas of Operation
Rig under contract
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Estimates of Proved Reserves
____________
1) Estimate of RAM proved reserves at 12/31/07
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Company Overview Reserves / Production(1)

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

(1) Using RAM proved reserves at 12/31/07
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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) Estimate of RAM proved reserves as of 12/31/07
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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 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.
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Drilling Success Rate Remains High
Total Wells Drilled
Wells Drilled 2007
1987- 2007
(1)
(1)
591
Producers
69
48
Dry Holes
7
5
3
Drilling or Completing
81
642
Total
Success Ratio
91
(2)
92
(1) Gross wells drilled - RAM prior to
Acquisition of Ascent
(2) Excluding wells in progress
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South Texas Growth Driver
Vicksburg
Wilcox

• PUD Inventory of 18 locations

• One well completed prior to year-end 2007
• Garza Hitchcock 12 initial daily flow rate of
  1,947 Mcfe
• Two wells drilling/completing
• Garza Hitchcock 13 completed with initial daily
  flow rate of 2,748 Mcfe
• Garza Hitchcock 11 spud early February and is
  nearing total depth
• RAM is operator with 100 Working Interest
• 2008 CAPEX 19.0 million
• 7 additional wells planned
• Represents 20 of total 2008 CAPEX

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Barnett Shale - Growth Driver

• 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
• Current Activity
• 11 producing wells
• 4 wells completing/waiting on pipeline
• 1 well drilling
• 5 wells proposed
• 31 future locations
• 2008 CAPEX 10 million

Core
Tier 1
Tier 2
RAMs Barnett Shale operating area
Newly acquired acreage
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Barnett Shale (Devon Area) Growth Driver Rawle
/ Burress Lease

• Approximately 1,531 gross (551 net) acres
• 6 wells producing
• Etta Burress 2-H and 4-H horizontal wells
  drilled
• Simul-frac completion
• Awaiting pipeline connection
• Etta Burress 3-H horizontal well, awaiting
  completion
• Molloy 1-H horizontal well, spud early March
• Devon has proposed 4 additional horizontal wells
• RAM WI 36
• Continuous drilling clause in participation
  agreement

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Barnett Shale (EOG Area) Growth Driver

• Approximately 23,500 gross acres (5,600 net)
• RAM WI 24
• RAM has proposed five wells to EOG EOG has
  elected to participate and operate all five
• One well awaiting pipeline connection
• Dethloff 1-H
• One well pending Brown 2-H
• 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
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Devonian Shale Play West Virginia

• RAM is operator with 100 Working Interest
• Approximately 47,000 gross (45,000 net) leasehold
  acres
• 2008 CAPEX 19.0 million
• first well to spud early second quarter
• 6 wells permitted with rig under contract
• 8 additional wells scheduled for 2008
• represents 24 of total 2008 CAPEX

RAM Existing Wells
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Devonian Shale Play West Virginia
Rig contracted to commence drilling on initial 6
well program first well to spud early second
quarter.
RAM owned gathering system
RAM Existing Wells
Cabot Existing Wells
RAM Acreage
Cabot Acreage
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Electra / Burkburnett North Texas

• Proved Reserves of 9.4 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 150 locations
• Three year drilling inventory at 2008 planned
  activity level
• Multiple year inventory of non-PUD well locations
• 2008 CAPEX 7.5 million
• 60 wells planned

(1) At 12/31/07
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Oklahoma

• PUD Inventory of 57 locations
• 2008 CAPEX 7.5 million
• 1 well drilled awaiting completion
• 11 wells scheduled to be drilled
• 1 new disposal well to be drilled
• Represents 9 of total 2008 CAPEX
• RAM is operator with 97 Working Interest

Fitts Field
Allen Field
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PUD
Injectors
10
PDP
60
PUD WF
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Liquidity

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

(1)

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

12/31/07
(millions)
6
375
(334)
Financial Liquidity
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1) Borrowing base using 6/30/07 mid-year reserve
report
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Attractive Valuation vs. Peers
Price / NAV (1) (2) (3)

• Represents most recent proved reserves and PV-10
  value for peers. RAMs PV-10 value at 12/31/07.
• Share prices as of close 03/04/08.
• 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.

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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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Derivative Positions
(1)
(1) As of February 29, 2008 (2) Crude oil floors
and ceilings and natural gas floors and ceilings
cover March through December 2008. Crude oil
bare floors cover March through December
2008. Crude oil floors and ceilings for 2009
cover the calendar year. Natural gas floors
and ceilings for 2009 cover January through
October. 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.
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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
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Company Overview Reserves / Production(1)
Percent of Total Reserves by Area / Field(1)
Production by Area / Field(2)
1) Using RAM proved reserves at 12/31/07 2)
Production mix as of December 2007
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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
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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

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Attractive Valuation vs. Peers
EV / Proved Reserves (BOE)(1) (3) (4)
EV as of PV-10(2) (3) (4)

1. Represents proved reserves as of most recent SEC
   proved reserve filing for peer firms. RAMs
   proved reserves as of 12/31/07.
2. Represents PV-10 value as of most recent SEC
   proved reserve filing for peer firms. RAMs PV-10
   value as of 12/31/07.
3. 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
4. Share prices as of close 03/04/08

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

1. EBITDA and Production based on RAMs last 12
   months and Ascent December production.
2. 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
3. Share prices as of close 03/04/08

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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

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RAM Energy Resources, Inc.
TM