October 2009 Johnson Rice & Co. LLC Energy Conference

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 RAM’s 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, management’s 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 RAM’s expectations (“Cautionary Statements”) include, without limitation, the actual quantities of RAM’s oil and natural gas reserves, future production levels, future prices and demand for oil and natural gas, the results of RAM’s 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 RAM’s behalf, are expressly qualified in their entirety by the Cautionary Statements. 2

RAM’s Strategy Follow a balanced risk strategy aimed at enhancing stockholder value by increasing net asset value, net reserves and cash flow per share through acquisitions, development, exploitation and exploration Fund non-acquisition capital programs with operating cash flow Hedge to ensure predictable cash flow Concentrate on existing core areas of Texas, Oklahoma and Louisiana – geographically focused Develop and exploit existing oil and natural gas properties – deep inventory of project locations a source of growth Complete selective acquisitions and divestitures Maintain an emphasis on exploration activity to build new opportunities 3

South Texas Gas Geographically Focused Areas of Operation Appalachian Devonian Shale (Middle Huron) Fitts-Allen Electra/ Burkburnett North Texas Gas Lacopita Louisiana = Rig working/planned area of focus in 2009 capital budget 14% 22% 12% 10% Proved Reserves of 36.2 MMBOE (1) Five Key Areas = 85% _______________ (1) At 12/31/08 27% 4

Oil and Liquids Rich Reserve Base (1) Based on RAM’s proved reserves at 12/31/08 (2) Based on RAM 2Q09 production mix Oil and liquids account for 53% of proved reserves 59% of production is based on price of oil 5

Balanced Hydrocarbon Base Reserves / Production 1) Proved reserves at 12/31/08 2) Developing fields consist of interest in South Texas, Barnett Shale, Appalachia 3) Mature oil fields consist of interests in Electra/Burkburnett field, Allen/Fitts fields and other various smaller fields 4) RAM produced 1,307 MBOE during first half 2009 Percent of Total Reserves by Area / Field (1) Production by Area / Field (4) (2) (3) 6

RAM 2009 Guidance (1)(2) Production (MMBOE): EBITDA ($MM): Interest ($MM): CAPEX ($MM): Asset sales ($MM): (3) 1) Assumes existing realizations remain in tact for 2H ) Based on NYMEX strip pricing for oil and natural gas and derivatives in force at 6/30/09 3) Closed non-strategic asset sales totaling $6.0 million through August H09 Target Actual 7

Substantial Inventory of Projects (1) RAM has deep inventory of project locations Virtually all acreage associated with inventory is held by production and not significantly at risk of lease expiration. 1) Project locations estimated at 7/30/09 8

Recent Drilling Achievements Consistent with Long and Successful Track Record (2) Excluding wells in progress (1) Gross wells drilled (based on spud date) 100% 93% (1) Total Wells Drilled H 2009 Producers Dry Holes Drilling or Completing Total Success Ratio (2) 0 2 Wells Drilled 1H 2009 (1) Wells Drilled % 9

Derivatives Used to Support Predictable Cash Flow (1) Derivative strategy aims at supporting predictable cash flow through use of collars and bare floors Second Half 2009 Derivative positions of oil are approximately equal to 80% of projected oil and NGL production in 2H09 with hedges at an average floor price of $65.00 Derivative positions of gas are approximately 65% of projected gas production in 2H09 with hedges at an average floor price of $4.55 per Mcf 2010 Hedges RAM has total of 957,500 barrels of oil or 2,623 barrels per day of production hedged at an average floor price of $58.48 RAM has a total of 3.6 BCF of natural gas, or 9,904 MCF per day, hedged at an average floor price of $4.70 per MCF Total 2010 positions equate to approximately 1.6 MM BOE or about 64% of total 2009 targeted production. 1) Derivative positions at 6/30/09 10

11 RAM borrowing base under existing facilities is $288 MM RAM’s lenders reaffirmed company’s existing borrowing base of $175 MM on its revolving credit facility as a result of the company’s regularly scheduled semi-annual borrowing base redetermination based on the estimated value of proved reserves at June 30, Funds advanced under revolver may be paid down and re-borrowed during term of agreement which matures in November Outstanding balance under revolver $142.0 MM at 6/30/09 -Revolver’s remaining availability at 6/30/09 is $32.8 MM Term loan portion of facility is $113.4 MM at 6/30/09 with maturity at November 2012 Reaffirmation aided by RAM’s asset mix and cash flow yield -60% proved reserves categorized as PDP -59% of production revenue driven by price of oil RAM Borrowing Base Reaffirmed Provides Liquidity and Flexibility

Ample Liquidity (1)Ascent acquisition closed November 29, 2007 (2)Margin call deposits for derivative obligations designated in red (3)Litigation escrow restricted cash designated in yellow was settled on 4/7/09 (4)RAM borrowing base under existing credit facilities is $288 MM; $255.4 MM outstanding at 6/30/09 (1) (2) Liquidity remains ample at $32.8 MM at 6/30/09 (3) 12

Total Debt (1)Ascent acquisition closed November 29, 2007 (2)At 6/30/09 (3)RAM long-term debt at 6/30/09 divided by year-end 2008 proved reserves (4)Sources: Jefferies High Yield E&P group median book value of debt/BOE at 3/31/09 (1) Total debt continues to decline compared to year ago levels Proceeds from asset sales and any cash flow in excess of CAPEX to be applied to debt reduction RAM borrowing base under existing facilities is $288 MM ­Revolver; $142 MM outstanding (2) -Term; $113 MM outstanding (2) RAM’s debt of $7.06 (3) per BOE of proved reserves is consistent with median debt per BOE of $6.99 in E&P group (4) 13

RAM renegotiated certain covenant and related terms of credit facility with commercial lenders Objective: Provide greater flexibility in certain covenants facilitating execution of planned capital budget in Amendment helps ensure compliance by RAM with certain financial covenants through remaining term of facility -Maximum leverage ratio -Minimum asset coverage -Loosens language restricting asset sales -Relaxes definition of EBITDA In Exchange: Increase in blended interest rate -Increase in base cash interest by 100 basis points -Establish LIBOR floor of 150 basis points -Pay additional 2.75% in PIK interest on term loan RAM Amends Senior Credit Facility Now Previous 4.75:1 4.00:1 1.50:1 1.75:1 14

Attractive Valuation (1)Prices as of 9/25/09 (2)Cash flow per share estimates from Thomson Reuters consensus estimates as of 9/22/09 RAM shares sell at significant discount to group average of 5.46X X 15

Target – sustain value while focusing on opportunity in current environment 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 Attractive valuation; current stock price is 1.8X annualized 1H09 free cash flow (1) Management’s substantial ownership of RAM stock supports alignment with shareholder interest Nearly 20 years history as a successful private entity prior to becoming a public company in 2006 Summary of Investment Considerations (1)Based on share price at 9/21/09 16

RAM Energy Resources, Inc.

APPENDIX 18

Increased production -2Q09 production totaled 652 MBOE, a 1.2% increase over 644 MBOE in 2Q08 -Brings total 1H09 production to 1.3 MMBOE a 4% increase vs. 1H08 -Reiterates target 2009 production of 2.5 MM BOE Lower hydrocarbon prices compared to last year Impact of price decline ameliorated by cash effect of settlement of derivative positions; received price raised by $16.37 per BOE to $52.40 per BOE Second Quarter

Expenses -Production expenses $13.99 per BOE, 5% below $14.69 per BOE in 2Q08 -Production taxes declined nearly 73% to $1.42 per BOE compared to $5.19 per BOE in 2Q08, principally due to lower commodity prices -G&A fell 32% to $3.7 million in 2Q09 vs. $5.5 million in 2Q08, product of continued focus on cost reduction; 1)Accounting function consolidation, 2)Lower employee related costs, 3)Lower professional fees -Interest expense per BOE declined 42% to $3.6 million from $6.2 million; Decrease in average indebtedness, Lower blended interest rate of 5.7% vs. 11.3% in 2Q08, EBITDA of $20.3 million 2Q09 vs. $32.0 million 2Q08 Free Cash Flow of $16.9 million, or $0.23 per share vs. $24.8 million, or $0.36 per share, in 2Q08 Second Quarter

1)Economics based on NYMEX Strip price at 6/30/09. 2)Calculated rate of return and CAPEX are shown for 100% of working interest. 3)EUR is estimated ultimate recoverable hydrocarbons to the 8/8 interest. 4)F&D is finding and development cost net to RAM based upon its working interest in the property. 5)260 wells drilled since acquisition of the property in 2004 Type well and Economics Mature Oil Fields - Electra / Burkburnett Wichita / Wilbarger counties Texas 21

1)Economics based on NYMEX Strip price at 6/30/09. 2)Calculated rate of return and CAPEX are shown for 100% of working interest. 3)EUR is estimated ultimate recoverable hydrocarbons to the 8/8 interest. 4)F&D is finding and development cost net to RAM based upon its working interest in the property. Type well and Economics Mature Oil Fields - NE Fitts (East) 22

1)Economics based on NYMEX Strip price at 6/30/09. 2)Calculated rate of return and CAPEX are shown for 100% of working interest. 3)EUR is estimated ultimate recoverable hydrocarbons to the 8/8 interest. 4)F&D is finding and development cost net to RAM based upon its working interest in the property. Type well and Economics Developing Fields - La Copita - Vicksburg Formation Star County Texas 23

Barnett Shale - Newark East Field Jack and Wise counties, TX 1)Economics based on NYMEX Strip price at 6/30/09. 2)Calculated rate of return and CAPEX are shown for 100% of working interest. 3)EUR is estimated ultimate recoverable hydrocarbons to the 8/8 interest. 4)F&D is finding and development cost net to RAM based upon its working interest in the property. Type well and Economics Developing Fields - 24

Derivative Positions (1) 1) Derivative positions at 6/30/09 25

Production Volumes by Major Fields Production by Areas Six Months Ended June 30, 2009 * Includes Electra/Burkburnett, Allen/Fitts and Layton fields. 26

27 Reconciliation of EBITDA & Free Cash Flow Non-GAAP Financial Measures EBITDA, a non-GAAP measure, is determined by adding the following to net income (loss): interest expense, capitalized PIK interest, amortized deferred loan costs, income taxes, depreciation, amortization, accretion, share based compensation, impairment charges, unrealized gains or losses on derivatives and MTM settlement charges. Free cash flow is also a non-GAAP measure representing EBITDA after adjustments for the cash portion of interest and income taxes. Adjusted net income is a non-GAAP measure which excludes the income tax affected impact of unrealized derivative gains or losses, MTM settlement charges and impairment charges on GAAP income. These non-GAAP measures are 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). These non-GAAP measures are widely accepted as financial indicators of an oil and gas company’s ability to generate cash used to internally fund exploration and development activities and fund debt service costs. These non-GAAP measures are 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.

RAM Energy Resources, Inc.