January 2010 Pritchard Capital Energize 2010 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 2010 capital budget 14% 22% 12% 10% Proved Reserves of 34.8 MMBOE (1) Five Key Areas = 85% _______________ (1) At 12/31/08 27% 4

Oil and Liquids Rich Reserve Base (1) Based on RAM’s oil and gas sales thru 9/30/09 (2) Based on RAM’s 3Q09 production mix (3) Based on RAM’s proved reserves at 12/31/08 61% of production is based on price of oil Oil and liquids account for 77% of sales (1) Oil and liquids account for 53% of proved reserves 5

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 9/30/09 6

Recent Drilling Achievements Consistent with Long and Successful Track Record (2) Excluding wells in progress (1) Gross wells drilled (based on spud date) through 12/18/09, estimates thereafter 100% 94% (1) Total Wells Drilled Producers Dry Holes Drilling or Completing Total Success Ratio (2) 0 1 (1) % 2009 E Wells Drilled 2008 Wells Drilled 7

2010 Capital Expenditure Budget (1) Assumes average pricing of $72.00/Bbl for oil and $5.60/Mcf for natural gas in 2010 (1) 8 A 50% increase over 2009 targeted amount Funded from internally generated sources (1)

Economics of 2010 Drilling CAPEX 9

South Texas – La Copita Well IP Rates 10

Exploration – Osage Concession square mile concession area in N.E. Oklahoma -Exclusive rights to lease entire concession -RAM has prepaid rights to 28 parcels of 160 acres each Initial seismic acquisition covering 25 square miles completed -Completing working analysis on initial seismic Predominately an oil play Initiate drilling 1Q budget includes preliminary plans for 3 vertical wells and 2 horizontal wells Potential to repeat if initially successful

RAM Historical Production Growth; 2009 and 2010 Targets RAM Historical Production Growth; 2009 and 2010 Targets (1) 2009 production target, reaffirmed 12/01/09 (2) 2010 production target, established 12/01/09 (1) E E CAPEX budget targets production growth of 4 – 6%

RAM 2009 & 2010 Guidance Production (MMBOE): – 2.65 EBITDA ($MM): – Cash Interest ($MM): (2) – – 17.5 CAPEX ($MM): – Asset sales ($MM): 6.0 (3) 5 – ) Assumes pricing averaging $72.00/Bbl for oil and $5.60/MCF for gas as well as derivatives in force at 11/30/09 2) Cash pay interest only, excludes PIK interest and amortization of prepaid bank fees. 3) Closed non-strategic asset sales totaling $6.0 million through August 9 Mths Actual Target Target (1) 13

RAM 2010 Derivative Positions Compared to Target Production (1) 1) At 12/31/ positions consist of 957,000 Bbls oil, or 2,632 BOPD of production hedged at an average floor price of $58.48/Bbl 3.9 BCF, or 10,740 Mcf/d of gas hedged at an average floor price of $4.73/Mcf Total 2010 derivatives in force amount to 61% of targeted production

Ample Liquidity (1)Margin call deposits for derivative obligations designated in red (2)Litigation escrow restricted cash designated in yellow was settled on 4/7/09 (3)RAM borrowing base under existing credit facilities is $285.5 MM; $135.0 MM and $110.5 MM outstanding respectively at 12/31/09 under company revolver and term loan. (4)However advances of more than $163.3 MM at 9/30/09 on the revolver would have been restricted by a financial ratio covenant under the company’s facility (2) Liquidity remains ample at $40.0 MM at 12/31/09 (3)(4) (4) 15 (1) (2) (1)

Total Debt (1)At 12/31/09 (2)Revolver; $135 MM outstanding at 12/31/09 (3)Term; $110.5 MM outstanding at 12/31/09 RAM borrowing base under existing facilities is $285.5 MM (1) 16

Attractive Valuation Price/Cash Flow (1)Prices as of 12/10/09 (2)Cash flow per share estimates for 2010 from Thomson Reuters consensus estimates as of 12/10/09 RAM shares sell at significant discount to group average of 4.33X X 17

Re-kindle production growth with 50% increase in non-acquisition capital spending from internally generated sources Large inventory of low risk opportunities capable of rapid returns Stable cash flow base supported by substantial inventory of projects High degree of operating control and “held by production” properties Proven value creation through both acquisitions and drillbit -76% of 2010 CAPEX targets near term growth Attractive valuation; current stock price is 1.2X annualized nine months 2009 free cash flow (1) Management’s substantial ownership of RAM stock supports alignment with shareholder interest Summary of Investment Considerations (1)Based on share price at 12/10/09 of $1.59 and nine months reported free cash flow of $33.7 MM, or $0.45 pre share 18

RAM Energy Resources, Inc.

APPENDIX 20

La Copita - Type well Economics Vicksburg Formation Star County Texas 21 Developing Field – South Texas 4Q09 Activity to jumpstart 2010 program -Garza Hitchcock #19: IP 2,187 MCF BC per day -Brannan #7: IP 2,604 MCF + 25 BC per day -Rich liquids stream boosts initial well revenue ECONOMICS: -ROR(%) EUR (BCFE) 1.9 -CAPEX (M$)2,400 -F&D ($/MCFE) $1.26 (1)Well economics based on 3 year NYMEX strip prices prevailing at 9/30/09 and assumed 100% WI (2)RAM operates

Mature Oil Fields – North Texas 22 Electra / Burkburnett – Type well Economics (1)Well economics based on 3 year NYMEX strip prices prevailing at 9/30/09 and assumed 100% WI (2)RAM operates ECONOMICS: -ROR(%)100 -EUR (MBOE) CAPEX (M$)150 -F&D ($/BOE) $9.87

Mature Oil Fields – Oklahoma 23 NE Fitts - Type well economics Hunton Formations (1)Well economics based on 3 year NYMEX strip prices prevailing at 9/30/09 and assumed 100% WI (2)RAM operates ECONOMICS: -ROR(%) EUR (MBOE) 24 -CAPEX (M$) 400 -F&D ($/BOE) $16.67

Mature Oil Fields – Oklahoma 24 NE Fitts (East) - Type well economics Wooley- offset (1)Well economics based on 3 year NYMEX strip prices prevailing at 9/30/09 and assumed 100% WI (2)RAM operates ECONOMICS: -ROR(%)100 -EUR (MBOE) 32 -CAPEX (M$) 300 -F&D ($/BOE) $9.38

Developing Fields - Barnett Shale 25 (1)Well economics based on 3 year NYMEX strip prices prevailing at 9/30/09 and assumed 100% WI Newark East Field - Type Well Economics Jack and Wise County, TX ECONOMICS: -ROR(%) EUR (BCFE) 1.9 -CAPEX (M$) 2,600 -F&D ($/MCFE) $1.37

Derivatives Used to Support Predictable Cash Flow Through Use of Collars and Bare Floors (1) Fourth Quarter ,000 Bbls of oil, or 3,000 Bbls per day, hedged at an average floor price of $ BCF of natural gas, or 13,000 Mcf per day hedged at an average floor price of $5.00 per Mcf 2010 Positions 957,500 barrels of oil or 2,623 barrels per day of production hedged at an average floor price of $ BCF of natural gas, or 10,740 MCF per day, hedged at an average floor price of $4.73 per MCF 2011 Positions 271,500 barrels of oil, or 744 barrels per day of production hedged at an average floor price of $60.00 per barrel. 1.8 BCF of natural gas or 4,959 MCF per day hedged at an average floor price of $5.00 per MCF 1) Derivative positions at 12/21/09 26

Derivative Positions (1) 1) Derivative positions at 12/21/09 27

Production -3Q09 production totaled 630 MBOE, a 2% decrease over 645 MBOE in 2Q08 -Approximately one-half of the decline in the quarter to quarter comparison is attributable to the previously announced sale of approximately 140 BOE per day of production, impacting two months in the third quarter of Brings total nine months production to 1.94 MMBOE, up 2% from 1.90 MMBOE during the same period in Reiterates target 2009 annual production of 2.5 MM BOE Lower hydrocarbon prices compared to last year Third Quarter

Expenses -Production expenses $15.51 per BOE, 3% above $15.08 per BOE in 3Q08 -Production taxes declined nearly 57% to $2.10 per BOE compared to $4.76 per BOE in 3Q08, principally due to lower commodity prices -G&A fell 14% to $4.2 million in 3Q09 vs. $5.0 million in 3Q08, product of continued focus on cost reduction; 1)Accounting function consolidation, 2)Lower employee related costs, 3)Lower professional fees -Interest expense rose 17% to $5.6 million from $4.8 million; Increase in average indebtedness, Higher blended interest rate of 8.9% EBITDA of $11.1 million 3Q09 vs. $31.5 million 3Q08 Free Cash Flow of $8.7 million, or $0.12 per share vs. $26.7 million, or $0.35 per share, in 3Q08 Third Quarter

Impact of Restatement No impact to cash flow or EBITDA from restatement Restatement resulted in increased net income for 2008 and through first nine months of )Inadvertent inclusion of uneconomic reserves in preparation of year-end 2008 reserves as well as internal estimates of reserves at March 31, 2009 which were utilized in connection with preparation of financial statements caused such statements to be erroneous in certain respects which were subsequently corrected through a restatement summarized above. 30

Production Volumes by Major Fields Production by Areas Nine Months Ended September 30, 2009 * Includes Electra/Burkburnett, Allen/Fitts and Layton fields. 31

RAM Energy Resources, Inc.