RAM Energy Resources, Inc. TM RAM Energy Resources, Inc. First Quarter 2008 Review May 2008

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.

First Quarter 2008 Highlights First quarter 2008 production volumes grew 96% to 612,000 BOE. Average daily production in the first quarter 2008 was 6,725 BOE vs. first quarter 2007 level of 3,478 BOE. First quarter production also rose 40% compared to production of 436,000 BOE in the fourth quarter of 2007. The average realized price of oil, NGLs and natural gas were substantially higher in the first quarter 2008 vs. first quarter 2007. Oil was $96.17 up 71% NGL was $53.99 up 42% Natural gas was $7.54 up 21% Total/BOE was $71.13 up 47%

First Quarter 2008 Highlights Higher production combined with increased product prices drove oil and gas sales to $43.5 million, 188% above last year’s sales. RAM reported a net loss of $523,000, or $0.01 per share, principally the result of non-cash unrealized derivative losses. Exclusive of the impact of unrealized derivative losses, adjusted net income for the quarter was $2.8 million, or $0.05 per share. Cash flow from operations (a non-GAAP measure) in the quarter was $16.2 million compared to $4.1 million in the first quarter 2007. RAM’s EBITDA for the quarter was $24.0 million. Capital spending for the quarter was $13.2 million.

2008 Operating Highlights (1) 2008 Growth Projects South Texas 2 wells drilled and producing 1 well completing 6 additional wells to drill Barnett Shale activity accelerating RAM has interest in 15 producing wells 3 wells completed during 1Q08 3 wells spud during 1Q08, currently producing or awaiting completion 3 wells spud in 2Q08 1 well proposed West Virginia Rig contracted to initiate drilling program beginning early second quarter in company’s Devonian Shale play 6 wells permitted 8 additional wells programmed for full year _______________ (1) As of May 1, 2008

2008 Operating Highlights (1) Production Maintenance Projects – Cash Flow Generators Electra/Burkburnett 16 wells drilled and producing Drilling five wells per month with company owned rig Recompletion program underway Inventory of 150 PUD locations supports visibility of cash flow Fitts/Allen 2 wells drilled and producing 1 well completing 1 well currently drilling 10 wells scheduled to be drilled 1 new disposal well to be drilled Inventory of approximately 57 PUD locations _______________ (1) As of May 1, 2008

Company Overview - Areas of Operation = Rig under contract

2008 Non-Acquisition Capital Expenditure Budget by Economic Risk $80 Million The next five slides detail our preliminary 2005 non-acquisition capital budget and key financial and operating targets. Our non-acquisition capital budget for ‘05 is $250 million, even with ‘04’s spending. Approximately 71% or $177MM of the ‘05 expenditures will be for lower-risk exploitation, while the remaining 29% will be allocated to exploration, principally in the U.S. $102 million, or 40% of total spending, is allocated to the US, with the remaining 60% to international, principally to continue Argentina’s production growth and to continue development of our exploration success in Yemen. (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 the ability to establish commercial development. (3) Exploration: Activity targeting discovery of reserves from previously untested formations with significant geological and commercial risk present.

Drilling Success Rate Remains High Drilling or Completing Total Wells Drilled Wells Drilled YTD 2008 (1) 1987- 2008 (1) 23 Producers 617 Dry Holes 48 8 8 Drilling or Completing Total 31 673 Success Ratio (2) 100% 93% (1) Gross wells drilled as of May 1, 2008 (2) Excluding wells in progress

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 Three wells drilled or completing during first quarter 2008 Garza Hitchcock #13 completed early February with initial daily flow rate of 3,194 Mcfe Garza Hitchcock #11 completed early April with initial daily flow rate of 2,698 Mcfe Garza Hitchcock #14 completing Principal impact in second quarter 2008 RAM is operator with 100% Working Interest 2008 CAPEX: $19.0 million 6 additional wells planned Represents 20% of total 2008 CAPEX PUD - Probable - Possible - 18 13 39 _______________ (1) As of May 1, 2008

Barnett Shale - Growth Driver 27,700 gross (6,800 net) acres located in Core area and all held by production 26,267gross (20,802 net) leasehold acres located in Tier 2 85 square miles of seismic (1) Current Activity; - 15 producing wells 1 well completing 2 wells awaiting completion 2 wells drilling - 1 well proposed 29 future locations 2008 CAPEX: $10 million Core Tier 1 Tier 2 RAM’s Barnett Shale operating area 45 square miles of 3-D seismic acquired covering Tier 1 acreage and 40 square miles of 3-D seismic covering Tier 2 acreage Newly acquired acreage

Barnett Shale (Devon Area)- Growth Driver Rawle-Burress Lease Principal impact from first quarter activity to occur in second and third quarter 2008 Etta Burress #2-H and #4-H combined daily IP rate of 3.1 Mmcfe Etta Burress #3-H horizontal well completed daily IP rate of 3.7 Mmcfe Molloy #1-H horizontal well completing T.L. Dickenson A-4H and A-3H awaiting completion Devon has proposed one additional horizontal well Approximately 3,500 gross (1,260 net) acres RAM WI = 36% Nine wells producing T.L. Dickenson A 5H Prop T.L. Dickenson A #3-H Burress Unit 10-H Poss T.L. Dickenson A 4H Prop T.L. Dickenson 1H Producing T.L. Dickenson #2H Prop Burress 1-H Producing Etta Burress 6-H PUD Etta Burress 1-H Producing Etta Burress 2-H Burress Unit 3-H PUD Etta Burress 5-H PUD Etta Burress 4-H Rawle A 1-H Producing Burress 2-H Producing Etta Burress 4-H PUD Molloy U.A. "A" 1-H Prop Burress Unit 7-H Prob Etta Burress 3-H Prob Rawle 5H PUD Rawle 6H Poss Rawle 4-H Producing Producing Wells (PDP): 9 Drilling/awaiting comp: 4 Booked PUDs: 5 Proposed: 1 Probable/Possible: 3

Barnett Shale (EOG Area) – Growth Driver 3 wells producing Brown 2-H well currently drilling 37 square miles of 3-D seismic Additional 20 square miles planned for 2008 Ongoing seismic review supports additional drilling locations Approximately 23,500 gross acres (5,600 net) RAM WI = 24% 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 Producing Proposed

West Virginia – Growth Driver Devonian Shale Play 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 Over 500 potential future drilling locations Reserve potential between 450 Bcfe to 800 Bcfe based on comments from Equitable Resources and Cabot Oil & Gas RAM Existing Wells

West Virginia – Growth Driver Devonian Shale Play Rig contracted to commence drilling on initial 6 well program; first well to spud early second quarter. RAM owned gathering system Hurricane Project RAM Existing Wells Cabot Existing Wells RAM Acreage Cabot Acreage

Liquidity Expanded credit facility to $500 million from previous $300 million Increases borrowing availability to $375 million vs. prior $150 million Substantial interest expense savings accruing from reductions in LIBOR rates and payoff of Senior Notes on February 15, 2008. (2) (1) Financial Liquidity Analysis: Cash Plus: Available Credit Line Less: Outstanding Credit 3/31/08 ($millions) 15 375 (351) The “risk reassessment” underway in today’s capital market puts a premium on a company’s ability to carry out its CAPEX plan targeting growth potential on an uninterrupted basis. I’m happy to report that RAM is well positioned with strong internally generated cash flow and ample liquidity. Recently RAM and its lenders amended RAM’s credit facility. The process accomplished 3 things, all favorable to RAM: Increased the immediately available borrowings to $150 MM from $140 MM; Importantly, it also reduced the margin over LIBOR charged on outstanding balances, creating potential savings to future interest expense; Amended certain covenants to RAM’s benefit. At 6/30/07, pro forma the amendment, RAM had liquidity totaling $60 MM; about $29 MM from cash on hand and $31 MM from remaining borrowing available under the expanded credit facility. The pace of cash flow generated during the first half of the year and existing liquidity combine to suggest ample funds available to carry out our CAPEX program. Financial Liquidity 39 (1) Borrowing base using 6/30/07 mid-year reserve report (2) March 2008 interest expense was $2,487,000

Attractive Valuation vs. Peers Price / NAV (1) (2) (3) Represents most recent proved reserves and PV-10 value for peers. RAM’s PV-10 value at 12/31/07. Share prices as of close 04/30/08. 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.

Summary of Investment Considerations Significant increase in drilling activity on “growth driver” properties anticipated to positively impact second and third quarters 2008 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 Management’s substantial ownership of RAM stock supports alignment with shareholder interest

RAM Energy Resources, Inc. TM RAM Energy Resources, Inc.

Derivative Positions (1) (1) As of April 30, 2008 (2) Crude oil floors and ceilings and natural gas floors and ceilings cover April through December 2008. Crude oil bare floors cover April 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 December 2009. Crude oil secondary floors for 2009 cover January through March. Crude oil floors and ceilings for 2010 cover January through March.

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, and further adjusted for unrealized 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 company’s ability to generate cash which is used to internally fund exploration and development activities and fund debt service costs. 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.

to GAAP cash flow from operating activities Reconciliation of cash flow from operations (a non-GAAP measure) to GAAP cash flow from operating activities First Quarter ended March 31 (in thousands) 2008 2007

Estimates of Proved Reserves ____________ 1) Estimate of RAM proved reserves at 12/31/07

North Texas – Production Maintenance Electra / Burkburnett 16 wells drilled and completed through 5/1/08 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 2008 CAPEX: $7.5 million 60 wells planned (1) At 12/31/07

Oklahoma - Production Maintenance PUD Inventory of 57 locations 2008 CAPEX: $7.5 million 2 wells drilled and producing 1 well completing 1 well drilling 10 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 PUD 57 Injectors 10 PDP 60 ____________ PUD WF (1) As of May 1, 2008

$80 Million 2008E Non-Acquisition Capital Expenditure Detail North Texas Oklahoma South Texas Barnett Shale Louisiana Appalachian Capitalized G&G Exploration $7.5 MM $7.5 MM $19.0 MM $10.0 MM $8.5 MM $19.0 MM $5.0 MM $3.5 MM

Company Overview Proved Reserves (1) High ratio of PDP and PDNP component of total reserve and PV-10 value contributes to consistent cash flow The next five slides detail our preliminary 2005 non-acquisition capital budget and key financial and operating targets. Our non-acquisition capital budget for ‘05 is $250 million, even with ‘04’s spending. Approximately 71% or $177MM of the ‘05 expenditures will be for lower-risk exploitation, while the remaining 29% will be allocated to exploration, principally in the U.S. $102 million, or 40% of total spending, is allocated to the US, with the remaining 60% to international, principally to continue Argentina’s production growth and to continue development of our exploration success in Yemen. (1) Estimate of RAM proved reserves as of 12/31/07

Production Volumes and Expenses

Before/After Derivatives Net Realized Prices Before/After Derivatives

RAM Energy Resources, Inc. TM RAM Energy Resources, Inc.