RAM Energy Resources, Inc. October 6, 2008 TM IPAA 2008 OGIS San Francisco

TM 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 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.

TM 3 Second Quarter 2008 Highlights Four wells drilled on the company’s North Texas Barnett Shale properties during the last several months recently began producing during August, adding partially to production in the third quarter and fully to production in fourth quarter 2008; RAM expanded its position in the company’s West Virginia Devonian Shale play with the purchase of a 14 mile pipeline, 6,000 acres of leases and approximately one billion cubic feet of natural gas reserves; Also in West Virginia, RAM has executed a letter of intent with another operator in the area to evaluate the potential productivity of Devonian Shale in an area covering approximately 22,000 acres of jointly owned leases north of the Kanawha River in RAM’s Bug Run area; Production guidance for the second half of 2008 targeting production growth of two to three percent above that of the first half of the year currently remains intact, in spite of shut-in production experienced in the third quarter due to electrical power outages resulting from hurricanes Gustav and Ike which affected the company’s South Texas and Louisiana properties.

TM 4 Company Overview - Areas of Operation = Rig under contract East Texas

TM Non-Acquisition Capital Expenditure Budget by Economic Risk (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. 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. $80 Million

TM 6 Drilling Success Rate Remains High (2) Excluding wells in progress (1) Gross wells drilled as of September 10, % 93 % (1) Total Wells Drilled Producers Dry Holes Drilling or Completing Total Success Ratio (2) 1 6 Wells Drilled YTD 2008 (1)

TM 7 6 wells drilled and completed Inventory of 18 PUD, 15 Probable, and 45 Possible locations Five wells completed in La Copita (Vicksburg formation), combined average initial daily flow rate over 3.0 Mmcf/d Field revitalization development project targeting Wilcox formation at 9,800’ depth Wiese #1, completing Thomas Trust #1, drilling If successful these wells could expand inventory of projects Remainder of 2008 drilling Heard #4 Garza Hitchcock #18 Brannan #7 Thomas Trust #1 RAM is operator with 100% Working Interest in most wells 2008 CAPEX: $19.0 million, 20% of total PUD - Probable - Possible South Texas – Growth Driver (1) VicksburgWilcox _______________ (1) Data as of September 2008

TM 8 27,700 gross (6,800 net) acres located in Core area and all held by production (1) 85 square miles of existing seismic (2) Current Activity; - 20 producing wells -1 well completing-Brown 2H - 30 future locations 2008 CAPEX: $10 million RAM’s Barnett Shale operating area Unconventional Resource - Barnett Shale Growth Driver Core Tier 1 Tier 2 Recently acquired acreage (1)45 square miles of 3-D seismic acquired covering Tier 1 acreage and 40 square miles of 3-D seismic covering Tier 2 acreage (2) RAM also holds 26,267 gross (20,802 net) leasehold acres located in Tier 2

TM 9 Barnett Shale (Devon Area)- Growth Driver Rawle-Burress Lease 6 wells drilled YTD wells initiated production in 2Q08 4 wells initiated production in August 2008 Approximately 3,500 gross (1,260 net) acres RAM WI = 36% T.L. Dickenson 1H Producing Etta Burress 1-H Producing Burress 1-H Producing Burress 2-H Producing Rawle A 1-H Producing Rawle 4-H Producing Etta Burress 5-H PUD Burress Unit 10-H Poss T.L. Dickenson #2H Producing T.L. Dickenson A #3-H Producing Rawle 6H Poss Rawle 5H PUD Etta Burress 6-H PUD Burress Unit 7-H Prob Burress Unit 3-H PUD Etta Burress 4-H Etta Burress 2-H Molloy U.A. "A" 1-H Producing Etta Burress 3-H Producing Etta Burress 4-H PUD T.L. Dickenson A 5H Producing T.L. Dickenson A 4H Producing Producing Wells (PDP): 14 Drilling/awaiting comp: 0 Booked PUDs: 5 Proposed: 0 Probable/Possible: 3

TM 10 Barnett Shale (EOG Area) – Growth Driver Producing Acquired 2006 Seismic Ashe 1H Ashe C-1H Brown 2H Dethloff 1H Permitting 3 wells producing, 1 well completing Reddell 2-H well proposed; 6,800’ vertical depth and 2,200’ lateral 37 square miles of 3-D seismic - -Additional 50 square miles underway for 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 Proposed Reddell 2H Completing

TM 11 West Virginia – Growth Driver Devonian Shale Play RAM Existing Wells Columbia Gas Transmission Line RAM New Wells RAM is operator with 100% Working Interest Approximately 53,000 gross (51,000 net) leasehold acres 2008 CAPEX: $19.2 million; 12 wells scheduled ­4 wells drilled and testing ­1 well completing-JD&B Sturgeon 1-H ­1 well drilling-Donahue 1-H ­1 well permitted ­drilling time – 18 days; measured depth – 6,400’ including lateral of 2,500’ ­Over 500 potential future drilling locations ­Reserve potential between 450 Bcfe to 800 Bcfe based on comments from Equitable Resources and Cabot Oil & Gas Gas Gathering Pipeline and Newly Purchased Acreage Bug Run Green Park Cornstalk

TM 12 West Virginia – Growth Driver Devonian Shale Play RAM Existing Wells Cabot Existing Wells RAM Acreage Cabot Acreage RAM owned gathering system Hurricane Project Columbia Gas Transmission Line Gas Gathering Pipeline and Newly Purchased acreage and reserves Master Meter Cabot Well Meadows A-1H Cornstalk POLYMER PLANT

TM 13 Newly purchased gathering system RAM Energy pipeline West Virginia – Growth Driver Devonian Shale Play COLUMBIA gas pipeline OHIO River RAM Energy Drilled Wells RAM Energy Acreage Newly Purchased Acreage AMI Acreage RAM expanded position ­Purchase of 14 mile pipeline ­allows greater control of production to end market ­RAM controls 20 miles of gathering system in Cornstalk exploitation area ­Added 6,000 acres of leases adjoining RAM existing leases ­Added 1 Bcf natural gas reserves ­RAM signed letter of intent to create area of mutual interest (AMI) with offset operator to evaluate acreage in RAM’s Bug Run area. AMI Line

TM 14 Mid-Year 2008 Proved Reserves Proved reserves increase 6% at 6/30/08 to 41.8 MMBOE from year-end 2007 level of 39.4 MMBOE PV-10 increased 75% to $1.6 billion at mid-year compared to $912 million at year-end 2007 Replaced 295% of 1H08 production of 1.3 MMBOE Finding cost of $10.09 per BOE Proved reserve composition Percent Oil 19.3 MMBBL 46 NGL 5.0 MMBBL 12 Gas Bcf 42 Total % of total proved is proved developed

TM 15 Attractive Valuation vs. Peers Price / NAV (1) (2) (3)(4) (1)Represents most recent proved reserves and PV-10 value for peers. RAM’s PV-10 value at 6/30/08 (2)Using PV10 of proved reserves at year-end 2007 for RAM, Price/NAV ration is.39X (3)Share prices as of close 09/22/08. (4)RAM shares outstanding adjusted to reflect exercise of 17.6 million warrants bringing total shares outstanding to approximately 78.6 million.

TM 16 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 Summary of Investment Considerations

RAM Energy Resources, Inc. TM

18 APPENDIX

TM 19 Production and Reserve Growth Production Growth Reserve Growth (1)As of June 30, 2008 (2)As of December 31, 2007

TM 20 Derivative Positions (1) As of August 31, 2008 (2) Crude oil floors and ceilings for 2008 cover September through December, while natural gas floors and ceilings for 2008 cover October through December. Crude oil bare floors for 2008 cover September through December. Crude oil floors and ceilings for 2009 cover the calendar year, and natural gas floors and ceilings for 2009 cover January through October. Crude oil secondary floors for 2009 cover January through March, and bare floors cover the calendar year. Natural gas bare floors for 2009 cover November and December. Crude oil bare floors for 2010 cover January through March. Natural gas bare floors for 2010 cover January through March. (1)

TM 21 Production Volumes by Major Fields

TM 22 Production Volumes by Major Fields

RAM Energy Resources, Inc. TM