RAM Energy Resources, Inc. March 2008 TM Dahlman Rose & Co. Energy Supply Chain Conference

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 4Q 2007 production volumes grew 37% to 436 MBOE vs. 4Q 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 Operating Highlights

TM 4 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 company’s Devonian Shale play ­ 6 wells permitted ­ 8 additional wells programmed for full year Operating Highlights 2008 Growth Projects

TM 5 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 Operating Highlights 2008 Production Maintenance Projects

TM 6 Company Overview - Areas of Operation = Rig under contract

TM 7 Estimates of Proved Reserves 1) Estimate of RAM proved reserves at 12/31/07 ____________

TM 8 Company Overview Reserves / Production (1) (1) Using RAM proved reserves at 12/31/07 Oil and liquids rich reserve base 67% of production is based on price of oil

TM 9 Company Overview Proved Reserves (1) (1) Estimate of RAM proved reserves as of 12/31/07 High ratio of PDP and PDNP component of total reserve and PV-10 value contributes to consistent cash flow

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 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. $80 Million

TM % 92 % Drilling Success Rate Remains High (2) Excluding wells in progress (1) Gross wells drilled - RAM prior to Acquisition of Ascent (1) Total Wells Drilled Producers Dry Holes Drilling or Completing Total Success Ratio (2) 7 5 Wells Drilled 2007 (1)

TM 12 PUD - Probable - Possible South Texas – Growth Driver VicksburgWilcox One well completed prior to year-end 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 PUD Inventory of 18 locations

TM 13 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 RAM’s Barnett Shale operating area Barnett Shale - Growth Driver Core Tier 1 Tier 2 Newly acquired acreage

TM 14 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 Barnett Shale (Devon Area) – Growth Driver Rawle / Burress Lease

TM 15 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 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 Barnett Shale (EOG Area) – Growth Driver Producing Acquired 2006 Seismic Ashe 1H Proposed Sealy C-1H Ashe C-1H Ramsey 1H Brown 2H Dethloff 1H Permitting 2007

TM 16 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

TM 17 Devonian Shale Play West Virginia RAM Existing Wells Cabot Existing Wells RAM Acreage Cabot Acreage RAM owned gathering system Rig contracted to commence drilling on initial 6 well program; first well to spud early second quarter.

TM 18 Electra / Burkburnett North Texas Average well statistics (1) -F & D costs$5.91/BOE ­EUR22 MBOE ­Economic life20 years ­Working Interest100% ­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 Proved Reserves of 9.4 MMBOE

TM 19 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 PUD Injectors PDP Allen Field Fitts Field Oklahoma PUD WF

TM 20 Financial Liquidity Analysis: Cash Plus: Available Credit Line Less: Outstanding Credit (334) Liquidity Financial Liquidity 12/31/ Expanded credit facility to $500 million from previous $300 million Increases borrowing availability to $375 million vs. prior $150 million ($millions) 1) Borrowing base using 6/30/07 mid-year reserve report (1)

TM 21 Attractive Valuation vs. Peers Price / NAV (1) (2) (3) (1)Represents most recent proved reserves and PV-10 value for peers. RAM’s PV-10 value at 12/31/07. (2)Share prices as of close 03/04/08. (3)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.

TM 22 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

24 APPENDIX

TM 25 Derivative Positions (1) As of February 29, 2008 (2) Crude oil floors and ceilings and natural gas floors and ceilings cover March through December Crude oil bare floors cover March through December 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 Crude oil secondary floors for 2009 cover January through March. Crude oil floors and ceilings for 2010 cover January through March. (1)

TM 26 $80 Million 2008E Non-Acquisition Capital Expenditure Detail Exploration North Texas $7.5 MM $19.0 MM$8.5 MM $19.0 MM $5.0 MM $10.0 MM Oklahoma South Texas Barnett Shale Louisiana Appalachian Capitalized G&G $3.5 MM

TM 27 Company Overview Reserves / Production (1) 1) Using RAM proved reserves at 12/31/07 2) Production mix as of December 2007 Percent of Total Reserves by Area / Field (1) Production by Area / Field (2)

TM 28 South Louisiana PUD Inventory of one location 2008 CAPEX: $8.5 million ­ 1 well planned in 4Q ‘08 ­ Represents 11% of total 2008 CAPEX Average well statistics (1) -F & D costs$3.08/BOE ­EUR2,565 MBOE ­Economic life13 years ­Working Interest100% (1) At 9/30/07

TM 29 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 Wolfcamp Shale

TM 30 EV / Proved Reserves (BOE) (1) (3) (4) EV as % of PV-10 (2) (3) (4) Attractive Valuation vs. Peers (1)Represents proved reserves as of most recent SEC proved reserve filing for peer firms. RAM’s proved reserves as of 12/31/07. (2)Represents PV-10 value as of most recent SEC proved reserve filing for peer firms. RAM’s 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

TM 31 EV / LTM Daily Production (BOEPD) (1) (2) (3) EV / LTM EBITDA (1) (2) (3) Attractive Valuation vs. Peers (1)EBITDA and Production based on RAM’s 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

TM 32 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 RAM / Ascent Merger

RAM Energy Resources, Inc. TM