RAM Energy Resources, Inc. November 11, 2008 TM Rodman & Renshaw Annual Global Investment 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 Third Quarter 2008 Highlights Third quarter 2008 production volume grew 92% to 645 MBOE vs. 336 MBOE in third quarter Due to Ascent Acquisition in late 2007 and 12 wells drilled and completed during third quarter 2008 The average realized price of oil, NGLs and natural gas were all substantially higher in the third quarter 2008 vs. third quarter Oil was $ up 60.5% - NGL was $66.16 up 40.6% - Natural gas was $8.85 up 39.6% - Total/BOE was $83.92 up 44.6% Higher production combined with increased product prices drove oil and gas sales to $54.2 million, 177% above last year’s oil and gas sales

TM 4 Third Quarter 2008 Highlights Exclusive of the impact of unrealized derivative losses, adjusted net income (non-GAAP) for the third quarter 2008 was $11.4 million, or $0.15 per share vs. $5.3 million, or $0.13 per share in third quarter 2007 Free Cash flow from operations (a non-GAAP measure) in the quarter was $26.7 million, or $0.35 per share, compared to $3.1 million, or $0.08 per share, in the third quarter RAM’s EBITDA for the quarter was $31.5 million representing an increase of 200% above the same period last year. Total non-acquisition capital spending for the quarter was $18.8 million, fully funded by free cash flow.

TM 5 Company Overview - Areas of Operation = Rig under contract

TM 6 Drilling Success Rate Remains High (2) Excluding wells in progress (1) Gross wells drilled as of September 30, % 93 % (1) Total Wells Drilled Producers Dry Holes Drilling or Completing Total Success Ratio (2) 1 10 Wells Drilled YTD 2008 (1)

TM 7 Production Volumes by Major Fields

TM 8 RAM Production Growth From the post-Ascent acquisition base at December 2007, RAM has increased production 9% year to date (1)Weather related power outage, N. Texas and Oklahoma (2)Temporary shut-in of production associated with Hurricanes Ike and Gustav. Production restored early October 2008 (2)(1)

TM 9 Total Debt (1)Ascent acquisition closed November 29, 2007 (2)At 9/30/08 (1) Total debt continues to decline RAM borrowing base under existing facilities is $288 MM ­Revolver; $133 MM outstanding (2) -Term; $113 MM outstanding (2)

TM 10 Debt Reduction Net debt ratio continues to improve Targeted net debt ratio less than 50% (1) (2) (1)Net debt is long-term debt less cash and cash equivalent at end of period (2)Ascent acquisition closed November 29, 2007

TM 11 Interest Expense Moderates (1)Ascent acquisition closed November 29, 2007 (1) LIBOR based blended interest rate has remained flat for RAM despite widening credit spreads generally in corporate debt securities

TM 12 Ample Liquidity (1)Ascent acquisition closed November 29, 2007 (2)Margin call deposits for derivative obligations (3)RAM borrowing base under existing credit facilities is $288 MM; $246 MM outstanding at 9/30/08 (4)Cash and cash equivalents at 9/3/08 equal $6.2 MM (1) (2) Liquidity remains ample at $48MM at September 30, Revolving facility matures in three years -Term facility matures in four years

TM 13 Strong EBITDA & Free Cash Flow Per Share EBITDA, a non-GAAP measure, represents cash provided by operating activities before the impact of interest expense, income taxes, DD&A, accretion, share based compensation and unrealized gains or losses on derivative or MTM settlement transactions. 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 or unrealized MTM settlement gains or losses or 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 which is 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.

TM 14 Derivative Positions (1) At September 30, 2008 company had derivative contracts in place covering approximately 2.4 MMBOE for next six quarters For calendar year 2009 RAM has total of 1,048,500 barrels of oil or 2,873 barrels per day of production hedged at an average floor price of $64.11 RAM also has a total of 3.8 BCF or 10,397 MCF per day of its natural gas production hedged at an average floor price of $7.14 per MCF for 2009 (1)

TM 15 Attractive Valuation vs. Peers Price / NAV (1) (2) (1)Reserves for Peers and RAM at 12/31/07 (2)Share prices as of close 11/03/08

TM 16 EV / Proved Reserves (BOE) (1) (2) (3) Attractive Valuation vs. Peers (1)Reserves for Peers and RAM as of 12/31/07. RAM’s proved reserves as of 12/31/07 were 39.4 MMBOE. (2)RAM’s proved reserves at 6/30/08 were 41.8 MMBOE. (3)Share prices as of close 11/03/08.

TM 17 Significant increase in drilling activity in developing fields and mature oil fields positively impacts third quarter 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

19 APPENDIX

TM 20 Production Volumes by Major Fields

TM 21 7 wells spud year to date Inventory of 18 PUD, 12 Probable, and 44 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, drilling Thomas Trust #1, drilling If successful these wells could expand inventory of projects 10 additional identified drilling locations RAM is operator with 100% Working Interest in most wells PUD - Probable - Possible South Texas – Growth Driver (1) VicksburgWilcox _______________ (1) Data as of November 2008

TM 22 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 Producting Etta Burress 2-H Producing Molloy U.A. "A" 1-H Producing Etta Burress 3-H Producing Etta Burress 7-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 23 Barnett Shale (EOG Area) – Growth Driver Producing Acquired 2006 Seismic Ashe 1H Ashe C-1H Brown 2H Dethloff 1H 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 existing - -Additional 50 square miles of 3-D seismic: shooting completed October 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 24 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: ­5 wells drilled and testing ­1 well completing- Mayes Stover 1-H ­1 well drilling- R.L. Powel #1 ­drilling time – 18 days; measured depth – 6,400’ including lateral of 2,500’ ­RAM recently created area of mutual interest with offset operator to evaluate acreage in RAM’s Bug Run area Gas Gathering Pipeline and Newly Purchased Acreage Bug Run Green Park Cornstalk

RAM Energy Resources, Inc. TM