1. RAM Energy Resources, Inc. February 2008 TM IPAA OGIS Small Cap Conference

2. 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.

3. TM 3 Strategic focus – creating shareholder value through the drillbit and “tuck in” acquisitions Stable cash flow base from long-lived reserves and strong mix of “proved developed” reserves support capital structure RAM Investment Considerations ­R/P ratio 15 years (1) ­Proved developed reserves of 23.9 MMBOE equals 63% of total proved reserves of 37.8 MMBOE (1) Large inventory of growth opportunities ­287 PUD locations at June 30, 2007, a potential 3 year drilling inventory at planned drilling rate for 2008 (1) At June 30, 2007

4. TM 4 Continued high degree of operating control ­RAM operates approximately 92 percent of the PV-10 value of proved reserves and is operator of nearly all the undeveloped conventional and unconventional acreage Preliminary 2008 capital spending budget of $80 million targets growth in production and reserves RAM Investment Considerations Industry experienced technical and management team ­110,685 total net undeveloped conventional and unconventional acres, represent potential opportunities for future growth

5. TM 5 Management’s substantial ownership of RAM stock continues to support alignment with shareholder interest - RAM management owns approximately 22% of common stock outstanding RAM Investment Considerations Compelling valuation vs. Peers - Significant discount to peers based on reserves (1) ­ Substantial discount to net asset value of proved reserves (1) (1) Using combined reserves consisting of proved reserves of RAM at 6/30/07 and RAM’s estimate of Ascent’s proved reserves at 6/30/07

6. TM 6 Company Overview - Areas of Operation

7. TM 7 Estimates of Proved Reserves 1) RAM SEC pricing at 6/30/07 was $70.69/Bbl for oil and $6.395/Mcf for natural gas 2) Ascent pricing at 6/30/07 was $67.25//bbl for oil and $6.57/Mcf for natural gas 3) Ascent reserves are an estimate by RAM of Ascent's proved reserves at 6/30/07, as audited by Netherland Sewell & Associates 4) Totals may not sum due to rounding ____________

8. TM 8 Company Overview Reserves / Production (1) (1) Using combined reserves consisting of proved reserves of RAM at 6/30/07 and RAM’s estimate of Ascent’s proved reserves at 6/30/07 Oil and liquids rich reserve base 62% of production is based on price of oil

9. TM 9 Company Overview Reserves / Production (1) 1) Using combined reserves consisting of proved reserves of RAM at 6/30/07 and RAM’s estimate of Ascent’s proved reserves at 6/30/07 2) Production mix as of October 2007 Percent of Total Reserves by Area / Field (1) Production by Area / Field (2)

10. TM 10 Company Overview Proved Reserves (1) (1) Using combined reserves consisting of proved reserves of RAM at 6/30/07 and RAM’s estimate of Ascent’s proved reserves at 6/30/07 High ratio of PDP and PDNP component of total reserve and PV-10 value contributes to consistent cash flow

11. TM 11 2008E 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.

12. TM 12 $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

13. TM 13 91 % 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 1987- 2007 Producers Dry Holes Drilling or Completing Total Success Ratio 7171 59 1 4848 3 81 642 (2) 7 3 Wells Drilled 2007 (1)

14. TM 14 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% Average Initial Rate - 30 BOEPD 1 10 100 024681012141618202224262830323436 Months BOEPD PUD Inventory of 156 locations ­ Four year drilling inventory at 2008 planned activity level 2008 CAPEX: $5.0 million ­ 36 wells planned ­ Represents 6% of total 2008 CAPEX (1) At 9/30/07 Proved Reserves of 9.2 MMBOE

15. TM 15 South Texas - Vicksburg PUD - Probable - Possible - 16 13 39 Average well statistics (1) -F & D costs$10.08/BOE ­EUR238 MBOE ­Economic life35 years ­Working Interest87% PUD Inventory of 16 locations 2008 CAPEX: $9.6 million ­ 4 wells planned ­ Represents 12% of total 2008 CAPEX (1) At 9/30/07

16. TM 16 South Texas - Wilcox PUD2 Upper Wilcox 1 Meek Sand PUD Inventory of three locations 2008 CAPEX: $6.5 million ­ 4 wells planned ­ Represents 8% of total 2008 CAPEX Average well statistics (1) -F&D costs$4.01/BOE ­EUR474 MBOE ­Economic life25 years ­Working Interest100% (1) At 9/30/07

17. TM 17 Allen Field Oklahoma Average well statistics (1) -F&D costs$15.00/BOE ­EUR30 MBOE ­Economic life40 years ­Working Interest97% PUD Inventory of 39 locations 2008 CAPEX: $1.2 million ­ 3 wells planned ­ Represents 2% of total 2008 CAPEX PUD PUD WF (1) At 9/30/07

18. TM 18 Fitts Field Oklahoma PUD Injectors PDP 18 10 60 PUD Inventory of 18 locations 2008 CAPEX: $5.8 million ­ 9 wells planned ­ Represents 7% of total 2008 CAPEX Average well statistics (1) -F & D costs$8.20/BOE ­EUR50 MBOE ­Economic life20 years ­Working Interest90% (1) At 9/30/07

19. TM 19 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

20. TM 20 Devonian Shale Play West Virginia Average well statistics (1) -F & D costs$9.77/BOE ­EUR133 MBOE ­Economic life20 years ­Working Interest100% 46,805 gross / 44,617 net leasehold acres 2008 CAPEX: $19.0 million ­ 14 wells planned ­ Represents 24% of total 2008 CAPEX (1) At 9/30/07 RAM Existing Wells

21. TM 21 Devonian Shale Play West Virginia RAM Existing Wells Cabot Existing Wells RAM Acreage Cabot Acreage

22. TM 22 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 650 potential horizontal drilling locations on 80-acre spacing Project inventory/near-intermediate term upside potential; ­ 11 gross producing wells ­ 10 proved undeveloped locations ­ 21 probable seismic locations ­ 6 possible seismic locations 2008 CAPEX: $10 million ­ Wells planned: Devon 3; EOG 3, RAM 1 ­ Barnett represents 13% of total 2008 CAPEX RAM’s Barnett Shale operating area Barnett Shale Core Tier 1 Tier 2 Newly acquired acreage

23. TM 23 Approximately 23,500 gross acres (5,600 net) RAM WI=24% RAM has proposed five wells to EOG this year; EOG has elected to participate and operate all five One well completing ­ ­ Dethloff #1-H One PUD location booked to date ­ ­ Sealy C-1H 37 square miles of 3-D seismic - - Additional 20 square miles planned for 2008 - - 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) Producing Acquired 2006 Seismic Ashe 1H Proposed Sealy C-1H Ashe C-1H Ramsey 1H Brown 2H Dethloff 1H Permitting 2007

24. TM 24 Approximately 3,500 gross acres (1,200 net) RAM WI=36% 8 producing wells to date 9 PUD locations booked to date ­ ­Etta Burress 2-H and Etta Burress 4-H wells drilled and awaiting completion ­ ­8 square miles of 3-D seismic ­ ­Ongoing seismic review supports 6 identified locations to date Continuous drilling clause in the participation agreement - -Devon must drill a well 120 days after the completion of the previous well Barnett Shale (Devon Area) Additional Locations PDP - 8 wells PUD - 8 wells

25. TM 25 6 wells drilled and completed Average initial production = 2,318 MCFEPD Estimate EUR = 2.0 Bcfe F & D cost = $1.40/MCFE Barnett Shale (Devon Area) Rawle / Burress Lease Well Name Completion Date Initial Production (MCFEPD) Rawle No. 4HFeb. 20041,302 Rawle A No. 1HMar. 20052,124 Burress No. 1HNov. 20052,384 Burress No. 2HFeb. 20062,239 Etta Burress No. 1 TL Dickenson 1H Sept. 2006 May 2007 1,558 4,300 (1) Composite of industry horizontal wells in Barnett Shale adjusted for RAM’s Rawle/Burress well performance (1) Barnett Shale Type Curve 10 100 1,000 10,000 024681012141618202224262830323436 Months MCFEPD As of June 30, 2007 (2)

26. TM 26 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

27. TM 27 Financial Liquidity Analysis: Cash Plus: Available Credit Line Less: Outstanding Credit (334) Liquidity Financial Liquidity 12/31/07 375 6 47 Expanded credit facility to $500 million from previous $300 million Increases borrowing availability to $375 million vs. prior $150 million ($millions) 1) Includes outstanding credit of $28.4 million of 11.5% Senior Notes due to be retired February 2008. (1)

28. TM 28 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 are combined reserves of RAM at 6/30/07 and RAM’s estimate of Ascent’s proved reserves at 6/30/07. (2)Represents PV-10 value as of most recent SEC proved reserve filing for peer firms. Ram’s PV-10 value is combined value of RAM’s PV-10 at 6/30/07 and RAM’s estimate of Ascent’s PV-10 value at 6/30/07. (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 1/31/08

29. TM 29 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 and Ascent last 12 months quarter ended September 30, 2007 (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 1/31/08

30. TM 30 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 is combined value of RAM’s PV-10 value at 6/30/07 and RAM’s estimate of Ascent’s PV-10 value at 6/30/07. (2)Share prices as of close 1/31/08 (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.

31. TM 31 Stable cash flow base Compelling valuation vs. peers Significant management and technical experience Balanced oil & natural gas exposure Large inventory of growth opportunities High degree of operating control Proven value creation through both acquisitions and drillbit Management’s substantial ownership of RAM stock supports alignment with shareholder interest Summary of Investment Considerations

32. RAM Energy Resources, Inc. TM

33. 33 APPENDIX

34. TM 34 Derivative Positions (1) As of January 31, 2008 (2) Crude oil floors and ceilings and natural gas floors and ceilings cover February through December 2008. Crude oil bare floors cover February 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 June 2009. Crude oil secondary floors for 2009 cover January through March. Crude oil floors and ceilings for 2010 cover January through March. (1)

35. TM 35 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

36. RAM Energy Resources, Inc. TM