1. RAM Energy Resources, Inc. February 2007

2. 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. 3 Company Overview Operations Proved Reserves (12/31/05)18.8 MMBOE % Crude60% % PUD30% PV-10 Value$345.5 MM % of PV-10 Value Operated86% Historical Drilling Success Rate93% Latest Twelve Months Financials (1) LTM Revenue$77.5 MM LTM EBITDA$33.8 MM IDField Proved Reserves (MMBOE) 1 Electra / Burkburnett 9.8 2Boonsville3.0 3Egan1.7 4 North Texas Barnett Shale 0.4 5Vinegarone1.1 A Woodford / Barnett Shales N / A B Wolfcamp Formation N / A (1)Unaudited; As of 9/30/06

4. 4 Founded in 1987 by current CEO and a former partnerFounded in 1987 by current CEO and a former partner Between 1987 and 2006,Between 1987 and 2006,  Engaged in the acquisition, development, exploitation, exploration, and production of oil & natural gas properties  Completed 20 acquisitions for a total amount in excess of $400 million  Completed multiple divestitures consistent with business strategy totaling more than $139 million  Drilled or participated in the drilling of 561 wells at a success rate of 93% Recent Highlights Recent Highlights  December 2004 – Completed WG acquisition  Acquisition yielded a 146% IRR (1) and $6.42 per BOE effective acquisition price through 12/31/05  October 2005 – Began Tremisis merger  May 2006 – Completed Tremisis merger Company History (1) Pre-tax IRR calculated using 12/31/05 PV-10 Value as a terminal value

5. 5 Execution of Business Strategy Develop and exploit existing oil & natural gas propertiesDevelop and exploit existing oil & natural gas properties Accelerate North Texas Barnett Shale developmentAccelerate North Texas Barnett Shale development Increase emphasis on exploration activityIncrease emphasis on exploration activity Complete selective acquisitions and divestituresComplete selective acquisitions and divestitures

6. 6 Property Summary Producing Properties Exploration Projects (1)

7. 7 $30.3 Million Electra / Burkburnett $9.7 MM Boonsville $1.6 MM Egan, Vinegarone, and Other $4.2 MM West Texas Woodford / Barnett Shale $0.5 MM Wolfcamp Formation $7.4 MM Capitalized G & G Cost $2.9 MM Proved Drilling Cap ExNon-Proved Drilling Cap ExNon-Drilling Cap Ex 2007E Capital Expenditure Detail $4.0 MM North Texas Barnett Shale

8. 8 Capital Expenditure Plan

9. 9 (103.0) Financial Liquidity AnalysisFinancial Liquidity AnalysisCash Plus: Total Credit Line Less: Outstanding Credit Operational LiquidityOperational Liquidity LTM Cash Flow from Operations 2007E Capital Expenditures (1) $300 million Sr. Secured Credit Facility with initial borrowing limit of $140 million provides expanded financial flexibility for growth 2007 Liquidity At 9/30/06 ($millions) 7.6 140.0 29.5 (30.3) 44.6 Financial Liquidity (1)

10. 10 100% WI ownership & operational control100% WI ownership & operational control Includes assets that help maintain drilling schedule and control costs: gas plant, gathering system, one drilling rig, five workover rigs, and a supply companyIncludes assets that help maintain drilling schedule and control costs: gas plant, gathering system, one drilling rig, five workover rigs, and a supply company (1) At 9/30/06 Wichita and Wilbarger Counties, TexasWichita and Wilbarger Counties, Texas 3Q06 production of 169,730 BOE from 503 producers3Q06 production of 169,730 BOE from 503 producers 79 wells drilled in 200679 wells drilled in 2006 151 identified PUD drilling locations (1) with a projected D&C of $5.82 per BOE151 identified PUD drilling locations (1) with a projected D&C of $5.82 per BOE Electra / Burkburnett

11. 11 Average well statistics:Average well statistics:  Drill & complete$128,000  EUR22,000 BOE  Economic life20 years PUD inventory sufficient to maintain or increase production over the next several years, thereby sustaining RAM’s stable cash flow basePUD inventory sufficient to maintain or increase production over the next several years, thereby sustaining RAM’s stable cash flow base 2007E Capital expenditures for Electra / Burkburnett budgeted for $9.7 million (38% of total capital expenditure budget)2007E Capital expenditures for Electra / Burkburnett budgeted for $9.7 million (38% of total capital expenditure budget) Forecast of Electra/Burkburnett Production (1) Production (MBoe) Electra / Burkburnett Production and Capital Expenditures Based on estimate of proved reserves and associated capital spending at 12/31/05. (1)

12. 12 Jack and Wise Counties, TexasJack and Wise Counties, Texas 3Q06 production of over 44,160 BOE from 88 producers3Q06 production of over 44,160 BOE from 88 producers 20 identified drilling locations20 identified drilling locations  Avg. D&C cost:$625,000  Avg. EUR:115,000 BOE 25 miles of gas gathering system25 miles of gas gathering system Proved reserves of 3,011 MBOE (1)Proved reserves of 3,011 MBOE (1) Capital expenditure budget of $1.6 million in 2007Capital expenditure budget of $1.6 million in 2007 Producing wells hold Barnett Shale rightsProducing wells hold Barnett Shale rights Boonsville (1) As of December 31, 2005

13. 13 Jack and Wise Counties, TexasJack and Wise Counties, Texas 27,700 gross acres27,700 gross acres 6,800 net acres6,800 net acres All acreage is HBPAll acreage is HBP 90% of the acreage located in the Core area90% of the acreage located in the Core area 325 potential horizontal drilling locations on 80-acre spacing325 potential horizontal drilling locations on 80-acre spacing 9 gross producing wells existing9 gross producing wells existing 35 square miles of 3-D seismic acquired and interpreted35 square miles of 3-D seismic acquired and interpreted  Budgeted to add another 60 square miles during 2007 Partners are EOG and DevonPartners are EOG and Devon RAM’s Barnett Shale operating area Barnett Shale Core Tier 1 Tier 2

14. 14 Approximately 23,500 gross acres (5,600 net) – RAM WI=24%Approximately 23,500 gross acres (5,600 net) – RAM WI=24% More than 290 potential drilling locations on 80-acre spacingMore than 290 potential drilling locations on 80-acre spacing One producing well – Ashe 1H completed in March 2006One producing well – Ashe 1H completed in March 2006 No PUD locations booked to dateNo PUD locations booked to date 27 square miles of 3-D seismic27 square miles of 3-D seismic  Additional 60 square miles planned for 2007  Ongoing seismic review supports 11 additional drilling locations to date Right to propose wellsRight to propose wells  If EOG declines to participate, RAM can drill wells on a non-consent basis RAM has proposed its first well to EOG (1)RAM has proposed its first well to EOG (1) Barnett Shale (EOG Area) Ashe 1H Well Planned 2007 Acquired 2006 Seismic Ashe 1H (1) January 3, 2007

15. 15 Barnett Shale (EOG Area) Joint Operating Agreement (JOA) Terms Any working interest owner may propose a well Non-proposing parties have 30 days to elect to participate or opt for “non-consent” Participate“Non Consent” Must spud well within 90 days Estimated cost to drill and Complete, $3 million (MM) per well Must spud well within 90 days Estimated cost to drill and complete, $3 million (MM) per well EOG =66% Other =10% RAM =24% $2.0MM $0.3MM $0.7MM EOG =0% Other =10% RAM =90% $0.0MM $0.3MM $2.7MM (1) (1) Assumes “other” working interest partners elect to maintain existing working interests totaling approximately 10% RAM operates or other option EOG Operates Allocation of costs by working interest

16. 16 Approximately 3,500 gross acres (1,200 net) – RAM WI=36%Approximately 3,500 gross acres (1,200 net) – RAM WI=36% More than 35 potential drilling locations on 80-acre spacingMore than 35 potential drilling locations on 80-acre spacing 7 producing wells to date7 producing wells to date 4 PUD locations booked to date4 PUD locations booked to date 8 square miles of 3-D seismic8 square miles of 3-D seismic  Ongoing seismic review supports 8 additional drilling locations to date Continuous drilling clause in the participation agreementContinuous 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 - (Rawle 4H, Rawle A 1H, Burress Unit 1H, Burress Unit 2H, Etta Burress 1H, PUD - (Burress Unit 3H, Burress Unit 4H, North of Paradise 2H, Fitzgerald 5- 2H) North of Paradise 1H, Fitzgerald 5H)

17. 17 5 wells drilled to date Average initial production = 1,921 MCFEPD Average EUR = 1.9 Bcfe Average well cost = $1.7 MM Finding cost = $0.90 / Mcfe Barnett Shale (Devon Area) Rawle / Burress Lease Well Name Completion Date Initial Production (MCFEPD) Rawle No. 4H Feb. 2004 1,302 Rawle A No. 1H Mar. 2005 2,124 Burress No. 1H Nov. 2005 2,384 Burress No. 2H Feb. 2006 2,239 Etta Burress No. 1 Sept. 2006 1,558 (1) Composite of industry horizontal wells in Barnett Shale adjusted for RAM’s Rawle/Burress well performance (1)

18. 18 Southwest TexasSouthwest Texas Potential high-impact explorationPotential high-impact exploration RAM has leased & optioned 15,000 net acresRAM has leased & optioned 15,000 net acres 100% working interest100% working interest Two test wells vertically drilledTwo test wells vertically drilled Completion attempt scheduled for Q1 2007Completion attempt scheduled for Q1 2007 If commercial, significant potential upside on 80 acre spacingIf commercial, significant potential upside on 80 acre spacing Wolfcamp Fairway

19. 19 Reeves County, TexasReeves County, Texas Exploration play – 84,000 gross acres (6,600 net)Exploration play – 84,000 gross acres (6,600 net) Estimated thickness of the Barnett is between 400’ – 700’ and the Woodford varies from 200’ – 400’Estimated thickness of the Barnett is between 400’ – 700’ and the Woodford varies from 200’ – 400’ Keys to success are horizontal drilling and fracture stimulationKeys to success are horizontal drilling and fracture stimulation Four wells drilled under farmout agreementsFour wells drilled under farmout agreements 3-D seismic shot over 10 square mile area3-D seismic shot over 10 square mile area Alpine Area 3 wells drilled J. Cleo Thompson 1 well drilled Barnett and Woodford Shale Thompson and Alpine Areas

20. 20 EV / Proved Reserves (BOE) (1) (3) (4) EV as % of PV-10 (2) (3) (4) Investment Considerations Attractive Valuation vs. Peers (1)Represents proved reserves as of most recent SEC proved reserve filing (2)Represents PV-10 value as of most recent SEC proved reserve filing (3)RAM Shares outstanding of 33.4 million at 9/30/06 (4)Share prices as of close 1/26/07

21. 21 EV / LTM Daily Production (BOEPD) (1) (2) (3) (4) EV / LTM EBITDA (3) (4) Investment Considerations Attractive Valuation vs. Peers (1)“Herold Mean” are mean results of search of J. S. Herold’s database of industry transactions in the last twelve months of Gulf Coast Onshore, Mid-Continent, and Permian Basin transactions between $25 million and $250 million (2) Estimated 2006 daily production from research reports (3)RAM shares outstanding of 33.4 million at 9/30/06 (4)Share prices as of close 1/26/07

22. 22 Stable cash flow baseStable cash flow base Compelling valuation vs. peersCompelling valuation vs. peers Significant management and technical experienceSignificant management and technical experience Balanced oil & natural gas exposureBalanced oil & natural gas exposure Large inventory of growth opportunitiesLarge inventory of growth opportunities High degree of operating controlHigh degree of operating control Proven value creation through both acquisitions and drillbitProven value creation through both acquisitions and drillbit Management’s substantial ownership of RAM stock supports alignment with shareholder interestManagement’s substantial ownership of RAM stock supports alignment with shareholder interest Summary of Investment Considerations

23. 23 APPENDIX

24. 24 Newly formed SPACNewly formed SPAC IPO on 5/18/2004IPO on 5/18/2004 Focus on energy or industrial acquisitionFocus on energy or industrial acquisition Private Exploration & Production Company established in 1987Private Exploration & Production Company established in 1987 Tremisis Energy Acquisition Corporation RAM Energy, Inc. Tremisis Holders RAM Energy Holders RAM Energy Resources, Inc. (fka Tremisis) RAM Energy, Inc. 23% 77% 100% Reverse merger of a subsidiary of Tremisis Energy Acquisition Corporation into RAM Energy, Inc. Tremisis was then renamed RAM Energy Resources, Inc. Tremisis was originally formed as a special purpose acquisition company and had no business operations As such, the merger was treated as a recapitalization of RAM Energy, Inc. Tremisis Merger

25. 25 Quarterly Results (unaudited)

26. 26 93% (2) Excluding wells in progress (1) Gross wells drilled (1) 12 Months 06 Total Wells Drilled 1987-YTD 2006 Producers Dry Holes Drilling or Completing Total Success Ratio 80 512 41 8 4 8 92 561 95% (2) (1) Drilling Success Rate

27. 27 * Per 12/31/05 Reserve Report Investment Considerations 2007E Hedged Production (MBOE) Crude & NGLs (unhedged)Natural Gas (hedged) Crude & NGLs (hedged)Natural Gas (unhedged) Crude oil and natural gas contracts cover each month of 2007 & 2008 and natural gas secondary floors for 2007 are for April through October. (1)

28. 28 NAME NAME TITLE TITLE RAM EXPERIENCE INDUSTRY EXPERIENCE Officers: Larry Lee Chairman, President, CEO 23 Years 31 Years Larry Rampey SVP Operations 17 Years 38 Years John Longmire SVP, CFO 16 Years 33 Years Drake Smiley SVP Land & Exploration 17 Years 29 Years John Cox VP Finance, Secretary, Treasurer 2 Years 31 Years Robert Phaneuf VP Corporate Development 1 Year 33 Years Engineering & Operations: John Frick Operations Manager 9 Years 34 Years Sherman Hyatt Reservoir Engineering Mgr 8 Years 34 Years Ronald Strawser Senior Reservoir Engineer 2 Years 21 Years Mike Kaiser Senior Operations Engineer 9 Years 35 Years Michael Zlomke Senior Acquisitions Engineer 1 Year 31 Years Tully Davis Land Manager 9 Years 29 Years Manny Redifer Senior Geologist 2 Years 27 Years Investment Considerations Significant Managerial Industry Experience