1. RAM Energy Resources, Inc. March 2008 TM Fourth Quarter and Year-End 2007 Review

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 2007 Highlights Production rose 10% to 1.4 million barrel equivalents (BOE) of oil and natural gas vs. 1.3 million BOE in 2006. Oil and gas sales rose 20% to $81.9 million. Operating income, inclusive of substantial non-cash unrealized losses from derivatives, was $10.7 million. Cash flow from operations (a non-GAAP measure) was $23.7 million vs. $18.1 million in 2006. RAM reported net loss of $1.3 million, which included non-cash unrealized losses from derivatives of $10.1 million (a $6.4 million after tax impact) most of which was incurred in the fourth quarter as a result of the unprecedented rise in the price of oil vs. net income of $5.0 million in 2006 which benefited from unrealized derivative gains.

4. TM 4 Fourth Quarter 2007 Highlights Fourth quarter 2007 production volumes grew 37% to 436 MBOE. - Average daily production in fourth quarter 2007 was 4,739 BOE vs. fourth quarter 2006 level of 3,446 BOE. The average realized price of oil, NGLs and natural gas were substantially higher in fourth quarter 2007 vs. fourth quarter 2006. - Oil up 52.8% - NGL up 63.3% - Natural gas up 17.2% Higher production combined with increased product prices drove oil and gas sales to $29.4 million, 96% above last year’s sales.

5. TM 5 Fourth Quarter 2007 Highlights RAM reported a net loss of $6.3 million or $0.13 a share, which included non-cash unrealized losses from derivatives of $8.0 million (a $5.0 million after tax impact). Cash flow from operations (a non-GAAP measure) in the quarter was $7.6 million vs. $2.3 million in fourth quarter 2006. Capital spending of $ 311 million in the quarter raises the total for the year to $345 million.

6. TM 6 December 2007 Highlights Post Ascent Acquisition RAM’s consolidated production for December 2007, the first full month of production following the acquisition of Ascent, totaled 203,875 BOE including a contribution of 90,930 BOE production by Ascent. December average daily production from the combined entity was 6,577 BOE. RAM’s EBITDA for December was $7.5 million.

7. TM 7 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. 2008 Operating Highlights

8. TM 8 2008 Growth Projects South Texas ­ 2 wells drilled and producing ­ 1 well drilling ­ 1 well completing ­ 6 additional wells to drill Barnett Shale activity accelerating - 3 wells awaiting pipeline connection - 1 well awaiting completion - 1 well drilling - 5 wells proposed 2008 Operating Highlights 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

9. TM 9 Electra/Burkburnett ­ Drilling five wells per month with company owned rig ­ Recompletion program underway Fitts/Allen - 1 well drilled and completing - 1 well currently drilling - 10 wells scheduled to be drilled - 1 new disposal well to be drilled 2008 Operating Highlights Production Maintenance Projects

10. TM 10 Company Overview - Areas of Operation = Rig under contract

11. TM 11 2008 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 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

12. TM 12 PUD - Probable - Possible - 18 13 39 South Texas – Growth Driver VicksburgWilcox One well completed prior to year-end 2007 -Garza Hitchcock #12 initial daily flow rate of 1,947 Mcfe Three wells drilling/completing ­Garza Hitchcock #13 completed with initial daily flow rate of 2,748 Mcfe ­Garza Hitchcock #11 spud early February and is completing ­Garza Hitchcock #14 spud mid-March RAM is operator with 100% Working Interest 2008 CAPEX: $19.0 million ­6 additional wells planned ­Represents 20% of total 2008 CAPEX PUD Inventory of 18 locations

13. 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

14. 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

15. 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 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) – Growth Driver Producing Acquired 2006 Seismic Ashe 1H Proposed Sealy C-1H Ashe C-1H Ramsey 1H Brown 2H Dethloff 1H Permitting

16. TM 16 West Virginia – Growth Driver Devonian Shale Play 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

17. TM 17 West Virginia – Growth Driver Devonian Shale Play 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.

18. TM 18 Financial Liquidity Analysis: Cash Plus: Available Credit Line Less: Outstanding Credit Liquidity Financial Liquidity (334) 12/31/07 375 6 47 Expanded credit facility to $500 million from previous $300 million Increases borrowing availability to $375 million vs. prior $150 million Substantial interest expense savings accruing from reductions in LIBOR rates ($millions) (1) Borrowing base using 6/30/07 mid-year reserve report (1)

19. TM 19 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.

20. TM 20 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

21. RAM Energy Resources, Inc. TM

22. 22 APPENDIX

23. TM 23 Derivative Positions (1) As of February 29, 2008 (2) Crude oil floors and ceilings and natural gas floors and ceilings cover March through December 2008. Crude oil bare floors cover March 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)

24. TM 24 Non-GAAP Financial Measure Cash flow, a non-GAAP measure, represents cash provided by operating activities before the impact of discontinued operations, changes in working capital items related to operating activities, and further adjusted for unrealized gains or losses on derivative transactions. This non-GAAP measure is 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). This non-GAAP cash flow measure is widely accepted as a financial indicator 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. This non-GAAP measure is 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.

25. TM 25 Cash Flow Reconciliation of cash flow from operations (a non-GAAP measure) to GAAP cash flow from operating activities Fourth Quarter ended December 31 (in thousands) 2007 2006 (in thousands)

26. TM 26 Year Ended December 31 (in thousands) 2007 2006 (in thousands) Cash Flow Reconciliation of cash flow from operations (a non-GAAP measure) to GAAP cash flow from operating activities

27. TM 27 Estimates of Proved Reserves 1) Estimate of RAM proved reserves at 12/31/07 ____________

28. TM 28 North Texas – Production Maintenance Electra / Burkburnett 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

29. TM 29 PUD Inventory of 57 locations 2008 CAPEX: $7.5 million ­1 well drilled and completing ­1 well drilling -10 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 57 10 60 Allen Field Fitts Field Oklahoma - Production Maintenance PUD WF

30. TM 30 $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

31. TM 31 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)

32. TM 32 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

33. TM 33 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

34. TM 34 Drilling Success Rate Remains High (2) Excluding wells in progress (1) Gross wells drilled - RAM prior to Acquisition of Ascent 91 % 92 % (1) Total Wells Drilled 1987- 2007 Producers Dry Holes Drilling or Completing Total Success Ratio 6969 59 1 4848 3 81 642 (2) 7 5 Wells Drilled 2007 (1)

35. TM 35 Production Volumes and Expenses

36. TM 36 Production Volumes and Expenses

37. TM 37 Net Realized Prices Before/After Derivatives

38. TM 38 Net Realized Prices Before/After Derivatives

39. RAM Energy Resources, Inc. TM