1. RAM Energy Resources, Inc. August 9, 2007 Second Quarter 2007 Review TM

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. TM 3 Highlights RAM’s production for the quarter was 337,000 barrel equivalents (BOE), an increase of nearly eight percent sequentially from the 1Q07 production level of 313,000 BOE. Daily production for the second quarter averaged 3,706 BOE compared to first quarter’s daily production average of 3,478 BOE. Income for second quarter was $902,000, or $0.02 per share, compared to a loss of $3.1 million in the year ago quarter. Drilling activity to support production growth continues to advance: ­ RAM participated in the drilling of 16 gross (16 net) development wells, 12 of which are capable of commercial production and four gross (four net) were drilling, testing or completing at June 30. RAM also participated in five gross (0.9 net) exploratory wells of which two gross (0.4 net) are producing and three gross (0.5 net) were completing at the end of the second quarter.

4. TM 4 Highlights - Barnett Shale: Two wells were completed and posted the best initial production rates tested by the company in any of their Barnett Shale wells to date; Ashe C 1H; daily gross initial production 2.55 MMcfe (0.38 MMcfe net); T.L. Dickenson 1-H; daily gross initial production 4.30 MMcfe (1.23 MMcfe net); The company’s most recent well proposed to EOG Resources, Inc. spud in late July and is currently drilling. The Dethloff #1H well is the second RAM-proposed well that EOG has drilled this year. In addition, EOG has elected to drill and participate as operator in each of three additional wells proposed by RAM in jointly held Barnett Shale leases. Mid-year reserve review of Barnett Shale 9 PUDs booked supported by drilling activity vs. 5 PUDs at year- end 2006 15 probable locations 7 possible locations 1 well currently drilling, Dethloff #1H Inventory of 32 projects potentially to support future growth

5. TM 5 Highlights ­ Arkoma Basin: Two Chesapeake-operated wells were also completed during 2Q07, Weyerhaeuser #8-22 and Weyerhaeuser #10-22; - Net daily production from Ashe C 1H, T.L. Dickenson and two Weyerhaeuser wells totaled about 376 BOE at June 30, 2007. Subsequent to June 30, 2007, RAM’s credit facility was amended. The effect of the amendment was to raise borrowing availability to $150 million from the previous level of $140 million, lower interest charged on existing outstanding balances and improve certain other covenants. As a result, liquidity is currently a substantial $60 million.

6. TM 6 94% 93% Drilling Success Rate Remains High (2) Excluding wells in progress (1) Gross wells drilled (1) 1st Half 07 Total Wells Drilled 1987- YTD 2007 Producers Dry Holes Drilling or Completing Total Success Ratio 3030 55 0 4343 7 39 600 (2) 2 7

7. TM 7 (1) As reported (1) As reported Sequential Quarterly Results 2Q07 1Q07 2Q07 1Q07 2Q07 1Q07 2Q07 1Q07 2Q07 1Q07 2Q07 1Q07 2Q07 1Q07 2Q07 1Q07 35 Gas (MCF) Oil (thousand Bbl) BOE (thousands) 181 684 582 37 186 313 337 (1) NGL (thousand Bbl) Up 3% Up 6% Up 8% Up 18%

8. TM 8 Second Quarter Production 2Q07 2Q06 2Q07 2Q06 2Q07 2Q06 2Q07 2Q06 2Q07 2Q06 2Q07 2Q06 2Q07 2Q06 2Q07 2Q06 32 Gas (MCF) Oil (thousand Bbl) BOE (thousands) 202 684 566 37 186 329 337 NGL (thousand Bbl) Down 8% Up 16% Up 2% Up 21% (2Q07 VS 2Q06)

9. TM 9 $5.54 (Per Bbl) $44.64 2Q07 2Q06 2Q07 2Q06 2Q07 2Q06 2Q07 2Q06 2Q07 2Q06 2Q07 2Q06 2Q07 2Q06 2Q07 2Q06 Realized Prices (2Q07 VS 2Q06) $38.21 $67.35 $62.54 $6.70 $53.06 Oil Oil (Per Bbl) (Per Bbl) NGL NGL Gas (Per Mcf) Gas (Per Mcf) Down 7% Up 21% Up 17% $54.70 BOE BOE Down 3%

10. TM 10 (1) Includes pre-tax realized and unrealized derivative gains and losses. (1) Includes pre-tax realized and unrealized derivative gains and losses. Second Quarter Results (2Q07 VS 2Q06) 2Q07 2Q06 2Q07 2Q06 2Q07 2Q06 2Q07 2Q06 2Q07 2Q06 2Q07 2Q06 2Q07 2Q06 2Q07 2Q06 ($3.1) Net Income (Loss) (3) Cash flow is a non-GAAP measure. See appendix for a reconciliation of this non-GAAP measure to the corresponding GAAP amount. (3) Cash flow is a non-GAAP measure. See appendix for a reconciliation of this non-GAAP measure to the corresponding GAAP amount. ($ In Millions) Non-GAAP Oil & Natural Gas Sales Cash Flow From Operations $18.0 $.02 ($0.10) Net Income Per Share (Loss) $.902 $17.9 $4.0 $6.0 (1) (3) (1) (2) (2) 2Q 2006 per share result was restated to a loss of $0.10 per share. The 2Q 2006 per share result was originally reported as a loss of $0.13 per share. (2) 2Q 2006 per share result was restated to a loss of $0.10 per share. The 2Q 2006 per share result was originally reported as a loss of $0.13 per share.

11. TM 11 $36.3 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 Non-Acquisition Capital Expenditure Detail $10.0 MM North Texas Barnett Shale (1) Excludes acquisition of properties located in Southeast New Mexico and West Texas for $18.7 million which closed May 15, 2007. (1) Non-Acquisition CAPEX of approximately $5.4 million in 2Q07; brings YTD total to $9.9 million

12. TM 12 Financial Liquidity Analysis: Cash Plus: Total Credit Line Less: Outstanding Credit (119) (1) $300 million Sr. Secured Credit Facility with initial borrowing limit of $150 million provides expanded financial flexibility for growth Liquidity Financial Liquidity 6/30/07 140 29 50 6/30/07 Pro Forma Amendment to Credit Facility (119) 150 29 60 Recent amendment to credit facility - Increases borrowing availability to $150 million vs. prior $140 million - Reduces interest rate margin applied above company’s LIBOR base on existing balances - Improvement in certain covenants of credit agreement ($millions)

13. TM 13 Jack and Wise Counties, Texas 27,700 gross/6,800 net acres All acreage is “held by production” 90% of acreage is in Core area 325 potential horizontal drilling locations on 80-acre spacing 11 gross producing wells existing Project inventory/near-intermediate term upside potential;  9 PUD locations  15 probable seismic locations  7 possible seismic locations  1 well drilling  32 total additional locations identified to date RAM’s Barnett Shale operating area Barnett Shale Core Tier 1 Tier 2

14. TM 14 Approximately 23,500 gross acres (5,600 net) – RAM WI=24% More than 290 potential drilling locations on 80-acre spacing Two producing wells – Ashe 1H, and Ashe C 1-H   Ashe C 1-H completed 2Q07, IP 2.55 MMcfe/d gross (0.38 MMcfe/d net) currently producing at 1.1 MMcfe/d gross (0.16 MMcfe/d net)   One well, Dethloff #1H, currently drilling RAM has proposed five wells to EOG this year; EOG has elected to participate and operate all five One PUD location booked to date   Sealy C-1H 37 square miles of 3-D seismic   Additional 60 square miles planned for 2007   Ongoing seismic review supports 20 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 Planned 2007 Acquired 2006 Seismic Ashe 1H Proposed Sealy C-1H Ashe C-1H Ramsey 1H Brown 2H Dethloff 1H

15. TM 15 Approximately 3,500 gross acres (1,200 net) – RAM WI=36% More than 35 potential drilling locations on 80-acre spacing 8 producing wells to date   TL Dickenson 1H, completed 2Q, IP 4.30 MMcfe/d gross (1.23 MMcfe/d net), currently producing 2.78 MMcfe/d gross (0.80 MMcfe/d net) 8 PUD locations booked to date 8 square miles of 3-D seismic   Ongoing seismic review supports 3 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 - (Rawle 4H, Rawle A 1H, Burress Unit 1H, Burress Unit 2H, Etta Burress 1H, PUD - (Etta Burress 2-H, Etta Burress 3H, Etta Burress Unit 4H, North of Paradise 2H, Fitzgerald 5-2H, Buress Unit 3H, Burress Unit 4H, and Rawle 5H.) North of Paradise 1H, Fitzgerald 5H, TL Dickenson 1H )

16. TM 16 8 wells drilled and completed Average initial production = 1,921 MCFEPD Average EUR = 1.8 Bcfe Average well cost = $1.8 MM 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 year end 2006 (2)

17. TM 17 Stable cash flow base Stable cash flow base Compelling valuation vs. peers Compelling valuation vs. peers Significant management and technical experience Significant management and technical experience Balanced oil & natural gas exposure Balanced oil & natural gas exposure Large inventory of growth opportunities Large inventory of growth opportunities High degree of operating control High degree of operating control Proven value creation through both acquisitions and drillbit Proven value creation through both acquisitions and drillbit Management’s substantial ownership of RAM stock supports alignment with shareholder interest Management’s substantial ownership of RAM stock supports alignment with shareholder interest Summary of Investment Considerations

18. RAM Energy Resources, Inc. TM

19. 19 APPENDIX

20. TM 20 Derivative Positions (1) As of July 31, 2007 (2) Crude oil floors and ceilings for 2007 cover August through December. Natural gas floors and ceilings for 2007 cover September through December. Natural gas secondary floors for 2007 are for September and October. Crude oil floors and ceilings for 2009 cover calendar year. Natural gas floors and ceilings for 2009 cover January through September. Crude oil secondary floors for 2009 cover January through March. (1)

21. TM 21 Production Volumes and Expenses

22. TM 22 Net Realized Prices Before/After Derivatives

23. TM 23 Production Volumes and Expenses

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. In addition, non-GAAP cash flow is further adjusted to exclude the impact of realized 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 to service debt. 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 (in thousands) Cash Flow Reconciliation of cash flow from operations (a non-GAAP measure) to GAAP cash flow from operating activities June 30 2007 June 30 2006 (in thousands)