1. RAM Energy Resources, Inc. August 15, 2006

2. 2 Highlights – 2Q 06 RAM Energy, Inc. completes merger with Tremisis to become publicly traded RAM Energy Resources, Inc. RAM selected for inclusion in Russell 2000 index 2Q 06 production increased 3% over 1Q 06 level Emerging production from Barnett Shale growing in importance, currently fourth largest producing area RAM initiates exploration play, targets Wolfcamp shale in Southwest Texas First half capital spending of $10.5 MM on pace with planned full-year non-acquisition spending of $24.3 MM.

3. 3 (MCF) 566 2Q06 1Q06 2Q06 1Q06 2Q06 1Q06 2Q06 1Q06 2Q06 1Q06 2Q06 1Q06 Sequential Quarterly Production 600 218 234 329 318 Oil & NGL (thousand Bbl) Oil & NGL (thousand Bbl) Gas Gas BOE (thousands) BOE (thousands) (1) As reported, (2) A “reversionary interest” which became effective in September 2005 impacts 1H06 vs 1H05 production comparisons. production comparisons. (3) Oil & NGL production in 2Q06 is composed of 202M bbl oil and 32M bbl of NGLs. In 1Q06 the composition is 187M bbl oil and 31M bbl NGLs. the composition is 187M bbl oil and 31M bbl NGLs. (1) Up 7% Up 3% Down 6% (1) (1) (3)

4. 4 Excluding Reversionary Impact Excluding Reversionary Impact 340 (MCF) 566 2Q06 2Q05 2Q06 2Q05 2Q06 2Q05 2Q06 2Q05 2Q06 2Q05 2Q06 2Q05 2Q06 2Q05 2Q06 2Q05 Second Quarter Production 652 232 234 329 346 Oil & NGL (thousand Bbl) Oil & NGL (thousand Bbl) Gas Gas BOE (thousands) BOE (thousands) (1) As reported, (2) Represents total BOE production as if “reversionary interest” which became effective in September 2005 had not been in effect during 2Q06. had not been in effect during 2Q06. (1) Up 1% Down 3% Down 13% (1) 340 (1) (2) (1) (1) BOE (thousands) BOE (thousands) Up 2% As Reported 340 (1)

5. 5 $6.36 (Per Bbl) $38.21 2Q06 2Q05 2Q06 2Q05 2Q06 2Q05 2Q06 2Q05 2Q06 2Q05 2Q06 2Q05 2Q06 2Q05 2Q06 2Q05 Realized Prices (2Q06 VS 2Q05) $36.49 $50.95 $67.35 $5.54 $54.70 Oil Oil (Per Bbl) (Per Bbl) NGL NGL Gas (Per Mcf) Gas (Per Mcf) Up 32% Down 13% Up 5% $45.08 BOE BOE Up 21%

6. 6 Second Quarter Results $-3.1 2Q06 2Q06 2Q05 2Q06 2Q05 2Q06 2Q06 2Q05 2Q06 2Q05 $-0.3 $0.3 $4.0 $3.6 Net Income Net Income (Loss) (1) As reported (1) As reported (2) Net income in 2Q06 exclusive of certain non–cash charges associated with the merger and unrealized derivative losses. (2) Net income in 2Q06 exclusive of certain non–cash charges associated with the merger and unrealized derivative losses. (3) Cash flow is a non-GAAP measure. See appendix for a reconciliation of this non-GAAP measure to thecorresponding (3) Cash flow is a non-GAAP measure. See appendix for a reconciliation of this non-GAAP measure to thecorresponding GAAP amount. GAAP amount. ($ In Millions) (1) (1) (1) (2) Non-GAAP Excluding Certain Non-Cash Items As Reported Cash Flow From Operations

7. 7 Drilling Success Rate (2) Excluding wells in progress (1) Gross wells drilled (1) 1st Half 06 Total Wells Drilled 1987-YTD 2006 Producers Dry Holes Drilling or Completing Total Success Ratio 43 472 38 1 2 1 46 511 96% 93% (2)

8. 8 A Barnett & Woodford Shale - Principal FieldsExploration Projects Tulsa Office Houston-District Office Electra-Field Office 1 2 3 4 A 1 Electra/Burkburnett 2 Boonsville 3 Egan 4 Barnett Shale 5 Vinegarone Reeves County, TX Areas of Operations 5 B B Wolfcamp Shale - Southwest TX

9. 9 Electra/Burkburnett Area, Wichita and Wilbarger Counties,Texas (2) At year-end 2005 (1) At 6/30/06 2Q06 production of 174,328 BOE from 495 producers 41 Wells drilled in 1st half 06, all of which completed as producers 167 identified PUD drilling locations (1) 100% WI ownership & operational control Gas plant and gathering system Proved reserves of 9,802 MBOE (2) PV-10% = $182.9 million (2)

10. 10 Boonsville Area, Jack and Wise Counties, Texas 2Q06 production of over 46,650 BOE from 86 producers 21 identified drilling locations and numerous low-cost workovers Operating control of 85 producing wells Producing wells hold Barnett Shale rights 25 miles of gas gathering system Proved reserves of 3,011 MBOE (1) PV-10% = $43.4 million (1) (1) At year-end 2005

11. 11 Egan Field, Acadia Parish, Louisiana 2Q06 production of 21,476 BOE from 10 producers Multizone recompletion potential in 7 existing wellbores Operating and ownership control of field Proved reserves of 1,652 MBOE (1) PV-10% = $38.7 million (1) (1) At year-end 2005

12. 12 2Q06 8 wells produced 18,037 BOE Own WI ranging from 23-36% in the 27,700 gross acres lying within a 43 square mile area All acreage is HBP leasehold 300 plus potential horizontal drilling locations 35.28 square miles of 3D seismic Over 80% of the acreage lies in “core” area* * Per Pickering Energy Partners, Inc. October 2005 titled “The Barnett Shale, Visitors Guide to the Hottest Gas Play in the US” EOG (1)Devon (6) Jack Co. Wise Co. Barnett Shale - Jack and Wise Counties, Texas RAM (2) Operated wells

13. 13 Vinegarone Field, Val Verde County, Texas 2Q06 production of 13,524 BOE from 7 non-operated producers 3 PUDs to spud in 3Q06 4 PUDs remaining for future development Long-lived natural gas field Proved reserves of 1,111 MBOE (1) PV-10% = $21.5 million (1) (1) At year-end 2005

14. 14 Exploration Projects Barnett and Woodford Shale - Reeves County, Texas Wolfcamp Shale – Southwest Texas

15. 15 Summary Financial and Operating Data $17.1 $34.8 647 59% 85% 41% CAGR $33.7$5.1$9.1 EBITDA (millions) $66.2$18.0$20.1 Revenue (millions) 1,405511671 Production (MBOE) 200520042003 (1) (1) CAGR is compound annual growth rate for the three year period ended 12/31/05 (2) First half 2006 production as reported, includes the effect of vesting of reversionary interest which occurred in late 2005. The reversionary interest had the effect of reducing 1H06 production by approximately 40,000 BOE. 1 st Half 06 3 Year

16. 16 11.5% Sr. Note Liquidity Analysis Long-term Debt Financial Flexibility (1) Due 2008 (2) Recent $300 million Sr. Secured Credit Facility with initial borrowing limit of $140 million provides expanded financial flexibility for growth 131.8 0.5 103.0 $28.3 June 30, 2006 (1) ($ millions) Sr. Secured Credit Facility Installment Loan Total Availability under revolving facility ($MM) Cash ($MM) Liquidity ($MM) $12.9 37.0 49.9 (2)

17. 17 Attractive Valuation vs. Peers (3) PV-10 is based on YE 2005 proved reserves and prices as reported by RAM and Peers not include unproved reserves or oil and gas gathering and processing assets; also does (4) RAM NAV is based on PV-10% of proved reserves and pricing at December 31, 2005 and does not include exercise of outstanding warrants (2) Peers include ABP, BEXP, CRZO, CRK, CWEI, EPEX, GDP, PLLL RAMPeers (4) 55.0 13.7 1.39x $24.8 5 70.0 13.4.8x 0.77x TEV/Reserves ($/BOE) TEV/PV-10 Reserve Life Index (in Years) % Proved Developed Net Asset Value per Share (3) $15.50 $7.02 Price/NAV (2) 1.3x Cash Flow Multiple 7.9x (1) Share prices as of July 31, 2006 (1)

18. 18 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, and RAM’s management’s objectives and its 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.

19. 19 APPENDIX

20. 20 Production Volumes and Expenses

21. 21 Production Volumes and Expenses

22. 22 Derivative Positions As of June 30, 2006

23. 23 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 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.

24. 24 Cash Flow Reconciliation of cash flow from operations (a non-GAAP measure) to GAAP cash flow from operating activities June 30 2006 June 30 2005 (in thousands)