RAM Energy Resources, Inc.

1. TM RAM Energy Resources, Inc. IPAA 2008 OGIS New York April 2008

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. 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. • Higher production combined with increased product prices drove oil and gas sales to $29.4 million, 96% above last year’s sales. • Cash flow from operations (a non-GAAP measure) in the quarter • was $7.6 million vs. $2.3 million in fourth quarter 2006.

4. 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.

5. 2008 Operating Highlights • 2008 Capital spending budget of $80 million targets growth in • production and reserves. • Over 110,000 total net undeveloped conventional and • unconventional acres represent potential opportunities for future • growth. • 2008 Growth Project Areas • South Texas: Multiple well program underway • Barnett Shale: Activity accelerating, large inventory • West Virginia: Initiating activity on significant acreage • position in Devonian shale project • 2008 Production Maintenance Projects • Electra/Burkburnett: Infill development drilling on PUD locations • continues at rapid pace • Fitts/Allen: Multiple PUD locations scheduled to be • drilled, waterflood evaluation underway

6. Drilling Success Rate Remains High Total Wells Drilled Wells Drilled YTD 2008 1987- 2008 (1) (1) 605 Producers 14 48 Dry Holes 0 7 7 Drilling or Completing 662 21 Total Success Ratio 100% (2) 93% (1) Gross wells drilled (2) Excluding wells in progress

7. Company Overview • 110,000 Net Undeveloped Acres = Rig under contract

8. Company Overview Proved Reserves (1) • Proved Reserves of 39.4 million BOE and PV-10 of $911.5 million • High ratio of PDP and PDNP reserves supports consistent cash flow (1) Estimate of RAM proved reserves as of 12/31/07

9. Company Overview Reserves / Production(1) • Oil and liquids rich reserve base • 67% of production is based on price of oil (1) Using RAM proved reserves at 12/31/07

10. 2008 Non-Acquisition Capital ExpenditureBudget by Economic Risk $80 Million (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.

11. PUD - 18 Probable - 13 Possible - 39 South Texas – Growth Driver Vicksburg Wilcox • PUD Inventory of 18 locations • 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 awaiting completion • Garza Hitchcock #14 drilling • RAM is operator with 100% Working Interest • 2008 CAPEX: $19.0 million • 6 additional wells planned • Represents 20% of total 2008 CAPEX

12. Barnett Shale - Growth Driver • 27,700 gross (6,800 net) acres located in • Core area and all held by production • 26,267gross (20,802 net) leasehold acres located in Tier 2 • 85 square miles of seismic • Current Activity; • 13 producing wells • 2 wells completing/waiting on pipeline • 5 wells proposed • 31 future locations • 2008 CAPEX: $10 million Core Tier 1 Tier 2 RAM’s Barnett Shale operating area Newly acquired acreage

13. Barnett Shale (Devon Area) – Growth Driver Rawle / Burress Lease • Approximately 3,500 gross (1,260 net) acres • 8 wells producing • Etta Burress #2-H and #4-H horizontal wells drilled and completed • Etta Burress #3-H horizontal well, completing • Molloy #1-H horizontal well, awaiting completion • Devon has proposed 4 additional horizontal wells • RAM WI = 36% • Continuous drilling clause in participation agreement T. L. Dickenson A 5H Prob Prop Burress Unit 10-H Poss T. L. Dickenson A 4H Prob Prop T.L. Dickenson A3-H PUD T.L. Dickenson 1H Producing T. L. Dickenson A 2-H PUD Prop Burress 1-H Producing Etta Burress 6-H PUD Etta Burress 1-H Producing Burress Unit 3-H PUD Etta Burress 2-H Producing Etta Burress 4-H Producing Etta Burress 5-H PUD Rawle A 1-H Producing Burress 2-H Producing Burress 4H PUD Burress Unit 7-H PUD Molloy U.A. "A" 1-H Prob Prop Etta Burress 3-H Prob Rawle 5H PUD Rawle 4-H Producing Rawle 6H Poss Producing Wells (PDP): 8 Booked PUDs: 8 Additional Locations: 4 Permitted: 2

14. Barnett Shale (EOG Area) – Growth Driver • Approximately 23,500 gross acres (5,600 net) • RAM WI = 24% • 3 wells producing • 1 well preparing to spud: Brown 2-H • RAM has proposed five wells to EOG; EOG has elected to participate and operate all five • 37 square miles of 3-D seismic • Additional 20 square miles planned for 2008 • Ongoing seismic review supports additional drilling locations • Right to propose wells • If EOG declines to participate, RAM can drill wells on a non-consent basis Sealy C-1H Ashe 1H Brown 2H Ashe C-1H Dethloff 1H Ramsey 1H Seismic Acquired 2006 Permitting Producing Proposed

15. 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

16. West Virginia – Growth Driver Devonian Shale Play Rig contracted to commence drilling on initial 6 well program; first well to spud early second quarter. RAM owned gathering system Hurricane Project RAM Existing Wells Cabot Existing Wells RAM Acreage Cabot Acreage

17. North Texas – Production Maintenance Electra / Burkburnett • Proved Reserves of 9.4 MMBOE • Average well statistics (1) • F & D costs $5.91/BOE • EUR 22 MBOE • Economic life 20 years • Working Interest 100% • 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

18. Oklahoma - Production Maintenance • PUD Inventory of 57 locations • 2008 CAPEX: $7.5 million • 1 well drilled and producing • 2 wells 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 Fitts Field AllenField 57 PUD Injectors 10 PDP 60 PUD WF

19. Liquidity 12/31/07 6 375 (334) 47 • Credit facility of $500 million, borrowing availability under facility of $375 million • Substantial interest expense savings accruing from reductions in LIBOR rates • Financial Liquidity Analysis: • Cash • Plus: Available Credit Line • Less: Outstanding Credit ($millions) Financial Liquidity

20. Attractive Valuation vs. Peers Price / NAV (1) (2) (3) • Represents most recent proved reserves and PV-10 value for peers. RAM’s PV-10 value at 12/31/07. • Share prices as of close 03/28/08. • 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.

21. Summary of Investment Considerations • 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

22. TM RAM Energy Resources, Inc.

23. Derivative Positions (1) (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.

24. 2008E Non-Acquisition Capital Expenditure Detail $80 Million North Texas Oklahoma South Texas Barnett Shale Louisiana Appalachian Capitalized G&G Exploration $7.5 MM $7.5 MM $19.0 MM $10.0 MM $19.0 MM $8.5 MM $5.0 MM $3.5 MM

25. Company Overview Reserves / Production(1) Percent of Total Reserves by Area / Field(1) Production by Area / Field(2) 1) Using RAM proved reserves at 12/31/07 2) Production mix as of December 2007

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

27. 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.

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

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

30. TM RAM Energy Resources, Inc.