RAM Energy Resources, Inc.

1. RAM Energy Resources, Inc. July 2006

2. Who is RAM Energy Resources? • RAM has been actively engaged in exploration and production activities since 1987, as a private company. • RAM merged with Tremisis, a publicly held “Specified Purpose Acquisition” corporation as a means of becoming a public entity. • Merger effective May 8, 2006 • RAM contributed oil and gas assets and liabilities, Tremisis contributed an existing publicly held entity • Merger provides increased access to capital markets to support growth • RAM is listed on Nasdaq, traded under symbol RAME

3. Investment Highlights • Excellent fundamentals of Oil & Gas Industry • Experienced management team with successful track record • Balanced growth strategy • High quality, diversified portfolio of long-lived producing assets • Large inventory of PUD drilling locations and recompletion projects • Growth potential in unconventional resource plays • Attractive valuation

4. Proven Reserves and Production Growth Production Four Year CAGR: 84% Reserves Four Year CAGR: 25% 19.1 18.8 1,405 Thousands of BOE 671 8.4 8.1 Millions of BOE 511 495 2003 2004(1) 2002 2005(2) 2005(1)(2) 2004(1) 2003 2002 (1) Results are affected by acquisitions and dispositions during each of the periods. (2) As of December 31, 2005

5. Drilling/Recompletion Projects • Six year inventory of development drilling and recompletions • Potential multi-year inventory of Barnett Shale locations As of December 31, 2005

6. Drilling Success Rate 2005 Total Wells (1) Wells Drilled 1987-2005 428 Producers 66 36 Dry Holes 0 Drilling or Completing 1 1 At Year-End Total 465 67 100% Success Ratio 92% (2) (1) Gross wells drilled (2) Excluding wells in progress

7. Areas of Operations Tulsa Office Tulsa Office Houston-District Office Electra-Field Office I A II B IV III Resource Areas Principal Fields I Electra/Burkburnett II Boonsville III Egan IV Vinegarone A Barnett Shale – Fort Worth Basin B Barnett & Woodford Shale - Reeves County, TX

8. Exploitation Exploration 2006 Non-Acquisition Capital Budget $24.3 million 17.7 11.9 6.6 $ Millions 1.6 (1) 2006 2005 (1) Non-acquisition capital expenditures in 2005 totaled $15.0 MM, composed of $13.5 MM for exploitation and exploration activities, and $1.5 MM for facilities and equipment.

9. Wilbarger Counties,Texas Electra/Burkburnett Area, Wichita and • Net monthly production of over 58,375 BOE from 504 producers • 20 Wells drilled in 1Q06, 14 of which completed as producers, remaining 5 completing • 200 identified PUD drilling locations • 100% WI ownership & operational control • Gas plant and gathering system • Proved reserves of 9,802 MBOE • PV-10% = $182.9 million(1) (1) At year-end 2005

10. Boonsville Area, Jack and Wise Counties, Texas • Net monthly production of over 14,670 BOE from 114 producers • 22 identified drilling locations and numerous low-cost workovers • Operating control of 114 producing wells • Producing wells hold Barnett Shale rights • 25 miles of gas gathering system • Proved reserves of 3,011 MBOE • PV-10% = $43.4 million(1) (1) At year-end 2005

11. Egan Field, Acadia Parish, Louisiana • Net monthly production of over 7,050 BOE from 10 producers • Multizone recompletion potential in 10 existing wellbores • Operating and ownership control of field • Proved reserves of 1,652 MBOE • PV-10% = $38.7 million(1) (1) At year-end 2005

12. Vinegarone Field, Val Verde County, Texas • Net monthly production of over 4,385 BOE from 7 non-operated producers • 7 identified infill wells to be drilled; operator to spud first of 3 wells in 3Q06 • Long-lived natural gas field • Proved reserves of 1,111 MBOE • PV-10% = $21.5 million(1) (1) At year-end 2005

13. Property: Proved Reserves (millions of BOE) PV-10% ($ millions) Electra/Burkburnett 9.8 $182.9 Boonsville 3.0 43.4 Egan 1.6 38.7 Vinegarone Total 1.1 15.5 21.5 $286.5 Percent of total proved reserves 83% 83% Principal Fields Account for Over 80% of Total Proved Reserves As of December 31, 2005

14. Unconventional Resource Areas • Barnett Shale - Fort Worth Basin, Jack and Wise Counties, Texas • Barnett and Woodford Shale - Exploration Project, Reeves County, Texas

15. Barnett Shale - Jack and Wise Counties, Texas • Own WI ranging from 23-36% in the 27,700 gross acres lying within a 43 square mile area • 124 locations identified for horizontal drilling on HBP leasehold • Ashe #1 well, operated by EOG recently completed with initial daily production of 1.9 mmcfe • Expect another well to spud in late 2Q bringing to 9 the number of wells in which RAM has an interest • Drilling increased year-end 2005 PV-10 value to $10.5 MM vs. $1.5 MM year-end 2004 • Current proved reserves exclude any Barnett Shale probable reserves • Over 80% of the acreage lies in “core” area* Wise Co. Jack Co. Chief Oil & Gas 5 Operated wells EOG Resources Ashe #1 well *Per Pickering Energy Partners, Inc. October 2005 titled “The Barnett Shale, Visitors Guide to the Hottest Gas Play in the US”

16. Barnett and Woodford ShaleReeves County, Texas Exploration play - 11,000 net (70,000 gross) acres Estimated thickness of the Barnett is between 400’-700’ and the Woodford varies from 200’-400’ Capital risk minimized through third-party drilling commitments to earn farmout agreements Keys to success are horizontal drilling and fracture stimulation Four wells drilled under farmout agreements: 3-D seismic shot over 10 square mile area Participating interests range from 6.25-18.75% Alpine Area 3 wells drilled J. Cleo Thompson 1 well drilled

17. Developed 13.2 $454 $245 Undeveloped 5.6 209 100 Total Proved 18.8 $663 $345 Reserve Value at Year-End 2005 Future Net PV-10% Reserves Revenues (1) (2) (3) (4) ($ millions) ($ millions) (millions BOE) (1) Reserves as of December 31, 2005 (2) Future net revenues of reserves, before income tax (3) Assumed prices for oil, gas and NGLs follow SEC prescribed methodology; Oil = $58.63/Bbl, Gas = $9.14/Mcf and NGL = $35.89/Bbl (4) Future net revenues of reserves discounted at 10 percent, before income tax

18. Developed PUD Proved Reserves at Year-End 2005 Total proved reserves: 18.8 MMBOE 70% of total reserves are proved developed Balanced hydrocarbon mix of 60% oil, 40% gas 30% 40% 60% 70% Oil Natural Gas & NGL’s

19. 2003 2004 2005 CAGR Production (MBOE) 671 511 1,405 41% 318 Revenue (millions) $20.1 $18.0 $66.2 85% $16.8 EBITDAX (millions) $9.1 $5.1 $33.7 59% $9.9 Summary Financial and Operating Data 3 Year (1) 1Q2006 (2) (1) CAGR is compound annual growth rate for the three year period ended 12/31/05 (2) In late 2005, the vesting of an outstanding back-in interest in favor of a non-operating partner occurred, effectively reducing 1Q06 production by 22,100 BOE

20. $28.3 83.2 0.6 112.1 1.1 $111.0 Financial Flexibility March 31, 2006 • Long-term Debt • New $300 million Sr. Secured Credit Facility with initial borrowing limit of $140 million provides expanded financial flexibility for growth ($ millions) (1) 11.5% Sr. Note Sr. Secured Credit Facility Installment Loan Total Cash & Equivalents Net Debt (1) Due 2008

21. Attractive Valuation vs. Peers (1) RAM Peers $16.80 $23.85 TEV/Reserves ($/BOE) TEV/PV-10 .9x (2) 1.2x Reserve Life Index (in Years) 13.4 13.7 % Proved Developed 70.0 55.0 (3) Net Asset Value per Share $7.02 Price/NAV 0.88x (1) Peers include ABP, BEXP, CRZO, CRK, CWEI, EPEX, GDP, PLLL (2) PV-10 is based on YE 2005 proved reserves and prices as reported by RAM and Peers (3) NAV is based on PV-10% of proved reserves and pricing at December 31, 2005 and does not include RAM’s unproved reserves or oil and gas gathering and processing assets; also does not include exercise of outstanding warrants

22. Investment Highlights • Excellent fundamentals of Oil & Gas Industry • Experienced management team with successful track record • Balanced growth strategy • High quality, diversified portfolio of long-lived producing assets • Large inventory of PUD drilling locations and recompletion projects • Growth potential in unconventional resource plays • Increased access to capital markets • Attractive valuation

23. 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, future production, prices, realizations and costs, exploration activities, capital spending, borrowing availability, financial position, business strategy, plans 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.

24. RAM Energy Resources, Inc.

25. APPENDIX

26. Production Volumes and Expenses

27. Average Realized Prices Before/After Hedging

28. Hedging Positions As of March 31, 2006

29. 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, all exploration costs 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. EBITDAX is also presented below because of its wide acceptance by the investment community as a financial indicator of a company’s ability to internally fund exploration and development activities and to service or incur debt. Management also views the non-GAAP measure of EBITDAX as a useful tool for comparison of the company’s financial indicator with those of peer companies. EBITDAX should not be considered as an alternative to net income or cash provided by operating activities, as defined by GAAP. The following table reconciles cash provided by operating activities to cash flow and EBITDAX (in thousands):

30. Cash Flow & EBITDAX

31. Unconventional Resource Area - Barnett Shale Fort Worth Basin, Texas • Located in Largest Natural gas basin in Texas • Commercial production on this acreage confirmed by extensive drilling • 1.1 Bcfed from over 3,600 wells • Wells: 4,000’ - 11,000’; $400 M - $2,600 M • Major activity focused on Denton, Wise, Tarrant, Johnson and Parker Counties • Gas production established in Hood, Jack, Erath and Palo Pinto counties Core Tier 1 Tier 2 Map Source: Pickering Energy Partners