RAM Energy Resources, Inc.

November 5, 2008

TM

Third Quarter 2008 Conference Call Review

2

TM

Disclosure StatementThis 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

Third Quarter 2008 Highlights

• Third quarter 2008 production volume grew 92% to 645 MBOE vs. 336 MBOE in third quarter 2007.

• Due to Ascent Acquisition in late 2007 and 12 wells drilled and completed during third quarter 2008

• The average realized price of oil, NGLs and natural gas were all substantially higher in the third quarter 2008 vs. third quarter 2007.

- Oil was $116.81 up 60.5%- NGL was $66.16 up 40.6%- Natural gas was $8.85 up 39.6%- Total/BOE was $83.92 up 44.6%

• Higher production combined with increased product prices drove oil and gas sales to $54.2 million, 177% above last year’s oil and gas sales

4

TM

Third Quarter 2008 Highlights

• Exclusive of the impact of unrealized derivative losses, adjusted net income (non-GAAP) for the third quarter 2008 was $11.4 million, or $0.15 per share vs. $5.3 million, or $0.13 per share in third quarter 2007 • Free Cash flow from operations (a non-GAAP measure) in the quarter was $26.7 million, or $0.35 per share, compared to $3.1 million, or $0.08 per share, in the third quarter 2007.

• RAM’s EBITDA for the quarter was $31.5 million representing an increase of 200% above the same period last year.

• Total non-acquisition capital spending for the quarter was $18.8 million, fully funded by free cash flow.

5

TM

Company OverviewCompany Overview- Areas of Operation

= Rig under contract

6

TM

Production Volumes by Major Fields

Mature Mature

Oil Fields* Natural Gas Fields

Three Months Ended September 30, 2008 South Texas Barnett Shale Appalachia Various Various Total

Aggregate Net Production

Oil (Bbls) 16,841 2,144 248 244,621 31,352 295,206

NGLs (Bbls) 31,662 13,495 - 20,579 20,857 86,593

Natural Gas (Mcf) 690,602 141,601 19,924 237,984 489,550 1,579,661

BOE 163,603 39,239 3,569 304,864 133,801 645,076

Three Months Ended September 30, 2007

Aggregate Net Production

Oil (Bbls) - 1,216 - 135,871 43,484 180,571

NGLs (Bbls) - 8,835 - 13,374 26,224 48,433

Natural Gas (Mcf) - 139,000 - - 501,962 640,962

BOE - 33,218 - 149,245 153,368 335,831

Change in BOE 163,603 6,022 3,569 155,619 (19,567) 309,245

*Includes Electra/Burkburnett, Allen/Fitts and Layton fields.

Developing Fields

RAM Energy Resources, Inc.Production by Areas

Three Months Ended September 30, 2008

7

TM

RAM Production GrowthRAM Production Growth• From the post-Ascent acquisition base at December 2007, RAM has

increased production 9% year to date

(1) Weather related power outage, N. Texas and Oklahoma(2) Temporary shut-in of production associated with Hurricane Ike. Production restored early October 2008

6000

6200

6400

6600

6800

7000

7200

Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08

BO

EP

D

(2) (1)

8

TM

Debt ReductionDebt Reduction

54%57%

77%77%

97%101%102%

129%131%134%

0%

20%

40%

60%

80%

100%

120%

140%

160%

2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08

Net

Deb

t to

Cap

. %

• Net debt ratio continues to improve• Targeted net debt ratio less than 50%

(1)

(2)

(1) Net debt is long-term debt less cash and cash equivalent at end of period(2) Ascent acquisition closed November 29, 2007

9

TM

Interest Expense ModeratesInterest Expense Moderates

$5,778

$3,906 $3,837 $3,838 $3,990$4,754

$8,162

$6,197

$4,817

$8,175

6.9%6.8%

8.2%

10.7%10.2%10.4%10.8%10.8%10.9%

10.6%

$-

$2,000

$4,000

$6,000

$8,000

$10,000

2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Interest Expense Blended Interest Rate

(1) Ascent acquisition closed November 29, 2007

(1)

• LIBOR based blended interest rate has remained flat for RAM despite widening credit spreads generally in corporate debt securities

10

TM

$37.9$31.9

$21.1

$15.9 $14.5

$37.3

$20.8 $19.3

$46.2$47.9

$10.1 $18.0

$48.0 $49.9

$-

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08

Liq

uid

ity

(MM

)Ample LiquidityAmple Liquidity

(1) Ascent acquisition closed November 29, 2007(2) Margin call deposits for derivative obligations(3) RAM borrowing base under existing credit facilities is $288 MM; $246 MM outstanding at 9/30/08

(1)

(2) (2)

• Liquidity remains ample at $48MM at September 30, 2008

11

TM

Total DebtTotal Debt

$131.8 $131.7 $132.2 $131.9 $147.8 $147.7

$335.7$351.7

$273.5$246.7

$-

$50.0

$100.0

$150.0

$200.0

$250.0

$300.0

$350.0

$400.0

2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08

To

tal D

eb

t (M

M)

(1) Ascent acquisition closed November 29, 2007

(1)

• Total debt continues to decline

12

TM

Per Day Price Per Day Price Per Day Price Per Day PriceCollars

2009 1,371 $59.46 1,371 $81.92 10,000 $7.18 10,000 $11.68

Year Per Day Price2009 800 $75.00

Year Per Day Price Per Day Price2009 1,501 $68.35 5,000 $7.00

Crude Oil (Bbls) Natural Gas (Mmbtu)Floors Ceilings Floors Ceilings

Secondary Floors

Bare Floors Bare Floors

Crude oil floors and ceilings for 2009 cover the calendar year, and natural gas floors and ceilings for 2009 cover January through October. Crude oil secondary floors for 2009 cover January through March, and bare floors cover the calendar year. Natural gas bare floors for 2009 cover January through March and November and December.

Derivative Positions(1)

• At September 30, 2008 company had derivative contracts in place covering approximately 2.4 MMBOE for next six quarters

• For calendar year 2009 RAM has total of 1,048,500 barrels of oil or 2,873 barrels per day of production hedged at an average floor price of $64.11

• RAM also has a total of 3.8 BCF or 10,397 MCF per day of its natural gas production hedged at an average floor price of $7.14 per MCF for 2009

(1)

13

TM

Attractive Valuation vs. Peers

Price / NAV (1) (2)

(1) Reserves for Peers and RAM at 12/31/07(2) Share prices as of close 11/03/08

0.56x0.39x

0.69x0.61x

0.44x0.61x

0.31x

1.52x1.14x

0.50x

0.16x

0.00x

1.00x

2.00x

3.00x

4.00x

ARD

BEXP

CRZOPLLL

CWEI

GPORSM

TXCO

Mea

n

Med

ian

RAME

14

TM

EV / Proved Reserves (BOE)(1) (2) (3)

Attractive Valuation vs. Peers

(1) Reserves for Peers and RAM as of 12/31/07. RAM’s proved reserves as of 12/31/07 were 39.4 MMBOE.(2) RAM’s proved reserves at 6/30/08 were 41.8 MMBOE. (3) Share prices as of close 11/03/08.

$8.80

$18.02

$13.08

$16.88$18.78

$11.29

$18.99

$12.02

$18.98

$24.64

$17.27

$0.00

$10.00

$20.00

$30.00

ARD

BEXP

CRZOPLLL

CWEI

GPORSM

TXCO

Mea

n

Med

ian

RAME

15

TM

• Significant increase in drilling activity in developing fields and mature oil fields positively impacts third quarter

• 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

RAM Energy Resources, Inc.

TM

18

TM

Strong EBITDA & Free Cash Flow Per Share

EBITDA, a non-GAAP measure, represents cash provided by operating activities before the impact of interest expense, income taxes, DD&A, accretion, share based compensation and unrealized gains or losses on derivative or MTM settlement transactions. Free cash flow is also a non-GAAP measure representing EBITDA after adjustments for the cash portion of interest and income taxes. Adjusted net income is a non-GAAP measure which excludes the income tax affected impact of unrealized derivative gains or losses or unrealized MTM settlement gains or losses orGAAP income. These non-GAAP measures are 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). These non-GAAP measures are widely accepted as financial indicators 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. These non-GAAP measures are 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.

9/30/2008 9/30/2007 9/30/2008 9/30/2007EBITDA:

Net income (loss) 28,488$ 4,770$ 22,103$ 5,092$ Plus: Interest expense 4,817$ 4,754$ 19,176$ 12,582$ Plus: Amortization and depreciation & accretion 11,507$ 4,059$ 34,387$ 11,903$ Plus: Share-based compensation 602$ 308$ 2,081$ 702$ Plus: Income tax provision (benefit) 13,641$ (4,291)$ (1,809)$ (4,105)$ Less: Unrealized gain (loss) on derivatives 34,302$ (920)$ (4,765)$ (2,076)$ Less: Unrealized gain (loss) on MTM settlement (6,752)$ - (6,752)$ -

EBITDA 31,505$ 10,520$ 87,455$ 28,250$

Less:

Cash paid for interest 4,659$ 7,423$ 20,994$ 14,723$ Cash paid for income tax 103$ 13$ 380$ 18$

Free Cash Flow 26,743$ 3,084$ 66,081$ 13,509$

Weighted average shares outstanding - basic 76,972 40,293 68,482 39,276 Weighted average shares outstanding - diluted 77,287 40,437 68,789 39,399

Free Cash Flow per Share - basic 0.35$ 0.08$ 0.96$ 0.34$ Free Cash Flow per Share - diluted 0.35$ 0.08$ 0.96$ 0.34$

EBITADA and Free Cash Flow$000s, except per share amounts

Three Months Ended Nine Months Ended

19

TM

Production Volumes by Major Fields

Mature Mature

Oil Fields* Natural Gas Fields

Nine Months Ended Sept. 30, 2008 South Texas Barnett Shale Appalachia Various Various Total

Aggregate Net Production

Oil (Bbls) 38,334 3,936 248 714,851 136,134 893,503

NGLs (Bbls) 84,109 44,269 - 60,191 57,846 246,415

Natural Gas (Mcf) 1,999,026 318,151 29,798 591,114 1,627,310 4,565,399

Boe 455,614 101,230 5,214 873,561 465,198 1,900,817

Nine Months Ended Sept. 30, 2007

Aggregate Net Production

Oil (Bbls) - 3,317 - 500,707 44,281 548,305

NGLs (Bbls) - 11,382 - 44,517 63,993 119,892

Natural Gas (Mcf) - 342,883 - 118,726 1,444,757 1,906,366

Boe - 71,846 - 565,012 349,067 985,925

Change in Boe 455,614 29,384 5,214 308,549 116,131 914,892

*Includes Electra/Burkburnett, Allen/Fitts and Layton fields.

Developing Fields

RAM Energy Resources, Inc.

Production by Areas

Nine Months Ended September 30, 2008

RAM Energy Resources, Inc.

TM