RAM Energy Resources, Inc.

1. RAM Energy Resources, Inc. Fourth Quarter 2008 Earnings Conference Call March 12, 2009

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. Company Overview • Areas of Operation • Five Key Areas = 87% • 38% Mature Oil 23% 15% 15% 12% North Texas Gas 10% = Rig working/planned Area of focus in preliminary 2009 capital budget Gas 27%

4. 2008 Highlights • Production rose 80% to 2.6 million barrel equivalents • (BOE) of oil and natural gas vs. 1.4 million BOE in 2007. • Oil and gas sales rose 123% to $182.7 million driven by higher • production and higher average prices. • EBITDA rose to $103.6 MM compared to $42.4 MM in 2007. • Free cash flow from operations was $77.1 million, or $1.09 per • share, vs. $25.4 million, or $0.62 per share in 2007.

5. 2008 Highlights • Outstanding debt was reduced by $85.0 million during the year to • $250.7 million at year end compared to $335.7 million at year-end • 2007. • Availability at December 31, 2008 under our revolving credit • facility was $37.9 million. • Total cash expenses per BOE decreased four percent for the • year.

6. Fourth Quarter 2008 Highlights • Record fourth quarter 2008 production rose 50% to 653 MBOE. • Average daily production in fourth quarter 2008 was 7,097 BOE vs. fourth quarter 2007 level of 4,739 BOE. • EBITDA in fourth quarter rose to $16.2 MM vs. $14.1 MM in 2007 • quarter • The average realized price of oil, NGLs and natural gas decreased • in fourth quarter 2008 vs. fourth quarter 2007. • Oil down 35% to $57.56/Bbl vs. $88.74/Bbl. • NGL down 56% to 26.32 vs. $59.37/Mcf • Natural gas down 20% to $5.05/Mcf vs. $6.35/Mcf

7. Fourth Quarter 2008 Highlights • The increase in production was mitigated by the decline in • hydrocarbon prices resulting in a seven percent decrease in oil • and natural gas sales to $27.4 MM compared to $29.4 MM in 2007. • Fourth quarter realized derivative gain of $4.1 MM added to revenue in 2008 • RAM recognized non-cash impairment of $179.6 MM after tax to • reflect impact of lower hydrocarbon prices prevailing at year-end • 2008. • Blended interest rate on borrowing substantially lower at 6.1% vs. • 10.7% in year ago quarter. • Total cash expenses per BOE declined 11% compared to those in • last year’s quarter.

8. RAM Three Year Production Growth

9. Production Volumes by Major Fields Production by Areas Year Ended December 31, 2008

10. Total Wells Drilled Wells Drilled 2008 1987- 2008 (1) (1) 677 Producers 82 49 Dry Holes 1 7 7 Drilling or Completing 733 90 Total Success Ratio 99% (2) 93% Drilling Success Rate Remains High (1) Gross wells drilled - RAM prior to Acquisition of Ascent (2) Excluding wells in progress

11. Estimates of Proved Reserves ____________ 1) Estimate of RAM proved reserves at 12/31/08

12. RAM Preliminary 2009 Capital Expenditure Plan • Consistent with RAM’s historical strategy, non-acquisition capital expenditures in 2009 remain within cash flow • Aim is to offset production decline while keeping flexibility in uncertain and volatile hydrocarbon price environment • Focus spending on lower risk development projects with high internal rate of return and quick payback: • Mature oil fields of Electra/Burkburnett, N.E. Fitts and Allen • South Texas – continue successful development of La Copita and West Lissie areas • Other strategic projects positioning for 2010 • Seismic • Osage Concession

13. RAM Preliminary 2009 Capital Expenditure Plan • Assumptions (1) • Year-end 2008 oil, gas and NGL strip prices of $53/Bbl, $6/Mcf and $34/Bbl respectively • Implied gains of $16 - $18 MM from derivative positions in place at 12/31/08 • Asset sales of $5 - $10 MM • Interest expense of $17 - $18 MM • Targets • Production flat with 2008 level • EBITDA of $60 - $65 MM • CAPEX program $40 - $45 MM • Voluntary debt repayment $8 - $12 MM • Immediately accretive 1) Assumes existing realizations and derivatives in force at 12/31/08 remain intact for 2009 year

14. Derivative Positions • 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 4.6 BCF or 12,570 MCF per day of its natural gas production hedged at an average floor price of $7.12 per MCF for 2009

15. EBITDA & Free Cash Flow Per Share Non-GAAP Financial Measures EBITDA, a non-GAAP measure, is determined by adding the following to net income (loss): interest expense, income taxes, depreciation, amortization, accretion, share based compensation, impairment charges 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 , MTM settlements transactions and impairment charges on GAAP 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.

16. Total Debt • Total debt continues to decline compared to year ago levels • RAM borrowing base under existing facilities is $288 MM • Revolver; $137 MM outstanding (2) • Term; $113 MM outstanding (2) (1) • Ascent acquisition closed November 29, 2007 • At 12/31/08

17. Interest Expense Moderates • LIBOR based blended interest rate has continued to decline for RAM in concert with recent reduction in Fed Funds Rate (1) • Ascent acquisition closed November 29, 2007

18. Ample Liquidity • Liquidity remains ample at $37.9 MM at December 31, 2008 • Revolving facility matures in three years • Term facility matures in four years (3) (2) (2) (1) • Ascent acquisition closed November 29, 2007 • Margin call deposits for derivative obligations designated in red • Litigation escrow restricted cash designated in yellow • RAM borrowing base under existing credit facilities is $288 MM; $250 MM outstanding at 12/31/08 • Cash and cash equivalents at 12/31/08 equal $0.2 MM

19. Summary of Investment Considerations • Target – sustain value while focusing on opportunity • Large inventory of low risk opportunities capable of rapid returns • Stable cash flow base supported by substantial inventory of projects in “mature fields” • High degree of operating control and held by production properties; absence of significant term lease issues • Proven value creation through both acquisitions and drillbit • Management’s substantial ownership of RAM stock supports alignment with shareholder interest

20. Company Overview Reserves / Production(1) Production by Area / Field(2) Percent of Total Reserves by Area / Field(1) 1) Using RAM proved reserves at 12/31/08 2) Production mix as of December 2008

21. 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 12/31/08

22. Company Overview Proved Reserves (1) • High ratio of PDP and PDNP component of total reserve and PV-10 value contributes to consistent cash flow (1) Estimate of RAM proved reserves as of 12/31/08

23. Mature Oil Fields - North Texas Electra / Burkburnett • 2009 CAPEX: $ 8 million plus • 48 wells planned • PUD Inventory over 100 • locations • Two year drilling inventory at 2008 planned activity level • Multiple year inventory of non-PUD well locations

24. Mature Oil Fields – North Texas Electra / Burkburnett - Typewell Economics Wichita / Wilbarger counties Texas (1) Assumed flat pricing for life of production

25. Mature Oil Fields – Oklahoma Pontotoc County • 8 wells drilled and completed in 2008 • 2009 CAPEX: approximately $1 million • RAM is operator with 97% Working Interest • Infill and waterflood reconfiguration program under review • Outperformed last year’s production forecast Fitts Field AllenField 50 PUD Injectors 25 PDP 88

26. Mature Oil Fields – Ok Type well economicsNEFitts and Allen FieldsMcAlester and Hunton Formations (1) Assumed flat pricing for life of production

27. South Texas (1) Vicksburg Wilcox • 6 wells spud during 2008 • Inventory of 27 PUD, 13 Probable, and 31 Possible locations • Six wells completed in La Copita (Vicksburg formation), combined average initial daily flow rate over 3.0 Mmcf/d (2 – 5 MM/D range) • Field revitalization development project (9,800’ Wilcox) • Wiese #1, testing Gas • Thomas Trust #1, testing Gas • Potential for 15 more locations • RAM is operator with 100% Working Interest in most wells PUD - 27 Probable - 13 _______________ (1) Data as of February 2009 Possible - 31

28. La Copita Field, Texas Vicksburgh Formation Type well Economics (1) Assumed flat pricing for life of production

29. TM RAM Energy Resources, Inc.