RAM Energy Resources, Inc.

February 18, 2008

2009 IPAA OGIS Florida

Small Cap Energy Conference

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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.

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Company OverviewCompany Overview- Areas of Operation

= Rig working/planned

Area of focus in preliminary

2009 capital budget

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• 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

RAM Preliminary 2009 Capital RAM Preliminary 2009 Capital Expenditure PlanExpenditure Plan

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RAM Preliminary 2009 Capital RAM Preliminary 2009 Capital Expenditure PlanExpenditure 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

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1.31.4

2.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

2006 2007 2008

Mill

ion

s B

OE

RAM Three Year Production GrowthRAM Three Year Production Growth

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per day Price per day Price per day Price per day PriceCollars

2009 1,372 $59.46 1,372 $81.92 10,501 $7.14 10,501 $11.32

Year per day Price Per day Price2009 197 $75.00 - -

Year per day Price per day Price2009 1,501 $68.35 2,069 $7.00

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

Secondary Floors Secondary Floors

Bare FloorsBare Floors

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

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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

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1

10

100

0 12 24 36Months

Daily

(Bop

de)

Price Case ► One Two ThreeOil price ($/Bbl)(1) $40.00 $50.00 $60.00Gas price ($/Mcf)(1) $5.00 $7.00 $9.00

ROR (%) 55 80 100Payout (yrs) 2.2 1.7 1.4PV10 (M$) 260 360 470EUR (MBOE) 20 20 20CAPEX (M$) 170 170 170F&D ($/BOE) 8.00 8.00 8.00

Locations 100+

Mature Oil Fields – North Texas

Electra / Burkburnett - Type well EconomicsWichita / Wilbarger counties Texas

(1) Assumed flat pricing for life of production

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• 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

PUDInjectors

PDP

50

25 88

Allen Field

Fitts Field

Mature Oil Fields – OklahomaPontotoc County

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Mature Oil Fields – OklahomaMature Oil Fields – Oklahoma

NE Fitts and Allen FieldsNE Fitts and Allen FieldsType well EconomicsType well Economics

NE Fitts (East Infill)

1

10

100

0 12 24 36

Months

Dai

ly (B

opde

)

Price Case ► One Two ThreeOil price ($/Bbl)(1) $40.00 $50.00 $60.00Gas price ($/Mcf)(1) $5.00 $7.00 $9.00

ROR (%) 100 100 100Payout (yrs) 1.1 0.8 0.7PV10 (M$) 761 1,113 1,486EUR (MBOE) 50 50 50CAPEX (M$) 400 400 400F&D ($/BOE) 8.00 8.00 8.00

(1) Assumed flat pricing for life of production

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• 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 -

Probable -

Possible -

27

13

31

South Texas (1)

Vicksburg Wilcox

_______________(1) Data as of February 2009

13

100

1,000

10,000

0 12 24 36Months

Da

ily

(M

cfd

e)

La Copita Field, TexasVicksburgh FormationType well Economics

Price Case ► One Two ThreeOil price($/Bbl)(1) $40.00 $50.00 $60.00Gas price ($/MCF)(1) $5.00 $7.00 $9.00

ROR (%) 25 67 100Payout (yrs) 2.8 1.5 1PV10 (M$) 821 2,376 3,935EUR (BCFe) 1.7 1.7 1.7CAPEX (M$) 2,750 2,750 2,750F&D ($/MCFe) 1.62 1.62 1.62

Locations 25+

(1) Assumed flat pricing for life of production

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Total DebtTotal Debt

$250.4

$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 4Q08

To

tal

Deb

t (M

M)

(1) Ascent acquisition closed November 29, 2007(2) At 12/31/08

(1)

• 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)

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$5,778

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

$8,162

$6,197

$5,006

$8,175

$4,817

10.6%10.9% 10.8% 10.8%

10.4% 10.2%10.7%

8.2%

6.8%

6.9%

6.1%

$-

$2,000

$4,000

$6,000

$8,000

$10,000

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

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Interest Expense Blended Interest Rate

Interest Expense ModeratesInterest Expense Moderates

(1) Ascent acquisition closed November 29, 2007

(1)

• LIBOR based blended interest rate has continued to decline for RAM in concert with recent reduction in Fed Funds Rate

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$37.9$31.9

$10.1 $18.0$16.0

$21.1$15.9

$14.5

$37.3

$20.8 $19.3

$46.2$47.9

$37.9

$-

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

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

Liq

uid

ity

($

in

mil

lio

ns

)

Ample LiquidityAmple Liquidity

(1) Ascent acquisition closed November 29, 2007(2) Margin call deposits for derivative obligations designated in red(3) Litigation escrow restricted cash designated in yellow(4) RAM borrowing base under existing credit facilities is $288 MM; $250 MM outstanding at 12/31/08(5) Cash and cash equivalents at 12/31/08 equal $0.2 MM

(1)

(2) (2)

• Liquidity remains ample at $37.9 MM at December 31, 2008- Revolving facility matures in three years- Term facility matures in four years

(3)

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• 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

Summary of Investment Considerations

RAM Energy Resources, Inc.

TM