RAM Energy Resources, Inc.

August 15, 2006

2

Highlights – 2Q 06

•RAM Energy, Inc. completes merger with Tremisis to become

publicly traded RAM Energy Resources, Inc.

•RAM selected for inclusion in Russell 2000 index

•2Q 06 production increased 3% over 1Q 06 level

•Emerging production from Barnett Shale growing in importance,

currently fourth largest producing area

•RAM initiates exploration play, targets Wolfcamp shale in

Southwest Texas

•First half capital spending of $10.5 MM on pace with planned

full-year non-acquisition spending of $24.3 MM.

3

(MCF)

566566

2Q06 1Q06 2Q06 1Q06 2Q06 1Q062Q06 1Q06 2Q06 1Q06 2Q06 1Q06

Sequential Quarterly ProductionSequential Quarterly Production

600600

218218

234234329329

318318

Oil & NGL Oil & NGL (thousand Bbl)(thousand Bbl)

Gas Gas BOE BOE (thousands)(thousands)

(1) As reported,(1) As reported,

(2) A “reversionary interest” which became effective in September 2005 impacts 1H06 vs 1H05 (2) A “reversionary interest” which became effective in September 2005 impacts 1H06 vs 1H05

production comparisons.production comparisons.

(3) Oil & NGL production in 2Q06 is composed of 202M bbl oil and 32M bbl of NGLs. In 1Q06(3) Oil & NGL production in 2Q06 is composed of 202M bbl oil and 32M bbl of NGLs. In 1Q06

the composition is 187M bbl oil and 31M bbl NGLs.the composition is 187M bbl oil and 31M bbl NGLs.

(1)(1)

Up 7%Up 7% Up 3%Up 3%Down 6%Down 6%

(1)(1) (1)(1)(3)(3)

4

Excluding Excluding Reversionary ImpactReversionary Impact

340340

(MCF)

566566

2Q06 2Q05 2Q06 2Q05 2Q06 2Q05 2Q06 2Q052Q06 2Q05 2Q06 2Q05 2Q06 2Q05 2Q06 2Q05

Second Quarter ProductionSecond Quarter Production

652652

232232

234234

329329

346346

Oil & NGL Oil & NGL (thousand Bbl)(thousand Bbl)

Gas Gas BOE BOE (thousands)(thousands)

(1) As reported,(1) As reported,

(2) Represents total BOE production as if “reversionary interest” which became effective in September 2005 (2) Represents total BOE production as if “reversionary interest” which became effective in September 2005

had not been in effect during 2Q06.had not been in effect during 2Q06.

(1)(1)

Up 1%Up 1% Down 3%Down 3%Down 13%Down 13%

(1)(1)

340340(1)(1)

(2)(2)

(1)(1)

(1)(1)

BOE BOE (thousands)(thousands)

Up 2%Up 2%

As Reported

340340(1)(1)

5

$6.36$6.36

(Per Bbl)

$38.21$38.21

2Q06 2Q05 2Q06 2Q05 2Q06 2Q05 2Q06 2Q052Q06 2Q05 2Q06 2Q05 2Q06 2Q05 2Q06 2Q05

Realized PricesRealized Prices(2Q06 VS 2Q05)(2Q06 VS 2Q05)

$36.49$36.49$50.95$50.95

$67.35$67.35

$5.54$5.54

$54.70$54.70

OilOil (Per Bbl)(Per Bbl)

NGL NGL Gas Gas (Per Mcf)(Per Mcf)

Up 32%Up 32% Down 13%Down 13%Up 5%Up 5%

$45.08$45.08

BOEBOE

Up 21%Up 21%

6

Second Quarter ResultsSecond Quarter Results

$-3.1$-3.1

2Q06 2Q06 2Q05 2Q06 2Q052Q06 2Q06 2Q05 2Q06 2Q05

$-0.3$-0.3

$0.3$0.3 $4.0$4.0

$3.6$3.6

Net IncomeNet Income Net Income (Loss) Net Income (Loss)

(1) As reported(1) As reported

(2) Net income in 2Q06 exclusive of certain non–cash charges associated with the merger and unrealized derivative losses.(2) Net income in 2Q06 exclusive of certain non–cash charges associated with the merger and unrealized derivative losses.

(3) Cash flow is a non-GAAP measure. See appendix for a reconciliation of this non-GAAP measure to thecorresponding (3) Cash flow is a non-GAAP measure. See appendix for a reconciliation of this non-GAAP measure to thecorresponding

GAAP amount. GAAP amount.

($ In Millions)($ In Millions)(1)(1)

(1)(1)

(1)(1)

(2)(2)

Non-GAAPNon-GAAPExcluding Certain Excluding Certain Non-Cash ItemsNon-Cash Items

As Reported As Reported Cash Flow From Cash Flow From Operations Operations

7

Drilling Success Rate

(2) Excluding wells in progress

(1) Gross wells drilled

(1)

1st Half 06Total Wells Drilled

1987-YTD 2006

Producers

Dry Holes

Drilling or Completing

Total

Success Ratio

43 472

38

1

2

1

46 511

96% 93%(2)

8

A Barnett & Woodford Shale -

Principal FieldsExploration Projects

Tulsa OfficeTulsa Office

Houston-District Office

Electra-Field Office

11

22

33

44

AA

1 Electra/Burkburnett

2 Boonsville

3 Egan

4 Barnett Shale

5 Vinegarone

Reeves County, TX

Areas of Operations

55

BB

B Wolfcamp Shale -Southwest TX

9

Electra/Burkburnett Area, Wichita and Wilbarger Counties,Texas

(2) At year-end 2005

(1) At 6/30/06

• 2Q06 production of 174,328 BOE from 495 producers

• 41 Wells drilled in 1st half 06, all of which completed as producers

• 167 identified PUD drilling locations(1)

• 100% WI ownership & operational control

• Gas plant and gathering

system

• Proved reserves of 9,802 MBOE(2)

• PV-10% = $182.9 million(2)

10

Boonsville Area, Jack and Wise Counties, Texas

• 2Q06 production of over 46,650 BOE from 86 producers

• 21 identified drilling locations and numerous low-cost workovers

• Operating control of 85 producing wells

• Producing wells hold Barnett Shale rights

• 25 miles of gas gathering system

• Proved reserves of 3,011 MBOE(1)

• PV-10% = $43.4 million(1)

(1) At year-end 2005

11

Egan Field, Acadia Parish, Louisiana

• 2Q06 production of 21,476 BOE from 10 producers

• Multizone recompletion potential in 7 existing wellbores

• Operating and ownership control of field

• Proved reserves of 1,652 MBOE(1)

• PV-10% = $38.7 million(1)

(1) At year-end 2005

12

• 2Q06 8 wells produced 18,037 BOE

• Own WI ranging from 23-36% in the 27,700 gross acres lying within a 43 square mile area

• All acreage is HBP leasehold

• 300 plus potential horizontal drilling locations

• 35.28 square miles of 3D seismic

• Over 80% of the acreage lies in “core” area* *Per Pickering Energy Partners, Inc. October 2005 titled “The

Barnett Shale, Visitors Guide to the Hottest Gas Play in the US”

EOG (1) Devon (6)

Jack Co. Wise Co.

Barnett Shale - Jack and Wise Counties, Texas

RAM (2)

Operated wells

13

Vinegarone Field, Val Verde County, Texas

• 2Q06 production of 13,524 BOE from 7 non-operated producers

• 3 PUDs to spud in 3Q06

• 4 PUDs remaining for future development

• Long-lived natural gas field

• Proved reserves of 1,111 MBOE(1)

• PV-10% = $21.5 million(1)

(1) At year-end 2005

14

Exploration Projects

• Barnett and Woodford Shale - Reeves County, Texas

• Wolfcamp Shale – Southwest Texas

15

Summary Financial and Operating Data

$17.1

$34.8

647

59%

85%

41%

CAGR

$33.7$5.1$9.1EBITDA (millions)

$66.2$18.0$20.1Revenue

(millions)

1,405511671Production

(MBOE)

200520042003 (1)

(1) CAGR is compound annual growth rate for the three year period ended 12/31/05

(2) First half 2006 production as reported, includes the effect of vesting of reversionary interest which occurred

in late 2005. The reversionary interest had the effect of reducing 1H06 production by approximately 40,000 BOE.

1st Half 063 Year

16

11.5% Sr. Note

• Liquidity Analysis

• Long-term Debt

Financial Flexibility

(1) Due 2008

(2) Recent $300 million Sr. Secured Credit Facility with initial borrowing limit of $140 million

provides expanded financial flexibility for growth

131.8

0.5

103.0

$28.3

June 30, 2006

(1)

($ millions)

Sr. Secured Credit Facility

Installment Loan

Total

Availability under revolving

facility ($MM)

Cash ($MM)

Liquidity ($MM)

$12.9

37.0

49.9

(2)

17

Attractive Valuation vs. Peers

(3) PV-10 is based on YE 2005 proved reserves and prices as reported by RAM and Peers

not include unproved reserves or oil and gas gathering and processing assets; also does

(4) RAM NAV is based on PV-10% of proved reserves and pricing at December 31, 2005 and does

not include exercise of outstanding warrants

(2) Peers include ABP, BEXP, CRZO, CRK, CWEI, EPEX, GDP, PLLL

RAM Peers

(4)

55.0

13.7

1.39x

$24.85

70.0

13.4

.8x

0.77x

TEV/Reserves ($/BOE)TEV/PV-10

Reserve Life Index (in Years)

% Proved Developed

Net Asset Value per Share

(3)$15.50

$7.02

Price/NAV

(2)

1.3x

Cash Flow Multiple 7.9x

(1) Share prices as of July 31, 2006

(1)

18

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, 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.

19

APPENDIX

20

Production Volumes and Expenses

Increase2005 2006 (Decrease)

(in thousands, except per unit amounts)

Production volumes:Oil and condensate (MBbls) 190 202 6.4%Natural gas liquids (MBbls) 42 32 -23.2%Natural gas (MMcf) 652 566 -13.1% Total (Mboe) 340 329 -3.5%

Expenses (per Boe): Oil and natural gas production taxes $2.28 $2.66 16.5% Oil and natural gas production expenses $11.28 $14.02 24.3% Amortization of full-cost pool $8.00 $9.60 20.0% General and administrative $5.46 $6.35 16.3%

Share - based compensation $ - $6.75 100.0%

Quarter Ended June

21

Production Volumes and Expenses

Increase2005 2006 (Decrease)

Production volumes:Oil and condensate (MBbls) 396 389 -1.70%Natural gas liquids (MBbls) 91 63 -30.30%Natural gas (MMcf) 1,236 1,167 -5.60% Total (Mboe) 692 647 -6.60%

Expenses (per Boe): Oil and natural gas production taxes $2.23 $2.60 16.60% Oil and natural gas production expenses $10.89 $13.78 26.50% Amortization of full-cost pool $8.31 $9.55 14.90% General and administrative $5.66 $6.26 10.60%

Share - based compensation $ - $3.43 100.00%

Six Months Ended June 30

(in thousands, except per unit amounts)

22

Derivative Positions

Year per day Price per day Price per day Price per day Price2006 1,500 $43.33 1,500 $65.80 5,000 $6.33 5,000 $9.312007 1,500 $52.67 1,500 $73.24 4,247 $7.43 4,247 $11.622008 1,000 $53.34 1,000 $86.37 4,000 $7.16 4,000 $13.25

2006 250 $40.00

2006 - - 5,000 $9.502007 - - 4,000 $12.00

Natural gas secondary floors for 2006 are for July through October and 2007 are for April through October. Natural gas floors/ceilings and oil floors/ceilings for 2008 are for January through September.

Bare Floors

Secondary Floors Secondary Floors

Floors CeilingsCrude Oil (Bbls) Natural Gas (Mmbtu)

Floors Ceilings

As of June 30, 2006

23

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 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.

24

Cash FlowReconciliation of cash flow from operations (a non-GAAP measure)

to GAAP cash flow from operating activities

June 302006

June 302005

(in thousands) (in thousands)

Cash flow from operations (a non-GAAP measure) $3,983 $3,579Plus: working capital changes 3,454 3,146Less: deferred income taxes on share-based compensation classified as financing activities (843) - Net cash provided by operating activities per condensed consolidated statements of cash flow $8,280 $6,725

Cash flow from operations (a non-GAAP measure) $3,983 $3,579Less: realized (losses) on derivatives (2,043) (468) Less: unrealized gains (losses) on derivatives per condensed consolidated statements of cash flow (2,135) (3,326) Cash flow from operations (a non-GAAP measure) excluding realized and unrealized gains (losses) on derivatives $8,161 $7,373