RAM Energy Resources, Inc.

August 9, 2007

Second Quarter 2007 Review

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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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Highlights• RAM’s production for the quarter was 337,000 barrel equivalents (BOE), an increase of nearly eight percent sequentially from the 1Q07 production level of 313,000 BOE. Daily production for the second quarter averaged 3,706 BOE compared to first quarter’s daily production average of 3,478 BOE.

• Income for second quarter was $902,000, or $0.02 per share, compared to a loss of $3.1 million in the year ago quarter.

• Drilling activity to support production growth continues to advance:

­ RAM participated in the drilling of 16 gross (16 net) development wells, 12 of which are capable of commercial production and four gross (four net) were drilling, testing or completing at June 30. RAM also participated in five gross (0.9 net) exploratory wells of which two gross (0.4 net) are producing and three gross (0.5 net) were completing at the end of the second quarter.

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Highlights- Barnett Shale: Two wells were completed and posted the best initial

production rates tested by the company in any of their Barnett Shale wells to date;

• Ashe C 1H; daily gross initial production 2.55 MMcfe (0.38 MMcfe net);

• T.L. Dickenson 1-H; daily gross initial production 4.30 MMcfe (1.23 MMcfe net);

• The company’s most recent well proposed to EOG Resources, Inc. spud in late July and is currently drilling. The Dethloff #1H well is the second RAM-proposed well that EOG has drilled this year. In addition, EOG has elected to drill and participate as operator in each of three additional wells proposed by RAM in jointly held Barnett Shale leases.

• Mid-year reserve review of Barnett Shale

• 9 PUDs booked supported by drilling activity vs. 5 PUDs at year-end 2006

• 15 probable locations

• 7 possible locations

• 1 well currently drilling, Dethloff #1H

• Inventory of 32 projects potentially to support future growth

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Highlights

­ Arkoma Basin: Two Chesapeake-operated wells were also completed during 2Q07, Weyerhaeuser #8-22 and Weyerhaeuser #10-22;

- Net daily production from Ashe C 1H, T.L. Dickenson and two Weyerhaeuser wells totaled about 376 BOE at June 30, 2007.

• Subsequent to June 30, 2007, RAM’s credit facility was amended. The effect of the amendment was to raise borrowing availability to $150 million from the previous level of $140 million, lower interest charged on existing outstanding balances and improve certain other covenants. As a result, liquidity is currently a substantial $60 million.

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94% 93%

Drilling Success Rate Remains High

(2) Excluding wells in progress

(1) Gross wells drilled

(1)

1st Half 07Total Wells Drilled1987- YTD 2007

Producers

Dry Holes

Drilling or Completing

Total

Success Ratio

30 550

43

7

39 600

(2)

2

7

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(1) As reported(1) As reported

Sequential Quarterly ResultsSequential Quarterly Results

2Q072Q07 1Q07 2Q07 1Q07 2Q07 1Q07 2Q07 1Q071Q07 2Q07 1Q07 2Q07 1Q07 2Q07 1Q07

3535

Gas Gas (MCF) (MCF)

Oil Oil (thousand Bbl)(thousand Bbl)

BOE BOE (thousands) (thousands)

181181

684684

582582

3737

186186

313313

337337

(1)

NGL NGL (thousand Bbl) (thousand Bbl)

Up 3%Up 3% Up 6%Up 6% Up 8%Up 8%Up 18%Up 18%

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Second Quarter ProductionSecond Quarter Production

2Q072Q07 2Q06 2Q07 2Q06 2Q07 2Q06 2Q07 2Q062Q06 2Q07 2Q06 2Q07 2Q06 2Q07 2Q06

3232

Gas Gas (MCF) (MCF)

Oil Oil (thousand Bbl)(thousand Bbl)

BOE BOE (thousands) (thousands)

202202684684

566566

3737186186 329329

337337

NGL NGL (thousand Bbl) (thousand Bbl)

Down 8%Down 8% Up 16%Up 16% Up 2%Up 2%Up 21%Up 21%

(2Q07 VS 2Q06)(2Q07 VS 2Q06)

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$5.54$5.54

(Per Bbl)

$44.64$44.64

2Q07 2Q06 2Q07 2Q06 2Q07 2Q06 2Q07 2Q062Q07 2Q06 2Q07 2Q06 2Q07 2Q06 2Q07 2Q06

Realized PricesRealized Prices(2Q07 VS 2Q06)(2Q07 VS 2Q06)

$38.21$38.21

$67.35$67.35

$62.54$62.54

$6.70$6.70

$53.06$53.06

OilOil (Per Bbl)(Per Bbl)

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

Down 7%Down 7% Up 21%Up 21%Up 17%Up 17%

$54.70$54.70

BOEBOE

Down 3%Down 3%

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(1) Includes pre-tax realized and unrealized derivative gains and losses. (1) Includes pre-tax realized and unrealized derivative gains and losses.

Second Quarter ResultsSecond Quarter Results(2Q07 VS 2Q06)(2Q07 VS 2Q06)

2Q072Q07 2Q06 2Q07 2Q06 2Q07 2Q06 2Q07 2Q062Q06 2Q07 2Q06 2Q07 2Q06 2Q07 2Q06

($3.1)($3.1)

Net Income Net Income (Loss) (Loss)

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

($ In Millions)($ In Millions)

Non-GAAPNon-GAAPOil & Natural Oil & Natural Gas SalesGas Sales Cash Flow From Cash Flow From

Operations Operations

$18.0$18.0$.02$.02

($0.10)($0.10)

Net Income Net Income Per SharePer Share

(Loss)(Loss)

$.902$.902$17.9$17.9

$4.0$4.0

$6.0$6.0

(1)

(3)(1)

(1) (2)

(2) 2Q 2006 per share result was restated to a loss of $0.10 per share. The 2Q 2006 per share result was originally reported as a loss of $0.13 per (2) 2Q 2006 per share result was restated to a loss of $0.10 per share. The 2Q 2006 per share result was originally reported as a loss of $0.13 per

share. share.

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$36.3 Million

Electra /

Burkburnett

Electra /

Burkburnett

$9.7 MM

BoonsvilleBoonsville

$1.6 MM

Egan,

Vinegarone,

and Other

Egan,

Vinegarone,

and Other

$4.2 MM

West Texas

Woodford /

Barnett

Shale

West Texas

Woodford /

Barnett

Shale

$0.5 MM

Wolfcamp

Formation

Wolfcamp

Formation

$7.4 MM

Capitalized

G & G Cost

Capitalized

G & G Cost

$2.9 MM

Proved Drilling Cap Ex Non-Proved Drilling Cap Ex Non-Drilling Cap Ex

2007E Non-Acquisition Capital Expenditure Detail

$10.0 MM

North

Texas

Barnett

Shale

(1)

Excludes acquisition of properties located in Southeast New Mexico and West Texas for

$18.7 million which closed May 15, 2007.

(1)

•Non-Acquisition CAPEX of approximately $5.4 million in 2Q07; brings YTD total to $9.9 million

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• Financial Liquidity Analysis:

CashPlus: Total Credit LineLess: Outstanding Credit (119)

(1)­$300­million­Sr.­Secured­Credit­Facility­with­initial­borrowing­limit­of­$150­million­

­­­­­­provides­expanded­financial­flexibility­for­growth

Liquidity

Financial Liquidity

6/30/07

140 29

50

6/30/07Pro Forma Amendment to Credit Facility

(119)150 29

60

• Recent amendment to credit facility-Increases borrowing availability to $150 million vs. prior $140 million-Reduces interest rate margin applied above company’s LIBOR base on existing balances

-Improvement in certain covenants of credit agreement

($millions) ($millions)

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• Jack­and­Wise­Counties,­Texas

• 27,700­gross/6,800­net­acres

• All­acreage­is­“held­by­production”

• 90%­of­acreage­is­in­Core­area

• 325­potential­horizontal­drilling­locations­on­80-acre­spacing

• 11­gross­producing­wells­existing

• Project­inventory/near-intermediate­term­upside­potential; 9 PUD locations

15 probable seismic locations

7 possible seismic locations

1 well drilling

32 total additional locations identified to date

RAM’s Barnett Shale operating area

Barnett Shale

Core

Tier 1

Tier 2

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• Approximately­23,500­gross­acres­­­­(5,600­net)­–­RAM­­WI=24%• More­than­290­potential­drilling­­­­­­locations­on­80-acre­spacing• Two­producing­wells­–­Ashe­1H,­­­­­­­and­Ashe­C­1-H

Ashe­C­1-H­completed­2Q07,­IP­2.55­MMcfe/d­gross­(0.38­MMcfe/d­net)­currently­producing­at­1.1­MMcfe/d­gross­(0.16­MMcfe/d­net)

One­well,­Dethloff­#1H,­currently­drilling

• RAM­has­proposed­five­wells­to­EOG­this­year;­EOG­has­elected­to­participate­and­operate­all­five

• One­PUD­location­booked­to­date Sealy­C-1H

• 37­square­miles­of­3-D­seismic Additional­60­square­miles­planned­for­2007 Ongoing­seismic­review­supports­20­identified­

locations­to­date

• Right­to­propose­wells If­EOG­declines­to­participate,­RAM­can­drill­wells­

on­a­non-consent­basis

Barnett Shale (EOG Area)

Producing

Planned 2007

Acquired 2006

Seismic

Ashe 1H

Proposed

Sealy C-1H

Ashe C-1H

Ramsey 1H

Brown 2H

Dethloff 1H

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• Approximately­3,500­gross­acres­(1,200­net)­–­RAM­­WI=36%

• More­than­35­potential­drilling­locations­on­80-acre­spacing­

• 8­producing­wells­to­date TL­Dickenson­1H,­completed­2Q,­IP­4.30­MMcfe/d­gross­(1.23­MMcfe/d­net),­currently­producing­2.78­MMcfe/d­gross­(0.80­MMcfe/d­net)

• 8­PUD­locations­booked­to­date

• 8­square­miles­of­3-D­seismicOngoing­seismic­review­supports­3­identified­locations­to­date

• Continuous­drilling­clause­in­the­participation­agreementDevon­must­drill­a­well­120­days­after­the­completion­of­the­previous­well

Barnett Shale (Devon Area)

Additional Locations

PDP - (Rawle 4H, Rawle A 1H, Burress Unit 1H, Burress Unit 2H, Etta Burress 1H,

PUD - (Etta Burress 2-H, Etta Burress 3H, Etta Burress Unit 4H, North of Paradise

2H, Fitzgerald 5-2H, Buress Unit 3H, Burress Unit 4H, and Rawle 5H.)

North of Paradise 1H, Fitzgerald 5H, TL Dickenson 1H )

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• 8­wells­drilled­and­completed­­• Average­initial­production­=­1,921­MCFEPD

• Average­EUR­=­1.8­Bcfe• Average­well­cost­=­$1.8­MM

Barnett Shale (Devon Area)Rawle / Burress Lease

Well NameCompletion

Date

Initial Production (MCFEPD)

Rawle­No.­4H Feb.­2004 1,302

Rawle­A­No.­1H Mar.­2005 2,124

Burress­No.­1H Nov.­2005 2,384

Burress­No.­2H Feb.­2006 2,239

Etta­Burress­No.­1TL­Dickenson­1H

Sept.­2006May­­2007

1,5584,300

(1)

Composite of industry horizontal wells in Barnett Shale adjusted for RAM’s Rawle/Burress well performance(1)

Barnett Shale Type Curve

10

100

1,000

10,000

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36

Months

MC

FE

PD

As of year end 2006(2)

(2)

(2)

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• Stable­cash­flow­baseStable­cash­flow­base

• Compelling­valuation­vs.­peersCompelling­valuation­vs.­peers

• Significant­management­and­technical­experienceSignificant­management­and­technical­experience

• Balanced­oil­&­natural­gas­exposureBalanced­oil­&­natural­gas­exposure

• Large­inventory­of­growth­opportunitiesLarge­inventory­of­growth­opportunities

• High­degree­of­operating­controlHigh­degree­of­operating­control

• Proven­value­creation­through­both­acquisitions­­­­­­­­­­­­Proven­value­creation­through­both­acquisitions­­­­­­­­­­­­and­drillbitand­drillbit

• Management’s­substantial­ownership­of­RAM­stock­supports­Management’s­substantial­ownership­of­RAM­stock­supports­alignment­with­shareholder­interestalignment­with­shareholder­interest

Summary of Investment ConsiderationsSummary of Investment Considerations

RAM Energy Resources, Inc.

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Per day Price Per day Price Per day Price Per day PriceCollarsQ3 '07 1,500 $52.67 1,500 $72.58 4,000 $7.50 4,000 $10.00Q4 '07 1,500 $52.67 1,500 $72.58 4,000 $7.83 4,000 $14.44

Q1 '08 1,500 $54.67 1,500 $82.57 4,000 $8.00 4,000 $16.70Q2' 08 1,500 $54.67 1,500 $83.13 4,000 $7.00 4,000 $10.30Q3 '08 1,500 $57.33 1,500 $84.80 4,000 $6.50 4,000 $12.75Q4 '08 1,500 $57.33 1,500 $83.06 4,000 $6.00 4,000 $14.35

Q1 '09 1,000 $52.00 1,000 $68.24 4,000 $7.00 4,000 $12.40Q2 '09 800 $60.00 800 $80.00 4,000 $7.00 4,000 $10.00Q3 '09 500 $60.00 500 $81.90 4,000 $7.00 4,000 $10.55Q4 '09 500 $60.00 500 $85.00 - - - -

SecondaryFloorsQ3 '07 - - - - 4,000 $12.00 - - Q4 '07 - - - - 4,000 $12.00 - -

Q1 '09 800 $75.00 - - - - - -

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

Derivative Positions

(1)­As­of­July­31,­2007

(2)­Crude­oil­floors­and­ceilings­for­2007­cover­August­through­December.­­Natural­gas­floors­and­ceilings­for­2007­cover­September­through­

December.­­Natural­gas­secondary­floors­for­2007­are­for­September­and­October.­Crude­oil­floors­­and­ceilings­for­2009­cover­calendar­year.­

Natural­gas­floors­and­ceilings­for­2009­cover­January­through­September.­­Crude­oil­secondary­floors­for­2009­cover­January­through­March.

(1)

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Production Volumes and Expenses

Percent2006 2007 Change

(in thousands, except per unit amounts)

Production volumes:Oil and condensate (MBbls) 202 186 (7.9%)Natural gas liquids (MBbls) 32 37 15.6%Natural gas (MMcf) 566 684 20.8% Total (Mboe) 329 337 2.4%

Expenses (dollars per BOE):Oil and natural gas production taxes 2.66 3.04 14.3%Oil and natural gas production expenses 14.02 13.89 (0.9%)Amortization of full-cost pool 9.60 12.25 27.6%General and administrative 6.35 7.64 20.3%

Share-based compensation - 0.66 NAInterest 17.56 11.83 (32.6%)

Three Months Ended

June 30

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Net Realized Prices Before/After Derivatives

Second Quarter EndedPercent

2006 2007 Change (dollars per unit of production)

Average realized prices (before effects of derivatives):

Oil and condensate (per Bbl) 67.35 62.54 (7.1%)Natural gas liquids (per Bbl) 38.21 44.64 16.8%Natural gas (per Mcf) 5.54 6.70 20.9% Total per BOE 54.70 53.03 (3.1%)

Effect of contract premiums and settlement of derivatives contracts:

Oil and condensate (per Bbl) (7.49) (0.49) Natural gas liquids (per Bbl) - - Natural gas (per Mcf) (0.01) (0.02)

Average realized prices (after effects of derivatives):

Oil and condensate (per Bbl) 59.86 62.05 3.7% Natural gas liquids (per Bbl) 38.21 44.64 16.8%Natural gas (per Mcf) 5.55 6.68 20.4%

June 30

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PercentIncrease

2006 2007 (Decrease)

Production volumes:Oil and condensate (MBbls) 389 368 (5.5%)Natural gas liquids (MBbls) 63 71 12.7%Natural gas (MMcf) 1,167 1,265 8.5% Total (Mboe) 647 650 0.5%

Expenses (per Boe): Oil and natural gas production taxes $2.60 $2.85 9.6% Oil and natural gas production expenses $13.78 $14.17 2.8% Amortization of full-cost pool $9.55 $11.15 16.8% General and administrative $6.26 $7.57 21.1%

Share - based compensation $3.43 $0.61 (82.2%)

Six Months Ended June 30

(in thousands, except per unit amounts)

Production Volumes and Expenses

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Non-GAAP Financial Measure

Cash­flow,­a­non-GAAP­measure,­represents­cash­provided­by­operating­activities­before­the­impact­of­discontinued­operations,­changes­in­working­capital­items­related­to­operating­activities.­­In­addition,­non-GAAP­cash­flow­is­further­adjusted­to­exclude­the­impact­of­realized­gains­or­losses­on­derivative­transactions­­This­non-GAAP­measure­is­presented­because­management­believes­it­is­a­useful­adjunct­to­cash­provided­by­operating­activities­under­accounting­principles­generally­accepted­in­the­United­States­(GAAP).­­This­non-GAAP­cash­flow­measure­is­widely­accepted­as­a­financial­indicator­of­an­oil­and­gas­company’s­ability­to­generate­cash­which­is­used­to­internally­fund­exploration­and­development­activities­and­to­service­debt.­This­non-GAAP­measure­is­not­a­measure­of­financial­performance­under­GAAP­and­should­not­be­considered­as­an­alternative­to­cash­provided­(used)­by­operating,­investing,­or­financing­activities­as­an­indicator­of­cash­flows,­or­as­a­measure­of­liquidity.­

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(in thousands)Net cash provided by operating activities per condensed consolidated statements of cash flow $7,533 $7,437Less: working capital changes 1,554 3,454 Cash flow from operations (a non-GAAP measure) $5,979 $3,983

Cash flow from operations (a non-GAAP measure) $5,979 $3,983Less: realized gains (losses) on derivatives (105) (2,043) Cash flow from operations (a non-GAAP measure) excluding realized gains (losses) on derivatives $6,084 $6,026

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

to GAAP cash flow from operating activities

June 302007

June 302006

(in thousands)