RAM Energy Resources, Inc.

1
RAM Energy Resources, Inc.

July 2006
2
Who is RAM Energy Resources?

• RAM has been actively engaged in exploration and
  production activities since 1987, as a private
  company.
• RAM merged with Tremisis, a publicly held
  Specified Purpose Acquisition corporation as a
  means of becoming a public entity.
• Merger effective May 8, 2006
• RAM contributed oil and gas assets and
  liabilities, Tremisis contributed an existing
  publicly held entity
• Merger provides increased access to capital
  markets to support growth
• RAM is listed on Nasdaq, traded under symbol RAME

3
Investment Highlights

• Excellent fundamentals of Oil Gas Industry
• Experienced management team with successful track
  record
• Balanced growth strategy
• High quality, diversified portfolio of long-lived
  producing assets
• Large inventory of PUD drilling locations and
  recompletion projects
• Growth potential in unconventional resource plays
• Attractive valuation

4
Proven Reserves and Production Growth
Production Four Year CAGR 84
Reserves Four Year CAGR 25
19.1
18.8
1,405
Thousands of BOE
671
8.4
8.1
Millions of BOE
511
495
2003
2004(1)
2002
2005(2)
2005(1)(2)
2004(1)
2002
2003
(1) Results are affected by acquisitions and
dispositions during each of the periods.
(2) As of December 31, 2005
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Drilling/Recompletion Projects

• Six year inventory of development drilling and
  recompletions
• Potential multi-year inventory of Barnett Shale
  locations

As of December 31, 2005
6
Drilling Success Rate
2005
Total Wells
(1)
Wells
Drilled 1987-2005
428
Producers
66
36
Dry Holes
0
Drilling or Completing
1
1
At Year-End
Total
465
67
100
Success Ratio
92
(2)
(1) Gross wells drilled
(2) Excluding wells in progress
7
Areas of Operations
Tulsa Office
Tulsa Office
Houston-District Office
Electra-Field Office
I
A
II
B
IV
III
Principal Fields
Resource Areas
I Electra/Burkburnett II Boonsville III
Egan IV Vinegarone
A Barnett Shale
Fort Worth Basin
B Barnett Woodford Shale -
Reeves County, TX
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2006 Non-Acquisition Capital Budget 24.3 million
17.7
11.9
6.6
Millions
1.6
(1)
2006
2005
(1) Non-acquisition capital expenditures in 2005
totaled 15.0 MM, composed of 13.5 MM for
exploitation and exploration activities, and
1.5 MM for facilities and equipment.
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Wilbarger Counties,Texas
Electra/Burkburnett Area, Wichita and

• Net monthly production of over 58,375 BOE from
  504 producers
• 20 Wells drilled in 1Q06, 14 of which completed
  as producers, remaining 5 completing
• 200 identified PUD drilling locations
• 100 WI ownership operational control
• 
  

• Gas plant and gathering system
• Proved reserves of 9,802 MBOE
• PV-10 182.9 million(1)

(1) At year-end 2005
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Boonsville Area, Jack and Wise Counties, Texas

• Net monthly production of over 14,670 BOE from
  114 producers
• 22 identified drilling locations and numerous
  low-cost workovers
• Operating control of 114 producing wells
• Producing wells hold Barnett Shale rights
• 25 miles of gas gathering system
• Proved reserves of 3,011 MBOE
• PV-10 43.4 million(1)

(1) At year-end 2005
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Egan Field, Acadia Parish, Louisiana

• Net monthly production of over 7,050 BOE from 10
  producers
• Multizone recompletion potential in 10 existing
  wellbores
• Operating and ownership control of field
• Proved reserves of 1,652 MBOE
• PV-10 38.7 million(1)

(1) At year-end 2005
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Vinegarone Field, Val Verde County, Texas

• Net monthly production of over 4,385 BOE from 7
  non-operated producers
• 7 identified infill wells to be drilled operator
  to spud first of 3 wells in 3Q06
• Long-lived natural gas field
• Proved reserves of 1,111 MBOE
• PV-10 21.5 million(1)

(1) At year-end 2005
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Principal Fields Account for Over 80 of Total
Proved Reserves
As of December 31, 2005
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Unconventional Resource Areas

• Barnett Shale - Fort Worth Basin, Jack and Wise
  Counties, Texas
• Barnett and Woodford Shale - Exploration Project,
  Reeves County, Texas

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Barnett Shale - Jack and Wise Counties, Texas

• Own WI ranging from 23-36 in the 27,700 gross
  acres lying within a 43 square mile area
• 124 locations identified for horizontal drilling
  on HBP leasehold
• Ashe 1 well, operated by EOG recently completed
  with initial daily production of 1.9 mmcfe
• Expect another well to spud in late 2Q bringing
  to 9 the number of wells in which RAM has an
  interest
• Drilling increased year-end 2005 PV-10 value to
  10.5 MM vs. 1.5 MM year-end 2004
• Current proved reserves exclude any Barnett Shale
  probable reserves
• Over 80 of the acreage lies in core area

Wise Co.
Jack Co.
Chief Oil Gas 5 Operated wells
EOG Resources Ashe 1 well
Per Pickering Energy Partners, Inc.
October 2005 titled The Barnett Shale, Visitors
Guide to the Hottest Gas Play in the US
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Barnett and Woodford Shale Reeves County, Texas

• Exploration play - 11,000 net (70,000 gross)
  acres
• Estimated thickness of the Barnett is between
  400-700 and the Woodford varies from 200-400
• Capital risk minimized through third-party
  drilling commitments to earn farmout agreements
• Keys to success are horizontal drilling and
  fracture stimulation
• Four wells drilled under farmout agreements
• 3-D seismic shot over 10 square mile area
• Participating interests range from 6.25-18.75

Alpine Area 3 wells drilled
J. Cleo Thompson 1 well drilled
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Reserve Value at Year-End 2005
Future
Net
PV-10
Reserves
Revenues
(3)
(2)
(1)
(4)
( millions)
( millions)
(millions BOE)
(1) Reserves as of December 31, 2005
(2) Future net revenues of reserves, before
income tax
(3) Assumed prices for oil, gas and NGLs follow
SEC prescribed methodology
Oil 58.63/Bbl, Gas 9.14/Mcf and NGL
35.89/Bbl
(4) Future net revenues of reserves discounted at
10 percent, before income tax
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Proved Reserves at Year-End 2005

• Total proved reserves 18.8 MMBOE
• 70 of total reserves are proved developed
• Balanced hydrocarbon mix of 60 oil, 40 gas

30
40
60
70
Oil
Natural Gas NGLs
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Summary Financial and Operating Data
3 Year
(1)
1Q2006
(2)
(1) CAGR is compound annual growth rate for the
three year period ended 12/31/05
(2) In late 2005, the vesting of an
outstanding back-in interest in favor of a
non-operating partner occurred,
effectively reducing 1Q06 production by 22,100
BOE
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Financial Flexibility
March 31, 2006

• Long-term Debt
• New 300 million Sr. Secured Credit Facility with
  initial borrowing limit of 140 million provides
  expanded financial flexibility for growth

( millions)
(1)
11.5 Sr. Note
Sr. Secured Credit Facility
Installment Loan
Total
Cash Equivalents
Net Debt
(1) Due 2008
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Attractive Valuation vs. Peers
(1)
RAM
Peers
23.85
16.80
TEV/Reserves (/BOE)
TEV/PV-10
.9x
1.2x
(2)
Reserve Life Index (in Years)
13.7
13.4
Proved Developed
55.0
70.0
(3)
Net Asset Value per Share
7.02
Price/NAV
0.88x
(1) Peers include ABP, BEXP, CRZO, CRK, CWEI,
EPEX, GDP, PLLL
(2) PV-10 is based on YE 2005 proved reserves
and prices as reported by RAM and Peers
(3) NAV is based on PV-10 of proved reserves
and pricing at December 31, 2005 and does
not include RAMs unproved reserves or
oil and gas gathering and processing assets
also does not include exercise of outstanding
warrants
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Investment Highlights

• Excellent fundamentals of Oil Gas Industry
• Experienced management team with successful track
  record
• Balanced growth strategy
• High quality, diversified portfolio of long-lived
  producing assets
• Large inventory of PUD drilling locations and
  recompletion projects
• Growth potential in unconventional resource plays
• Increased access to capital markets
• Attractive valuation

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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 RAMs proved
reserves of oil, gas and natural gas liquids,
future production, prices, realizations and
costs, exploration activities, capital spending,
borrowing availability, financial position,
business strategy, plans and RAMs managements
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 RAMs
expectations (Cautionary Statements) include,
without limitation, the actual quantities of
RAMs oil and natural gas reserves, future
production levels, future prices and demand for
oil and natural gas, the results of RAMs 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 RAMs behalf, are expressly
qualified in their entirety by the Cautionary
Statements.
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RAM Energy Resources, Inc.

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APPENDIX
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Production Volumes and Expenses
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Average Realized Prices Before/After Hedging
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Hedging Positions
As of March 31, 2006
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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, all exploration costs 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 companys
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. EBITDAX is also presented below
because of its wide acceptance by the investment
community as a financial indicator of a companys
ability to internally fund exploration and
development activities and to service or incur
debt. Management also views the non-GAAP measure
of EBITDAX as a useful tool for comparison of the
companys financial indicator with those of peer
companies. EBITDAX should not be considered as an
alternative to net income or cash provided by
operating activities, as defined by GAAP. The
following table reconciles cash provided by
operating activities to cash flow and EBITDAX (in
thousands)
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Cash Flow EBITDAX
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Unconventional Resource Area - Barnett Shale Fort
Worth Basin, Texas

• Located in Largest Natural gas basin in Texas
• Commercial production on this acreage confirmed
  by extensive drilling
• 1.1 Bcfed from over 3,600 wells
• Wells 4,000 - 11,000
• 400 M - 2,600 M
• Major activity focused on Denton, Wise,
  Tarrant, Johnson and Parker Counties
• Gas production established in Hood, Jack, Erath
  and Palo Pinto counties

Core
Tier 1
Tier 2
Map Source Pickering Energy Partners