RAM Energy Resources, Inc.

1
RAM Energy Resources, Inc.

February 2007
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 RAMs 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, managements 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 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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Company Overview
Operations
Proved Reserves (12/31/05) 18.8 MMBOE
Crude 60 PUD 30 PV-10 Value 345.5 MM of
PV-10 Value Operated 86 Historical Drilling
Success Rate 93
Latest Twelve Months Financials(1)
ID Field Proved Reserves (MMBOE)
1 Electra / Burkburnett 9.8
2 Boonsville 3.0
3 Egan 1.7
4 North Texas Barnett Shale 0.4
5 Vinegarone 1.1
A Woodford / Barnett Shales N / A
B Wolfcamp Formation N / A
LTM Revenue 77.5 MM LTM EBITDA 33.8 MM

1. Unaudited As of 9/30/06

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Company History

• Founded in 1987 by current CEO and a former
  partner
• Between 1987 and 2006,
• Engaged in the acquisition, development,
  exploitation, exploration, and production of oil
  natural gas properties
• Completed 20 acquisitions for a total amount in
  excess of 400 million
• Completed multiple divestitures consistent with
  business strategy totaling more than 139 million
• Drilled or participated in the drilling of 561
  wells at a success rate of 93
• Recent Highlights
• December 2004 Completed WG acquisition
• Acquisition yielded a 146 IRR(1) and 6.42 per
  BOE effective acquisition price through 12/31/05
• October 2005 Began Tremisis merger
• May 2006 Completed Tremisis merger

(1) Pre-tax IRR calculated using 12/31/05 PV-10
Value as a terminal value
5
Execution of Business Strategy

• Develop and exploit existing oil natural gas
  properties
• Accelerate North Texas Barnett Shale development
• Increase emphasis on exploration activity
• Complete selective acquisitions and divestitures

6
Property Summary
Producing Properties
(1)
Exploration Projects
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2007E Capital Expenditure Detail
30.3 Million
Proved Drilling Cap Ex
Non-Proved Drilling Cap Ex
Non-Drilling Cap Ex
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Capital Expenditure Plan
9
2007 Liquidity

• Financial Liquidity Analysis
• Cash
• Plus Total Credit Line
• Less Outstanding Credit
• Operational Liquidity
• LTM Cash Flow from Operations
• 2007E Capital Expenditures

At 9/30/06 (millions)
7.6
(1)
140.0
(103.0)
Financial Liquidity
44.6
29.5
(30.3)
(1) 300 million Sr. Secured Credit Facility with
initial borrowing limit of 140 million
provides expanded financial flexibility for growth
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Electra / Burkburnett

• Wichita and Wilbarger Counties, Texas
• 3Q06 production of 169,730 BOE from 503 producers
• 79 wells drilled in 2006
• 151 identified PUD drilling locations(1) with a
  projected DC of 5.82 per BOE
• 
  

• 100 WI ownership operational control
• Includes assets that help maintain drilling
  schedule and control costs gas plant, gathering
  system, one drilling rig, five workover rigs, and
  a supply company

(1) At 9/30/06
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Electra / Burkburnett Production and Capital
Expenditures

• Average well statistics
• Drill complete 128,000
• EUR 22,000 BOE
• Economic life 20 years

Forecast of Electra/Burkburnett Production (1)
Production (MBoe)

• PUD inventory sufficient to maintain or increase
  production over the next several years, thereby
  sustaining RAMs stable cash flow base
• 2007E Capital expenditures for Electra /
  Burkburnett budgeted for 9.7 million (38 of
  total capital expenditure budget)

(1)
Based on estimate of proved reserves and
associated capital spending at 12/31/05.
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Boonsville

• Jack and Wise Counties, Texas
• 3Q06 production of over 44,160 BOE from 88
  producers
• 20 identified drilling locations
• Avg. DC cost 625,000
• Avg. EUR 115,000 BOE
• 25 miles of gas gathering system
• Proved reserves of 3,011 MBOE(1)
• Capital expenditure budget of 1.6 million in
  2007
• Producing wells hold Barnett Shale rights

(1) As of December 31, 2005
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Barnett Shale

• Jack and Wise Counties, Texas
• 27,700 gross acres
• 6,800 net acres
• All acreage is HBP
• 90 of the acreage located in the Core area
• 325 potential horizontal drilling locations on
  80-acre spacing
• 9 gross producing wells existing
• 35 square miles of 3-D seismic acquired and
  interpreted
• Budgeted to add another 60 square miles during
  2007
• Partners are EOG and Devon

Core
Tier 1
Tier 2
RAMs Barnett Shale operating area
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Barnett Shale (EOG Area)

• Approximately 23,500 gross acres (5,600 net)
  RAM WI24
• More than 290 potential drilling locations on
  80-acre spacing
• One producing well Ashe 1H completed in March
  2006
• No PUD locations booked to date
• 27 square miles of 3-D seismic
• Additional 60 square miles planned for 2007
• Ongoing seismic review supports 11 additional
  drilling locations to date
• Right to propose wells
• If EOG declines to participate, RAM can drill
  wells on a non-consent basis
• RAM has proposed its first well to EOG(1)

(1) January 3, 2007
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Barnett Shale (EOG Area) Joint Operating
Agreement (JOA) Terms
Any working interest owner may propose a well
Non-proposing parties have 30 days to elect to
participate or opt for non-consent
Participate
Non Consent
RAM operates or other option
EOG Operates
Must spud well within 90 days
Must spud well within 90 days
Estimated cost to drill and Complete, 3 million
(MM) per well
Estimated cost to drill and complete, 3 million
(MM) per well
Allocation of costs by working interest
Allocation of costs by working interest
(1)
Other 10
EOG 66
RAM 24
RAM 90
Other 10
EOG 0
0.0MM
0.3MM
2.7MM
2.0MM
0.7MM
0.3MM
(1) Assumes other working interest partners
elect to maintain existing working interests
totaling approximately 10
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Barnett Shale (Devon Area)

• Approximately 3,500 gross acres (1,200 net) RAM
  WI36
• More than 35 potential drilling locations on
  80-acre spacing
• 7 producing wells to date
• 4 PUD locations booked to date
• 8 square miles of 3-D seismic
• Ongoing seismic review supports 8 additional
  drilling locations to date
• Continuous drilling clause in the participation
  agreement
• Devon must drill a well 120 days after the
  completion of the previous well

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Barnett Shale (Devon Area) Rawle / Burress Lease

• 5 wells drilled to date
• Average initial production 1,921 MCFEPD
• Average EUR 1.9 Bcfe
• Average well cost 1.7 MM
• Finding cost 0.90 / Mcfe

Well Name Completion Date Initial Production (MCFEPD)
Rawle No. 4H Feb. 2004 1,302
Rawle A No. 1H Mar. 2005 2,124
Burress No. 1H Nov. 2005 2,384
Burress No. 2H Feb. 2006 2,239
Etta Burress No. 1 Sept. 2006 1,558
(1)
(1)
Composite of industry horizontal wells in Barnett
Shale adjusted for RAMs Rawle/Burress well
performance
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Wolfcamp Fairway

• Southwest Texas
• Potential high-impact exploration
• RAM has leased optioned 15,000 net acres
• 100 working interest
• Two test wells vertically drilled
• Completion attempt scheduled for Q1 2007
• If commercial, significant potential upside on 80
  acre spacing

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Barnett and Woodford Shale Thompson and Alpine
Areas

• Reeves County, Texas
• Exploration play 84,000 gross acres (6,600 net)
• Estimated thickness of the Barnett is between
  400 700 and the Woodford varies from 200
  400
• Keys to success are horizontal drilling and
  fracture stimulation
• Four wells drilled under farmout agreements
• 3-D seismic shot over 10 square mile area

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Investment Considerations Attractive Valuation
vs. Peers
EV / Proved Reserves (BOE)(1) (3) (4)
EV as of PV-10(2) (3) (4)

1. Represents proved reserves as of most recent SEC
   proved reserve filing
2. Represents PV-10 value as of most recent SEC
   proved reserve filing
3. RAM Shares outstanding of 33.4 million at 9/30/06
4. Share prices as of close 1/26/07

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Investment Considerations Attractive Valuation
vs. Peers
EV / LTM EBITDA (3) (4)
EV / LTM Daily Production (BOEPD)(1) (2) (3) (4)

1. Herold Mean are mean results of search of J. S.
   Herolds database of industry transactions in the
   last twelve months of Gulf Coast Onshore,
   Mid-Continent, and Permian Basin transactions
   between 25 million and 250 million
2. Estimated 2006 daily production from research
   reports
3. RAM shares outstanding of 33.4 million at 9/30/06
4. Share prices as of close 1/26/07

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Summary of Investment Considerations

• Stable cash flow base
• Compelling valuation vs. peers
• Significant management and technical experience
• Balanced oil natural gas exposure
• Large inventory of growth opportunities
• High degree of operating control
• Proven value creation through both acquisitions
  and drillbit
• Managements substantial ownership of RAM stock
  supports alignment with shareholder interest

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APPENDIX
24
Tremisis Merger
Tremisis Holders
RAM Energy Holders
Tremisis Energy Acquisition Corporation
RAM Energy, Inc.
77
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RAM Energy Resources, Inc. (fka Tremisis)

• Newly formed SPAC
• IPO on 5/18/2004
• Focus on energy or industrial acquisition

• Private Exploration Production Company
  established in 1987

100
RAM Energy, Inc.

• Reverse merger of a subsidiary of Tremisis Energy
  Acquisition Corporation into RAM Energy, Inc.
• Tremisis was then renamed RAM Energy Resources,
  Inc.
• Tremisis was originally formed as a special
  purpose acquisition company and had no business
  operations
• As such, the merger was treated as a
  recapitalization of RAM Energy, Inc.

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Quarterly Results (unaudited)
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Drilling Success Rate
Total Wells Drilled
12 Months 06
(1)
1987-YTD 2006
(1)
512
Producers
80
41
Dry Holes
4
8
Drilling or Completing
8
561
Total
92
95
93
Success Ratio
(2)
(1) Gross wells drilled
(2) Excluding wells in progress
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Investment Considerations 2007E Hedged Production
(MBOE)
Crude NGLs (unhedged)
Natural Gas (hedged)
Crude NGLs (hedged)
Natural Gas (unhedged)
(1)
Crude oil and natural gas contracts cover each
month of 2007 2008 and natural gas secondary
floors for 2007 are for April through October.
Per 12/31/05 Reserve Report
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Investment Considerations Significant Managerial
Industry Experience
NAME TITLE TITLE RAM EXPERIENCE INDUSTRY EXPERIENCE
Officers Officers Officers Officers Officers
Larry Lee Chairman, President, CEO 23 Years 23 Years 31 Years
Larry Rampey SVP Operations 17 Years 17 Years 38 Years
John Longmire SVP, CFO 16 Years 16 Years 33 Years
Drake Smiley SVP Land Exploration 17 Years 17 Years 29 Years
John Cox VP Finance, Secretary, Treasurer 2 Years 2 Years 31 Years
Robert Phaneuf VP Corporate Development 1 Year 1 Year 33 Years

Engineering Operations Engineering Operations Engineering Operations Engineering Operations Engineering Operations
John Frick Operations Manager Operations Manager 9 Years 34 Years
Sherman Hyatt Reservoir Engineering Mgr Reservoir Engineering Mgr 8 Years 34 Years
Ronald Strawser Senior Reservoir Engineer Senior Reservoir Engineer 2 Years 21 Years
Mike Kaiser Senior Operations Engineer Senior Operations Engineer 9 Years 35 Years
Michael Zlomke Senior Acquisitions Engineer Senior Acquisitions Engineer 1 Year 31 Years
Tully Davis Land Manager Land Manager 9 Years 29 Years
Manny Redifer Senior Geologist Senior Geologist 2 Years 27 Years