RAM Energy Resources Reports Second Quarter 2008 Results

-- Adjusted Net Income was $14.8 Million, or $0.21 per Common
Share for the Second Quarter 2008 vs. $1.0 Million, or $0.02
per Common Share in the Second Quarter 2007

-- Record Second Quarter Production of 644 Thousand BOE (up 5 %
from First Quarter 2008 and up 91 % from the Second Quarter
2007)

-- Significant Drilling Activity Fuels Production Growth in South
Texas (up 22 % from First Quarter 2008)

-- Record Second Quarter Oil and Gas Sales of $57.6 Million and
EBITDA of $32.0 Million (up 222 % and 223 %, respectively,
from Second Quarter 2007)

-- Free Cash Flow Per Share in Second Quarter 2008 of $0.36 vs.
$0.18 in the Prior Year; Fully Funds Second Quarter Capital
Program

-- Net Debt to Capital Ratio Drops to 57 % at June 30, 2008 vs.
77 % at December 31, 2007
TULSA, Okla.--(Business Wire)--
RAM Energy Resources, Inc. (Nasdaq:RAME) today announced second
quarter 2008 production, earnings and financial highlights.

Second quarter production totaled 644 thousand barrel equivalents
(BOE), up 91 % from 337 thousand BOE in the second quarter 2007,
driven primarily by production from "developing fields" of 189
thousand BOE and production from "mature oil fields" of 290 thousand
BOE. These areas produced 24 thousand BOE and 158 thousand BOE,
respectively, in the prior year's quarter. While year to year
comparisons are influenced considerably by our acquisition of Ascent
Energy in November 2007, second quarter production also rose 5 %
sequentially above the 612 thousand BOE produced in the first quarter
of 2008, driven primarily by our drilling activity in South Texas,
which increased production to 161 thousand BOE in the second quarter
vs. 131 thousand BOE in the first quarter 2008. Total sales of oil,
natural gas liquids (NGLs) and natural gas totaled $57.6 million, 222
% above similar hydrocarbon sales in the second quarter of last year.

Free cash flow (a non-GAAP measure) was $24.8 million, or $0.36
per share, for the second quarter 2008 compared to $7.1 million, or
$0.18 per share, in last year's second quarter. Free cash flow of
$24.8 million fully funded the second quarter capital expenditure
program of $24.2 million. Similarly, EBITDA (a non-GAAP measure) grew
to a record level of $32.0 million for the second quarter,
representing an increase of 223 % from the same period last year.

For the second quarter 2008, RAM's adjusted net income to common
shareholders was $14.8 million, or $0.21 per common share. The
calculation of adjusted net income to common shareholders excludes the
after tax impact of unrealized non-cash mark-to-market (MTM) losses
associated with oil and natural gas derivatives covering future
periods. Such MTM losses are typically not included in the published
estimates of the company's financial results made by certain
securities analysts. During the second quarter an unrealized non-cash
pre-tax MTM loss of $33.8 million attributable to future period oil
and natural gas derivatives was incurred primarily as a result of an
increase in oil and natural gas prices at June 30, 2008 compared to
prevailing prices at March 31, 2008. Including the MTM losses noted
above and realized losses associated with contract settlements and
premium costs of derivatives during the second quarter 2008, RAM
reported a net loss to common shareholders during the second quarter
2008 of $5.9 million, or a loss of $0.08 per common share. Recent
extreme volatility in oil and natural gas prices has created wide
swings in the MTM value of RAM's derivatives. As an example, from June
30, 2008 to July 31, 2008 the MTM value of the company's derivatives
moved in the company's favor by approximately $18.9 million.

"We are pleased with the results the company has experienced from
our drilling activities during the first half of 2008 and remain
focused on growing both our production and reserves," said Larry Lee,
Chairman and CEO. "RAM continues to execute on our balanced strategy
of acquisitions, exploitation and exploration," added Mr. Lee.

Commodity Prices and Revenues

The company's realized price for oil rose 97 % to an average of
$123.15 per barrel in the second quarter of 2008, compared with last
year's second quarter average realized price of $62.54 per barrel.
Similarly, the company's realized price for natural gas rose 48 % to
an average of $9.94 per thousand cubic feet (Mcf) compared to an
average of $6.70 per Mcf in the second quarter of 2007. In addition,
the price of NGLs increased 36 %, averaging $60.58 per barrel for this
year's second quarter. The positive impact arising from the
substantial increase in the price of all our commodities, however, was
somewhat offset by the cost of derivatives.

At June 30, 2008 the company had derivative contracts in place
covering 3,790 BOE per day for the next 21 months. The company does
not formally designate its derivative contracts as hedges, nor are its
derivative contracts associated with its production; therefore
realized prices are not strictly associated with derivative gains or
losses. In the second quarter 2008 the realized prices of oil and
natural gas rose 28 % and 32 %, respectively, over those in the first
quarter of the year. The substantial rise in commodity prices resulted
in realized derivative losses of $7.2 million and unrealized MTM
derivative losses of $33.8 million for the second quarter. These
losses offset a substantial portion of oil and gas revenue of $57.6
million, reducing total revenues to $16.6 million for the quarter. In
the year-ago quarter, the realized prices of oil and natural gas rose
a more modest 11 % and 8 %, respectively. The resulting impact to
realized and unrealized losses was a nominal $0.2 million, and, as a
result, total revenues for the second quarter 2007 were $17.8 million.

Costs and Expenses

Production expenses were $14.69 per BOE in the second quarter of
2008, or a total of $9.5 million, similar to the $13.89 per BOE in the
previous year's quarter. It is noteworthy that production expense as a
percentage of oil and gas sales declined substantially to 16 % in the
most recent quarter compared to 26 % in the similar period last year.
Production taxes were $5.19 per BOE in this year's second quarter, or
a total of $3.3 million, 71 % above the $3.04 per BOE posted in the
2007 quarter. The increase is principally the result of higher
commodity prices compared to those prevailing in the second quarter of
2007. General and administrative expenses of $5.5 million rose 115 %
above those expenses in last year's second quarter of $ 2.6 million as
a result of higher salary expense, an increased number of employees
and the accrual of certain recurring expenses. As in the case of
production expense, general and administrative expenses as a
percentage of oil and gas sales declined to 10 % in the second quarter
2008 from the year-ago level of 14 %.

Capital Expenditures

Capital expenditures totaled $24.2 million in the second quarter
2008; $16.0 million was allocated to lower risk development
activities, $7.6 million to exploratory activities and $0.6 million
for the acquisition of leases. The non-acquisition capital budget for
the 2008 year remains at $80.0 million. During the second quarter RAM
participated in the drilling of 25 gross (21.8 net) wells, of which 12
were completed as producing wells, and 13 were in various stages of
completion at June 30.

Long-Term Debt

Our capital base and common stock float was enhanced by the
exercise of 96 % of the company's outstanding warrants in May 2008.
The $86.6 million of new capital received from the exercise was
applied to debt reduction, lowering our net debt to total capital
ratio to 57 % at June 30, 2008 from 77 % at December 31, 2007. As of
June 30, 2008, RAM's outstanding long-term debt was $ 255.1 million,
compared to $335.7 million at December 31, 2007. The current cost of
borrowed funds is 6.8 % which is a 390 basis point decrease from the
cost at December 31, 2007. In addition, 17.6 million new shares of
common stock were added as a result of the exercise, improving the
float and raising total shares outstanding to 78.6 million.

Six Month 2008 Results

Six month production totaled 1.3 million BOE, up 93 % from 650
thousand BOE in 2007, driven primarily by production from "developing
fields" of 356 thousand BOE and production from "mature oil fields" of
569 thousand BOE. These areas produced 39 thousand BOE and 416
thousand BOE, respectively, in the prior year's similar period. The
increase in production in the first half of the year, combined with
higher prices for commodities, drove total sales of oil, NGLs and
natural gas to $101.1 million, 206 % above sales in the same period of
2007.

Free cash flow per share (a non-GAAP measure) for the first half
of 2008 was $39.3 million, or $0.61 per share compared to $10.4
million, or $0.27 per share, for the same period last year. Free cash
flow of $39.3 million more than funded capital expenditures of $37.4
million made during the first six months of the year. Similarly,
EBITDA (a non-GAAP measure) was $56.0 million for the first half of
2008 compared to $17.7 million for the same period last year, an
increase of 216%.

Update to Activity in West Virginia Devonian Shale Play

RAM is underway with the drilling of the initial six wells of the
14 horizontal wells planned for 2008 on its West Virginia acreage.
Each of the planned wells requires approximately 15 days to drill and
targets the Huron Shale at a depth of approximately 6,400 feet, which
includes a lateral section of approximately 2,500 feet. Three initial
wells in the planned series, the C.S. Ball 1-H, R. Mays 1-H and the M.
Jordan 1-H have all been drilled and are in various stages of
completing or testing. A fourth well, the J.D. & B. Sturgeon 1-H, is
currently drilling. The next two wells in the planned sequence have
been permitted and are targeted to spud in late August and early
September, respectively. In these initial wells, RAM is experimenting
with several frac products and techniques in an effort to support the
ultimate commercialization of the company's Huron Shale play.

Second Half 2008 Targets

Management anticipates production gains of 2 % - 3 % sequentially
during the remaining two quarters before the impact of a divestiture
program currently underway. Management is actively pursuing the sale
of certain non-core reserves and associated production in selected
mature fields. Although the timing associated with the transactions is
uncertain, management expects that proceeds from these property sales
could aggregate to approximately $10 - $20 million. At the current
time, uses of the potential proceeds include additional debt
reduction, an increase in capital expenditures or other general
corporate purposes.

Production expenses are expected to continue at levels during the
second half of the year similar to those incurred in the first half of
2008. Our blended cost of funded debt of 6.8 % should allow interest
expense to decrease to approximately $1.6 million per month beginning
in the third quarter. Additionally the company's effective tax rate
should continue to average approximately 39 %.

Based on an assumed BOE price equal to that realized during the
first half of 2008, free cash flow is expected to continue to allow
internally generated funds to support all of the $42.6 million of
non-acquisition capital spending planned under our existing $80.0
million capital budget for the year, while at the same time also
allowing for the continued reduction of outstanding debt.

RAM to Webcast Second Quarter 2008 Conference Call

The company's teleconference call to review second quarter results
will be broadcast live on a listen-only basis over the internet on
Wednesday, August 6 at 3:00 p.m. Central Daylight Time. Interested
parties may access the webcast by visiting the RAM Energy Resources,
Inc. website at www.ramenergy.com. From the home page, select the
Investor Relations tab and then click on the microphone icon. The
teleconference may be accessed by dialing 866-713-8564 (domestic) or
617-597-5312 (international) and providing the call identifier
"14761781" to the operator. The webcast and the accompanying slide
presentation will be available for replay on the company's website. An
audio replay will be available until August 13, 2008 by dialing
888-286-8010 (domestic) or 617-801-6888 (international) and using pass
code "21199569."

Forward-Looking Statements

This release includes certain statements that may be deemed to be
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements in this
release, other than statements of historical facts, that address
targets for production, costs, property dispositions, tax rate,
EBITDA, free cash flow, estimates of capital spending, realized prices
of oil and gas, the impact of oil and gas derivatives, drilling
activities, borrowing availability, and events or developments that
the company expects or believes are forward-looking statements.
Although the company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions, such
statements are not guarantees of future performance and actual results
or developments may differ materially from those in the
forward-looking statements. Factors that could cause actual results to
differ materially from those in forward-looking statements include oil
and gas prices, exploitation and exploration successes, actions taken
and to be taken by the government as a result of political and
economic conditions, continued availability of capital and financing,
and general economic, market or business conditions as well as other
risk factors described from time to time in the company's filings with
the SEC. The company assumes no obligation to update publicly such
forward-looking statements, whether as a result of new information,
future events or otherwise.

RAM Energy Resources, Inc. is an independent energy company
engaged in the acquisition, exploitation, exploration, and development
of oil and natural gas properties and the marketing of crude oil and
natural gas. Company headquarters are in Tulsa, Oklahoma, and its
common shares are traded on the Nasdaq under the symbol RAME. For
additional information, visit the company website at
www.ramenergy.com.

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RAM Energy Resources, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except share and per share amounts)

June 30, December
31,
2008 2007
----------- ---------
ASSETS (unaudited)
CURRENT ASSETS:
Cash and cash equivalents $ 16,999 $ 6,873
Accounts receivable:
Oil and natural gas sales, net of allowance
of $21 ($287 at December 31, 2007) 24,074 15,136
Joint interest operations, net of allowance
of $496 ($428 at December 31, 2007) 1,232 687
Income taxes 13 58
Other, net of allowance of $33 ($26 at
December 31, 2007) 740 2,180
Prepaid expenses 2,065 1,928
Deferred tax asset 15,595 3,786
Other current assets 1,107 842
----------- ---------
Total current assets 61,825 31,490
PROPERTIES AND EQUIPMENT, AT COST:
Oil and natural gas properties and equipment,
using full cost accounting 612,182 573,470
Unevaluated oil and natural gas properties 24,639 26,895
Other property and equipment 8,724 8,787
----------- ---------
645,545 609,152
Less accumulated depreciation and amortization (89,351) (67,529)
----------- ---------
Total properties and equipment 556,194 541,623
OTHER ASSETS:
Deferred loan costs, net of accumulated
amortization of $687 ($4,540 at December 31,
2007) 4,566 5,135
Other 2,088 1,994
----------- ---------
Total assets $624,673 $580,242
=========== =========

LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable:
Trade $ 17,038 $ 11,121
Oil and natural gas proceeds due others 11,276 7,800
Related party 34 31
Other 2,875 1,371
Accrued liabilities:
Compensation 3,293 3,807
Interest 1,174 3,794
Franchise taxes 1,251 1,286
Income taxes 312 203
Other - 75
Derivative liabilities 33,726 5,302
Asset retirement obligations 1,643 1,904
Long-term debt due within one year 463 29,231
----------- ---------
Total current liabilities 73,085 65,925

OIL & NATURAL GAS PROCEEDS DUE OTHERS 2,475 2,383
DERIVATIVE LIABILITIES 13,447 3,073
LONG-TERM DEBT 254,589 306,516
DEFERRED INCOME TAXES 74,071 71,051
ASSET RETIREMENT OBLIGATIONS 26,670 25,741
UNCERTAIN TAX POSITIONS - 6,855
COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY:
Common stock, $0.0001 par value, 100,000,000
and 100,000,000 shares authorized, 79,495,667
and 60,842,836, shares issued, 78,609,519 and
59,971,945 shares outstanding at June 30, 2008
and December 31, 2007, respectively 8 6
Additional paid-in capital 219,716 131,625
Treasury stock - 904,923 shares (889,666 shares
at December 31,2007) at cost (4,015) (3,945)
Accumulated deficit (35,373) (28,988)
----------- ---------
Stockholders' equity 180,336 98,698
----------- ---------
Total liabilities and stockholders'
equity $624,673 $580,242
=========== =========
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RAM Energy Resources, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except share and per share amounts)
(unaudited)

Three months ended Six months ended
June 30, June 30,
------------------------- -------------------------
2008 2007 2008 2007
------------ ------------ ------------ ------------

REVENUES AND OTHER
OPERATING INCOME:
Oil sales $ 36,984 11,658 $ 65,644 21,880
Natural gas sales 15,349 4,579 26,227 8,189
Natural gas
liquids sales 5,221 1,646 9,216 2,958
Realized losses on
derivatives (7,218) (105) (9,536) (135)
Unrealized losses
on derivatives (33,808) (102) (39,067) (1,156)
Other 117 99 211 302
------------ ------------ ------------ ------------
Total revenues
and other
operating income 16,645 17,775 52,695 32,038
------------ ------------ ------------ ------------

OPERATING EXPENSES:
Oil and natural
gas production
taxes 3,341 1,026 5,770 1,850
Oil and natural
gas production
expenses 9,458 4,683 18,780 9,210
Depreciation and
amortization 11,179 4,129 21,802 7,554
Accretion expense 540 144 1,078 290
Share-based
compensation 932 221 1,479 394
General and
administrative,
overhead and
other expenses,
net of operator's
overhead fees 5,539 2,578 11,056 4,924
Total operating
expenses 30,989 12,781 59,965 24,222
------------ ------------ ------------ ------------
Operating income
(loss) (14,344) 4,994 (7,270) 7,816
------------ ------------ ------------ ------------

OTHER INCOME
(EXPENSE):
Interest expense (6,197) (3,990) (14,359) (7,828)
Interest income 75 313 148 520
Other expense (205) - (354) -
------------ ------------ ------------ ------------
INCOME (LOSS)
BEFORE INCOME
TAXES (20,671) 1,317 (21,835) 508
------------ ------------ ------------ ------------

INCOME TAX
PROVISION
(BENEFIT) (14,809) 415 (15,450) 186
------------ ------------ ------------ ------------

NET INCOME (LOSS) $ (5,862) $ 902 $ (6,385) $ 322
============ ============ ============ ============

EARNINGS (LOSS) PER
SHARE:
Basic $ (0.08) $ 0.02 $ (0.10) $ 0.01
Diluted $ (0.08) $ 0.02 $ (0.10) $ 0.01

WEIGHTED AVERAGE
SHARES
OUTSTANDING:
Basic 69,198,767 40,292,725 64,190,725 38,759,576
Diluted 69,198,767 40,384,374 64,190,725 38,850,432
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RAM Energy Resources, Inc.
Condensed Consolidated Statement of Cash Flows
(in thousands)
(unaudited)
Six months ended
June 30,
--------------------
2008 2007
--------------------
OPERATING ACTIVITIES:
Net income (loss) $ (6,385) $ 322
Adjustments to reconcile net income (loss) to net
cash provided by operating activities:
Depreciation and amortization 21,802 7,554
Amortization of deferred loan costs and Senior
Notes discount 602 413
Accretion expense 1,078 290
Unrealized loss on derivatives 39,067 1,156
Deferred income taxes (15,490) (66)
Share-based compensation 1,479 394
Loss on disposal of other property, equipment
and subsidiary 174 -
Undistributed losses on investment 174 -
Changes in operating assets and liabilities,
net of acquisitions
Accounts receivable (8,366) 101
Prepaid expenses and other current assets (405) 166
Accounts payable and oil and gas proceeds
due others 11,250 (2,283)
Accrued liabilities and other (2,843) (697)
Income taxes payable (237) 146
Asset retirement obligations (309) -
---------- ---------
Total adjustments 47,976 7,174
---------- ---------
Net cash provided by operating
activities 41,591 7,496

INVESTING ACTIVITIES:
Payments for oil and natural gas properties and
equipment (37,434) (28,515)
Proceeds from sales of oil and natural gas
properties and equipment 295 50
Payments for other property and equipment (504) (109)
Proceeds from sales of other property and
equipment 19 -
Proceeds from sale of subsidiary, net of cash 308 -
Payments of merger costs 35 -
---------- ---------
Net cash used in investing activities (37,281) (28,574)

FINANCING ACTIVITIES:
Payments on long-term debt (134,924) (546)
Proceeds from borrowings on long-term debt 54,226 16,056
Payments for deferred loan costs (30) -
Common stock repurchased (70) -
Common stock offering, net of direct costs - 27,366
Warrants exercised 86,614 -
---------- ---------
Net cash provided by financing
activities 5,816 42,876
---------- ---------

INCREASE IN CASH AND CASH EQUIVALENTS 10,126 21,798
CASH AND CASH EQUIVALENTS, beginning of period 6,873 6,721
---------- ---------
CASH AND CASH EQUIVALENTS, end of period $ 16,999 $ 28,519
========== =========
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RAM Energy Resources, Inc.
Condensed Consolidated Statements of Cash Flows, continued
(in thousands)
(unaudited)

Six months
ended
June 30,
--------------
2008 2007
--------------
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest $16,335 $7,300
======= ======
Cash paid for income taxes $ 277 $ 5
======= ======

DISCLOSURE OF NON CASH INVESTING AND FINANCING
ACTIVITIES:
Establishment of asset retirement obligations $ 224 $ -
======= ======
Amount removed from asset retirement obligations for
sold or retired wells $ 292 $ -
======= ======
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RAM Energy Resources, Inc.
EBITDA, Free Cash Flow and Adjusted Net Income
( non-GAAP measures)
(unaudited)

Non-GAAP Financial Measures
EBITDA, a non-GAAP measure, represents cash provided by operating
activities before the impact of interest expense, income taxes, DD&A,
accretion, share based compensation and unrealized gains or losses on
derivative transactions. Free cash flow is also a non-GAAP measure
representing EBITDA after adjustments for the cash portion of
interest and income taxes. Adjusted net income is a non-GAAP measure
which excludes the income tax affected impact of unrealized
derivative gains or losses on GAAP income. These non-GAAP measures
are 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). These non-GAAP
measures are widely accepted as financial indicators of an oil and
gas company's ability to generate cash which is used to internally
fund exploration and development activities and fund debt service
costs. These non-GAAP measures are 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.

RAM Energy Resources, Inc.
Free Cash Flow
$000s, except per share amounts
Qtr Ended Qtr Ended YTD YTD
6/30/2008 6/30/2007 6/30/2008 6/30/2007
EBITDA:
Net income
(loss) $ (5,862) $ 902 $ (6,385) $ 322
Plus:
Interest
expense $ 6,197 $ 3,990 $ 14,359 $ 7,828
Plus:
Amortization
and
depreciation
& accretion $ 11,719 $ 4,273 $ 22,880 $ 7,844
Plus: Share-
based
compensation $ 932 $ 221 $ 1,479 $ 394
Plus: Income
tax
provision
(benefit) $ (14,809) $ 415 $ (15,450) $ 186
Less:
Unrealized
loss on
derivatives $ 33,808 $ 102 $ 39,067 $ 1,156

----------- ---------- ----------- ----------

EBITDA $ 31,985 $ 9,903 $ 55,950 $ 17,730

Less:

Cash paid for
interest $ 6,869 $ 2,813 $ 16,335 $ 7,300
Cash paid for
income tax $ 277 $ 5 $ 277 $ 5

----------- ---------- ----------- ----------

Free Cash Flow $ 24,839 $ 7,085 $ 39,338 $ 10,425
=========== ========== =========== ==========

Weighted average shares
outstanding - basic 69,199 40,293 64,191 38,760
Weighted average shares
outstanding - diluted 69,199 40,384 64,191 38,850

Cash Flow per Share -
basic $ 0.36 $ 0.18 $ 0.61 $ 0.27
Cash Flow per Share -
diluted $ 0.36 $ 0.18 $ 0.61 $ 0.27

Adjusted net income
(loss):
Net income
(loss) $ (5,862) $ 902 $ (6,385) $ 322

Plus: Tax
effected
unrealized
(gain)loss
on
derivatives 20,623 69 24,222 $ 728
----------- ---------- ----------- ----------

Adjusted net income
(loss) $ 14,761 $ 971 $ 17,837 $ 1,050
=========== ========== =========== ==========

Weighted average shares
outstanding - basic 69,199 40,293 64,191 38,760
Weighted average shares
outstanding - diluted 69,199 40,384 64,191 38,850

Earnings per Share -
basic $ 0.21 $ 0.02 $ 0.28 $ 0.03
Earnings per Share -
diluted $ 0.21 $ 0.02 $ 0.28 $ 0.03
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RAM Energy Resources, Inc.
Production By Areas
Three Months Ended June 30, 2008

Developing Fields

Mature
-------------------------- Oil Mature
Three Months Natural
Ended June 30, South Barnett Fields Gas
2008 Texas Shale Appalachia (a) Fields Total
------- ------- ---------- ------- -------- ---------
Aggregate Net
Production
Bbls Oil 11,361 544 - 237,265 51,142 300,312
Bbls NGLs 31,912 13,700 - 21,932 18,646 86,190
MCF 704,424 77,550 5,294 186,444 570,197 1,543,909
BOE 160,677 27,169 882 290,271 164,821 643,820

Three Months
Ended June 30,
2007
Aggregate Net
Production
Bbls Oil - 1,649 - 144,761 39,983 186,393
Bbls NGLs - 1,671 - 12,740 22,469 36,880
MCF - 121,890 - - 561,905 683,795
BOE - 23,635 - 157,501 156,103 337,239

Change in BOE 160,677 3,534 882 132,770 8,718 306,581
Percentage
Change in BOE 100.0% 15.0% 100.0% 84.3% 5.6% 90.9%

(a) Includes Electra/Burkburnett, Allen/Fitts and Layton fields.
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RAM Energy Resources, Inc.
Production By Areas
Six Months Ended June 30, 2008

Developing Fields
---------------------------- Mature
Oil Mature
Six Months Natural
Ended June South Barnett Fields Gas
30, 2008 Texas Shale Appalachia (a) Fields Total
--------- ------- ---------- ------- --------- ---------
Aggregate Net
Production
Bbls Oil 21,493 1,792 - 470,231 104,780 598,296
Bbls NGLs 52,447 30,774 - 39,612 36,989 159,822
MCF 1,308,424 176,550 9,874 353,130 1,137,760 2,985,738
BOE 292,011 61,991 1,646 568,698 331,396 1,255,742

Six Months
Ended June
30, 2007
Aggregate Net
Production
Bbls Oil - 2,101 - 364,836 796 367,733
Bbls NGLs - 2,547 - 31,143 37,769 71,459
MCF - 203,883 - 118,726 942,795 1,265,404
BOE - 38,628 - 415,767 195,697 650,092

Change in BOE 292,011 23,363 1,646 152,931 135,699 605,650
Percentage
Change in
BOE 100.0% 60.5% 100.0% 36.8% 69.3% 93.2%

(a) Includes Electra/Burkburnett, Allen/Fitts and Layton fields.
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RAM Energy Resources, Inc.
Net Production, Unit Prices and Costs

Three Months Six Months
Ended Ended
30-Jun-08 30-Jun-08
Production volumes:
Oil (MBbls) 300 598
NGL (MBbls) 86 160
Natural gas (MMcf) 1,544 2,986
Total (Mboe) 644 1,256

Average sale prices received:
Oil (per Bbl) $123.15 $109.72
NGL (per Bbl) $60.58 $57.66
Natural gas (per Mcf) $9.94 $8.78
Total per Boe $89.39 $80.50

Cash effect of derivative contracts:
Oil (per Bbl) ($19.39) ($13.61)
NGL (per Bbl) $0.00 $0.00
Natural gas (per Mcf) ($0.90) ($0.47)
Total per Boe ($11.21) ($7.59)

Average prices computed after cash effect of
settlement of derivative contracts:
Oil (per Bbl) $103.76 $96.11
NGL (per Bbl) $60.58 $57.66
Natural gas (per Mcf) $9.04 $8.31
Total per Boe $78.18 $72.91

Cash expenses (per Boe):
Oil and natural gas production taxes $5.19 $4.59
Oil and natural gas production expenses $14.69 $14.96
General and administrative $8.60 $8.80
Net cash interest expense $9.05 $10.84
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Total per Boe $37.53 $39.19
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Cash flow per Boe $40.65 $33.72
============= ===========
*T

RAM Energy Resources, Inc.
Robert E. Phaneuf, 918-632-0680
Vice President - Corporate Development

Copyright Business Wire 2008