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

• 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

Investment Highlights

4(1) Results are affected by acquisitions and dispositions during each of the periods.

(2) As of December 31, 2005

Reserves Reserves

Four Year CAGR: 25%Four Year CAGR: 25%

8.18.18.48.4

19.119.1 18.818.8

20052005(2)(2)

20022002 20032003 20042004(1)(1)

20022002 20032003 20042004(1)(1)

20052005(1)(2)(1)(2)

Production Production

Four Year CAGR: 84%Four Year CAGR: 84%

495495671671

511511

1,4051,405

Proven Reserves and Production Growth

Mil

lion

s o

f B

OE

Th

ou

san

ds

of

BO

E

5As of December 31, 2005

Drilling/Recompletion Projects

• Six year inventory of development drilling and recompletions

• Potential multi-year inventory of Barnett Shale locations

Proved Reserves

Projects

Future Capital

($ millions) PUD Locations 230 $38.9 Recompletions 184 5.9

Total Proved

414

44.8

Barnett Shale Locations 124 55.8

Total Projects 538 $100.6

6

Drilling Success Rate

(2) Excluding wells in progress

(1) Gross wells drilled

(1)2005Wells

Total WellsDrilled 1987-2005

Producers

Dry Holes

Drilling or Completing

At Year-End

Total

Success Ratio

66 428

36

1

0

1

67 465

100% 92%(2)

7

Principal FieldsResource Areas

Tulsa OfficeTulsa Office

Houston-District Office

Electra-Field Office

II

IIII

IIIIIIIVIV

AA

BB

I Electra/Burkburnett

II Boonsville

III Egan

IV Vinegarone

A Barnett Shale – Fort Worth Basin

Reeves County, TX B Barnett & Woodford Shale -

Areas of Operations

8

(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.

1.61.6

17.717.7

6.66.6

2006200620052005

$ M

illio

ns

2006 Non-Acquisition Capital Budget $24.3 million

11.911.9

ExploitationExploitationExplorationExploration

(1)

9

Electra/Burkburnett Area, Wichita and Wilbarger Counties,Texas

• 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

10

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

11

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

12

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

13

Principal Fields Account for Over 80% of Total Proved Reserves

83%83%Percent of total proved reserves

21.5

$286.5

1.1

15.5

Vinegarone

Total

43.4 3.0Boonsville

38.7 1.6Egan

PV-10%($ millions)

Proved Reserves(millions of BOE)

Property:

$182.9 9.8Electra/Burkburnett

As of December 31, 2005

14

Unconventional Resource Areas

• Barnett Shale - Fort Worth Basin, Jack and Wise Counties, Texas

• Barnett and Woodford Shale - Exploration Project, Reeves County, Texas

15

• 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* *Per Pickering Energy Partners, Inc. October 2005 titled “The

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

EOG Resources

Ashe #1 well

Chief Oil & Gas

5 Operated wells

Jack Co. Wise Co.

Barnett Shale - Jack and Wise Counties, Texas

16

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

17(4) Future net revenues of reserves discounted at 10 percent, before income tax

Reserve Value at Year-End 2005

100209 5.6Undeveloped

$345$66318.8Total Proved

$245 $45413.2Developed

(2) Future net revenues of reserves, before income tax

(3)

Reserves

(millions BOE) ($ millions) ($ millions)

Revenues

Future

PV-10%(2)(1)

(1) Reserves as of December 31, 2005

(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

Net

(4)

18

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

70%

30%

Developed

PUD

60%

40%

Oil

Natural Gas & NGL’s

19

(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

Summary Financial and Operating Data

$9.9

$16.8

318

59%

85%

41%

CAGR

$33.7$5.1$9.1EBITDAX (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

1Q20063 Year

(2)

20

• Long-term Debt

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

Financial Flexibility

(1) Due 2008

$111.0

1.1

112.1

0.6

83.2

$28.3

March 31, 2006

(1)

($ millions)

11.5% Sr. Note

Sr. Secured Credit Facility

Installment Loan

Total

Cash & Equivalents

Net Debt

21

Attractive Valuation vs. Peers

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

not include RAM’s unproved reserves or oil and gas gathering and processing assets;

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

also does not include exercise of outstanding warrants

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

RAM Peers

(3)

55.0

13.71.2x

$23.85

70.0

13.4

.9x

0.88x

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

Reserve Life Index (in Years)

% Proved Developed

Net Asset Value per Share

(2)$16.80

$7.02Price/NAV

(1)

22

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

23

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, future production, prices, realizations and costs, exploration activities, capital spending, borrowing availability, financial position, business strategy, plans 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.

RAM Energy Resources, Inc.

25

APPENDIX

26

Production Volumes and Expenses

Increase2005 2006 (Decrease)

Production volumes:Oil and condensate (MBbls) 206 187 -9.10%Natural gas liquids (MBbls) 49 31 -36.40%Natural gas (MMcf) 584 600 2.80% Total (Mboe) 352 318 -9.60%

Expenses (per Boe): Oil and natural gas production taxes $2.17 $2.55 17.50% Oil and natural gas production expenses $10.51 $13.54 28.80% Amortization of full-cost pool $8.21 $9.50 15.70% General and administrative $5.85 $6.16 5.30%

March 31,

(in thousands, except per unit amounts)

Quarter Ended

27

Average Realized Prices Before/After Hedging

Increase2005 2006 (Decrease)

Average realized prices (before effects of hedging):

Oil and condensate (per Bbl) $48.42 $61.05 26.10%Natural gas liquids (per Bbl) $31.12 $39.02 25.40%Natural gas (per Mcf) $5.72 $6.97 21.70% Total per boe $42.13 $52.85 25.40%

Effect of settlement of hedging contracts:Oil and condensate (per Bbl) $(2.73) $(5.07) 85.70%Natural gas liquids (per Bbl) $ - $ - 0.00%Natural gas (per Mcf) $0.13 $(0.68) -623.1%

Average realized prices (after effects of hedging):

Oil and condensate (per Bbl) $45.69 $55.98 22.50%Natural gas liquids (per Bbl) $31.12 $39.02 25.40%Natural gas (per Mcf) $5.85 $6.29 7.50%

Quarter EndedMarch 31,

(in thousands, except per unit amounts)

28

Hedging Positions

Year per day Price per day Price per day Price per day Price2006 1,500 $45.44 1,500 $66.73 5,000 $6.29 5,000 $9.132007 1,500 $52.67 1,500 $73.24 4,247 $7.43 4,247 $11.622008 800 $51.68 800 $86.72 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 June thru October and 2007 are for April thru October, Natural gas floors/ceilings and Oil floors/ceilings for 2008 are for January thru September.

Bare Floors

Secondary Floors Secondary Floors

Floors CeilingsCrude Oil (Bbls) Natural Gas (Mmbtu)

Floors Ceilings

As of March 31, 2006

29

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 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.

EBITDAX is also presented below because of its wide acceptance by the investment community as a financial indicator of a company’s 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 company’s 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):

30

March 31,2006

(in thousands)

$1,406

3,023353190133

271,190

$6,322

$3,529

$9,861EBITDAX (Non-GAAP Measure)

Interest Expense

Deferred income taxes (before effects of hedging)

Cash flow (A Non-GAAP Measure), adjusted for effects of hedging

Amortization of deferred loan costs and Senior notes discounted Other property and equipmentAccretion expenseLoss on sale of other property and equipment

Amortization and depreciation - Oil and natural gas properties and equipment

Net income (before effects of hedging)

Cash Flow & EBITDAX

31

Core

Tier 1

Tier 2

Unconventional Resource Area - Barnett Shale Fort Worth Basin, Texas

Map Source: Pickering Energy Partners

• 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