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 Prio

TULSA, Okla.–(EMWNews)–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.

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

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	)

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