RAME Ram Energy Resources, Inc. (MM)

RAM Energy Resources, Inc. (Nasdaq: RAME) announced today that estimates of its proved oil and natural gas reserves at December 31, 2008 totaled 36.2 million barrels of oil equivalent (BOE). The company added 5.2 million BOE of reserves during the year primarily as a result of drilling activity which was slightly more than double RAM�s record production of 2.55 million BOE. However, year over year reserves declined eight percent, principally stemming from the impact of lower hydrocarbon prices at year-end 2008.

Reserve Composition

Year-end 2008 estimated proved reserves of 36.2 million BOE are composed of 14.5 million barrels of oil, 4.6 million barrels of natural gas liquids and 102.5 Bcf of natural gas. Crude oil and natural gas liquids represent 53 percent of total proved reserves and natural gas reserves represent the remaining 47 percent of reserves. Of the total proved reserves, nearly 61 percent were classified as proved developed reserves, providing a substantial underpinning to cash flow in the 2009 year.

Prices and PV-10 Value

Based on 2008 year-end average prices of $44.60 per barrel for oil, $22.67 per barrel for natural gas liquids and $5.71 per Mcf for natural gas, calculated using SEC mandated methodology, the present value of estimated future net revenues, before income taxes, discounted at 10 percent (PV-10), attributable to the estimate of total proved reserves was $311.4 million at year-end 2008. This compares to a PV-10 of $911.5 million at year-end 2007, calculated using year-end 2007 prices of $93.90 per barrel for oil, $54.69 per barrel for natural gas liquids and $7.00 per Mcf for gas. The decrease in PV-10 value at year-end 2008 compared to that of the prior year is primarily attributable to the decline in hydrocarbon prices prevailing at year-end 2008 compared to those at year-end 2007. The price of oil in particular was 52 percent lower at year-end 2008 than at year-end 2007 and exerted a significant impact on the PV-10 value, given the percentage of oil and natural gas liquids in the firm�s hydrocarbon mix. RAM continues to employ, as it has in the past, independent petroleum engineering firms to prepare estimates of its proved reserves in all its operating areas.

Had the prices at year-end 2008 also prevailed at year-end 2007, our 2008 year end proved reserve volumes would have represented a six percent increase and our PV-10 value attributable to the 2008 estimate of proved reserves would have declined only about 10 percent.

�In spite of a successful year in 2008 with the drillbit, as represented by our overall drilling success rate of 99 percent and reserves added from a modest acquisition, the dramatic decline in hydrocarbon prices prevailing at year-end 2008 compared to those at the prior year end obscured much of the progress we achieved operationally. I am pleased that our total additions to proved reserves from extensions and discoveries were 200 percent of our record 2008 production,� said Larry Lee, President and CEO.

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 estimates of reserves, estimates of prior year reserves and PV-10 based on subsequent year end pricing, estimates of PV-10, the standardized measure, realized prices of oil and gas, the impact of oil -Table Follows-

and gas derivative financial instruments and events or developments that the company expects or believes are forward-looking statements. Although RAM 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, developmental, exploitation and exploration successes, actions taken and to be taken by governments as a result of political and economic conditions or other factors, inflation rates, 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 is an independent energy company engaged in the acquisition, development, exploitation and exploration of oil and gas properties and the marketing of natural gas and crude oil. Company headquarters are in Tulsa, Oklahoma, and its common shares are traded on the Nasdaq Exchange under the symbol RAME. For additional information, visit the company website at www.ramenergy.com.

� RAM Energy Resources, Inc. Total Net Proved Reserves As of December 31, 2008 � � � � � � OIL GAS NGL EQUIVALENT MBBLS MMCF MBBLS MBBLS � Proved Reserves Beginning of Year 19,545 93,357 4,271 39,376 � Extensions and Discoveries 641 19,435 1,126 5,007 � Purchases of Reserves 151 135 - 174 � Production (1,187 ) (6,082 ) (354 ) (2,554 ) � Sales of Reserves (85 ) (701 ) - (202 ) � Revisions of Previous Estimates (4,569 ) (3,632 ) (429 ) (5,603 ) � Proved Reserves End of Year 14,496 � 102,512 � 4,615 � 36,196 � � � ____________ (1) Pricing: Oil = $44.60/Bbl; Natural Gas = $5.71/Mcf; NGL = $22.67/Bbl