FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Jefferies High Yield Trading, LLC 		2. Issuer Name and Ticker or Trading Symbol

RAM ENERGY RESOURCES INC [ RAME ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      __ X __ 10% Owner
_____ Officer (give title below)      _____ Other (specify below)
(Last)          (First)          (Middle)

THE METRO CENTER, ONE STATION PLACE, THREE NORTH 		3. Date of Earliest Transaction (MM/DD/YYYY)

5/8/2008
(Street)

STAMFORD, CT 06902
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

___ Form filed by One Reporting Person
_ X _ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock   5/9/2008     X    930680   A $5   13279316   (1) D    
Common Stock   5/9/2008     X    478417   A $5   1927816   (2) I   See footnote 2.  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Warrants to purchase common stock   $5   5/8/2008     S        134055    11/29/2007   5/12/2008   Common Stock   134055   $0.0602   (3) 2109680   (4) D    
Warrants to purchase common stock   $5   5/9/2008     S        1179000    11/29/2007   5/12/2008   Common Stock   1179000   $0.0458   (5) 930680   (4) D    
Warrants to purchase common stock   $5   5/9/2008     X        930680    11/29/2007   5/12/2008   Common Stock   930680   $0   0   (4) D    
Warrants to purchase common stock   $5   5/9/2008     X        478417    11/29/2007   5/12/2008   Common Stock   478417   $0   0   I   Directly held by Jefferies & Company, Inc.  

Explanation of Responses:
( 1)  Directly held by Jefferies High Yield Trading, LLC. Does not include 1,449,399 shares held directly by Jefferies & Company, Inc.
( 2)  Directly held by Jefferies & Company, Inc. Does not include 13,279,316 shares held directly by Jefferies High Yield Trading, LLC.
( 3)  Weighted average price based on the following transactions: 50,000 at $0.05; 30,900 at $0.06; and 53,155 at 0.07.
( 4)  Directly held by Jefferies High Yield Trading, LLC. Does not include 478,417 Warrants held directly by Jefferies & Company, Inc.
( 5)  Weighted average price based on the following transactions: 2,900 at $0.0324; 1,100 at $0.0329; 1,300 at $0.0332; 1,400 at $0.0335; 1,100 at $0.0338; 100 at $0.0339; 3,000 at $0.0350; 2,200 at $0.0351; 1,000 at $0.0360; 1,100 at $0.0379; 2,900 at $0.0380; 200 at $0.0399; 558,138 at $0.0400; 16,100 at $0.0401; 43,500 at $0.0410; 31,962 at $0.0450; 254,950 at $0.0500; 9,800 at $0.0501; 5,000 at $0.0502; 3,650 at $0.0503; 20,000 at $0.0510; 5,000 at $0.0511; 10,100 at $0.0520; 2,650 at $0.0530; 13,000 at $0.0540; 100,200 at $0.0550; 47,100 at $0.0600; 14,200 at $0.0632; and 25,350 at $0.0650.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Jefferies High Yield Trading, LLC
THE METRO CENTER
ONE STATION PLACE, THREE NORTH
STAMFORD, CT 06902
X

JEFFERIES & COMPANY, INC.
520 MADISON AVE. 12TH FL.
NEW YORK, NY 10022
X

JEFFERIES GROUP INC /DE/
520 MADISON AVENUE
12TH FLOOR
NEW YORK, NY 10022
X

Jefferies High Yield Holdings, LLC
THE METRO CENTER, ONE STATION PLACE
THREE NORTH
STAMFORD, CT 06902
X


Signatures
/s/ Roland T. Kelly, Authorized Person 5/12/2008
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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