Ownership Submission
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

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(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Expires: January 31, 2005
Estimated average burden hours per response... 0.5

(Print or Type Responses)
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 (Month/Day/Year)
05/06/2008
(Street)

STAMFORD, CT 06902		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction 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

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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. SEC 1474 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction 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
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(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 05/06/2008   S     1,000,000 11/29/2007 05/11/2008 Common Stock 1,000,000 $ 0.0498 (2) 3,076,035 (1) D  
Warrants to purchase common stock $ 5 05/07/2008   S     796,700 11/29/2007 05/11/2008 Common Stock 796,700 $ 0.0645 (3) 2,279,335 (1) D  

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 High Yield Holdings, LLC
THE METRO CENTER, ONE STATION PLACE
THREE NORTH
STAMFORD, CT 06902		     X    
JEFFERIES GROUP INC /DE/
520 MADISON AVENUE
12TH FLOOR
NEW YORK, NY 10022		     X    

Signatures

 /s/ Roland T. Kelly   05/08/2008
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(1) Warrants directly held by Jefferies High Yield Trading, LLC. Does not include 478,417 Warrants directly held by Jefferies & Company, Inc.
(2) Weighted average price based on the following transactions: 50,100 at $0.04; 5,100 at $0.0404; 19,200 at $0.0405; 10,000 at $0.0406; 11,000 at $0.0408; 48,000 at $0.043; 33,300 at $0.045; 5,000 at $0.0494; 630,611 at $0.05; 1,100 at $0.0501; 15,000 at $0.0502; 4,906 at $0.0503; 91,183 at $0.055; 100 at $0.0551; and 75,400 at $0.06.
(3) Weighted average price based on the following transactions: 250,000 at $0.0400; 50,000 at $0.0600; 133,100 at $0.0700; 100 at $0.0749; 59,300 at $0.0750; 10,000 at $0.0751; 100 at $0.0799; 260,000 at $0.0800; 400 at $0.0801; and 33,700 at $0.0900.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.