Exhibit 10.17.1

FIRST AMENDMENT TO LOAN AGREEMENT

THIS FIRST AMENDMENT TO LOAN AGREEMENT (this “Amendment”) is dated as of the 6th
day of February, 2009.

RAM ENERGY RESOURCES, INC., a Delaware corporation (the “Borrower”), GUGGENHEIM
CORPORATE FUNDING, LLC, as arranger and administrative agent (the
“Administrative Agent”), WELLS FARGO FOOTHILL, INC., as documentation agent,
WESTLB AG, NEW YORK BRANCH and CIT CAPITAL USA INC., as co-syndication agents,
and the financial institutions therein named as lenders (the “Lenders”), are
parties to that certain Loan Agreement dated as of November 29, 2007 (the “Loan
Agreement”) and the Borrower, the Administrative Agent and the undersigned
Lenders are entering into this Amendment for the purpose of permitting the
Borrower to enter into certain types of Hedging Agreements to protect against
interest rate fluctuations. Therefore, in consideration of the mutual agreements
and other provisions contained herein, the parties hereto agree as follows:

Paragraph 1. Amendment. Effective as of the Amendment Effective Date, the
following language is inserted at the end of clause (a) of Section 7.21 of the
Loan Agreement: “, or any Hedging Agreement related to bona fide hedging
activities to protect against fluctuations in interest rates or currency
exchange rates.”

Paragraph 2. Effectiveness. This Amendment shall become effective as of the date
(the “Amendment Effective Date”) the Administrative Agent shall have received a
counterpart of this Amendment executed by the Borrower, the Administrative
Agent, and the Required Lenders.

Paragraph 3. Governing Law; Miscellaneous. Unless otherwise defined in this
Amendment, capitalized terms used herein shall have the meaning set forth in the
Loan Agreement. This Amendment (a) shall be governed by, and construed in
accordance with, the internal laws of the State of New York; (b) may be executed
in any number of counterparts with the same effect as if all signatories had
signed the same document, and all of those counterparts must be construed
together to constitute the same document, and (c) may be validly executed by
facsimile or other electronic transmission.

Paragraph 4. ENTIRE AGREEMENT. THIS AMENDMENT REPRESENTS THE FINAL AGREEMENT
AMONG THE PARTIES ABOUT THE SUBJECT MATTER OF THIS AMENDMENT AND MAY NOT BE
CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL
AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE
PARTIES RELATING TO THIS SUBJECT MATTER.

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IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed
and delivered by their proper and duly authorized officers to be effective as of
the day and year first above written.

 

BORROWER:

RAM ENERGY RESOURCES, INC.,

a Delaware corporation

By:  

/s/ G. Les Austin

Name:   G. Les Austin Title:   SR VP & CFO

Signature Page to First Amendment to Loan Agreement

Ram Energy Resources, Inc.

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ADMINISTRATIVE AGENT:

GUGGENHEIM CORPORATE FUNDING LLC,

a Delaware limited liability company, as Administrative Agent for the Lenders

By:  

/s/ Bill Hagner

Name:   Bill Hagner Title:   Managing Director

Signature Page to First Amendment to Loan Agreement

Ram Energy Resources, Inc.

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WELLS FARGO FOOTHILL, INC.

a California corporation, as Documentation Agent and a Lender

By:  

/s/ Gary Forlenza

Name:   Gary Forlenza Title:   VP

Signature Page to First Amendment to Loan Agreement

Ram Energy Resources, Inc.

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WESTLB AG, NEW YORK BRANCH By:  

/s/ Phil Juskorz

Name:   printed name not provided Title:   printed title not provided By:  

/s/ Jennifer King

Name:   Jennifer King Title:   Director

Signature Page to First Amendment to Loan Agreement

Ram Energy Resources, Inc.

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CAPITAL ONE, N.A. By:  

/s/ Eric Broussard

Name:   Eric Broussard Title:   Senior Vice President

Signature Page to First Amendment to Loan Agreement

Ram Energy Resources, Inc.

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SDAR CAPITAL LLC By:  

/s/ Michael Gross

Name:   Michael Gross Title:   Chairman and CEO

Signature Page to First Amendment to Loan Agreement

Ram Energy Resources, Inc.

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GRAND CENTRAL ASSET TRUST, LHM1 SERIES By:  

/s/ Adam Jacobs

Name:   Adam Jacobs Title:   Attorney-in-Fact

Signature Page to First Amendment to Loan Agreement

Ram Energy Resources, Inc.

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NZC OPPORTUNITIES LLC By:   Guggenheim Investment Management, LLC, as its
Collateral Manager By:  

/s/ Stephen D. Sautel

Name:   Stephen D. Sautel Title:   Senior Managing Director

Signature Page to First Amendment to Loan Agreement

Ram Energy Resources, Inc.

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MIDLAND NATIONAL LIFE INSURANCE COMPANY By:   Guggenheim Partners Advisory
Company, its agent By:  

/s/ Stephen D. Sautel

Name:   Stephen D. Sautel Title:   Senior Managing Director

Signature Page to First Amendment to Loan Agreement

Ram Energy Resources, Inc.

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NORTH AMERICAN COMPANY FOR LIFE AND HEALTH INSURANCE By:   Guggenheim Partners
Advisory Company, its agent By:  

/s/ Stephen D. Sautel

Name:   Stephen D. Sautel Title:   Senior Managing Director

Signature Page to First Amendment to Loan Agreement

Ram Energy Resources, Inc.

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ORPHEUS FUNDING LLC By:   Guggenheim Investment Management, LLC, its Manager By:
 

/s/ Stephen D. Sautel

Name:   Stephen D. Sautel Title:   Senior Managing Director

Signature Page to First Amendment to Loan Agreement

Ram Energy Resources, Inc.

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WellPoint, Inc. By:   Whippoorwill Associates, Inc.   Its Agent and Authorized
Signatory By:  

/s/ Shelley F. Greenhaus

Name:   Shelley F. Greenhaus Title:   Principal

Signature Page to First Amendment to Loan Agreement

Ram Energy Resources, Inc.

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Whippoorwill Distressed Opportunity Fund, L.P. By:   Whippoorwill Associates,
Inc.   Its Agent and Authorized Signatory By:  

/s/ Shelley F. Greenhaus

Name:   Shelley F. Greenhaus Title:   Principal

Signature Page to First Amendment to Loan Agreement

Ram Energy Resources, Inc.

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Whippoorwill Offshore Distressed Opportunity Fund, Ltd. By:   Whippoorwill
Associates, Inc.   Its Agent and Authorized Signatory By:  

/s/ Shelley F. Greenhaus

Name:   Shelley F. Greenhaus Title:   Principal

Signature Page to First Amendment to Loan Agreement

Ram Energy Resources, Inc.

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Whippoorwill Associates, Inc. Profit Sharing Plan By:   Whippoorwill Associates,
Inc.   Its Agent and Authorized Signatory By:  

/s/ Shelley F. Greenhaus

Name:   Shelley F. Greenhaus Title:   Principal

Signature Page to First Amendment to Loan Agreement

Ram Energy Resources, Inc.

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President & Fellows of Harvard College (Ref. Harvard Special Situations Account)
By:   Whippoorwill Associates, Inc.   Its Agent and Authorized Signatory By:  

/s/ Shelley F. Greenhaus

Name:   Shelley F. Greenhaus Title:   Principal

Signature Page to First Amendment to Loan Agreement

Ram Energy Resources, Inc.