UNITED STATES 
SECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549

FORM 10-Q

|   |                                                                                           
|-- | ------------------------------------------------------------------------------------------
|x  | QUARTERLY
  REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
|   | For the quarterly period
  ended June 30, 2008                                            
|  
|or
|  
|o  | TRANSITION
  REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|   | For the transition period
  from _______________________ to ____________________________  

Commission File Number 000-51926

RIDGEWOOD ENERGY P FUND, LLC(Exact name of
registrant as specified in its charter)

|                                  |                      
|--------------------------------- | ---------------------
|Delaware                          | 86-1133315           
|(State
  or other jurisdiction of | (I.R.S.
  Employer   
|incorporation
  or organization)  | Identification
  No.)

1314 King Street, Wilmington, Delaware 19801(Address of principal
executive offices) (Zip code)

(302) 888-7444(Registrants
telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None 
Securities registered pursuant to Section 12(g) of the Act:

Shares of LLC Membership Interest

Indicate by check mark
whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports) and (2) has been subject
to such filing requirements for the past 90 days.
          Yes x   No o

Indicate by check mark
whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer, or a smaller reporting company. See definitions of
large accelerated filer, accelerated filer, and smaller reporting company
in Rule 12b-2 of the Exchange Act. (Check one):

|                                                |   |                           |  
|----------------------------------------------- | - | ------------------------- | -
|Large accelerated filer                         | o | Accelerated filer         | o
|Non-accelerated filer                           | o | Smaller reporting company | x
|(Do not check if a smaller
  reporting company) |   |                           |  

Indicate by check mark
whether the registrant is a shell company (as defined in Rule 12b-2 of the
Act).  Yes o  No x

There is no market for the
shares. As of August 5, 2008 there are 933.06 shares outstanding.

---



Table of Contents

|                               |                                                                                                          |  |     
|------------------------------ | -------------------------------------------------------------------------------------------------------- |  | ----
|                               |                                                                                                          |  | Page
|PART I - FINANCIAL INFORMATION |                                                                                                          | 
|Item 1.                        | Financial Statements:                                                                                    |  |     
|                               | Unaudited Condensed Balance Sheets
as of June 30,
  2008 and December 31, 2007                           |  | 2   
|                               | Unaudited Condensed Statements of
Operations for the
  three and six months ended June 30, 2008 and 2007 |  | 3   
|                               | Unaudited Condensed Statements of
Cash Flows for the
  six months ended June 30, 2008 and 2007           |  | 4   
|                               | Notes to Unaudited Condensed
Financial Statements                                                        |  | 5   
|Item 2.                        | Managements Discussion and Analysis of
Financial
  Condition and Results of Operations                  |  | 11  
|Item 3.                        | Quantitative and Qualitative Disclosures about Market
  Risk                                             |  | 16  
|Item 4.                        | Controls and Procedures                                                                                  |  | 16  
|                               |                                                                                                          |  |     
|PART II - OTHER INFORMATION    |                                                                                                          | 
|                               |                                                                                                          |  |     
|Item 1.                        | Legal Proceedings                                                                                        |  | 17  
|Item 1A.                       | Risk Factors                                                                                             |  | 17  
|Item 2.                        | Unregistered Sales of Equity
Securities and Use of
  Proceeds                                            |  | 17  
|Item 3.                        | Defaults Upon Senior
Securities                                                                          |  | 17  
|Item 4.                        | Submissions of Matters to a Vote of
Security Holders                                                     |  | 17  
|Item 5.                        | Other Information                                                                                        |  | 17  
|Item 6.                        | Exhibits                                                                                                 |  | 17  
|                               |                                                                                                          |  |     
|                               | SIGNATURES                                                                                               |  | 18  

1

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PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

RIDGEWOOD ENERGY P FUND, LLC UNAUDITED CONDENSED BALANCE SHEETS
(in thousands, except share data)

|                                                                                   |  |               |         |                   |   |         |  
|---------------------------------------------------------------------------------- |  | ------------- | ------- | ----------------- | - | ------- | -
|                                                                                   |  | June 30, 2008 |         | December 31, 2007 |  
|                                                                                   |  |               |         |                   |  
|ASSETS                                                                             |  |               |         |                   |   |         |  
|Current assets:                                                                    |  |               |         |                   |   |         |  
|Cash and cash equivalents                                                          |  | $             | 16,879  |                   | $ | 13,878  |  
|Short-term investments in marketable
securities                                    |  |               | 10,035  |                   |   | 19,630  |  
|Production receivable                                                              |  |               | 2,495   |                   |   | 1,449   |  
|Other current assets                                                               |  |               | 650     |                   |   | 502     |  
|                                                                                   |  |               |         |                   |   |         |  
|Total current assets                                                               |  |               | 30,059  |                   |   | 35,459  |  
|Salvage fund                                                                       |  |               | 1,126   |                   |   | 1,111   |  
|Oil and gas properties:                                                            |  |               |         |                   |   |         |  
|Advances to operators for working interests and
expenditures                       |  |               | 334     |                   |   | 1,866   |  
|Unproved properties                                                                |  |               | 1,974   |                   |   | 7,971   |  
|Proved properties                                                                  |  |               | 28,119  |                   |   | 19,593  |  
|Less: accumulated depletion and
amortization                                       |  |               | (6,908  | )                 |   | (2,332  | )
|                                                                                   |  |               |         |                   |   |         |  
|Total oil and gas properties, net                                                  |  |               | 23,519  |                   |   | 27,098  |  
|                                                                                   |  |               |         |                   |   |         |  
|                                                                                   |  |               |         |                   |   |         |  
|Total assets                                                                       |  | $             | 54,704  |                   | $ | 63,668  |  
|                                                                                   |  |               |         |                   |   |         |  
|                                                                                   |  |               |         |                   |   |         |  
|LIABILITIES AND MEMBERS CAPITAL                                                   |  |               |         |                   |   |         |  
|Current liabilities:                                                               |  |               |         |                   |   |         |  
|Due to operators                                                                   |  | $             | 6,684   |                   | $ | 3,183   |  
|Accrued expenses payable                                                           |  |               | 119     |                   |   | 121     |  
|                                                                                   |  |               |         |                   |   |         |  
|Total current liabilities                                                          |  |               | 6,803   |                   |   | 3,304   |  
|                                                                                   |  |               |         |                   |   |         |  
|Asset retirement obligations                                                       |  |               | 782     |                   |   | 454     |  
|                                                                                   |  |               |         |                   |   |         |  
|Total liabilities                                                                  |  |               | 7,585   |                   |   | 3,758   |  
|                                                                                   |  |               |         |                   |   |         |  
|                                                                                   |  |               |         |                   |   |         |  
|Commitments and
  contingencies (Note 8)                                           |  |               |         |                   |   |         |  
|Members capital:                                                                  |  |               |         |                   |   |         |  
|Manager:                                                                           |  |               |         |                   |   |         |  
|Distributions                                                                      |  |               | (1,299  | )                 |   | (226    | )
|Accumulated deficit                                                                |  |               | (59     | )                 |   | (1,220  | )
|                                                                                   |  |               |         |                   |   |         |  
|Managers total                                                                    |  |               | (1,358  | )                 |   | (1,446  | )
|                                                                                   |  |               |         |                   |   |         |  
|Shareholders:                                                                      |  |               |         |                   |   |         |  
|Capital contributions (1,335 shares authorized;
933.0600 issued and
  outstanding) |  |               | 138,344 |                   |   | 138,344 |  
|Syndication costs                                                                  |  |               | (15,898 | )                 |   | (15,898 | )
|Distributions                                                                      |  |               | (7,356  | )                 |   | (1,278  | )
|Accumulated deficit                                                                |  |               | (66,613 | )                 |   | (59,812 | )
|                                                                                   |  |               |         |                   |   |         |  
|Shareholders total                                                                |  |               | 48,477  |                   |   | 61,356  |  
|                                                                                   |  |               |         |                   |   |         |  
|                                                                                   |  |               |         |                   |   |         |  
|Total members capital                                                             |  |               | 47,119  |                   |   | 59,910  |  
|                                                                                   |  |               |         |                   |   |         |  
|                                                                                   |  |               |         |                   |   |         |  
|Total liabilities and members
capital                                             |  | $             | 54,704  |                   | $ | 63,668  |  
|                                                                                   |  |               |         |                   |   |         |  

The accompanying notes are an integral part of these unaudited
condensed financial statements.

2

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RIDGEWOOD ENERGY P FUND, LLCUNAUDITED CONDENSED STATEMENTS OF OPERATIONS
(in thousands, except share data)

|                                      |  |                             |        |                           |   |        |   |      |        |   |   |        |  
|------------------------------------- |  | --------------------------- | ------ | ------------------------- | - | ------ | - | ---- | ------ | - | - | ------ | -
|                                      |  | Three months ended June 30, |        | Six months ended June 30, |  
|                                      |  | 2008                        |        | 2007                      |   | 2008   |   | 2007 |       
|                                      |  |                             |        |                           |   |        |   |      |       
|Revenue                               |  |                             |        |                           |   |        |   |      |        |   |   |        |  
|Oil and gas revenue                   |  | $                           | 6,292  |                           | $ |       |   | $    | 10,632 |   | $ |       |  
|                                     
|Expenses                              |  |                             |        |                           |   |        |   |      |        |   |   |        |  
|Depletion and amortization            |  |                             | 2,482  |                           |   |       |   |      | 4,576  |   |   |       |  
|Dry-hole costs                        |  |                             | 9,224  |                           |   | 417    |   |      | 10,085 |   |   | 3,725  |  
|Management fees to affiliate (Note 6) |  |                             | 512    |                           |   | 543    |   |      | 1,028  |   |   | 1,078  |  
|Operating expenses                    |  |                             | 225    |                           |   | 117    |   |      | 545    |   |   | 119    |  
|General and administrative expenses   |  |                             | 221    |                           |   | 249    |   |      | 405    |   |   | 344    |  
|                                      |  |                             |        |                           |   |        |   |      |        |   |   |        |  
|Total expenses                        |  |                             | 12,664 |                           |   | 1,326  |   |      | 16,639 |   |   | 5,266  |  
|                                      |  |                             |        |                           |   |        |   |      |        |   |   |        |  
|Loss from operations                  |  |                             | (6,372 | )                         |   | (1,326 | ) |      | (6,007 | ) |   | (5,266 | )
|Other income                          |  |                             |        |                           |   |        |   |      |        |   |   |        |  
|Interest income                       |  |                             | 108    |                           |   | 618    |   |      | 367    |   |   | 1,384  |  
|                                      |  |                             |        |                           |   |        |   |      |        |   |   |        |  
|Net loss                              |  | $                           | (6,264 | )                         | $ | (708   | ) | $    | (5,640 | ) | $ | (3,882 | )
|                                      |  |                             |        |                           |   |        |   |      |        |   |   |        |  
|                                      |  |                             |        |                           |   |        |   |      |        |   |   |        |  
|Manager Interest                      |  |                             |        |                           |   |        |   |      |        |   |   |        |  
|Net income (loss)                     |  | $                           | 687    |                           | $ | (114   | ) | $    | 1,161  |   | $ | (231   | )
|                                      |  |                             |        |                           |   |        |   |      |        |   |   |        |  
|Shareholder Interest                  |  |                             |        |                           |   |        |   |      |        |   |   |        |  
|Net loss                              |  | $                           | (6,951 | )                         | $ | (594   | ) | $    | (6,801 | ) | $ | (3,651 | )
|Net loss per share                    |  | $                           | (7,450 | )                         | $ | (637   | ) | $    | (7,289 | ) | $ | (3,913 | )

The accompanying notes are an integral part of these unaudited
condensed financial statements.

3

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RIDGEWOOD ENERGY P FUND, LLCUNAUDITED CONDENSED STATEMENTS OF CASH FLOWS
(in thousands)

|                                                                                                  |  |                           |         |      |   |         |  
|------------------------------------------------------------------------------------------------- |  | ------------------------- | ------- | ---- | - | ------- | -
|                                                                                                  |  | Six months ended June 30, |        
|                                                                                                  |  | 2008                      |         | 2007 |  
|                                                                                                  |  |                           |         |      |  
|                                                                                                 
|Cash flows from operating activities                                                              |  |                           |         |      |   |         |  
|Net loss                                                                                          |  | $                         | (5,640  | )    | $ | (3,882  | )
|Adjustments to reconcile net loss to net cash
provided by (used in)
  operating activities        |  |                           |         |      |   |         |  
|Depletion and amortization                                                                        |  |                           | 4,576   |      |   |        |  
|Dry-hole costs                                                                                    |  |                           | 10,085  |      |   | 3,725   |  
|Accretion expense                                                                                 |  |                           | 10      |      |   | 3       |  
|Interest earned on marketable securities                                                          |  |                           | (147    | )    |   | (860    | )
|Changes in assets and liabilities:                                                                |  |                           |         |      |   |         |  
|Increase in production receivable                                                                 |  |                           | (1,046  | )    |   |        |  
|(Increase) decrease in other current
assets                                                       |  |                           | (83     | )    |   | 266     |  
|Increase in accrued expenses payable                                                              |  |                           | 22      |      |   | 142     |  
|                                                                                                  |  |                           |         |      |   |         |  
|Net cash provided by (used in) operating
activities                                               |  |                           | 7,777   |      |   | (606    | )
|                                                                                                  |  |                           |         |      |   |         |  
|                                                                                                  |  |                           |         |      |   |         |  
|Cash flows from investing activities                                                              |  |                           |         |      |   |         |  
|Payments to operators for working interests and
expenditures                                      |  |                           | (334    | )    |   |        |  
|Capital expenditures for oil and gas
properties                                                   |  |                           | (7,018  | )    |   | (23,442 | )
|Interest reinvested in salvage fund                                                               |  |                           | (15     | )    |   | (17     | )
|Proceeds from the maturity of marketable
securities                                               |  |                           | 19,742  |      |   | 46,250  |  
|Investment in marketable securities                                                               |  |                           | (10,000 | )    |   | (4,196  | )
|                                                                                                  |  |                           |         |      |   |         |  
|Net cash provided by investing
activities                                                         |  |                           | 2,375   |      |   | 18,595  |  
|                                                                                                  |  |                           |         |      |   |         |  
|                                                                                                  |  |                           |         |      |   |         |  
|Cash flows from financing activities                                                              |  |                           |         |      |   |         |  
|Distributions                                                                                     |  |                           | (7,151  | )    |   |        |  
|                                                                                                  |  |                           |         |      |   |         |  
|Net cash used in financing activities                                                             |  |                           | (7,151  | )    |   |        |  
|                                                                                                  |  |                           |         |      |   |         |  
|Net increase in cash and cash
equivalents                                                         |  |                           | 3,001   |      |   | 17,989  |  
|                                                                                                  |  |                           |         |      |   |         |  
|Cash and cash equivalents, beginning of
period                                                    |  |                           | 13,878  |      |   | 23,667  |  
|                                                                                                  |  |                           |         |      |   |         |  
|Cash and cash equivalents, end of period                                                          |  | $                         | 16,879  |      | $ | 41,656  |  
|                                                                                                  |  |                           |         |      |   |         |  
|                                                                                                  |  |                           |         |      |   |         |  
|Supplemental schedule of non-cash investing
  activities                                          |  |                           |         |      |   |         |  
|                                                                                                  |  |                           |         |      |   |         |  
|Advances used for capital expenditures in oil and
gas properties
  reclassified to dry-hole costs |  | $                         | 1,866   |      | $ |        |  
|                                                                                                  |  |                           |         |      |   |         |  

The accompanying notes are an integral part of these unaudited
condensed financial statements.

4

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RIDGEWOOD ENERGY P FUND, LLCNOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

1. Organization and Purpose

The Ridgewood Energy P Fund,
LLC (the Fund), a Delaware limited liability company, was formed on March 21,
2005 and operates pursuant to a limited liability company agreement (the LLC
Agreement) dated as of May 16, 2005 by and among Ridgewood Energy Corporation
(the Manager) and the shareholders of the Fund.

The Fund was organized to
acquire interests in oil and natural gas properties located in the United
States offshore waters of Texas, Louisiana and Alabama in the Gulf of Mexico.
During 2007, the Fund began earning revenue and was determined to no longer be
an exploratory stage enterprise.

The Manager performs, or
arranges for the performance of, the management and administrative services
required for Fund operations. Such services include, without limitation, the
administration of shareholder accounts, shareholder relations and the
preparation, review and dissemination of tax and other financial information.
In addition, the Manager provides office space, equipment and facilities and
other services necessary for Fund operations. The Manager also engages and
manages the contractual relations with unaffiliated custodians, depositories,
accountants, attorneys, broker-dealers, corporate fiduciaries, insurers, banks
and others as required. See Notes 2, 6 and 8.

2. Summary of Significant Accounting Policies

Basis of Presentation
These unaudited interim
condensed financial statements have been prepared by the Funds management in
accordance with accounting principles generally accepted in the United States
of America (GAAP) and in the opinion of management, contain all adjustments
(consisting of only normal recurring adjustments) necessary to present fairly
the Funds financial position, results of operations and cash flows for the
periods presented. Certain information and note disclosures normally included in
annual financial statements prepared in accordance with GAAP have been omitted
in these unaudited interim condensed financial statements. The results of
operations, financial position, and cash flows for the periods presented herein
are not necessarily indicative of future financial results. These unaudited
interim condensed financial statements should be read in conjunction with the
annual financial statements and the notes thereto for the year ended December
31, 2007 included in the Funds Annual Report on Form 10-K filed with the
Securities and Exchange Commission (the SEC).

Use of Estimates
The preparation of financial
statements in conformity with GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities as of the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. On an ongoing basis, the Manager reviews its estimates,
including those related to amounts advanced to and billed by operators,
determination of proved reserves, impairments and asset retirement obligations.
Actual results may differ from those estimates.

Cash and Cash Equivalents
All highly liquid
investments with maturities, when purchased, of three months or less are
considered cash and cash equivalents. At times bank deposits may be in excess
of federally insured limits. At June 30, 2008 and December 31, 2007, bank
balances, inclusive of salvage fund, exceeded federally insured limits by $9.7
million and $10.7 million, respectively. The Fund maintains bank deposits with
accredited financial institutions.

5

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Investments in Marketable
Securities
At times the Fund may
purchase investments comprised of U.S. Treasury Bills and Notes. These
investments are considered short-term when their maturities, when purchased,
are greater than three months and one year or less, and long-term when their
maturities are in excess of twelve months. The Fund currently has short-term investments
that are classified as held-to-maturity. Held-to-maturity securities are those
investments that the Fund has the ability and intent to hold until maturity,
and are recorded at cost plus accrued income, adjusted for the amortization of
premiums and discounts, which approximates fair value. At June 30, 2008 the
Fund had short-term held-to-maturity investments totaling $10.0 million, which
mature in October 2008. At December 31, 2007, the Fund had short-term
held-to-maturity investments totaling $19.6 million.

For all investments,
interest income is accrued as earned and amortization of premium or discount,
if any, is included in interest income.

Salvage Fund
Pursuant to the Funds LLC
Agreement, the Fund deposits in a separate interest-bearing account, or a
salvage fund, money to provide for dismantling production platforms and
facilities, plugging and abandoning the wells and removing the platforms,
facilities and wells after their useful lives, in accordance with applicable
federal and state laws and regulations. At June 30, 2008 and December 31, 2007,
the Fund had held-to-maturity investments within its salvage fund totaling $1.1
million. The held-to-maturity investment held within the salvage fund at June
30, 2008 matures in February 2012.

Interest earned on the
account will become part of the salvage fund. There are no restrictions on
withdrawals from the salvage fund.

Oil and Gas Properties
Investments in oil and gas
properties are operated by unaffiliated entities (Operators) who are responsible
for drilling, administering and producing activities pursuant to the terms of
the applicable operating agreements with working interest owners. The Funds
portion of exploration, drilling, operating and capital equipment expenditures
relating to the wells are advanced and billed by Operators through
authorization for expenditures.

The successful efforts
method of accounting for oil and gas producing activities is followed.
Acquisition costs are capitalized when incurred. Other oil and gas exploration
costs, excluding the costs of drilling exploratory wells, are charged to
expense as incurred. The costs of drilling exploratory wells are capitalized
pending the determination of whether the wells have discovered proved
commercial reserves. If proved commercial reserves have not been found,
exploratory drilling costs are expensed to dry-hole expense. Costs to develop
proved reserves, including the costs of all development wells and related
facilities and equipment used in the production of crude oil and gas, are
capitalized. Expenditures for ongoing repairs and maintenance of producing
properties are expensed as incurred.

Upon the sale or retirement
of a proved property, the cost and related accumulated depletion and
amortization will be eliminated from the property accounts, and the resultant
gain or loss is recognized. On the sale or retirement of an unproved property,
gain or loss on the sale is recognized. The Manager does not currently intend
to sell any of the Funds property interests.

Capitalized acquisition
costs of producing oil and gas properties are depleted by the
unit-of-production method.

At June 30, 2008 amounts
recorded in due to operators totaling $6.6 million related to capital
expenditures for oil and gas property. These amounts were paid during the third
quarter of 2008.

Advances to Operators for Working Interests
and Expenditures
The Funds acquisition of a
working interest in a well or a project requires it to make a payment to the
seller for the Funds rights, title and interest. The Fund is required to
advance its share of estimated cash expenditures for the succeeding months
operation. The Fund accounts for such payments as advances to operators for
working interests and expenditures. As drilling costs are incurred, the advances
are transferred to unproved properties.

6

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Asset Retirement Obligations
For oil and gas properties,
there are obligations to perform removal and remediation activities when the
properties are retired. When a project reaches drilling depth and is determined
to be either proved or dry, an asset retirement obligation is incurred. Plug
and abandonment costs associated with unsuccessful projects are expensed as
dry-hole costs. The table below presents changes in asset retirement
obligations for the six months ended June 30, 2008 and the year ended December
31, 2007.

|                                |  |                |     |                   |   |      |  
|------------------------------- |  | -------------- | --- | ----------------- | - | ---- | -
|                                |  | June 30, 2008  |     | December 31, 2007 |  
|                                |  |                |     |                   |   |      |  
|                                |  | (in thousands) |    
|Balance - Beginning of
  period |  | $              | 454 |                   | $ | 97   |  
|Liabilities incurred            |  |                | 417 |                   |   | 892  |  
|Liabilities settled             |  |                | (99 | )                 |   | (542 | )
|Accretion expense               |  |                | 10  |                   |   | 7    |  
|                                |  |                |     |                   |   |      |  
|Balance - End of period         |  | $              | 782 |                   | $ | 454  |  
|                                |  |                |     |                   |   |      |  

As indicated above, the Fund
maintains a salvage fund to provide for the funding of future asset retirement
obligations.

Syndication Costs
Direct costs associated with
offering the Funds shares including professional fees, selling expenses and
administrative costs payable to the Manager, an affiliate of the Manager and
unaffiliated broker-dealers are reflected as a reduction of shareholders
capital.

Revenue Recognition and
Imbalances
Oil and natural gas revenues
are recognized when production is sold to a purchaser at a fixed or
determinable price, when delivery has occurred and title has transferred, and
if collectibility of the revenue is probable.

The Fund uses the sales
method of accounting for gas production imbalances. The volumes of gas sold may
differ from the volumes to which the Fund is entitled based on its interests in
the properties. These differences create imbalances that are recognized as a
liability only when the properties estimated remaining reserves net to the
Fund will not be sufficient to enable the underproduced owner to recoup its
entitled share through production. The Funds recorded liability, if any, would
be reflected in other non-current liabilities. No receivables are recorded for
those wells where the Fund has taken less than its share of production. Gas
imbalances are reflected as adjustments to estimates of proved gas reserves and
future cash flows. At June 30, 2008 and December 31, 2007, there were no oil or
natural gas balancing arrangements between the Fund and other working interest
owners.

Impairment of Long-Lived Assets
In accordance with the
provisions of Financial Accounting Standards (SFAS) No. 144, Accounting for
the Impairment of Long-Lived Assets, long-lived assets, such as oil and
natural gas properties, are evaluated when events or changes in circumstances
indicate the carrying value of such assets may not be recoverable. The
determination of whether impairment has occurred is made by comparing the
carrying values of long-lived assets to the estimated future undiscounted cash
flows attributable to the asset. The impairment loss recognized is the excess
of the carrying value over the future discounted cash flows attributable to the
asset or the estimated fair value of the asset. During the three and six months
ended June 30, 2008 and 2007, no impairments were recorded.

Depletion and Amortization
Depletion and amortization
of the cost of proved oil and natural gas properties are calculated using the
units-of-production method. Proved developed reserves are used as the base for
depleting the cost of successful exploratory drilling and development costs.
The sum of proved developed and proved undeveloped reserves is used as the base
for depleting, or amortizing, leasehold acquisition costs, the costs to acquire
proved properties and platform and pipeline costs. The Fund began production
during the third quarter 2007.

Income Taxes
No provision is made for
income taxes in the financial statements. The Fund is a limited liability
company, and as such, the Funds income or loss is passed through and included
in the tax returns of the Funds shareholders.

7

---



Income and Expense Allocation
Profits and losses are
allocated 85% to shareholders in proportion to their relative capital
contributions and 15% to the Manager, except for interest income and certain
expenses such as dry-hole costs, fiduciary fees, depletion and amortization,
which are allocated 99% to shareholders and 1% to the Manager.

3. Recent Accounting Standards

In May 2008, the Financial
Accounting Standards Board (FASB) issued SFAS No. 162, The Hierarchy of
Generally Accepted Accounting Principles, (SFAS No.162), which identifies
the sources of accounting principles and the framework for selecting the
principles used in the preparation of financial statements that are presented
in conformity with GAAP. SFAS No. 162 will be effective sixty days following
the Securities and Exchange Commissions approval of the Public Company
Accounting Oversight Board amendments to AU Section 411. The Fund does not
expect the adoption of SFAS No. 162 will have a material impact on its
financial condition or results of operation.

In September 2006, the FASB
issued SFAS No. 157, Fair Value Measurements, (SFAS No.157), which applies
under most other accounting pronouncements that require or permit fair value
measurements. SFAS No. 157 provides a common definition of fair value as the
price that would be received to sell an asset or paid to transfer a liability
in a transaction between market participants. The new standard also provides
guidance on the methods used to measure fair value and requires expanded
disclosures related to fair value measurements. SFAS No. 157 had originally
been effective for financial statements issued for fiscal years beginning after
November 15, 2007, however the FASB has agreed on a one year deferral for all
non-financial assets and liabilities. On January 1, 2008, the Fund adopted SFAS
No. 157 for financial assets and liabilities.

4. Unproved Properties - Capitalized Exploratory Well Costs

Leasehold acquisition and
exploratory drilling costs are capitalized pending determination of whether the
well has found proved reserves. Unproved properties are assessed on a quarterly
basis by evaluating and monitoring if sufficient progress is made on assessing
the reserves.

The following table reflects
the net changes in unproved properties for the six months ended June 30, 2008
and the year ended December 31, 2007. As of June 30, 2008, the Fund had no
capitalized exploratory well costs greater than one year.

|                                                                                               |  |                |        |                   |   |        |  
|---------------------------------------------------------------------------------------------- |  | -------------- | ------ | ----------------- | - | ------ | -
|                                                                                               |  | June 30, 2008  |        | December 31, 2007 |  
|                                                                                               |  |                |        |                   |  
|                                                                                               |  | (in thousands) |       
|Balance - Beginning of the period                                                              |  | $              | 7,971  |                   | $ |       |  
|Additions to capitalized exploratory well costs pending the
  determination of proved reserves |  |                | 6,108  |                   |   | 16,534 |  
|Reclassifications to proved properties based on the determination of
  proved reserves         |  |                | (5,242 | )                 |   | (8,563 | )
|Capitalized exploratory well costs charged to dry-hole
costs                                   |  |                | (6,863 | )                 |   |       |  
|                                                                                               |  |                |        |                   |   |        |  
|                                                                                              
|Balance - End of the period                                                                    |  | $              | 1,974  |                   | $ | 7,971  |  
|                                                                                               |  |                |        |                   |   |        |  

8

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Capitalized costs are
expensed as dry-hole costs in the event that reserves are not found or are not
in sufficient quantities to complete the well and develop the field. During the
six months ended June 30, 2008, certain wells received credits from their
respective operators upon review and audit of the wells costs. Dry-hole costs
are detailed in the table below.

|                              |  |                             |       |                           |   |      |   |      |        |   |   |       |  
|----------------------------- |  | --------------------------- | ----- | ------------------------- | - | ---- | - | ---- | ------ | - | - | ----- | -
|                              |  | Three months ended June 30, |       | Six months ended June 30, |  
|Lease Block                   |  | 2008                        |       | 2007                      |   | 2008 |   | 2007 |       
|                              |  |                             |       |                           |   |      |   |      |       
|                              |  | (in thousands)              |      
|High Island 38                |  | $                           | 6,407 |                           | $ |     |   | $    | 6,407  |   | $ |      |  
|Walker Ridge 155              |  |                             | 2,246 |                           |   |     |   |      | 2,246  |   |   |      |  
|West Cameron 109              |  |                             |      |                           |   | 74   |   |      | 599    |   |   | 246   |  
|Eugene Island 346/347 well #3 |  |                             | 550   |                           |   |     |   |      | 550    |   |   |      |  
|Mississippi Canyon 489/490    |  |                             | 7     |                           |   |     |   |      | 316    |   |   |      |  
|South Timbalier 135/136       |  |                             | 9     |                           |   | 58   |   |      | 7      |   |   | 1,688 |  
|Green Canyon 246              |  |                             | (2    | )                         |   | 330  |   |      |       |   |   | 1,834 |  
|Other wells                   |  |                             | 7     |                           |   | (45  | ) |      | (40    | ) |   | (43   | )
|                              |  |                             |       |                           |   |      |   |      |        |   |   |       |  
|                              |  | $                           | 9,224 |                           | $ | 417  |   | $    | 10,085 |   | $ | 3,725 |  
|                              |  |                             |       |                           |   |      |   |      |        |   |   |       |  

5. Distributions

Distributions to
shareholders are allocated in proportion to the number of shares held.

The Manager will determine
whether available cash from operations, as defined in the Funds LLC Agreement,
is to be distributed. Such distributions will be allocated 85% to the
shareholders and 15% to the Manager, as required by the Funds LLC Agreement.

Available cash from
dispositions, as defined in the Funds LLC Agreement, will be paid 99% to
shareholders and 1% to the Manager until the shareholders have received total
distributions equal to their capital contributions. After shareholders have
received distributions equal to their capital contributions, 85% of available
cash from dispositions will be distributed to shareholders and 15% to the
Manager.

The Fund began making
distributions in December 2007. For the six months ended June 30, 2008, the
Fund made distributions to the shareholders and Manager of $6.1 million and
$1.1 million, respectively. There were no distributions paid during the six
months ended June 30, 2007.

6. Related Parties

The Funds LLC Agreement
provides that the Manager render management, administrative and advisory
services. For such services, the Manager receives an annual management fee,
payable monthly, of 2.5% of total capital contributions, net of cumulative
dry-hole and related well costs incurred by the Fund. Management fees for the
three and six months ended June 30, 2008 were $0.5 million and $1.0 million,
respectively. For the three and six months ended June 30, 2007 management fees
were $0.5 million and $1.1 million, respectively.

From time to time,
short-term payables and receivables, which do not bear interest, arise from
transactions with affiliates in the ordinary course of business. At June 30,
2008 and December 31, 2007, there were no such amounts payable or receivable.

None of the compensation
paid to the Manager has been derived as a result of arms length negotiations.

The Fund has working
interest ownership in certain projects to acquire and develop oil and natural
gas projects with other entities that are likewise managed by the Manager.

7. Fair Value of Financial Instruments

As of June 30, 2008 and
December 31, 2007, the carrying value of cash and cash equivalents, short-term
investments in marketable securities, salvage fund, production receivable and
accrued expenses approximates fair value.

9

---



8. Commitments and Contingencies

Capital Commitments
The Fund has entered into
multiple offshore operating agreements for the drilling and development of its
investment properties. The estimated capital expenditures associated with these
agreements vary depending on the stage of development on a property-by-property
basis. As of June 30, 2008, the Fund had committed to spend an additional $0.4
million related to the properties.

Environmental Considerations
The exploration for and
development of oil and natural gas involves the extraction, production and
transportation of materials which, under certain conditions, can be hazardous
or cause environmental pollution problems. The Manager and the Operators are
continually taking action they believe appropriate to satisfy applicable
federal, state and local environmental regulations and do not currently
anticipate that compliance with federal, state and local environmental
regulations will have a material adverse effect upon capital expenditures,
results of operations or the competitive position of the Fund in the oil and
natural gas industry. However, due to the significant public and governmental
interest in environmental matters related to those activities, the Manager
cannot predict the effects of possible future legislation, rule changes, or
governmental or private claims. At June 30, 2008 and December 31, 2007, there
were no known environmental contingencies that required the Fund to record a
liability.

Insurance Coverage
The Fund is subject to all
risks inherent in the exploration for and development of oil and natural gas.
Insurance coverage as is customary for entities engaged in similar operations
is maintained, but losses may occur from uninsurable risks or amounts in excess
of existing insurance coverage. The occurrence of an event which is not insured
or not fully insured could have an adverse impact upon earnings and financial
position. Moreover, insurance is obtained as a package covering all of the
Managers investment programs. Claims made by other such programs can reduce or
eliminate insurance for the Fund.

10

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ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS

Cautionary Statement Regarding Forward-Looking Statements

Certain statements in this
quarterly report on Form 10-Q (Quarterly Report) and the documents Ridgewood
Energy P Fund, LLC (the Fund) has incorporated by reference into this
Quarterly Report, other than purely historical information, including
estimates, projections, statements relating to the Funds business plans,
strategies, objectives and expected operating results, and the assumptions upon
which those statements are based, are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of
the Securities Act of 1933, as amended (the Securities Act) and Section 21E
of the Securities Exchange Act of 1934 (the Exchange Act). These
forward-looking statements generally are identified by the words believe,
project, expect, anticipate, estimate, intend, strategy,
plan,
target, pursue, may, will, would, will be, will
continue, will
likely result, and similar expressions. Forward-looking statements are based
on current expectations and assumptions that are subject to risks and
uncertainties which may cause actual results to differ materially from the
forward-looking statements. Examples of such events that could cause actual
results to differ materially from historical results or those anticipated
include weather conditions, such as hurricanes, changes in market conditions
affecting the pricing of oil and natural gas, the cost and availability of
equipment, and changes in governmental regulations. The Fund undertakes no
obligation to update or revise publicly any forward-looking statements, whether
as a result of new information, future events or otherwise.

Critical Accounting Policies and Estimates

The following discussion and
analysis of the Funds financial condition and operating results is based on
its financial statements. The preparation of this Quarterly Report requires the
Fund to make estimates and assumptions that affect the reported amount of
assets and liabilities, disclosure of contingent assets and liabilities at the
date of the Funds financial statements, and the reported amount of revenue and
expenses during the reporting period. Actual results may differ from those
estimates and assumptions. See Notes to Unaudited Condensed Financial
Statements in Part I of this Quarterly Report for a presentation of the Funds
significant accounting policies. No changes have been made to the Funds
critical accounting policies and estimates since the filing of the 2007 Annual
Report on Form 10-K.

Overview of the Funds Business

The Fund is a Delaware
limited liability company formed on March 21, 2005 to acquire interests
primarily in oil and natural gas projects located in the U.S. waters of the
Gulf of Mexico. Ridgewood Energy Corporation (Ridgewood Energy or the
Manager) a Delaware corporation, is the Manager. As the Manager, Ridgewood
Energy has direct and exclusive control over the management and control of Fund
operations. The Funds primary investment objective is to generate cash flow
for distribution to the Funds shareholders through participation in oil and
natural gas exploration and development projects in the Gulf of Mexico.

The Manager performs certain
duties on the Funds behalf including the evaluation of potential projects for
investment and ongoing management, administrative and advisory services
associated with these projects. For these services, the Manager receives an
annual management fee equal to 2.5% of capital contributions, net of cumulative
dry-hole and related well costs incurred by the Fund, payable monthly. The Fund
does not currently, nor is there any plan to operate any project in which the
Fund participates. The Manager enters into operating agreements with
third-party operators (Operators) for the management of all exploration,
development and producing operations, as appropriate. The Manager also
participates in distributions.

Business Update

The Fund owns working
interests and has participated in the drilling of fourteen wells, four that
have been determined to be successful, one that is currently drilling, and nine
of which have been determined to be dry holes.

11

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Currently Drilling

South Timbalier 287
In November 2007, the Fund
acquired a 4.0% working interest in the exploratory project South Timbalier 287
from GOM Shelf LLC (Apache Corporation) (Apache), the operator. South
Timbalier 287 is located southwest of the Mississippi River Delta in about 480
feet of water. This project started drilling in March 2008 and results are
expected in August 2008. Through June 30, 2008, the Fund has spent $2.3
million, inclusive of advances, related to this property, for which the total
estimated budget is $2.6 million.

Successful Projects

Eugene Island 346/347
Well #1
In March 2007, the Fund
acquired a 10% working interest in the exploratory project Eugene Island
346/347 from Newfield Exploration Company (Newfield), the operator. In June
2007, the well was determined to be successful. In August 2007, Newfield sold
its interest in this property to McMoRan Exploration Co. (McMoRan). At that
time, McMoRan assumed Newfields responsibilities as the operator of this
property. The well was completed and production commenced in June 2008. Through
June 30, 2008, the Fund has spent $7.0 million related to this well.

Well #2
As a result of the drilling
success of the first exploratory well for Eugene Island 346/347, the second and
third wells commenced drilling in May 2008. In late-May 2008, Eugene Island
346/347 well #2 was determined to be commercially successful and production
commenced in July 2008. Through June 30, 2008, the Fund has spent $1.2 million
related to this well, for which the total estimated budget is $1.3 million.

Eugene Island 354
In May 2007, the Fund
acquired a 33% working interest in the exploratory project Eugene Island 354
from Devon Energy Production Company, L.P. (Devon), the operator. In June
2007, the well was determined to be successful. Completion efforts have
concluded and production began in November 2007. The Fund has spent $5.1
million related to this property.

West Cameron 593
In July 2006, the Fund
acquired a 43.3% working interest in the exploratory project West Cameron 593
from Newfield Exploration Company (Newfield), the operator. West Cameron 593
was determined to be successful in September 2006. In August 2007, Newfield
sold its interest in this property to McMoRan Exploration Co. (McMoRan). At
that time, McMoRan assumed Newfields responsibilities as the operator of this
property. In September 2007, the well was completed and production began. The
Fund has spent $14.1 million related to this property.

Dry Holes

Eugene Island 346/347 Well #3
In June 2008, the Fund was
informed by McMoRan that Eugene Island 346/347 well #3 did not have
commercially productive quantities of either natural gas or oil and had been
determined to be an unsuccessful well, or dry hole. As a result of this dry
hole, the Fund recorded dry-hole costs of $0.6 million during the six months
ended June 30, 2008.

Walker Ridge 155
In 2007 the Fund acquired a
1.0% working interest in the exploratory project Walker Ridge 155 from
Kerr-McGee Oil & Gas Corporation (Kerr McGee), a wholly owned subsidiary
of Anadarko Petroleum Corporation (Anadarko), the operator of the project.
Drilling for Walker Ridge 155, a deepwater project began in mid-August 2007.

On June 3, 2008, the Fund
was informed by Anadarko that based upon its evaluation of the
three-dimensional data surrounding the Walker Ridge 155 lease block, they have
elected not to continue drilling this well. The well has been determined to be
unsuccessful, or a dry hole, and has been plugged and abandoned. Dry-hole costs
related to this well, including plug and abandonment expenses, for the six
months ended June 30, 2008 were $2.2 million.

12

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High Island 38
In the fourth quarter 2007,
the Fund acquired a 12.5% working interest in the High Island 38 project, which
is operated by W&T Offshore, Inc. (W&T Offshore). In June 2008, the
well was determined to be unsuccessful, or a dry hole, and has been plugged and
abandoned. Dry-hole costs related to this well, including plug and abandonment
expenses, for the six months ended June 30, 2008 were $6.4 million.

Mississippi Canyon 489/490
In the third quarter 2007,
the Fund acquired an 8.33% working interest in the exploratory project
Mississippi Canyon 489/490 from LLOG Exploration Offshore, Inc. (LLOG), the
operator. Drilling began in September 2007, and in November 2007 the operator
informed the Fund that Mississippi Canyon 489/490 did not have commercially
productive quantities of either oil or natural gas and had been determined to
be an unsuccessful well, or dry hole. Dry-hole costs related to this well,
including plug and abandonment expenses, were $3.5 million, of which $0.3
million were incurred during the six months ended June 30, 2008.

Results of Operations

The following review of
operations for the three and six months ended June 30, 2008 and 2007 should be
read in conjunction with the Funds financial statements and the notes thereto.

|                                    |  |                             |        |                           |   |        |   |      |        |   |   |        |  
|----------------------------------- |  | --------------------------- | ------ | ------------------------- | - | ------ | - | ---- | ------ | - | - | ------ | -
|                                    |  | Three months ended June 30, |        | Six months ended June 30, |  
|                                    |  | 2008                        |        | 2007                      |   | 2008   |   | 2007 |       
|                                    |  |                             |        |                           |   |        |   |      |       
|                                    |  | (in thousands)              |       
|Revenue                             |  |                             |        |                           |   |        |   |      |        |   |   |        |  
|Oil and gas revenue                 |  | $                           | 6,292  |                           | $ |       |   | $    | 10,632 |   | $ |       |  
|                                    |  |                             |        |                           |   |        |   |      |        |   |   |        |  
|Expenses                            |  |                             |        |                           |   |        |   |      |        |   |   |        |  
|Depletion and amortization          |  |                             | 2,482  |                           |   |       |   |      | 4,576  |   |   |       |  
|Dry-hole costs                      |  |                             | 9,224  |                           |   | 417    |   |      | 10,085 |   |   | 3,725  |  
|Management fees to affiliate        |  |                             | 512    |                           |   | 543    |   |      | 1,028  |   |   | 1,078  |  
|Operating expenses                  |  |                             | 225    |                           |   | 117    |   |      | 545    |   |   | 119    |  
|General and administrative expenses |  |                             | 221    |                           |   | 249    |   |      | 405    |   |   | 344    |  
|                                    |  |                             |        |                           |   |        |   |      |        |   |   |        |  
|Total expenses                      |  |                             | 12,664 |                           |   | 1,326  |   |      | 16,639 |   |   | 5,266  |  
|                                    |  |                             |        |                           |   |        |   |      |        |   |   |        |  
|Loss from operations                |  |                             | (6,372 | )                         |   | (1,326 | ) |      | (6,007 | ) |   | (5,266 | )
|Other income                        |  |                             |        |                           |   |        |   |      |        |   |   |        |  
|Interest income                     |  |                             | 108    |                           |   | 618    |   |      | 367    |   |   | 1,384  |  
|                                    |  |                             |        |                           |   |        |   |      |        |   |   |        |  
|Net loss                            |  | $                           | (6,264 | )                         | $ | (708   | ) | $    | (5,640 | ) | $ | (3,882 | )
|                                    |  |                             |        |                           |   |        |   |      |        |   |   |        |  

Oil and Gas Revenue.
The Fund currently has three wells in production, West Cameron 593,
Eugene Island 354 and Eugene Island 346/347 well #1, which began producing in
September 2007, November 2007, and June 2008, respectively.  Prior to September
2007, the Fund had no operating revenue and was considered an exploratory stage
enterprise.  Oil and gas revenue for the three and six months ended June 30,
2008 were $6.3 million and $10.6 million, respectively.

During the three and six
months ended June 30, 2008, the Funds wells produced and sold 28
thousand barrels and 52 thousand barrels of oil, respectively, and 232
thousand mcf and 452 thousand mcf of natural gas, respectively.  Oil prices
have averaged $126 per barrel and $112 per barrel, respectively, during the
three and six months ended June 30, 2008.  Natural gas prices have averaged
$11.39 per mcf and $10.68 per mcf, during the three and six months ended
June 30, 2008, respectively.

Depletion and Amortization. For the three and six months ended June 30,
2008, depletion and amortization was $2.5 million and $4.6 million respectively.  The Funds
producing wells, West Cameron 593, Eugene Island 354, and Eugene Island 346/347 well #1 began production in September 2007,
November 2007 and June 2008, respectively.  Prior to September 2007, the Fund did not have
production and therefore did not have depletion and amortization expense.

13

---



Dry-hole Costs. Dry-hole costs are those costs incurred to drill and develop a well
that is ultimately found to be incapable of producing either oil or natural gas
in sufficient quantities to justify completion of the well. The following table
summarizes dry-hole costs inclusive of plug and abandonment costs. During the
six months ended June 30, 2008, certain wells
received credits from their respective operators upon review and audit of the
wells costs.

|                              |  |                             |       |                           |   |      |   |      |        |   |   |       |  
|----------------------------- |  | --------------------------- | ----- | ------------------------- | - | ---- | - | ---- | ------ | - | - | ----- | -
|                              |  | Three months ended June 30, |       | Six months ended June 30, |  
|Lease
  Block                 |  | 2008                        |       | 2007                      |   | 2008 |   | 2007 |       
|                              |  |                             |       |                           |   |      |   |      |       
|                              |  | (in thousands)              |      
|High Island 38                |  | $                           | 6,407 |                           | $ |     |   | $    | 6,407  |   | $ |      |  
|Walker Ridge 155              |  |                             | 2,246 |                           |   |     |   |      | 2,246  |   |   |      |  
|West Cameron 109              |  |                             |      |                           |   | 74   |   |      | 599    |   |   | 246   |  
|Eugene Island 346/347 well #3 |  |                             | 550   |                           |   |     |   |      | 550    |   |   |      |  
|Mississippi Canyon 489/490    |  |                             | 7     |                           |   |     |   |      | 316    |   |   |      |  
|South Timbalier 135/136       |  |                             | 9     |                           |   | 58   |   |      | 7      |   |   | 1,688 |  
|Green Canyon 246              |  |                             | (2    | )                         |   | 330  |   |      |       |   |   | 1,834 |  
|Other wells                   |  |                             | 7     |                           |   | (45  | ) |      | (40    | ) |   | (43   | )
|                              |  |                             |       |                           |   |      |   |      |        |   |   |       |  
|                              |  | $                           | 9,224 |                           | $ | 417  |   | $    | 10,085 |   | $ | 3,725 |  
|                              |  |                             |       |                           |   |      |   |      |        |   |   |       |  

Management Fees to Affiliate. For each of the three months ended June 30,
2008 and 2007, the Fund incurred management fees of $0.5 million, respectively,
representing 2.5% of total capital contributions, net of cumulative dry-hole
and related well costs incurred by the Fund. The Fund incurred $1.0 million and
$1.1 million for the six months ended June 30, 2008 and 2007, respectively. The
management fee, payable monthly to the Manager, is for expenses associated with
overhead incurred by the Manager for its ongoing management, administrative and
advisory services. Such overhead expenses include but are not limited to rent,
payroll and benefits for employees of the Manager, and other administrative
costs.

Operating Expenses. Operating expenses represent the costs of
operating and maintaining wells and related facilities, geological costs and
accretion expense. For the three and six months ended June 30, 2008, operating
expenses were $0.2 million and $0.5 million, respectively. For each of the
three and six months ended June 30, 2007, operating expenses were $0.1 million,
attributable to geological costs for Eugene Island 354. The increases during
the three and six months ended June 30, 2008 were attributable to the
onset of production for the Funds properties.

General and Administrative Expenses. General and administrative expenses represent
costs specifically identifiable or allocable to the Fund, as detailed in the
schedule below.

|                     |  |                             |     |                           |   |      |  |      |     |  |   |     | 
|-------------------- |  | --------------------------- | --- | ------------------------- | - | ---- |  | ---- | --- |  | - | --- | 
|                     |  | Three months ended June 30, |     | Six months ended June 30, |  
|                     |  | 2008                        |     | 2007                      |   | 2008 |  | 2007 |    
|                     |  |                             |     |                           |   |      |  |      |    
|                     |  | (in
thousands)              |    
|Insurance            |  | $                           | 112 |                           | $ | 171  |  | $    | 210 |  | $ | 198 | 
|Accounting fees      |  |                             | 97  |                           |   | 53   |  |      | 168 |  |   | 97  | 
|Trust fees and other |  |                             | 12  |                           |   | 25   |  |      | 27  |  |   | 49  | 
|                     |  |                             |     |                           |   |      |  |      |     |  |   |     | 
|                     |  | $                           | 221 |                           | $ | 249  |  | $    | 405 |  | $ | 344 | 
|                     |  |                             |     |                           |   |      |  |      |     |  |   |     | 

Insurance expense represents
premiums related to well control insurance, which varies dependent upon
drilling activity, and directors and officers liability policy, which is
allocated by the Manager to the Fund based on capital raised by the Fund to
total capital raised by all oil and natural gas funds managed by the Manager.
Accounting fees represent annual audit and tax preparation fees, quarterly
reviews and filing fees of the Fund. Trust fees represent bank fees associated
with the management of the Funds investment portfolio in U.S. Treasury
securities.

Interest Income. Interest income is comprised of interest
earned on money market accounts and investments in U.S. Treasury securities.
For the three months ended June 30, 2008, interest income was $0.1 million, a
$0.5 million decrease from the three months ended June 30, 2007. For the six
months ended June 30, 2008, interest income was $0.4 million, a $1.0 million
decrease from the six months ended June 30, 2007. The decreases were
attributable to a reduction in interest rates during the three and six months
ended June 30, 2008 coupled with a decrease in average outstanding balances
earning interest due to capital expenditures during the period.

14

---



Capital Resources and Liquidity

Operating Cash Flows

Cash flows provided by
operating activities for the six months ended June 30, 2008 were $7.8 million,
which were
principally attributable to revenue receipts of $9.6 million and interest
income received of $0.2 million. These amounts were partially offset by
management fees of $1.0 million, operating expenses totaling $0.5
million, general and administrative expenses of $0.4 million, and unfavorable
working capital of $0.1 million.

Cash flow used in operating
activities for the six months ended June 30, 2007 was $0.6 million. Management
fees of $1.1 million and general and administrative and operating expenses of $0.5
million, were offset by interest income received of $0.9 million

Investing Cash Flows

Cash flows provided by
investing activities for the six months ended June 30, 2008 were $2.4 million
related to proceeds from the maturity of U.S. Treasury securities totaling
$19.7 million, partially offset by $10.0 million reinvested in marketable
securities and capital expenditures for oil and gas properties totaling $7.4
million, inclusive of advances. Additionally, in the six months ended June 30,
2008, the Fund increased its salvage fund investments by $15 thousand, which
consisted of the interest earned on this account.

Cash flows provided by
investing activities for the six months ended June 30, 2007 were $18.6 million,
related to proceeds from the maturity of U.S. Treasury Securities of $46.3 million,
partially offset by investments in capital expenditures for oil and gas
properties of $23.4 million and the purchase of U.S. Treasury Securities of $4.2
million.

Financing Cash Flows

Cash flows used in financing
activities were $7.2 million for six months ended June 30, 2008 related to the
payment of Manager and shareholder distributions.

There were no cash flows
related to financing activities for the six months ended June 30, 2007.

Estimated Capital Expenditures

The Fund has entered into
multiple offshore operating agreements for the drilling and development of its
investment properties. The estimated capital expenditures associated with these
agreements can vary depending on the stage of development on a
property-by-property basis. As of June 30, 2008, the Fund had commitments
related to participation agreements totaling $0.4 million for properties.

When the Manager makes a
decision for participation in a particular project, it assumes that the well
will be successful and allocates enough capital to budget for the completion of
that well and the additional development wells and infrastructure anticipated.
If the exploratory well is deemed a dry-hole or if it is un-economical, the
capital allocated to the completion of that well and to the development of
additional wells is then reallocated to a new project or used to make
additional investments.

Liquidity Needs

The Funds primary
short-term liquidity needs are to fund its operations, including management
fees and capital expenditures, with existing cash on-hand and income earned
from its short-term investments and cash and cash equivalents. The Manager is
entitled to receive an annual management fee from the Fund regardless of
whether the Fund is profitable in that year. The annual fee, payable monthly,
is equal to 2.5% of total capital contributed by shareholders, net of
cumulative dry-hole and related well costs incurred.

15

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With respect to the payment
of management fees, until one of the Funds projects begins producing, all or a
portion of the management fee is paid generally from the interest or dividend
income generated by the Funds development capital that has not been spent,
although the management fee can be paid out of capital contributions. Such
interest and/or dividend income is expected to be sufficient to cover Fund
expenses, including the management fee. However in periods of declining
interest rates, and as the Fund expends its capital on projects, interest
and/or dividend income may not be sufficient, which would require the Fund to
use capital contributions to fund such expenses. Generally, it can take
anywhere from 18 to 24 months to bring a project to production. Once a well is
on production, the management fee and fund expenses are paid from operating
income. Although the management fee can be paid out of capital contributions,
this is not the Funds intent. Over time, as a well produces, the Fund may
recover a portion of or the entire management fee that may have been paid out
of capital contributions.

Distributions are funded
from cash flow from operations, and the frequency and amount are within the
Managers discretion subject to available cash from operations, reserve
requirements and Fund operations.

The capital raised by the
Fund in its private placement is more than likely all the capital it will be
able to obtain for investments in projects. The number of projects in which the
Fund can invest will naturally be limited and each unsuccessful project the
Fund experiences, if any, will not only reduce its ability to generate revenue,
but also exhaust its limited supply of capital. Typically, the Manager seeks an
investment portfolio that combines high and low risk exploratory projects.

Off-Balance Sheet Arrangements

The Fund had no off-balance
sheet arrangements as of June 30, 2008 and December 31, 2007 and does not anticipate
the use of such arrangements in the future.

Contractual Obligations

The Fund enters into
operating agreements with operators. On behalf of the Fund, an operator enters
into various contractual commitments pertaining to exploration, development and
production activities. The Fund does not discuss or negotiate any such
contracts. No contractual obligations exist at June 30, 2008 and December 31,
2007 other than those discussed in Estimated Capital Expenditures above.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK

Not required.

ITEM 4. CONTROLS AND PROCEDURES

In accordance with Exchange
Act Rules 13a-15 and 15d-15, the Fund carried out an evaluation, under the
supervision and with the participation of management, including its Chief
Executive Officer and Chief Financial Officer, of the effectiveness of our
disclosure controls and procedures as of the end of the period covered by this
report. Based on that evaluation, our Chief Executive Officer and Chief
Financial Officer concluded that the Funds disclosure controls and procedures
were effective as of June 30, 2008.

There has been no change in
the Funds internal control over financial reporting that occurred during the
three months ended June 30, 2008 that has materially affected, or is reasonably
likely to materially affect, the Funds internal control over financial
reporting.

16

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PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

There have been no changes
to the legal proceedings disclosed in the Funds most recent Annual Report on
Form 10-K.

ITEM 1A. RISK FACTORS

Not required.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF
PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. SUBMISSIONS OF MATTERS TO A VOTE OF SECURITY HOLDERS

None.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

|     |  |                                                                                                                                                                                                                                                                 
|---- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|31.1 |  | Certification of Robert E.
  Swanson, Chief Executive Officer, pursuant to Securities Exchange Act Rule
  13a-14(a).                                                                                                                                            
|     |  |                                                                                                                                                                                                                                                                 
|31.2 |  | Certification of Kathleen
  P. McSherry, Chief Financial Officer, pursuant to Securities Exchange Act
  Rule 13a-14(a).                                                                                                                                         
|     |  |                                                                                                                                                                                                                                                                 
|32   |  | Certifications pursuant to
  18 U.S.C. Section 1350, as adopted pursuant to Section 906 of The
  Sarbanes-Oxley Act of 2002, signed by Robert E. Swanson, Chief Executive
  Officer of the Fund and Kathleen P. McSherry, Chief Financial Officer of the
  Fund.

17

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SIGNATURES

Pursuant to the requirements
of the Securities Exchange Act of 1934, the Registrant has caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.

|                      |     |        |  |                                                       
|--------------------- | --- | ------ |  | ------------------------------------------------------
|Dated: August 5, 2008 |     |        |  | RIDGEWOOD ENERGY P FUND,
  LLC                        
|                      |     |        |  |                                                       
|                      | By: | /s/    |  | ROBERT E. SWANSON                                     
|                      |     |        |  |                                                       
|                      |     | Name:  |  | Robert E. Swanson                                     
|                      |     | Title: |  | President and Chief
  Executive Officer               
|                      |     |        |  | (Principal Executive
  Officer)                       
|                      |     |        |  |                                                       
|Dated: August 5, 2008 |     |        |  |                                                       
|                      |     |        |  |                                                       
|                      | By: | /s/    |  | KATHLEEN P. McSHERRY                                  
|                      |     |        |  |                                                       
|                      |     | Name:  |  | Kathleen P. McSherry                                  
|                      |     | Title: |  | Executive Vice President
  and Chief Financial Officer
|                      |     |        |  | (Principal Financial and
  Accounting Officer)        

18

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