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 March 31, 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 ________________________________

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 May 6, 2008 there are 933.06 shares outstanding.

---



Table of Contents

|                               |                                                                                         |                                                                                                   |    |     
|------------------------------ | --------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------- | -- | ----
|                               |                                                                                         |                                                                                                   |    | Page
|PART I - FINANCIAL INFORMATION |                                                                                         |                                                                                                  
|Item 1.                        | Financial Statements:                                                                   |                                                                                                   | 3 
|                               |                                                                                         | Unaudited Condensed Balance Sheets as of March 31,
2008
  and December 31, 2007                   |    | 3   
|                               |                                                                                         | Unaudited Condensed Statements of Operations for the
  three months ended March 31, 2008 and 2007 |    | 4   
|                               |                                                                                         | Unaudited Condensed Statements of Cash Flows for the
  three months ended March 31, 2008 and 2007 |    | 5   
|                               |                                                                                         | Notes to Unaudited Condensed Financial
Statements                                                 |    | 6   
|Item 2.                        | Managements Discussion and Analysis of Financial
  Condition and Results of Operations |                                                                                                   | 12
|Item 3.                        | Quantitative and Qualitative Disclosures about Market
  Risk                            |                                                                                                   | 17
|Item 4.                        | Controls and Procedures                                                                 |                                                                                                   | 17
|                               |                                                                                         |                                                                                                   |    |     
|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                                                                       |                                                                                                   | 18
|Item 6.                        | Exhibits                                                                                |                                                                                                   | 18
|                               |                                                                                         |                                                                                                   |    |     
|                               | SIGNATURES                                                                              |                                                                                                   | 19

2

---



PART I - FINANCIAL
INFORMATIONITEM 1. FINANCIAL STATEMENTS

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

|                                                                                   |  |                  |         |                     |   |         |  
|---------------------------------------------------------------------------------- |  | ---------------- | ------- | ------------------- | - | ------- | -
|                                                                                   |  | March 31,
  2008 |         | December 31,
  2007 |  
|                                                                                   |  |                  |         |                     |  
|ASSETS                                                                             |  |                  |         |                     |   |         |  
|Current assets:                                                                    |  |                  |         |                     |   |         |  
|Cash and cash equivalents                                                          |  | $                | 30,846  |                     | $ | 13,878  |  
|Short-term investments in marketable
securities                                    |  |                  |        |                     |   | 19,630  |  
|Production receivable                                                              |  |                  | 1,418   |                     |   | 1,449   |  
|Other current assets                                                               |  |                  | 495     |                     |   | 502     |  
|                                                                                   |  |                  |         |                     |   |         |  
|Total current assets                                                               |  |                  | 32,759  |                     |   | 35,459  |  
|Salvage fund                                                                       |  |                  | 1,119   |                     |   | 1,111   |  
|Oil and gas properties:                                                            |  |                  |         |                     |   |         |  
|Advances to operators for working interests and
expenditures                       |  |                  |        |                     |   | 1,866   |  
|Unproved properties                                                                |  |                  | 12,564  |                     |   | 7,971   |  
|Proved properties                                                                  |  |                  | 19,640  |                     |   | 19,593  |  
|Less: accumulated depletion and
amortization                                       |  |                  | (4,426  | )                   |   | (2,332  | )
|                                                                                   |  |                  |         |                     |   |         |  
|Total oil and gas properties                                                       |  |                  | 27,778  |                     |   | 27,098  |  
|                                                                                   |  |                  |         |                     |   |         |  
|                                                                                   |  |                  |         |                     |   |         |  
|Total assets                                                                       |  | $                | 61,656  |                     | $ | 63,668  |  
|                                                                                   |  |                  |         |                     |   |         |  
|LIABILITIES AND MEMBERS CAPITAL                                                   |  |                  |         |                     |   |         |  
|Current liabilities:                                                               |  |                  |         |                     |   |         |  
|Due to operators                                                                   |  | $                | 4,299   |                     | $ | 3,183   |  
|Accrued expenses payable                                                           |  |                  | 72      |                     |   | 121     |  
|                                                                                   |  |                  |         |                     |   |         |  
|Total current liabilities                                                          |  |                  | 4,371   |                     |   | 3,304   |  
|                                                                                   |  |                  |         |                     |   |         |  
|Asset retirement obligations                                                       |  |                  | 459     |                     |   | 454     |  
|                                                                                   |  |                  |         |                     |   |         |  
|Total liabilities                                                                  |  |                  | 4,830   |                     |   | 3,758   |  
|                                                                                   |  |                  |         |                     |   |         |  
|                                                                                   |  |                  |         |                     |   |         |  
|Commitments and
  contingencies (Note 8)                                           |  |                  |         |                     |   |         |  
|Members capital:                                                                  |  |                  |         |                     |   |         |  
|Manager:                                                                           |  |                  |         |                     |   |         |  
|Distributions                                                                      |  |                  | (782    | )                   |   | (226    | )
|Accumulated deficit                                                                |  |                  | (746    | )                   |   | (1,220  | )
|                                                                                   |  |                  |         |                     |   |         |  
|Managers total                                                                    |  |                  | (1,528  | )                   |   | (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                                                                      |  |                  | (4,430  | )                   |   | (1,278  | )
|Accumulated deficit                                                                |  |                  | (59,662 | )                   |   | (59,812 | )
|                                                                                   |  |                  |         |                     |   |         |  
|Shareholders total                                                                |  |                  | 58,354  |                     |   | 61,356  |  
|                                                                                   |  |                  |         |                     |   |         |  
|                                                                                   |  |                  |         |                     |   |         |  
|Total members capital                                                             |  |                  | 56,826  |                     |   | 59,910  |  
|                                                                                   |  |                  |         |                     |   |         |  
|                                                                                   |  |                  |         |                     |   |         |  
|Total liabilities and members
capital                                             |  | $                | 61,656  |                     | $ | 63,668  |  
|                                                                                   |  |                  |         |                     |   |         |  

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 OPERATIONS
(in thousands, except share data)

|                                      |  |                              |       |      |   |        |  
|------------------------------------- |  | ---------------------------- | ----- | ---- | - | ------ | -
|                                      |  | Three months ended March 31, |      
|                                      |  | 2008                         |       | 2007 |  
|                                      |  |                              |       |      |  
|Revenue                               |  |                              |       |      |   |        |  
|Oil and gas revenue                   |  | $                            | 4,340 |      | $ |       |  
|                                      |  |                              |       |      |   |        |  
|Expenses                              |  |                              |       |      |   |        |  
|Depletion and amortization            |  |                              | 2,094 |      |   |       |  
|Dry-hole costs                        |  |                              | 861   |      |   | 3,308  |  
|Management fees to affiliate (Note 6) |  |                              | 516   |      |   | 535    |  
|Operating expenses                    |  |                              | 320   |      |   | 2      |  
|General and administrative expenses   |  |                              | 184   |      |   | 95     |  
|                                      |  |                              |       |      |   |        |  
|Total expenses                        |  |                              | 3,975 |      |   | 3,940  |  
|                                      |  |                              |       |      |   |        |  
|Income (loss) from operations         |  |                              | 365   |      |   | (3,940 | )
|Other
  income                        |  |                              |       |      |   |        |  
|Interest income                       |  |                              | 259   |      |   | 766    |  
|                                      |  |                              |       |      |   |        |  
|Net income (loss)                     |  | $                            | 624   |      | $ | (3,174 | )
|                                      |  |                              |       |      |   |        |  
|                                      |  |                              |       |      |   |        |  
|Manager Interest                      |  |                              |       |      |   |        |  
|Net income (loss)                     |  | $                            | 474   |      | $ | (117   | )
|                                      |  |                              |       |      |   |        |  
|Shareholder Interest                  |  |                              |       |      |   |        |  
|Net income (loss)                     |  | $                            | 150   |      | $ | (3,057 | )
|Net income (loss) per share           |  | $                            | 161   |      | $ | (3,276 | )

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

4

---



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

|                                                                                                                        |  |                                |        |      |   |         |  
|----------------------------------------------------------------------------------------------------------------------- |  | ------------------------------ | ------ | ---- | - | ------- | -
|                                                                                                                        |  | Three months ended
  March 31, |       
|                                                                                                                        |  | 2008                           |        | 2007 |  
|                                                                                                                        |  |                                |        |      |  
|                                                                                                                        |  |                                |        |      |   |         |  
|Cash
  flows from operating activities                                                                                  |  |                                |        |      |   |         |  
|Net income (loss)                                                                                                       |  | $                              | 624    |      | $ | (3,174  | )
|Adjustments to reconcile net income (loss) to net
cash provided by
  operating activities                               |  |                                |        |      |   |         |  
|Depletion and amortization                                                                                              |  |                                | 2,094  |      |   |        |  
|Dry-hole costs                                                                                                          |  |                                | 861    |      |   | 3,308   |  
|Accretion expense                                                                                                       |  |                                | 5      |      |   | 2       |  
|Interest earned on marketable securities                                                                                |  |                                | (112   | )    |   | (575    | )
|Changes in assets and liabilities:                                                                                      |  |                                |        |      |   |         |  
|Decrease in production receivable                                                                                       |  |                                | 31     |      |   |        |  
|Decrease in other current assets                                                                                        |  |                                | 7      |      |   | 608     |  
|Increase in due to affiliates                                                                                           |  |                                |       |      |   | 178     |  
|Increase in accrued expenses payable                                                                                    |  |                                | 21     |      |   | 52      |  
|                                                                                                                        |  |                                |        |      |   |         |  
|Net cash provided by operating
activities                                                                               |  |                                | 3,531  |      |   | 399     |  
|                                                                                                                        |  |                                |        |      |   |         |  
|                                                                                                                        |  |                                |        |      |   |         |  
|Cash
  flows from investing activities                                                                                  |  |                                |        |      |   |         |  
|Capital expenditures for oil and gas
properties                                                                         |  |                                | (2,589 | )    |   | (16,784 | )
|Salvage fund investments                                                                                                |  |                                | (8     | )    |   | (8      | )
|Proceeds from held-to-maturity investments                                                                              |  |                                | 19,742 |      |   | 4,196   |  
|Investment in held-to-maturity securities                                                                               |  |                                |       |      |   | (4,196  | )
|                                                                                                                        |  |                                |        |      |   |         |  
|Net cash provided by (used in) investing
activities                                                                     |  |                                | 17,145 |      |   | (16,792 | )
|                                                                                                                        |  |                                |        |      |   |         |  
|                                                                                                                        |  |                                |        |      |   |         |  
|Cash
  flows from financing activities                                                                                  |  |                                |        |      |   |         |  
|Distributions                                                                                                           |  |                                | (3,708 | )    |   |        |  
|                                                                                                                        |  |                                |        |      |   |         |  
|Net cash used in financing activities                                                                                   |  |                                | (3,708 | )    |   |        |  
|                                                                                                                        |  |                                |        |      |   |         |  
|Net increase (decrease) in cash and cash
equivalents                                                                    |  |                                | 16,968 |      |   | (16,393 | )
|                                                                                                                        |  |                                |        |      |   |         |  
|Cash and cash equivalents, beginning of
period                                                                          |  |                                | 13,878 |      |   | 23,667  |  
|                                                                                                                        |  |                                |        |      |   |         |  
|Cash and cash equivalents, end of period                                                                                |  | $                              | 30,846 |      | $ | 7,274   |  
|                                                                                                                        |  |                                |        |      |   |         |  
|                                                                                                                        |  |                                |        |      |   |         |  
|Supplemental
  schedule of non-cash investing activities                                                                |  |                                |        |      |   |         |  
|                                                                                                                        |  |                                |        |      |   |         |  
|Advances used for capital expenditures in oil and
gas properties
  reclassified to dry-hole costs and proved properties |  | $                              | 1,866  |      | $ |        |  
|                                                                                                                        |  |                                |        |      |   |         |  

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

5

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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, drill, construct and develop oil and natural gas properties located in
the United States offshore waters of Texas, Louisiana and Alabama in the Gulf
of Mexico. The Fund has devoted most of its efforts to raising capital for oil
and natural gas exploration activities. 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 outside 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 (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 environmental
liabilities. 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 March 31, 2008 and December 31, 2007, bank
balances, inclusive of salvage fund, exceeded federally insured limits by $26.4
million and $10.7 million, respectively. The Fund maintains bank deposits with
accredited financial institutions.

6

---



Investments in
Marketable Securities

At times the Fund may
purchase short-term investments comprised of U.S. Treasury Bills and Notes with
maturities greater than three months that are considered held-to-maturity
investments. Held-to-maturity securities are those investments that the Fund
has the ability and intent to hold to maturity. Held-to-maturity investments
are recorded at cost plus accrued income, adjusted for the amortization of
premiums and discounts, which approximate fair value. Interest income is
accrued as earned. At March 31, 2008, the Fund owned held-to-maturity
investments within the salvage fund totaling $1.1 million, which will mature in
February 2012.

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.

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

Oil and Natural
Gas Properties

Investments in
oil and natural 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 natural gas producing activities is followed.
Acquisition costs are capitalized when incurred. Other oil and natural 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 natural 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 natural gas properties are depleted by the
unit-of-production method.

As of March 31, 2008 amounts
recorded in due to operators totaling $4.2 million, related to capital
expenditures for oil and gas property, which was paid during the second 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.

7

---



Asset Retirement
Obligations

For oil and
natural 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 for the three months ended March 31, 2008 and the year ended December
31, 2007.

|                                |  |                |     |                   |   |      |  
|------------------------------- |  | -------------- | --- | ----------------- | - | ---- | -
|                                |  | March 31, 2008 |     | December 31, 2007 |  
|                                |  |                |     |                   |  
|                                |  | (in thousands) |    
|Balance - Beginning of
  period |  | $              | 454 |                   | $ | 97   |  
|                                |  |                |     |                   |   |      |  
|Liabilities incurred            |  |                |    |                   |   | 892  |  
|Liabilities settled             |  |                |    |                   |   | (542 | )
|Accretion expense               |  |                | 5   |                   |   | 7    |  
|                                |  |                |     |                   |   |      |  
|Balance - End of period         |  | $              | 459 |                   | $ | 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 outside brokers are reflected as a reduction of shareholders
capital.

Revenue
Recognition and Production Receivable

Oil and natural
gas sales are recognized and a production receivable is recorded when delivery
is made by the Operator to the purchaser and title is transferred (i.e.
production has been delivered to a pipeline or transport vehicle).

The volume of oil and
natural gas sold on the Funds behalf may differ from the volume of oil and
natural gas to which the Fund is entitled. The Fund will account for such oil
and natural gas production imbalances by the entitlements method. Under the
entitlements method, the Fund will recognize a receivable from other working interest
owners for volumes oversold by other working interest owners, and a payable to
other working interest owners for volumes oversold by the Fund. At March 31,
2008 and December 31, 2007, there were no material 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. For
the three months ended March 31, 2008 and 2007, no impairments have been
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.

8

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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 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
nonfinancial assets and liabilities. On January 1, 2008, the Fund adopted SFAS
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 periods ended March 31, 2008 and the
year ended December 31, 2007.
As of March 31, 2008, the Fund had one property, Eugene Island
346/347, with capitalized expenditures in excess of one year. This property has
been determined successful and completion efforts are ongoing. Production for
this well is expected in July 2008.

|                                                                                               |  |                |        |                   |   |        |  
|---------------------------------------------------------------------------------------------- |  | -------------- | ------ | ----------------- | - | ------ | -
|                                                                                               |  | March 31, 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 |  |                | 4,593  |                   |   | 16,534 |  
|Reclassifications to proved properties based on the determination of
  proved reserves         |  |                |       |                   |   | (8,563 | )
|Capitalized exploratory well costs charged to dry-hole
costs                                   |  |                |       |                   |   |       |  
|                                                                                               |  |                |        |                   |   |        |  
|                                                                                               |  |                |        |                   |   |        |  
|Balance - End of the period                                                                    |  | $              | 12,564 |                   | $ | 7,971  |  
|                                                                                               |  |                |        |                   |   |        |  

Capitalization 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
three months ended March 31, 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.

9

---



|                           |  |                              |     |      |   |       |  
|-------------------------- |  | ---------------------------- | --- | ---- | - | ----- | -
|                           |  | Three months ended March 31, |    
|Lease
  Block              |  | 2008                         |     | 2007 |  
|                           |  |                              |     |      |  
|                           |  | (in thousands)               |    
|West Cameron 109           |  | $                            | 599 |      | $ | 172   |  
|Mississippi Canyon 489/490 |  |                              | 309 |      |   |      |  
|Green Canyon 246           |  |                              | 2   |      |   | 1,504 |  
|South Timbalier 135/136    |  |                              | (2  | )    |   | 1,630 |  
|South Marsh 231            |  |                              |    |      |   | (7    | )
|West Cameron 265           |  |                              | (47 | )    |   | 9     |  
|                           |  |                              |     |      |   |       |  
|                           |  | $                            | 861 |      | $ | 3,308 |  
|                           |  |                              |     |      |   |       |  

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 defined in 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. During the three months ended March 31, 2008,
Manager and shareholder distributions totaled $0.6 million and $3.2 million,
respectively.

6. Related Parties

The 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 costs
incurred by the Fund. Management fees for the three months ended March 31, 2008
and 2007 were $0.5 million.

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 March 31,
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 March 31, 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 approximate fair value.

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 March 31, 2008, the Fund had committed to
spend an additional $3.6 million relating to the properties.

10

---



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 March 31, 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.

11

---



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 is an independent oil and natural gas producer. 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 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, six of which
have been determined to be dry holes, three that have been determined to be
successful, and five that are currently drilling or scheduled to drill.

12

---



Successful Projects

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. On August 15,
2006, the Fund started drilling West Cameron 593, a 12,850 foot single well
project in approximately 257 feet of water offshore Louisiana. West Cameron 593
was deemed successful in mid-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 total cost
of this property was $14.1 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 deemed successful. Completion efforts have concluded and
production began in November 2007. The total cost of this property was $5.1
million.

Eugene Island
346/347

In March 2007, the Fund acquired a 10% working interest in the exploratory
project Eugene Island 346/347 from Newfield, the operator. In June 2007, the
well was deemed successful. In August 2007, Newfield sold its interest in this
property to McMoRan. At that time, McMoRan assumed Newfields responsibilities
as the operator of this property. Completion is ongoing and production is expected
in July 2008. Through March 31, 2008, the Fund has spent $5.2 million related
to this property, for which the total estimated budget is $6.6 million.

Well #2 and Well #3

As a result of the drilling success of the first exploratory well for Eugene
Island 346/347, second and third wells will commence drilling in May 2008 and
June 2008, respectively. The total estimated budget for these wells is $1.2
million.

Currently Drilling/Future Projects

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.

While drilling the initial
well, Anadarko found traces of oil throughout much of the 4,500-foot interval
as well as a thin section of high-quality oil. However, this initial well did
not encounter the sedimentary formations that had been targeted. As a result,
the working interest owners are evaluating additional three-dimensional data
gathered during the drilling phase as well as new data to determine whether the
operator should divert the well to a location more likely to encounter
commercial reservoirs. The results of the analysis are expected during the
second quarter 2008. The operator currently plans to re-use the majority of the
initial well-bore in order to save time and money. Although encouraged by the
data gathered thus far, which confirms the presence of oil in the geologic
basin, the well has not been determined to be a successful property. Once
diverted to a new location, if the well is not deemed commercial, it will be
plugged and abandoned as a dry hole. Through March 31, 2008, the Fund has spent
$2.2 million related to this property, for which the total estimated budget is
$14.4 million.

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). Through March 31, 2008, the Fund has spent $4.7 million related to
this property, for which the total estimated budget is $7.6 million. Results
for this project are expected during the second quarter of 2008.

13

---



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 is expected to start drilling in
April 2008. Through March 31, 2008, the Fund has spent $0.5 million related to
this property, for which the total estimated budget is $2.6 million. Results
for this project are expected during the third quarter 2008.

Results of Operations

The following review of
operations for the three months ended March 31, 2008 and 2007 should be read in
conjunction with the Funds financial statements and the notes thereto.

|                                    |  |                                |       |      |   |        |  
|----------------------------------- |  | ------------------------------ | ----- | ---- | - | ------ | -
|                                    |  | Three
  months ended March 31, |      
|                                    |  | 2008                           |       | 2007 |  
|                                    |  |                                |       |      |  
|                                    |  | (in
  thousands)               |      
|Revenue                             |  |                                |       |      |   |        |  
|Oil and gas revenue                 |  | $                              | 4,340 |      | $ |       |  
|                                    |  |                                |       |      |   |        |  
|Expenses                            |  |                                |       |      |   |        |  
|Depletion and amortization          |  |                                | 2,094 |      |   |       |  
|Dry-hole costs                      |  |                                | 861   |      |   | 3,308  |  
|Management fees to affiliate        |  |                                | 516   |      |   | 535    |  
|Operating expenses                  |  |                                | 320   |      |   | 2      |  
|General and administrative expenses |  |                                | 184   |      |   | 95     |  
|                                    |  |                                |       |      |   |        |  
|Total expenses                      |  |                                | 3,975 |      |   | 3,940  |  
|                                    |  |                                |       |      |   |        |  
|Income (loss) from operations       |  |                                | 365   |      |   | (3,940 | )
|Other
  income                      |  |                                |       |      |   |        |  
|Interest income                     |  |                                | 259   |      |   | 766    |  
|                                    |  |                                |       |      |   |        |  
|Net income (loss)                   |  | $                              | 624   |      | $ | (3,174 | )
|                                    |  |                                |       |      |   |        |  

Oil and Gas
Revenue. The Fund had two wells come onto production
during 2007, West Cameron 593 in September 2007, and Eugene Island 354 in
November 2007. Prior to September 2007, the Fund had no operating revenue and
was considered an exploratory stage enterprise. Oil and gas revenue for the
three months ended March 31, 2008 was $4.3 million.

During the three months
ended March 31, 2008, the Funds wells produced and sold approximately 24
thousand barrels of oil and 220 thousand mcf of natural gas. Oil prices
averaged approximately $99 per barrel and natural gas prices averaged $9.35 per
mcf during the three months ended March 31, 2008.

Depletion and
Amortization. For
the three months ended March 31, 2008, depletion and amortization was $2.1
million. The Funds producing wells, West Cameron 593 and Eugene Island 354,
began production in September 2007 and November 2007, respectively. Prior to
that time, the Fund did not have production and therefore did not have
depletion or amortization expense.

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 three months ended March 31, 2008, certain wells
received credits from their respective operators upon review and audit of the
wells costs.

14

---



|                           |  |                                |     |      |   |       |  
|-------------------------- |  | ------------------------------ | --- | ---- | - | ----- | -
|                           |  | Three
  months ended March 31, |    
|Lease Block                |  | 2008                           |     | 2007 |  
|                           |  |                                |     |      |  
|                           |  | (in
  thousands)               |    
|West Cameron 109           |  | $                              | 599 |      | $ | 172   |  
|Mississippi Canyon 489/490 |  |                                | 309 |      |   |      |  
|Green Canyon 246           |  |                                | 2   |      |   | 1,504 |  
|South Timbalier 135/136    |  |                                | (2  | )    |   | 1,630 |  
|South Marsh 231            |  |                                |    |      |   | (7    | )
|West Cameron 265           |  |                                | (47 | )    |   | 9     |  
|                           |  |                                |     |      |   |       |  
|                           |  | $                              | 861 |      | $ | 3,308 |  
|                           |  |                                |     |      |   |       |  

Management Fees. For the
three months ended March 31, 2008 and 2007, the Fund incurred management fees
of $0.5 million, representing 2.5% of total capital contributions, net of
cumulative dry-hole costs and casualty loss incurred by the Fund. The 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. For the three months ended March 31, 2008,
operating expenses were $0.3 million. The increase is attributable to
the September 2007 and November 2007 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 March 31, |    
|                          |  | 2008                           |     | 2007 |  
|                          |  |                                |     |      |  
|                          |  | (in
  thousands)               |    
|Insurance                 |  | $                              | 98  |      | $ | 27 | 
|Accounting and legal fees |  |                                | 71  |      |   | 44 | 
|Trust fees and other      |  |                                | 15  |      |   | 24 | 
|                          |  |                                |     |      |   |    | 
|                          |  | $                              | 184 |      | $ | 95 | 
|                          |  |                                |     |      |   |    | 

Insurance expense represents
premiums related to well control insurance, which increases as drilling
activity increases, 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 and legal 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 short-term investment portfolio in
U.S. Treasury securities.

Interest Income. Interest income is comprised of interest
earned on money market accounts and short-term investments in U.S. Treasury
securities. For the three months ended March 31, 2008, interest income was $0.3
million, a $0.5 million decrease from the three months ended March 31, 2007.
The decrease was attributable to a reduction in interest rates during the three
months ended March 31, 2008 coupled with a decrease in average outstanding
balances earning interest due to property expenditures during the period.

Capital Resources and Liquidity

Operating Cash
Flows

Cash flows provided by operating activities for the three months ended March
31, 2008 were $3.5 million principally attributable to revenue receipts of $4.4
million and interest income received of $0.1 million. These amounts were
partially offset by management fees of $0.5 million, general and administrative
expenses of $0.2 million, and lease and other operating expenses totaling $0.3
million.

Cash
flows provided by operating activities for the three months ended March 31,
2007 were $0.4 million. Management fees and general and administrative fees of
$0.5 million and $0.1 million, respectively, were offset by interest income
received of $0.6 million and favorable working capital of $0.4 million.

15

---



Investing Cash
Flows

Cash flows provided by investing activities for the three months ended March
31, 2008 were $17.1 million principally related to proceeds from the maturity
of U.S. Treasury securities totaling $19.7 million partially offset by capital
expenditures for oil and gas properties of $2.6 million.

Cash
flows used in investing activities for the three months ended March 31, 2007
were $16.8 million, related to capital expenditures for oil and gas properties
of $16.8 million. Investments in marketable securities were offset by proceeds
from the sale of a U.S. treasury bill.

Financing Cash
Flows

Cash flows used in financing activities were $3.7 million for three months
ended March 31, 2008 related to the payment of manager and shareholder
distributions.

There
were no cash flows related to financing activities for the three months ended
March 31, 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 March 31, 2008, the Fund has commitments
related to authorizations for expenditures totaling $3.6 million for
properties. If the properties were to be successful, the Fund would make
additional expenditures totaling $15.1 million related to the completion of
these properties.

Liquidity Needs

The Funds primary
short-term liquidity needs are to fund its 2008 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 costs incurred.

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. 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.

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 that are anticipated
to be drilled. 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.

16

---



Off-Balance Sheet Arrangements

The Fund had no off-balance
sheet arrangements as of March 31, 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 March 31, 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 March 31, 2008.

There has been no change in
the Funds internal control over financial reporting that occurred during the
three months ended March 31, 2008 that has materially affected, or is
reasonably likely to materially affect, the Funds internal control over
financial reporting.

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.

17

---



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.

18

---



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: | May 6, 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: | May 6, 2008 |  |     |        |                                                       
|       |             |  | By: | /s/    | KATHLEEN P. MCSHERRY                                  
|       |             |  |     |       
|       |             |  |     | Name:  | Kathleen P. McSherry                                  
|       |             |  |     | Title: | Executive Vice President
  and Chief Financial Officer
|       |             |  |     |        | (Principal Financial and
  Accounting Officer)        

19

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