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UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION 
WASHINGTON, 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 September 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
 incorporation or organization) |  | (I.R.S. Employer
 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
 (Do not check if a smaller reporting company) | o |  | Smaller reporting company | x
|                                                                     |   |  |                           |  

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 November 10, 2008 there are 933.06 shares outstanding.

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Table of Contents

|                               |                                                                                                               |  |     
|------------------------------ | ------------------------------------------------------------------------------------------------------------- |  | ----
|                               |                                                                                                               |  | Page
|PART I - FINANCIAL INFORMATION |                                                                                                               | 
|Item
 1.                       | Financial
 Statements:                                                                                        |  |     
|                               | Unaudited Condensed Balance Sheets as of September
30, 2008
 and December 31, 2007                            |  | 2   
|                               | Unaudited Condensed Statements of Operations for the
three
 and nine months ended September 30, 2008 and 2007 |  | 3   
|                               | Unaudited Condensed Statements of Cash Flows for the
nine
 months ended September 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                                                   |  | 18  
|Item
 4.                       | Controls
 and Procedures                                                                                      |  | 18  
|                               |                                                                                                               |  |     
|PART II - OTHER INFORMATION    |                                                                                                               | 
|                               |                                                                                                               |  |     
|Item
 1.                       | Legal
 Proceedings                                                                                            |  | 18  
|Item
 1A.                      | Risk
 Factors                                                                                                 |  | 18  
|Item
 2.                       | Unregistered
 Sales of Equity Securities and Use of Proceeds                                                  |  | 18  
|Item
 3.                       | Defaults
 Upon Senior Securities                                                                              |  | 18  
|Item
 4.                       | Submissions
 of Matters to a Vote of Security Holders                                                         |  | 18  
|Item
 5.                       | Other
 Information                                                                                            |  | 18  
|Item
 6.                       | Exhibits                                                                                                      |  | 19  
|                               |                                                                                                               |  |     
|                               | SIGNATURES                                                                                                    |  | 20  

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)  

|                                                                                  |  |                    |         |                   |   |         |  
|--------------------------------------------------------------------------------- |  | ------------------ | ------- | ----------------- | - | ------- | -
|                                                                                  |  | September 30, 2008 |         | December 31, 2007 |  
|                                                                                  |  |                    |         |                   |  
|ASSETS                                                                            |  |                    |         |                   |   |         |  
|Current assets:                                                                   |  |                    |         |                   |   |         |  
|Cash and cash equivalents                                                         |  | $                  | 21,447  |                   | $ | 13,878  |  
|Short-term investments in marketable
 securities                                  |  |                    |        |                   |   | 19,630  |  
|Production receivable                                                             |  |                    | 122     |                   |   | 1,449   |  
|Other current assets                                                              |  |                    | 544     |                   |   | 502     |  
|                                                                                  |  |                    |         |                   |   |         |  
|Total current assets                                                              |  |                    | 22,113  |                   |   | 35,459  |  
|Salvage fund                                                                      |  |                    | 1,132   |                   |   | 1,111   |  
|Oil and gas properties:                                                           |  |                    |         |                   |   |         |  
|Advances to operators for working interests
 and expenditures                     |  |                    |        |                   |   | 1,866   |  
|Unproved properties                                                               |  |                    | 3,089   |                   |   | 7,971   |  
|Proved properties                                                                 |  |                    | 28,604  |                   |   | 19,593  |  
|Less: accumulated depletion and
 amortization                                     |  |                    | (8,843  | )                 |   | (2,332  | )
|                                                                                  |  |                    |         |                   |   |         |  
|Total oil and gas properties, net                                                 |  |                    | 22,850  |                   |   | 27,098  |  
|                                                                                  |  |                    |         |                   |   |         |  
|                                                                                 
|Total assets                                                                      |  | $                  | 46,095  |                   | $ | 63,668  |  
|                                                                                  |  |                    |         |                   |   |         |  
|                                                                                 
|LIABILITIES AND MEMBERS CAPITAL                                                  |  |                    |         |                   |   |         |  
|Current liabilities:                                                              |  |                    |         |                   |   |         |  
|Due to operators                                                                  |  | $                  | 2,884   |                   | $ | 3,183   |  
|Accrued expenses payable                                                          |  |                    | 154     |                   |   | 121     |  
|                                                                                  |  |                    |         |                   |   |         |  
|Total current liabilities                                                         |  |                    | 3,038   |                   |   | 3,304   |  
|                                                                                 
|Asset retirement obligations                                                      |  |                    | 789     |                   |   | 454     |  
|                                                                                  |  |                    |         |                   |   |         |  
|Total liabilities                                                                 |  |                    | 3,827   |                   |   | 3,758   |  
|                                                                                  |  |                    |         |                   |   |         |  
|Commitments and contingencies (Note 8)                                            |  |                    |         |                   |   |         |  
|Members capital:                                                                 |  |                    |         |                   |   |         |  
|Manager:                                                                          |  |                    |         |                   |   |         |  
|Distributions                                                                     |  |                    | (2,235  | )                 |   | (226    | )
|Accumulated earnings (deficit)                                                    |  |                    | 429     |                   |   | (1,220  | )
|                                                                                  |  |                    |         |                   |   |         |  
|Managers total                                                                   |  |                    | (1,806  | )                 |   | (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                                                                     |  |                    | (12,664 | )                 |   | (1,278  | )
|Accumulated deficit                                                               |  |                    | (65,708 | )                 |   | (59,812 | )
|                                                                                  |  |                    |         |                   |   |         |  
|Shareholders total                                                               |  |                    | 44,074  |                   |   | 61,356  |  
|                                                                                  |  |                    |         |                   |   |         |  
|                                                                                 
|Total members capital                                                            |  |                    | 42,268  |                   |   | 59,910  |  
|                                                                                  |  |                    |         |                   |   |         |  
|                                                                                 
|Total liabilities and members
capital                                            |  | $                  | 46,095  |                   | $ | 63,668  |  
|                                                                                  |  |                    |         |                   |   |         |  

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

2

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|                                             
|---------------------------------------------
|RIDGEWOOD ENERGY P FUND, LLC                 
|UNAUDITED CONDENSED
 STATEMENTS OF OPERATIONS
|(in thousands, except share data)            

|                                      |  |                                   |       |                                  |   |       |   |      |        |   |   |        |  
|------------------------------------- |  | --------------------------------- | ----- | -------------------------------- | - | ----- | - | ---- | ------ | - | - | ------ | -
|                                      |  | Three months ended
 September 30, |       | Nine months ended
 September 30, |  
|                                      |  | 2008                              |       | 2007                             |   | 2008  |   | 2007 |       
|                                      |  |                                   |       |                                  |   |       |   |      |       
|Revenue                               |  |                                   |       |                                  |   |       |   |      |        |   |   |        |  
|Oil and gas revenue                   |  | $                                 | 4,256 |                                  | $ | 336   |   | $    | 14,888 |   | $ | 336    |  
|                                      |  |                                   |       |                                  |   |       |   |      |        |   |   |        |  
|Expenses                              |  |                                   |       |                                  |   |       |   |      |        |   |   |        |  
|Depletion and amortization            |  |                                   | 1,935 |                                  |   | 211   |   |      | 6,511  |   |   | 211    |  
|Dry-hole costs                        |  |                                   | 104   |                                  |   | 30    |   |      | 10,189 |   |   | 3,755  |  
|Management fees to affiliate (Note 6) |  |                                   | 453   |                                  |   | 537   |   |      | 1,481  |   |   | 1,615  |  
|Operating expenses                    |  |                                   | 359   |                                  |   | 55    |   |      | 904    |   |   | 174    |  
|General and administrative expenses   |  |                                   | 117   |                                  |   | 188   |   |      | 522    |   |   | 532    |  
|                                      |  |                                   |       |                                  |   |       |   |      |        |   |   |        |  
|Total expenses                        |  |                                   | 2,968 |                                  |   | 1,021 |   |      | 19,607 |   |   | 6,287  |  
|                                      |  |                                   |       |                                  |   |       |   |      |        |   |   |        |  
|Income (loss) from operations         |  |                                   | 1,288 |                                  |   | (685  | ) |      | (4,719 | ) |   | (5,951 | )
|Other income                          |  |                                   |       |                                  |   |       |   |      |        |   |   |        |  
|Interest income                       |  |                                   | 105   |                                  |   | 529   |   |      | 472    |   |   | 1,913  |  
|                                      |  |                                   |       |                                  |   |       |   |      |        |   |   |        |  
|Net income (loss)                     |  | $                                 | 1,393 |                                  | $ | (156  | ) | $    | (4,247 | ) | $ | (4,038 | )
|                                      |  |                                   |       |                                  |   |       |   |      |        |   |   |        |  
|                                      |  |                                   |       |                                  |   |       |   |      |        |   |   |        |  
|Manager Interest                      |  |                                   |       |                                  |   |       |   |      |        |   |   |        |  
|Net income (loss)                     |  | $                                 | 488   |                                  | $ | (55   | ) | $    | 1,649  |   | $ | (286   | )
|                                     
|Shareholder
 Interest                 |  |                                   |       |                                  |   |       |   |      |        |   |   |        |  
|Net income (loss)                     |  | $                                 | 905   |                                  | $ | (101  | ) | $    | (5,896 | ) | $ | (3,752 | )
|Net income (loss) per share           |  | $                                 | 970   |                                  | $ | (108  | ) | $    | (6,319 | ) | $ | (4,021 | )

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

3

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|                                             
|---------------------------------------------
|RIDGEWOOD ENERGY P FUND, LLC                 
|UNAUDITED CONDENSED
 STATEMENTS OF CASH FLOWS
|(in thousands)                               

|                                                                                                 |  |                                  |         |      |   |         |  
|------------------------------------------------------------------------------------------------ |  | -------------------------------- | ------- | ---- | - | ------- | -
|                                                                                                 |  | Nine months ended
 September 30, |        
|                                                                                                 |  | 2008                             |         | 2007 |  
|                                                                                                 |  |                                  |         |      |  
|Cash flows from operating activities                                                             |  |                                  |         |      |   |         |  
|Net loss                                                                                         |  | $                                | (4,247  | )    | $ | (4,038  | )
|Adjustments to reconcile net loss to net
 cash provided by (used in) operating activities        |  |                                  |         |      |   |         |  
|Depletion and amortization                                                                       |  |                                  | 6,511   |      |   | 211     |  
|Dry-hole costs                                                                                   |  |                                  | 10,189  |      |   | 3,755   |  
|Accretion expense                                                                                |  |                                  | 17      |      |   | 5       |  
|Interest earned on marketable securities                                                         |  |                                  | (185    | )    |   | (970    | )
|Changes in assets and liabilities:                                                               |  |                                  |         |      |   |         |  
|Decrease (increase) in production
 receivable                                                    |  |                                  | 1,327   |      |   | (336    | )
|(Increase) decrease in other current
assets                                                      |  |                                  | (63     | )    |   | 306     |  
|Increase (decrease) in accrued expenses
 payable                                                 |  |                                  | 132     |      |   | (14     | )
|Increase in due to affiliates                                                                    |  |                                  |        |      |   | 70      |  
|                                                                                                 |  |                                  |         |      |   |         |  
|Net cash provided by (used in) operating
 activities                                             |  |                                  | 13,681  |      |   | (1,011  | )
|                                                                                                 |  |                                  |         |      |   |         |  
|                                                                                                 |  |                                  |         |      |   |         |  
|Cash flows from investing activities                                                             |  |                                  |         |      |   |         |  
|Payments to operators for working interests
 and expenditures                                    |  |                                  |        |      |   | (1,438  | )
|Capital expenditures for oil and gas
 properties                                                 |  |                                  | (12,511 | )    |   | (27,012 | )
|Interest reinvested in salvage fund                                                              |  |                                  | (21     | )    |   | (38     | )
|Proceeds from the maturity of marketable
 securities                                             |  |                                  | 29,815  |      |   | 50,553  |  
|Investment in marketable securities                                                              |  |                                  | (10,000 | )    |   | (23,500 | )
|                                                                                                 |  |                                  |         |      |   |         |  
|Net cash provided by (used in) investing
 activities                                             |  |                                  | 7,283   |      |   | (1,435  | )
|                                                                                                 |  |                                  |         |      |   |         |  
|                                                                                                 |  |                                  |         |      |   |         |  
|Cash flows from financing activities                                                             |  |                                  |         |      |   |         |  
|Distributions                                                                                    |  |                                  | (13,395 | )    |   |        |  
|                                                                                                 |  |                                  |         |      |   |         |  
|Net cash used in financing activities                                                            |  |                                  | (13,395 | )    |   |        |  
|                                                                                                 |  |                                  |         |      |   |         |  
|                                                                                                
|Net increase (decrease) in cash and cash equivalents                                             |  |                                  | 7,569   |      |   | (2,446  | )
|Cash and cash equivalents, beginning of
 period                                                  |  |                                  | 13,878  |      |   | 23,667  |  
|                                                                                                 |  |                                  |         |      |   |         |  
|Cash and cash equivalents, end of period                                                         |  | $                                | 21,447  |      | $ | 21,221  |  
|                                                                                                 |  |                                  |         |      |   |         |  
|                                                                                                 |  |                                  |         |      |   |         |  
|                                                                                                
|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 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 by the Manager 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). The year-end condensed balance sheet data was derived from audited
financial statements, but does not include all disclosures required by GAAP.

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 September 30, 2008 and December
31, 2007, bank balances, inclusive of salvage fund, exceeded federally insured
limits by $11.3 million and $10.7 million, respectively. At September 30, 2008,
$10.3 million of the Funds uninsured balances were invested in money market
accounts that invest solely in U.S. Treasury bills and notes. The Fund
maintains bank deposits with accredited financial institutions. Effective
October 3, 2008 through December 21, 2009, federally insured limits have been
increased from $0.1 million to $0.25 million.

5

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Investments in
Marketable Securities

At times the Fund may invest in U.S. Treasury bills and notes. These
investments are considered short-term when their maturities 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 no 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. The Fund had no
investments in marketable securities at September 30, 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

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 September 30, 2008, 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 September 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. Upon 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 September 30, 2008 amounts recorded in due to operators totaling
$2.7 million related to capital expenditures for oil and gas property.

Advances to
Operators for Working Interests and Expenditures

The Funds acquisition of a working interest in a well or a project may
require it to make a payment to the seller for the Funds rights, title and
interest. The Fund may be 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 nine months ended September 30,
2008 and the year ended December 31, 2007.

|                              |  |                    |     |                   |   |     | 
|----------------------------- |  | ------------------ | --- | ----------------- | - | --- | 
|                              |  | September 30, 2008 |     | December 31, 2007 |  
|                              |  |                    |     |                   |  
|                              |  | (in thousands)     |    
|Balance - Beginning of period |  | $                  | 454 |                   | $ | 97  | 
|Liabilities incurred          |  |                    | 318 |                   |   | 350 | 
|Liabilities settled           |  |                    |    |                   |   |    | 
|Accretion expense             |  |                    | 17  |                   |   | 7   | 
|                              |  |                    |     |                   |   |     | 
|Balance - End of period       |  | $                  | 789 |                   | $ | 454 | 
|                              |  |                    |     |                   |   |     | 

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

Syndication Costs

Syndication costs are 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, which are reflected on the Funds balance sheet as a reduction
of shareholders capital.

Revenue Recognition
and Imbalances

Oil and 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.

Impairment of
Long-Lived Assets

In accordance with the provisions of the Statement of Financial
Accounting Standards (SFAS) No. 144, Accounting for the Impairment of
Long-Lived Assets, long-lived assets, such as oil and 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 nine months ended September 30, 2008 and 2007, no
impairments were recorded.

Depletion and
Amortization

Depletion and amortization of the cost of proved oil and 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

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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 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 nine months ended September 30, 2008 and the year ended December 31, 2007.
As of September 30, 2008, the Fund had no capitalized exploratory well costs
greater than one year.

|                                                                                              |  |                    |        |                   |   |        |  
|--------------------------------------------------------------------------------------------- |  | ------------------ | ------ | ----------------- | - | ------ | -
|                                                                                              |  | September 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 |  |                    | 5,305  |                   |   | 16,534 |  
|Reclassifications to proved properties based on the determination of
 proved reserves         |  |                    | (6,418 | )                 |   | (8,563 | )
|Capitalized exploratory well costs charged to dry-hole
costs                                  |  |                    | (3,769 | )                 |   |       |  
|                                                                                              |  |                    |        |                   |   |        |  
|                                                                                             
|Balance - End of the period                                                                   |  | $                  | 3,089  |                   | $ | 7,971  |  
|                                                                                              |  |                    |        |                   |   |        |  

Capitalized exploratory well 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 and nine months ended
September 30, 2008 and 2007, the Fund received credits on certain wells from their
respective operators upon review and audit of the wells costs. Dry-hole costs,
inclusive of credits, are detailed in the table below.

8

---



|                              |  |                                  |     |                                 |   |      |   |      |        |   |   |       | 
|----------------------------- |  | -------------------------------- | --- | ------------------------------- | - | ---- | - | ---- | ------ | - | - | ----- | 
|                              |  | Three months ended September 30, |     | Nine months ended September 30, |  
|Lease Block                   |  | 2008                             |     | 2007                            |   | 2008 |   | 2007 |       
|                              |  |                                  |     |                                 |   |      |   |      |       
|                              |  | (in thousands)                   |    
|High Island 38                |  | $                                | 103 |                                 | $ |     |   | $    | 6,510  |   | $ |      | 
|Walker Ridge 155              |  |                                  | (8  | )                               |   |     |   |      | 2,238  |   |   |      | 
|West Cameron 109              |  |                                  |    |                                 |   | (16  | ) |      | 599    |   |   | 230   | 
|Eugene Island 346/347 well #3 |  |                                  |    |                                 |   |     |   |      | 550    |   |   |      | 
|Mississippi Canyon 489/490    |  |                                  | 9   |                                 |   |     |   |      | 325    |   |   |      | 
|South Timbalier 135/136       |  |                                  |    |                                 |   | (4   | ) |      | 7      |   |   | 1,684 | 
|Green Canyon 246              |  |                                  |    |                                 |   | (3   | ) |      |       |   |   | 1,831 | 
|Other wells                   |  |                                  |    |                                 |   | 53   |   |      | (40    | ) |   | 10    | 
|                              |  |                                  |     |                                 |   |      |   |      |        |   |   |       | 
|                              |  | $                                | 104 |                                 | $ | 30   |   | $    | 10,189 |   | $ | 3,755 | 
|                              |  |                                  |     |                                 |   |      |   |      |        |   |   |       | 

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 to eligible early investors in December 2007.
For the nine months ended September 30, 2008, the Fund made distributions to
the shareholders and Manager of $11.4 million and $2.0 million, respectively.
There were no distributions paid during the nine months ended September 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 nine months ended September 30,
2008 were $0.5 million and $1.5 million, respectively. For the three and nine
months ended September 30, 2007 management fees were $0.5 million and $1.6
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
September 30, 2008 and December 31, 2007, there were no such amounts
outstanding.

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 gas projects with other entities that are likewise managed by the
Manager.

7. Fair Value of Financial Instruments

As
of September 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 approximated 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 September 30, 2008, the Fund
had committed to spend an additional $2.9 million related to its investment
properties.

Environmental Considerations

The
exploration for and development of oil and gas involves the extraction,
production and transportation of materials which, under certain conditions, can
be hazardous or cause environmental pollution problems. 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
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 September 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 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

---



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 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 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
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 fifteen
wells, four that have been determined to be successful, two that are currently
drilling, and nine of which have been determined to be dry holes.

11

---



Recent
hurricane activity in the Gulf of Mexico has not caused material damage to any
of the Funds wells or facilities. However, damage to certain pipelines,
coastal refineries and gas processing plants have caused them to be shut-down
for several weeks or months. Accordingly, several of the Funds producing
properties generated little or no revenue during the month of September and
certain of the Funds properties will be offline for an additional period of
weeks or months. The reserves associated with these properties remain intact
and the value of the properties is recoverable, however, the delay in
production and revenue will result in the delay in the payment of distributions
related to certain properties.

Currently Drilling

Whistler Project

In
August 2008, the Fund acquired an 11% working interest in the Whistler Project,
an exploratory project, from Helis Oil & Gas Company, L.L.C. (Helis), the
operator. This project is expected to begin drilling in November 2008 and
results are expected in December 2008. Through September 30, 2008, the Fund has
spent $0.1 million on this well, for which the total estimated capital
expenditure is $1.9 million.

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. Drilling commenced on this project in March 2008 and was
temporarily suspended due to hurricane activity. Drilling resumed in
late-September 2008 and results are expected in December 2008. Through
September 30, 2008, the Fund has spent $3.0 million related to this property,
for which the total estimated capital expenditure is $4.0 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. The Fund has spent $7.1 million related to this property.

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. The Fund has spent $1.5
million related to this property. In June 2008, Eugene Island 346/347 Well #3
was determined to be a dry hole. See additional discussion under Dry Holes
below.

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. In November
2007, the well was completed and production commenced. 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, 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
determined to be successful in September 2006. 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. In September
2007, the well was completed and production commenced. The Fund has spent $14.1
million related to this property.

As
indicated above in the business update, none of the Funds wells, including the
West Cameron and Eugene Island wells, were materially damaged as a result of
recent hurricane activity in the Gulf of Mexico. However, the pipeline utilized
to transport these wells oil and gas production has suffered severe damage
thereby shutting down production for these wells. As a result, these wells have
been shut-in until the pipeline repairs are completed by its owner. There is no
cost to the Fund related to these repair activities, however, these wells will not
produce oil and gas or earn revenue during this period. The West Cameron 593
well is currently expected to resume production in December
2008. The Eugene Island properties are currently expected to resume production
during the second quarter 2009.

12

---



Dry Holes

High Island 38

In
the fourth quarter 2007, the Fund acquired a 12.5% working interest in the High
Island 38 project, from W&T Offshore, Inc. (W&T Offshore), the
operator. 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 nine months ended September
30, 2008 were $6.5 million.

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. Dry-hole costs
related to this well for the nine months ended September 30, 2008 were $0.6
million.

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 nine months ended September 30, 2008 were $2.2 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 $3.6 million, of
which $0.3 million were incurred during the nine months ended September 30,
2008.

Results of Operations

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

13

---



|                                    |  |                                 |       |                                |   |       |   |      |        |   |   |        |  
|----------------------------------- |  | ------------------------------- | ----- | ------------------------------ | - | ----- | - | ---- | ------ | - | - | ------ | -
|                                    |  | Three months endedSeptember 30, |       | Nine months endedSeptember 30, |  
|                                    |  | 2008                            |       | 2007                           |   | 2008  |   | 2007 |       
|                                    |  |                                 |       |                                |   |       |   |      |       
|                                    |  | (in thousands)                  |      
|Revenue                             |  |                                 |       |                                |   |       |   |      |        |   |   |        |  
|Oil and gas revenue                 |  | $                               | 4,256 |                                | $ | 336   |   | $    | 14,888 |   | $ | 336    |  
|                                    |  |                                 |       |                                |   |       |   |      |        |   |   |        |  
|Expenses                            |  |                                 |       |                                |   |       |   |      |        |   |   |        |  
|Depletion and amortization          |  |                                 | 1,935 |                                |   | 211   |   |      | 6,511  |   |   | 211    |  
|Dry-hole costs                      |  |                                 | 104   |                                |   | 30    |   |      | 10,189 |   |   | 3,755  |  
|Management fees to affiliate        |  |                                 | 453   |                                |   | 537   |   |      | 1,481  |   |   | 1,615  |  
|Operating expenses                  |  |                                 | 359   |                                |   | 55    |   |      | 904    |   |   | 174    |  
|General and administrative expenses |  |                                 | 117   |                                |   | 188   |   |      | 522    |   |   | 532    |  
|                                    |  |                                 |       |                                |   |       |   |      |        |   |   |        |  
|Total expenses                      |  |                                 | 2,968 |                                |   | 1,021 |   |      | 19,607 |   |   | 6,287  |  
|                                    |  |                                 |       |                                |   |       |   |      |        |   |   |        |  
|Income (loss) from operations       |  |                                 | 1,288 |                                |   | (685  | ) |      | (4,719 | ) |   | (5,951 | )
|Other income                        |  |                                 |       |                                |   |       |   |      |        |   |   |        |  
|Interest income                     |  |                                 | 105   |                                |   | 529   |   |      | 472    |   |   | 1,913  |  
|                                    |  |                                 |       |                                |   |       |   |      |        |   |   |        |  
|Net income (loss)                   |  | $                               | 1,393 |                                | $ | (156  | ) | $    | (4,247 | ) | $ | (4,038 | )
|                                    |  |                                 |       |                                |   |       |   |      |        |   |   |        |  

As
previously discussed in the Business Update, hurricane activity in the third
quarter of 2008 did not cause material damage to any of the Funds wells or
facilities, however, damage to certain pipelines, coastal refineries and gas
processing plants have caused certain wells to be shut-down for several weeks
or months. Accordingly, revenues were affected in August 2008 and September
2008 and will continue to be affected during these periods of shutdown.

Oil and Gas Revenue. The Fund has four producing wells, West
Cameron 593, Eugene Island 354 and Eugene Island 346/347 well #1 and well #2,
which began producing in September 2007, November 2007, June 2008 and July
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 months ended September 30, 2008 was $4.3 million,
a $3.9 million increase from the three months ended September 30, 2007. The
increase is attributable to an increase in production and sales volumes
totaling $2.0 million and an increase in the average prices totaling $1.9
million.

The
Funds wells produced approximately 15 thousand barrels of oil during the three
months ended September 30, 2008. During the three months ended September 30,
2007, oil production was approximately 2 thousand barrels. The Funds oil
prices averaged approximately $128 per barrel during the three months ended September
30, 2008 compared to approximately $79 per barrel during the three months ended
September 30, 2007.

Gas
production during the three months ended September 30, 2008 was approximately
193 thousand mcf compared to approximately 28 thousand mcf, during the three
months ended September 30, 2007. During the three months ended September 30,
2008, the Funds gas prices averaged $11.81 per mcf compared to $5.95 per mcf
during the three months ended September 30, 2007.

Oil
and gas revenue for the nine months ended September 30, 2008 was $14.9 million,
a $14.6 million increase from the nine months ended September 30, 2007. The
increase is attributable to an increase in production and sales volumes
totaling $8.8 million and an increase in the average prices totaling $5.8
million.

The
Funds wells produced approximately 67 thousand barrels of oil during the nine
months ended September 30, 2008 compared to approximately 2 thousand barrels
during the nine months ended September 30, 2007. The Funds oil prices averaged
approximately $116 per barrel during the nine months ended September 30, 2008
compared to approximately $79 per barrel during the nine months ended September
30, 2007.

14

---



Gas
production during the nine months ended September 30, 2008 was approximately
646 thousand mcf compared to approximately 28 thousand mcf, during the nine
months ended September 30, 2007. During the nine months ended September 30,
2008, the Funds gas prices averaged $11.02 per mcf compared to $5.95 per mcf
during the nine months ended September 30, 2007.

The
increase in sales volumes for both the three and nine months ended September
30, 2008 was principally attributable to the onset of production for West
Cameron 593, Eugene Island 354 and Eugene Island 346/347 well #1 and well #2,
which began producing in September 2007, November 2007, June 2008 and July
2008, respectively.

Depletion and Amortization. For the three and nine months ended
September 30, 2008, depletion and amortization was $1.9 million and $6.5
million, respectively. For each of the three and nine months ended September
30, 2007, depletion and amortization was $0.2 million. The increase in
depletion and amortization is attributable to the Funds producing wells, West
Cameron 593, Eugene Island 354, and Eugene Island 346/347 well #1 and well #2,
which began production in September 2007, November 2007, June 2008 and July
2008, respectively. Prior to September 2007, the Fund did not have production
and therefore did not have depletion and 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 gas in sufficient quantities to justify completion of the well.
The following table summarizes dry-hole costs inclusive of plug and abandonment
costs and credits. During the three and nine months ended September 30, 2008
and 2007, certain wells received credits from their respective operators upon
review and audit of the wells costs.

|                              |  |                                  |     |                                 |   |      |   |      |        |   |   |       | 
|----------------------------- |  | -------------------------------- | --- | ------------------------------- | - | ---- | - | ---- | ------ | - | - | ----- | 
|                              |  | Three months ended September 30, |     | Nine months ended September 30, |  
|Lease Block                   |  | 2008                             |     | 2007                            |   | 2008 |   | 2007 |       
|                              |  |                                  |     |                                 |   |      |   |      |       
|                              |  | (in thousands)                   |    
|High Island 38                |  | $                                | 103 |                                 | $ |     |   | $    | 6,510  |   | $ |      | 
|Walker Ridge 155              |  |                                  | (8  | )                               |   |     |   |      | 2,238  |   |   |      | 
|West Cameron 109              |  |                                  |    |                                 |   | (16  | ) |      | 599    |   |   | 230   | 
|Eugene Island 346/347 well #3 |  |                                  |    |                                 |   |     |   |      | 550    |   |   |      | 
|Mississippi Canyon 489/490    |  |                                  | 9   |                                 |   |     |   |      | 325    |   |   |      | 
|South Timbalier 135/136       |  |                                  |    |                                 |   | (4   | ) |      | 7      |   |   | 1,684 | 
|Green Canyon 246              |  |                                  |    |                                 |   | (3   | ) |      |       |   |   | 1,831 | 
|Other wells                   |  |                                  |    |                                 |   | 53   |   |      | (40    | ) |   | 10    | 
|                              |  |                                  |     |                                 |   |      |   |      |        |   |   |       | 
|                              |  | $                                | 104 |                                 | $ | 30   |   | $    | 10,189 |   | $ | 3,755 | 
|                              |  |                                  |     |                                 |   |      |   |      |        |   |   |       | 

Management Fees to Affiliate.For the three and nine months ended September
30, 2008, the Fund incurred management fees of $0.5 million and $1.5 million,
respectively, representing 2.5% of total capital contributions, net of
cumulative dry-hole and related well costs incurred by the Fund. For the three
and nine months ended September 30, 2007, the Fund incurred management fees of
$0.5 million and $1.6 million, 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 as detailed in the table below.

|                          |  |                                  |     |                                 |   |      |  |      |     |  |   |     | 
|------------------------- |  | -------------------------------- | --- | ------------------------------- | - | ---- |  | ---- | --- |  | - | --- | 
|                          |  | Three months ended September 30, |     | Nine months ended September 30, |  
|                          |  | 2008                             |     | 2007                            |   | 2008 |  | 2007 |    
|                          |  |                                  |     |                                 |   |      |  |      |    
|                          |  | (in thousands)                   |    
|Lease
 operating expenses |  | $                                | 313 |                                 | $ | 9    |  | $    | 843 |  | $ | 9   | 
|Geological
 costs         |  |                                  | 39  |                                 |   | 44   |  |      | 44  |  |   | 160 | 
|Accretion
 expense        |  |                                  | 7   |                                 |   | 2    |  |      | 17  |  |   | 5   | 
|                          |  |                                  |     |                                 |   |      |  |      |     |  |   |     | 
|                          |  | $                                | 359 |                                 | $ | 55   |  | $    | 904 |  | $ | 174 | 
|                          |  |                                  |     |                                 |   |      |  |      |     |  |   |     | 

15

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Lease
operating expenses for the three and nine months ended September 30, 2008 were
related to West Cameron 593, Eugene Island 354 and Eugene Island 346/347 well
#1 and well #2. For the three and nine months ended September 30, 2007 lease
operating expenses were related to the onset of production of West Cameron 593.
Geological costs for the three and nine months ended September 30, 2008 related
primarily to the Whistler project. Geological costs for the three and nine
months ended September 30, 2007 related to Eugene Island 354, Mississippi
Canyon 489/490 and Eugene Island 346/347 well #1.

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 September 30, |     | Nine months ended September 30, |  
|                      |  | 2008                             |     | 2007                            |   | 2008 |  | 2007 |    
|                      |  |                                  |     |                                 |   |      |  |      |    
|                      |  | (in thousands)                   |    
|Insurance             |  | $                                | 55  |                                 | $ | 109  |  | $    | 265 |  | $ | 307 | 
|Accounting
 fees      |  |                                  | 51  |                                 |   | 62   |  |      | 219 |  |   | 159 | 
|Trust fees
 and other |  |                                  | 11  |                                 |   | 17   |  |      | 38  |  |   | 66  | 
|                      |  |                                  |     |                                 |   |      |  |      |     |  |   |     | 
|                      |  | $                                | 117 |                                 | $ | 188  |  | $    | 522 |  | $ | 532 | 
|                      |  |                                  |     |                                 |   |      |  |      |     |  |   |     | 

Insurance
expense represents premiums related to producing well and well control
insurance, which varies dependent upon the number of wells producing and/or
drilling 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 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 cash accounts.

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 September 30, 2008, interest income was $0.1
million, a $0.4 million decrease from the three months ended September 30,
2007. For the nine months ended September 30, 2008, interest income was $0.5
million, a $1.4 million decrease from the nine months ended September 30, 2007.
The decreases were attributable to a reduction in interest rates during the
three and nine months ended September 30, 2008 coupled with a decrease in
average outstanding balances earning interest due to capital expenditures
during the period.

Capital Resources and Liquidity

Operating Cash Flows

Cash
flows provided by operating activities for the nine months ended September 30,
2008 were $13.7 million, which were principally attributable to revenue
receipts of $16.2 million, interest income received of $0.3 million and
favorable working capital of $0.1 million. These amounts were partially offset
by management fees of $1.5 million, operating expenses totaling $0.9 million
and general and administrative expenses of $0.5 million.

Cash
flows used in operating activities for the nine months ended September 30, 2007
were $1.0 million which were principally attributable to management fees of
$1.6 million, general and administrative and other expenses totaling $0.7
million and unfavorable working capital of $0.3 million were partially offset
by interest income received of $1.5 million.

Investing Cash Flows

Cash
flows provided by investing activities for the nine months ended September 30,
2008 were $7.3 million related to proceeds from the maturity of U.S. Treasury
securities totaling $29.8 million, partially offset by $10.0 million reinvested
in marketable securities and capital expenditures for oil and gas properties
totaling $12.5 million. Additionally, the Fund increased its salvage fund
investments by $21 thousand, which consisted of the interest earned on this
account.

16

---



Cash flows used
in investing activities for the nine months ended September 30, 2007 were $1.4
million, related to investments in capital expenditures for oil
and gas properties of $27.0 million, advances to operators of $1.4 million and
the purchase of U.S. Treasury securities of $23.5 million, partially offset by
proceeds from the maturity of U.S. Treasury securities of $50.6 million.
Additionally, the Fund increased its salvage fund investments by $38 thousand,
which consisted of the interest earned on this account.

Financing Cash Flows

Cash flows used in financing activities for nine months ended September
30, 2008 were $13.4 million related to the payment of Manager and shareholder
distributions.

There were no cash flows related to financing activities for the nine
months ended September 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 September 30, 2008,
the Fund had commitments related to participation agreements totaling $2.9
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, short-term investments and income earned therefrom. 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 by the Fund.

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.

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.

17

---



Off-Balance Sheet Arrangements

The Fund had no off-balance sheet arrangements as of September 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 September
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 September 30, 2008.

There has been no change in the Funds internal control over financial
reporting that occurred during the three months ended September 30, 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.

ITEM 5. OTHER
INFORMATION

None.

18

---



ITEM 6. EXHIBITS

| |      |  |                                                                                                                                                                                                                                                             
| | ---- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 10.1 |  | Participation
 Agreement between Helis Oil & Gas Company, L.L.C. (Helis), Houston
 Energy, L.P. (Houston) and Ridgewood Energy Corporation as Manager for the
 Whistler Project.                                                                        
| |      |  |                                                                                                                                                                                                                                                             
| | 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.

19

---



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: |  | November 10,
 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: |  | November 10,
 2008 |     |  |        |  |                                                      
|       |  |                    | By: |  | /s/    |  | KATHLEEN P.
 McSHERRY                                 | 
|       |  |                    |     |  |        |  |                                                       | 
|       |  |                    |     |  | Name:  |  | Kathleen P.
 McSherry                                
|       |  |                    |     |  | Title: |  | Executive
 Vice President and Chief Financial Officer
|       |  |                    |     |  |        |  | (Principal
 Financial and Accounting Officer)        

20

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