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
  1934For the quarterly
      period ended September 30, 2009oro
                TRANSITION REPORT PURSUANT TO
      SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
  1934For the transition
      period from____________________to____________________Commission File No.
      000-51267
 RIDGEWOOD
ENERGY L FUND, LLC
 (Exact
name of registrant as specified in its charter)
   Delaware
              
              11-3719724(State
      or other jurisdiction of
                incorporation
      or organization)
              
              (I.R.S.
      Employer
                Identification
      No.)
  947
Linwood Avenue, Ridgewood, NJ 07450
 (Address
of principal executive offices) (Zip code)
 
 (800)
942-5550
 (Registrant’s
telephone number, including area code)
 
 
 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  xNo  o
 
 Indicate
by check mark whether the registrant has submitted electronically and posted on
its corporate Web site, if any, every Interactive Data File required to be
submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this
chapter) during the preceding 12 months (or for such shorter period that the
registrant was required to submit and post such files). Yes oNo  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
the definitions of “large accelerated filer,” “accelerated filer” and “smaller
reporting company” in Rule 12b-2 of the Exchange Act.
  Large
      accelerated filer
              o
              Accelerated
      filer
              oNon-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 Exchange Act).
 Yes  o  No x
 
 There is
no market for the shares.  As of November 9, 2009 there are 350.1081
shares outstanding.
 
 
 
 
 Table of ContentsPART
      I - FINANCIAL INFORMATION
                
                PageItem 1.    Financial
      Statements:
                
                3Unaudited Condensed Balance Sheets as of September 30, 2009 and
      December 31, 2008
                
                3Unaudited Condensed Statements of Operations for the three
      and nine months ended
                  September 30, 2009 and 2008
                
                4Unaudited Condensed Statements of Cash Flows for the nine
      months ended
                  September 30, 2009 and 2008
                
                5Notes to Unaudited Condensed Financial
      Statements
                
                6Item 2.    Management's Discussion and Analysis of Financial Condition
      and Results of Operations
                
                12Item 3.     Quantitative and Qualitative Disclosures about Market
      Risk
                
                18Item 4.     Controls
      and Procedures
                
                18PART
      II - OTHER INFORMATIONItem 1.    Legal Proceedings
                
                18Item 1A.  Risk
      Factors
                
                18Item 2.     Unregistered Sales of Equity Securities and Use of
      Proceeds
                
                18Item 3.     Defaults Upon Senior Securities
                
                18Item 4.     Submission of Matters to a Vote of Security
      Holders
                
                18Item 5.     Other
      Information
                
                18Item 6.     Exhibits
                
                19SIGNATURES
                
                20
 
 
 
 
 2
 Table of Contents
 
 PART
      I - FINANCIAL INFORMATIONITEM
      1. FINANCIAL STATEMENTSRIDGEWOOD
      ENERGY L FUND, LLCUNAUDITED
      CONDENSED BALANCE SHEETS(in
      thousands, except share data)September
      30, 2009
                
                December
      31, 2008ASSETSCurrent
      assets:Cash
      and cash equivalents
                
                $
                2,214
                
                $
                3,656Production
      receivable
                
                
                156
                
                
                148Other
      current assets
                
                
                59
                
                
                91Total
      current assets
                
                
                2,429
                
                
                3,895Salvage
      fund
                
                
                1,215
                
                
                1,195Oil
      and gas properties:Unproved
      properties
                
                
                -
                
                
                1,613Proved
      properties
                
                
                15,396
                
                
                12,863Less:
      accumulated depletion and amortization
                
                
                (9,034
                )
                
                (6,594
                )Total
      oil and gas properties, net
                
                
                6,362
                
                
                7,882Total
      assets
                
                $
                10,006
                
                $
                12,972LIABILITIES
      AND MEMBERS' CAPITALCurrent
      liabilities:Due
      to operators
                
                $
                443
                
                $
                823Accrued
      expenses
                
                
                69
                
                
                46Total
      current liabilities
                
                
                512
                
                
                869Asset
      retirement obligations
                
                
                1,208
                
                
                886Total
      liabilities
                
                
                1,720
                
                
                1,755Commitments
      and contingencies (Note 8)Members'
      capital:Manager:Distributions
                
                
                (2,260
                )
                
                (1,999
                )Retained
      earnings
                
                
                1,513
                
                
                1,318Manager's
      total
                
                
                (747
                )
                
                (681
                )Shareholders:Capital
      contributions (670 shares authorized;
                  350.1081
      issued and outstanding)
                
                
                51,401
                
                
                51,401Syndication
      costs
                
                
                (5,502
                )
                
                (5,502
                )Distributions
                
                
                (12,804
                )
                
                (11,326
                )Accumulated
      deficit
                
                
                (24,062
                )
                
                (22,675
                )Shareholders'
      total
                
                
                9,033
                
                
                11,898Total
      members' capital
                
                
                8,286
                
                
                11,217Total
      liabilities and members' capital
                
                $
                10,006
                
                $
                12,972The
      accompanying notes are an integral part of these unaudited condensed
      financial statements.
  3
 Table of Contents
  RIDGEWOOD
      ENERGY L FUND, LLCUNAUDITED
      CONDENSED STATEMENTS OF OPERATIONS(in
      thousands, except per share data)Three
      months ended September 30,
                
                
                Nine
      months ended September 30,2009
                
                
                2008
                
                
                2009
                
                
                2008RevenueOil
      and gas revenue
                
                $
                535
                
                
                $
                685
                
                
                $
                1,993
                
                
                $
                2,144ExpensesDepletion
      and amortization
                
                
                562
                
                
                
                269
                
                
                
                2,002
                
                
                
                940Dry-hole
      costs
                
                
                -
                
                
                
                (23
                )
                
                
                119
                
                
                
                (45
                )Impairment
      of proved properties
                
                
                -
                
                
                
                -
                
                
                
                558
                
                
                
                -Operating
      expenses
                
                
                119
                
                
                
                122
                
                
                
                318
                
                
                
                417Workover
      expenses
                
                
                (13
                )
                
                
                -
                
                
                
                3
                
                
                
                340General
      and administrative expenses
                
                
                74
                
                
                
                75
                
                
                
                222
                
                
                
                282Total
      expenses
                
                
                742
                
                
                
                443
                
                
                
                3,222
                
                
                
                1,934(Loss)
      income from operations
                
                
                (207
                )
                
                
                242
                
                
                
                (1,229
                )
                
                
                210Other
      incomeInterest
      income
                
                
                9
                
                
                
                33
                
                
                
                37
                
                
                
                154Net
      (loss) income
                
                $
                (198
                )
                
                $
                275
                
                
                $
                (1,192
                )
                
                $
                364Manager
      InterestNet
      income
                
                $
                49
                
                
                $
                71
                
                
                $
                195
                
                
                $
                164Shareholder
      InterestNet
      (loss) income
                
                $
                (247
                )
                
                $
                204
                
                
                $
                (1,387
                )
                
                $
                200Net
      (loss) income per share
                
                $
                (706
                )
                
                $
                582
                
                
                $
                (3,962
                )
                
                $
                571
 
 The
accompanying notes are an integral part of these unaudited condensed financial
statements.
  4
 Table of Contents
  RIDGEWOOD
      ENERGY L FUND, LLCUNAUDITED
      CONDENSED STATEMENTS OF CASH FLOWS(in
      thousands)Nine
      months ended September 30,2009
                
                
                2008Cash
      flows from operating activitiesNet
      (loss) income
                
                $
                (1,192
                )
                
                $
                364Adjustments
      to reconcile net (loss) income to net cash
                  provided by operating activities:Depletion
      and amortization
                
                
                2,002
                
                
                
                940Dry-hole
      costs
                
                
                119
                
                
                
                (45
                )Impairment
      of proved property
                
                
                558
                
                
                
                -Settlement
      of asset retirement obligation
                
                
                (53
                )
                
                
                -Accretion
      expense
                
                
                10
                
                
                
                9Changes
      in assets and liabilities:(Increase)
      decrease in production receivable
                
                
                (8
                )
                
                
                134Decrease
      (increase) in other current assets
                
                
                32
                
                
                
                (80
                )(Decrease)
      increase in due to operators
                
                
                (122
                )
                
                
                33Increase
      (decrease) in accrued expenses
                
                
                23
                
                
                
                (12
                )Net
      cash provided by operating activities
                
                
                1,369
                
                
                
                1,343Cash
      flows from investing activitiesCapital
      expenditures for oil and gas properties
                
                
                (1,052
                )
                
                
                (3,975
                )Proceeds
      from insurance recovery
                
                
                -
                
                
                
                491Interest
      reinvested in salvage fund
                
                
                (20
                )
                
                
                (23
                )Net
      cash used in investing activities
                
                
                (1,072
                )
                
                
                (3,507
                )Cash
      flows from financing activitiesDistributions
                
                
                (1,739
                )
                
                
                (1,841
                )Net
      cash used in financing activities
                
                
                (1,739
                )
                
                
                (1,841
                )Net
      decrease in cash and cash equivalents
                
                
                (1,442
                )
                
                
                (4,005
                )Cash
      and cash equivalents, beginning of period
                
                
                3,656
                
                
                
                8,506Cash
      and cash equivalents, end of period
                
                $
                2,214
                
                
                $
                4,501
 
 The
accompanying notes are an integral part of these unaudited condensed financial
statements.
  5
 Table of Contents
  RIDGEWOOD
ENERGY L FUND, LLC
 NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
 
 
 1.
              Organization
      and Purpose
 
 The
Ridgewood Energy L Fund, LLC (the “Fund”), a Delaware limited liability company,
was formed on May 27, 2004 and operates pursuant to a limited liability company
agreement (the “LLC Agreement”) dated as of July 6, 2004 by and among Ridgewood
Energy Corporation (the “Manager”), and the shareholders of the
Fund.  The Fund was organized to acquire interests in oil and natural
gas properties located in the United States offshore waters of Texas, Louisiana
and Alabama in the Gulf of Mexico.
 
 The
Manager has direct and exclusive control over the management of the Fund’s
operations.  With respect to project investments, the Manager locates
potential projects, conducts appropriate due diligence and negotiates and
completes the transactions in which the investments are made.  The
Manager performs, or arranges for the performance of, the management, advisory
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 Fund’s December 31,
2008 financial statements and notes thereto included in the Fund’s Annual Report
on Form 10-K filed with the Securities and Exchange Commission
(“SEC”).  The year-end condensed balance sheet data was derived from
audited financial statements, but does not include all disclosures required by
GAAP.  The Fund has assessed the impact of subsequent events through
November 9, 2009, the date of the issuance of its financial statements, and has
concluded that there were no such events that require adjustment to, or
disclosure in, the notes to the financial statements.
 
 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 revenue and expense
during the reporting period. On an ongoing basis, the Manager reviews its
estimates, including those related to property balances, 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, 2009, bank
balances exceeded federally insured limits by $1.9 million, all of which was
invested in money market accounts that invest solely in U.S. Treasury bills and
notes.  Effective October 2008 through December 31, 2013, federally
insured limits have been increased from $0.1 million to $0.25 million for
interest bearing deposits.  Additionally, non-interest bearing
deposits are fully insured through December 31, 2009, after which they will be
included in the $0.25 million limits.
 
 6
 Table of Contents
 
 Salvage
Fund
 The Fund
deposits in a separate interest-bearing account, or salvage fund, money to
provide for the dismantling and removal of production platforms and facilities
and plugging and abandoning its wells at the end of their useful lives, in
accordance with applicable federal and state laws and regulations.  At
September 30, 2009, the Fund had investments in U.S. Treasury securities within
its salvage fund that are classified as held-to-maturity, totaling $1.1 million,
which mature in February 2012.  Held-to-maturity investments are those
securities 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.
 
 Interest
earned on the account will become part of the salvage fund.  There are
no legal restrictions on withdrawals from the salvage fund.
 
 Oil
and Gas Properties
 The Fund
invests in oil and gas properties, which are operated by unaffiliated entities
that 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 is billed by
operators.
 
 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
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.
 
 Capitalized
acquisition costs of producing oil and gas properties are depleted by the
units-of-production method.
 
 At
September 30, 2009 and December 31, 2008, amounts recorded in due to operators
totaling $0.4 million and $0.6 million, respectively, related to capital
expenditures for oil and gas properties.
 
 Advances
to Operators for Working Interests and Expenditures
 The
Fund’s acquisition of a working interest in a well or a project requires it to
make a payment to the seller for the Fund’s rights, title and
interest.  The Fund 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
reclassified to unproved properties.
  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 following
table presents changes in asset retirement obligations for the nine months ended
September 30, 2009 and the year ended December 31, 2008.
 
 7
 Table of Contents
  September
      30, 2009
                
                
                December
      31, 2008(in
      thousands)Balance,
      beginning of period
                
                $
                886
                
                
                $
                417Liabilities
      incurred
                
                
                244
                
                
                
                394Liabilities
      settled
                
                
                (53
                )
                
                
                -Accretion
      expense
                
                
                10
                
                
                
                11Revision
      to prior estimate
                
                
                121
                
                
                
                64Balance,
      end of period
                
                $
                1,208
                
                
                $
                886
 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 incurred by the Fund in connection with the offering of
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 oil and gas 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 liabilities. No receivables are recorded for
those wells where the Fund has taken less than its share of
production.
 
 Impairment
of Long-Lived Assets
 The Fund
reviews the value of its oil and gas properties whenever management determines
that events and circumstances indicate that the recorded carrying value of
properties may not be recoverable.  Impairments of producing
properties are determined by comparing future net undiscounted cash flows to the
net book value at the end of each period.  If the net book value
exceeds the future net undiscounted cash flows, the carrying value of the
property is written down to fair value, which is determined using net discounted
future cash flows from the producing property.  The Fund provides for
impairments on unproved properties when it determines that the property will not
be developed or a permanent impairment in value has occurred.  The
fair value determinations require considerable judgment and are sensitive to
change.  Different pricing assumptions, reserve estimates or discount
rates could result in a different calculated impairment.  Given the
volatility of oil and gas prices, it is reasonably possible that the Fund’s
estimate of discounted future net cash flows from proved oil and gas reserves
could change in the near term.  If oil and gas prices decline
significantly, even if only for a short period of time, it is possible that
write-downs of oil and gas properties could occur.  During the nine
months ended September 30, 2009, the Fund recorded impairments totaling $0.6
million related to Vermilion 344, Eugene Island 337, and South Timbalier
77.  The impairments to Vermilion 344 and Eugene Island 337 were a
result of lower oil and gas commodity prices.  The carrying value for
Vermilion 344 of $1.6 million was written down to its fair value of $1.2 million
and the carrying value of Eugene Island 337 of $198 thousand was written down to
its fair value of $156 thousand.  The fair value of the impaired wells
was determined based on level 3 inputs, which include projected income from
proved and probable reserves utilizing forward price curves, net of anticipated
costs, discounted.  The charges related to South Timbalier 77 were the
result of additional retirement obligations.  South Timbalier 77 was
fully depleted as of December 31, 2008.  No impairments were recorded
during the three months ended September 30, 2009.
 
 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 capitalized costs associated with successful
exploratory well 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.
 
 8
 Table of Contents
 
 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.
 
 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, trust fees, depletion and
amortization, which are allocated 99% to shareholders and 1% to the
Manager.
 
 3.
              Recent
      Accounting Standards
 
 In
June 2009, the Financial Accounting Standards Board (“FASB”) issued
Accounting Standards Codification as the source of GAAP to be applied to
nongovernmental agencies. This guidance explicitly recognizes rules and
interpretive releases of the SEC under authority of federal securities laws as
authoritative GAAP for SEC registrants. It is effective for interim or annual
periods ending after September 15, 2009.  The guidance was adopted for the
third quarter of 2009 and did not have a material impact on the Fund’s financial
statements.
 
 In
May 2009, the FASB issued guidance on subsequent events, which sets forth
general standards of accounting for and disclosure of events that occur after
the balance sheet date but before financial statements are issued or are
available to be issued. The guidance was adopted effective for the second
quarter of 2009 and did not have a material impact on the Fund’s financial
statements.
 
 In
April 2009, the FASB issued guidance on interim disclosures about fair
value of financial instruments, which requires quarterly disclosure of
information about the fair value of financial instruments.  The guidance
was adopted effective for the second quarter of 2009 and did not have a material
impact on the Fund’s financial statements.
 
 In April
2009, the FASB issued guidance on the recognition and presentation of
other-than-temporary impairments, which amends the other-than-temporary
impairment guidance for debt securities to make the guidance more operational
and to improve the presentation and disclosure of other-than-temporary
impairments on debt and equity securities in the financial statements. This
guidance does not amend existing recognition and measurement guidance related to
other-than-temporary impairments of equity securities. This guidance does not
require disclosures for earlier periods presented for comparative purposes at
initial adoption. In periods after initial adoption, this guidance requires
comparative disclosures only for periods ending after initial adoption. The
guidance was adopted effective for the second quarter of 2009 and did not have a
material impact on the Fund’s financial statements.
 
 In
September 2006, the FASB issued guidance related to fair value measurements.
This guidance 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 FASB also issued guidance on the methods used
to measure fair value and required expanded disclosures related to fair value
measurements. The Fund adopted this guidance for financial assets and financial
liabilities effective January 1, 2008 and for non-financial assets and
non-financial liabilities effective January 1, 2009.  The adoption did not
have a material impact on the Fund’s financial statements.
 
 In
December 2008, the SEC issued Release No. 33-8995, “Modernization of
Oil and Gas Reporting” (“Release No. 33-8995”), amending oil and gas reporting
requirements under Rule 4-10 of Regulation S-X and Industry Guide 2 in
Regulation S-K.  The new requirements provide for consideration of new
technologies in evaluating reserves, allow companies to disclose their probable
and possible reserves to investors, report oil and gas reserves using an average
price based on the prior 12-month period rather than year-end prices, and revise
the disclosure requirements for oil and gas operations.  The final rules
are effective for fiscal years ending on or after
December 31, 2009.  The Fund does not expect the adoption of
Release No. 33-8995 to have a material impact on its financial statements and
disclosures.
 
 9
 Table of Contents
  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.  At September 30, 2009,
the Fund had no unproved properties.  The following table reflects the
net changes in unproved properties for the nine months ended September 30, 2009
and the year ended December 31, 2008.
 
 September
      30, 2009
                
                
                December
      31, 2008(in
      thousands)Balance,
      beginning of period
                
                $
                1,613
                
                
                $
                3,738Additions
      to capitalized exploratory well costs pending the
                  determination
      of proved reserves
                
                
                467
                
                
                
                3,782Reclassification
      to proved properties based on the
                  determination
      of proved reserves
                
                
                (2,080
                )
                
                
                (5,907
                )Capitalized
      exploratory well costs charged to dry-hole costs
                
                
                -
                
                
                
                -Balance,
      end of period
                
                $
                -
                
                
                $
                1,613
  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, 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 following table.
  Three
      months ended September 30,
                
                
                Nine
      months ended September 30,Lease
      Block
                
                2009
                
                
                2008
                
                
                2009
                
                
                2008(in
      thousands)West
      Cameron 78/95
                
                $
                -
                
                
                $
                -
                
                
                $
                118
                
                
                $
                (3
                )Other
      wells
                
                
                -
                
                
                
                (23
                )
                
                
                1
                
                
                
                (42
                )$
                -
                
                
                $
                (23
                )
                
                $
                119
                
                
                $
                (45
                )
   5.
              Distributions
 
 Distributions
to shareholders are allocated in proportion to the number of shares
held.  The Manager determines whether available cash from operations,
as defined in the LLC Agreement, will be distributed.  Such
distributions are allocated 85% to the shareholders and 15% to the Manager, as
required by the LLC Agreement.
 
 Available
cash from dispositions, as defined in the 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.
 
 6.
              Related
      Parties
 
 Effective
September 1, 2007 and continuing for the remaining life of the Fund, the Manager
elected to waive its management fee.  Upon the waiver of the
management fee, the Fund began recording costs relating to services provided by
the Manager for accounting and investor relations.  Such costs,
totaling $20 thousand and $60 thousand for each of the three and nine months
ended September 30, 2009 and 2008, respectively, were included in general and
administrative expenses.
 
 At times,
short-term payables and receivables, which do not bear interest, arise from
transactions with affiliates in the ordinary course of business.
 
 None of
the compensation paid to the Manager has been derived as a result of arm’s
length negotiations.
 
 The Fund
has working interest ownership in certain projects to acquire and develop oil
and natural gas projects with other entities that are likewise managed by the
Manager.
  10
 Table of Contents
  7.
              Fair
      Value of Financial Instruments
 
 At
September 30, 2009 and December 31, 2008, cash and cash equivalents, production
receivable, salvage fund and accrued expenses approximate fair
value.
 
 8.
              Commitments
      and Contingencies
 
 Capital
Commitments
 The Fund
has entered into multiple 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, 2009, the Fund had committed to spend an additional
$1.0 million related to its investment properties.
 
 Environmental
Considerations
 The
exploration for and development of oil and natural gas involves the extraction,
production and transportation of materials which, under certain conditions, can
be hazardous or cause environmental pollution problems. The Manager and
operators of the Fund’s properties 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, 2009 and December 31, 2008, 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 that 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 funds managed by the Manager.  Claims made by
other funds can reduce or eliminate insurance for the Fund.
  
 11
 Table of Contents
 
 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 L 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 based on current expectations and assumptions that are subject to
risks and uncertainties that may cause actual results to differ materially from
the forward-looking statements.  These forward-looking statements
generally are identified by the words “believe,” “project,” “expect,”
“anticipate,” “estimate,” “intend,” “strategy,” “plan,” “target,” “pursue,”
“may,” “will likely result,” and similar expressions. Examples of such events
that could cause actual results to differ materially from historical results or
those anticipated include weather conditions, such as hurricanes, changes in
market conditions affecting the pricing of oil and natural gas, the cost and
availability of equipment, and changes in governmental
regulations.  The Fund undertakes no obligation to update or revise
publicly any forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
 
 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 expense 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 disclosed in its 2008 Annual Report
on Form 10-K.
 
 Overview
of the Fund’s Business
 
 The Fund
is a Delaware limited liability company formed on May 27, 2004 to acquire
interests in oil and natural gas properties located in the United States
offshore waters of Texas, Louisiana and Alabama in the Gulf of
Mexico.  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 of the
Fund’s operations.  The Fund’s primary investment objective is to
generate cash for distribution to its shareholders through the acquisition of
“working interests” in the exploration, production and sale of oil and natural
gas.
  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.  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 for the management of all exploration, development and
producing operations, as appropriate.
 
 Business
Update
 
 The Fund
owns working interests and has participated in the drilling of fourteen wells;
seven are currently producing, six have been determined to be dry holes and one
is fully depleted.
 
 Successful
Projects
 Emerald
Project
 In March
2008, the Fund acquired a 2.5% working interest in the Emerald Project, an
exploratory well, from LLOG Exploration Offshore, Inc. (“LLOG”), the
operator.  The Emerald Project was determined to be a commercial
success in May 2008 and production commenced in February
2009.  Through September 30, 2009, the Fund has spent $1.7 million
related to this project, for which the total estimated budget is $2.7 million,
which includes the drilling of two additional wells.
  12
 Table of Contents
 
 Main
Pass 275
 In 2006,
the Fund acquired a 10.0% working interest in Main Pass 275, an exploratory
well.  The well was declared a commercial success in February 2007 and
production commenced in April 2007.  The Fund spent $1.9 million
related to this property.
 
 LLOG
Projects
 In 2006,
the Fund acquired a 7.5% working interest in each of six exploratory wells which
are operated by LLOG, off the coast of Louisiana.  Of the six wells,
the Fund elected not to proceed with one well and one well was determined to be
a dry hole.
 
 The
remaining four LLOG wells, as detailed below, have been determined to be
successful.  Through September 30, 2009, the Fund has spent $7.0
million.  The Fund has recorded impairments related to Vermilion 344
totaling $1.5 million, of which $0.4 million of impairment expense was incurred
during the nine months ended September 30, 2009.
 
 
 South
      Marsh Island 111
              Discovery
      July 2007; Production
                commenced
      February 2009Vermilion
      344
              Discovery
      January 2007; Production
                commenced
      December 2008West
      Delta 68
              Discovery
      March 2007; Production
                commenced
      July 2008West
      Delta 67
              Discovery
      November 2007; Production
                commenced
      July 2008
  The West
Delta 67 and West Delta 68 wells experienced several weeks of production
interruption during September and October 2009 due to mechanical issues and
pipeline repairs. Production has resumed for both of these
wells.
 Eugene
Island 337
 In 2006,
the Fund acquired a 13.33% ownership in Eugene Island 337.  The well
was determined to be a commercial success in July 2006 and production commenced
in November 2007.  The total cost of this property was $4.0 million,
of which the Fund has recorded impairment costs totaling $3.7
million.
 
 The
pipeline utilized to transport Eugene Island 337 oil and gas production suffered
severe damage as a result of hurricane activity in the third quarter 2008,
thereby shutting down production for this well, which resumed in June
2009.  As the Fund had no ownership in the pipeline, there was no cost
to the Fund related to these repair activities.
 13
 Table of Contents
 
 Results
of Operations
 
 The
following table summarizes the Fund’s results of operations for the three and
nine months ended September 30, 2009 and 2008 and should be read in conjunction
with the Fund’s financial statements and notes thereto included within Item 1.
“Financial Statements” in Part I of this Quarterly Report.
 
 Three
      months ended September 30,
                
                
                Nine
      months ended September 30,2009
                
                
                2008
                
                
                2009
                
                
                2008(in
      thousands)RevenueOil
      and gas revenue
                
                $
                535
                
                
                $
                685
                
                
                $
                1,993
                
                
                $
                2,144ExpensesDepletion
      and amortization
                
                
                562
                
                
                
                269
                
                
                
                2,002
                
                
                
                940Dry-hole
      costs
                
                
                -
                
                
                
                (23
                )
                
                
                119
                
                
                
                (45
                )Impairment
      of proved properties
                
                
                -
                
                
                
                -
                
                
                
                558
                
                
                
                -Operating
      expenses
                
                
                119
                
                
                
                122
                
                
                
                318
                
                
                
                417Workover
      expenses
                
                
                (13
                )
                
                
                -
                
                
                
                3
                
                
                
                340General
      and administrative expenses
                
                
                74
                
                
                
                75
                
                
                
                222
                
                
                
                282Total
      expenses
                
                
                742
                
                
                
                443
                
                
                
                3,222
                
                
                
                1,934(Loss)
      income from operations
                
                
                (207
                )
                
                
                242
                
                
                
                (1,229
                )
                
                
                210Other
      incomeInterest
      income
                
                
                9
                
                
                
                33
                
                
                
                37
                
                
                
                154Net
      (loss) income
                
                $
                (198
                )
                
                $
                275
                
                
                $
                (1,192
                )
                
                $
                364
  Overview.During the three and
nine months ended September 30, 2009, the Fund had seven producing wells; Main
Pass 275 and Eugene Island 337 commenced production during 2007, West Delta 67
and West Delta 68 commenced production in July 2008, Vermilion 344 commenced
production in December 2008, and South Marsh Island 111 and the Emerald Project
commenced production in February 2009.  During the three and nine
months ended September 30, 2008, the Fund had five producing wells, South
Timbalier 77, which was fully depleted as of December 31, 2008, Main Pass 275,
Eugene Island 337, West Delta 67 and West Delta 68.
 
 As
previously discussed in the “Business Update”, the pipeline utilized to
transport Eugene Island 337 oil and gas production suffered damage as a result
of hurricane activity in the third quarter 2008, thereby shutting down
production for Eugene Island 337, which resumed in June 2009.
 
 Oil and Gas
Revenue.Oil
and gas revenue for the three months ended September 30, 2009 was $0.5 million,
a $0.2 million decrease from the three months ended September 30,
2008.  The decrease is attributable to the impact of decreased average
prices totaling $1.0 million, partially offset by an increase in sales volumes
totaling $0.8 million.
 
 Oil sales
volumes were 2 thousand barrels and 3 thousand barrels for the three months
ended September 30, 2009 and 2008, respectively.  The Fund’s oil
prices averaged $57 per barrel during the three months ended September 30, 2009
compared to $118 per barrel during the three months ended September 30,
2008.
 
 Gas sales
volumes were 126 thousand mcf and 33 thousand mcf for the three months ended
September 30, 2009 and 2008, respectively.  The Fund’s gas prices
averaged $3.11 per mcf during the three months ended September 30, 2009 compared
to $10.08 per mcf during the three months ended September 30, 2008.
 
 Oil and
gas revenue for the nine months ended September 30, 2009 was $2.0 million, a
$0.2 million decrease from the nine months ended September 30,
2008.  The decrease is attributable to the impact of decreased average
prices totaling $3.0 million, partially offset by an increase in sales volumes
totaling $2.9 million.
  14
 Table of Contents
  Oil sales
volumes were 6 thousand barrels and 7 thousand barrels for the nine months ended
September 30, 2009 and 2008, respectively.  The Fund’s oil prices
averaged $52 per barrel during the nine months ended September 30, 2009 compared
to $113 per barrel during the nine months ended September 30, 2008.
 
 Gas sales
volumes were 417 thousand mcf and 122 thousand mcf for the nine months ended
September 30, 2009 and 2008, respectively.  The Fund’s gas prices
averaged $3.74 per mcf during the nine months ended September 30, 2009 compared
to $9.94 per mcf during the nine months ended September 30, 2008.
 
 The
decrease in oil volumes during the three and nine months ended September 30,
2009 compared to the three and nine months ended September 30, 2008, was due to
lower oil volumes for South Timbalier 77, which was fully depleted at December
31, 2008 and Main Pass 275, due to natural declines in its production
rates.  These decreases were partially offset by the onset of
production of the Fund’s wells, as discussed above in “Overview”.  The
increase in gas volumes for the three and nine months ended September 30, 2009
compared to the three and nine months ended September 30, 2008, is primarily
attributable to the timing of the onset of production of the Fund’s wells
partially offset by lower gas sales volumes for the fully depleted well, South
Timbalier 77 and Eugene Island 337, which suffered damage as a result of
hurricane activity in the third quarter 2008.  Eugene Island resumed
production during June 2009.
 
 Depletion and
Amortization.  Depletion and amortization for the three and
nine months ended September 30, 2009 was $0.6 million and $2.0 million,
respectively, compared to $0.3 million and $0.9 million for the three and nine
months ended September 30, 2008, respectively.  The increases for the
three and nine month periods are due to an overall increase in production
volumes partially offset by a decrease in the average depletion
rate.
 
 Dry-hole
Costs.  Dry-hole costs are those costs incurred to drill and
develop a well that is ultimately found to be incapable of producing either oil
or natural gas in sufficient quantities to justify completion of the
well.  During the three and nine months ended September 30, 2008, the
Fund received credits on certain wells from their respective operators upon
review and audit of the well’s costs.  The following table summarizes
dry-hole costs, inclusive of credits, for the three and nine months ended
September 30, 2009 and 2008.
  Three
      months ended September 30,
                
                
                Nine
      months ended September 30,Lease
      Block
                
                2009
                
                
                2008
                
                
                2009
                
                
                2008(in
      thousands)West
      Cameron 78/95
                
                $
                -
                
                
                $
                -
                
                
                $
                118
                
                
                $
                (3
                )Other
      wells
                
                
                -
                
                
                
                (23
                )
                
                
                1
                
                
                
                (42
                )$
                -
                
                
                $
                (23
                )
                
                $
                119
                
                
                $
                (45
                )
 
 Impairment of
Proved Properties.  During the nine months ended September 30,
2009, the Fund recorded impairments to proved properties of $0.6 million, of
which $0.4 million and $42 thousand related to Vermilion 344 and Eugene Island
337, respectively.  Such impairments were principally attributable to
lower oil and gas commodity prices.  Additionally, impairments of $0.1
million related to the revision of South Timbalier 77 asset retirement cost
estimates, which was fully depleted as of December 31, 2008.  There
were no impairments to proved properties recorded during the three months ended
September 30, 2009 or during the three and nine months ended September 30,
2008.
 
 Operating
Expenses.  Operating expenses include the costs of operating
and maintaining wells and related facilities, geological costs, accretion
expense and dry-hole costs, as detailed in the following table.
  Three
      months ended September 30,
                
                
                Nine
      months ended September 30,2009
                
                
                2008
                
                
                2009
                
                
                2008(in
      thousands)Lease
      operating expenses
                
                $
                115
                
                
                $
                120
                
                
                $
                295
                
                
                $
                377Geological
      costs
                
                
                -
                
                
                
                -
                
                
                
                13
                
                
                
                31Accretion
                
                
                4
                
                
                
                2
                
                
                
                10
                
                
                
                9$
                119
                
                
                $
                122
                
                
                $
                318
                
                
                $
                417
  15
 Table of Contents
  Lease
operating expenses for the three and nine months ended September 30, 2009 and
2008 related to the Fund’s producing properties during each period as outlined
above in “Overview”.  Geological costs for the nine months ended
September 30, 2009 and 2008 related primarily to the Emerald
Project.  Accretion expense is related to the asset retirement
obligations established for the Fund’s proved properties.
 
 Workover
Expenses.  Workover expenses represent costs to restore or
stimulate production of existing reserves of a proved
property.  Workover expenses during the three and nine months ended
September 30, 2009 were attributable to West Delta 67, partially offset by a
reduction to previous estimates for South Timbalier 77.  Workover
expenses of $0.3 million during the nine months ended September 30, 2008 were
attributable to recompletion efforts for South Timbalier 77, which proved
unsuccessful, as this well was determined to be fully depleted at December 31,
2008.
 
 General
and Administrative Expenses.General and administrative expenses
represent costs specifically identifiable or allocable to the Fund as detailed
in the following table.
  Three
      months ended September 30,
                
                
                Nine
      months ended September 30,2009
                
                
                2008
                
                
                2009
                
                
                2008(in
      thousands)Accounting
      fees
                
                $
                38
                
                
                $
                30
                
                
                $
                105
                
                
                $
                113Management
      reimbursement
                  and
      other
                
                
                20
                
                
                
                22
                
                
                
                62
                
                
                
                67Insurance
      expense
                
                
                16
                
                
                
                23
                
                
                
                55
                
                
                
                102$
                74
                
                
                $
                75
                
                
                $
                222
                
                
                $
                282
 
 Accounting
fees represent audit and tax preparation fees, quarterly reviews and filing fees
incurred by the Fund.  Management reimbursement and other expenses
relate primarily to reimbursements for various administrative costs incurred on
the Fund’s behalf.  Insurance expense represents premiums related to
producing well and control of well insurance, which varies dependent upon the
number of wells producing or drilling, and director’s and officers’ liability
insurance.
 
 Interest
Income.  Interest income is comprised of interest earned on
money market accounts and investments in U.S. Treasury securities within the
Fund’s salvage fund.  Interest income for the three months ended
September 30, 2009 was $9 thousand, a $24 thousand decrease from the three
months ended September 30, 2008.  Interest income for the nine months
ended September 30, 2009 was $37 thousand, a $0.1 million decrease from the nine
months ended September 30, 2008.  The decreases were attributable to a
reduction in average outstanding balances earning interest due to ongoing
capital expenditures for oil and gas properties, coupled with lower interest
rates earned.
 
 Capital
Resources and Liquidity
 
 Operating
Cash Flows
 Cash
flows provided by operating activities for the nine months ended September 30,
2009 were $1.4 million, primarily related to revenue receipts of $2.0
million.  This amount was partially offset by operating and workover
expenses totaling $0.3 million, general and administrative expenses of $0.2
million and the settlement of asset retirement obligations of $0.1
million.
 
 Cash
flows provided by operating activities for the nine months ended September 30,
2008 were $1.3 million, primarily related to revenue receipts of $2.3 million
coupled with interest received of $0.2 million, partially offset by operating
expenses of $0.8 million, general and administrative expenses of $0.3 million
and unfavorable working capital of $0.1 million.
 
 Investing
Cash Flows
 Cash
flows used in investing activities for the nine months ended September 30, 2009
were $1.1 million, primarily related to capital expenditures for oil and gas
properties.  Additionally, the Fund increased its salvage fund
investments by $20 thousand, which consisted of interest earned on this
account.
 
 Cash
flows used in investing activities for the nine months ended September 30, 2008
were $3.5 million, primarily related to capital expenditures for oil and gas
properties of $4.0 million, partially offset by insurance proceeds of $0.5
million.  Additionally, the Fund increased its salvage fund
investments by $23 thousand, which consisted of interest earned on this
account.
 
 16
 Table of Contents
 
 Financing
Cash Flows
 Cash
flows used in financing activities for the nine months ended September 30, 2009
were $1.7 million related to manager and shareholder
distributions.
 
 Cash
flows used in financing activities for the nine months ended September 30, 2008
were $1.8 million related to manager and shareholder distributions.
 
 Estimated
Capital Expenditures
 
 The Fund
has entered into multiple 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, 2009, the Fund had
committed to spend an additional $1.0 million related to its investment
properties.
 
 When the
Manager makes a decision to participate 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 an 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.
 
 Capital
expenditures for investment properties are funded with the capital raised by the
Fund in its private placement offering, which is more than likely, all the
capital it will obtain.  The number of projects in which the Fund can
invest will naturally be limited and each unsuccessful project the Fund
experiences will reduce its ability to generate revenue and exhaust its
capital.  Typically, the Manager seeks an investment portfolio that
combines high and low risk exploratory projects.
 
 Liquidity
Needs
 
 The
Fund’s primary short-term liquidity needs are to fund its operations, including
capital expenditures for its investment properties.  Operations are
funded utilizing operating income, existing cash on-hand and income earned
therefrom.
 
 Distributions
are funded from available cash from operations, as defined in the Fund’s limited
liability company agreement, and the frequency and amount are within the
Manager’s discretion subject to available cash from operations, reserve
requirements and the Fund’s operations.
 
 Off-Balance
Sheet Arrangements
 
 The Fund
had no off-balance sheet arrangements at September 30, 2009 and December 31,
2008 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 negotiate any
such contracts. No contractual obligations exist at September 30, 2009 and
December 31, 2008 other than those discussed in “Estimated Capital Expenditures”
above.
 
 Recent
Accounting Pronouncements
 
 See Note
3 of Notes to Unaudited Condensed Financial Statements – “Recent Accounting
Standards” contained in this Quarterly Report for a discussion of recent
accounting pronouncements.
 
 17
 Table of Contents
 
 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 the Fund’s disclosure controls and procedures as of the end of
the period covered by this report.  Based on that evaluation, the
Chief Executive Officer and Chief Financial Officer concluded that the Fund’s
disclosure controls and procedures were effective as of September 30,
2009.
 
 There has
been no change in the Fund’s internal control over financial reporting that
occurred during the three months ended September 30, 2009 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
 
 On August
16, 2006, the Manager of the Fund filed a lawsuit against the former independent
registered public accounting firm for the Fund, Perelson Weiner, LLP
(“Perelson”), in New Jersey Superior Court, captioned Ridgewood Energy
Corporation v. Perelson Weiner, LLP, Docket No. L-6092-06.  The suit
alleged professional malpractice and breach of contract in connection with audit
and accounting services performed for the Fund by
Perelson.  Thereafter, Perelson filed a counterclaim against the
Manager on October 20, 2006, alleging breach of contract due to unpaid invoices
in the amount of $326,554.  Discovery is ongoing and a trial date has
been set for February 1, 2010.
 
 Legal
costs related to this claim are borne by the Manager.
 
 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. SUBMISSION OF MATTERS TO A VOTE OF SECURITY
HOLDERS
 
 None.
 
 ITEM
5. OTHER INFORMATION
 
 On June
22, 2009, Kenneth W. Lang was named President and Chief Operating Officer of the
Fund.  Prior to joining the Fund, Mr. Lang was with BP for twenty-four
years, ultimately serving as Senior Vice President for BP’s Gulf of Mexico
business and a member of the Board of Directors for BP America,
Inc.  Robert E. Swanson, formerly President and Chief Executive
Officer of the Fund, will remain Chief Executive Officer of the
Fund.
 
 Adrien
Doherty, Executive Vice President of the Fund resigned effective October 30,
2009.
  18
 Table of Contents
 
 ITEM
6. EXHIBITS
 
  EXHIBITNUMBER
                
                TITLE OF EXHIBIT
                
                METHOD OF FILING31.1
                
                Certification
      of Robert E. Swanson, Chief Executive Officer of the Fund, pursuant to
      Securities Exchange Act Rule 13a-14(a)
                Filed
      herewith31.2
                
                Certification
      of Kathleen P. McSherry, Chief Financial Officer of the Fund, pursuant to
      Securities Exchange Act Rule 13a-14(a)
                Filed
      herewith32
                
                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
                Filed
      herewith
   
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 Table of Contents
 
 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.
 
 RIDGEWOOD
      ENERGY L FUND, LLCDated:
              November
      9, 2009
              By:
              /s/
              
              ROBERT
      E. SWANSONName:
              
              Robert
      E. SwansonTitle:
              
              Chief
      Executive Officer(Principal
      Executive Officer)Dated:
              November
      9, 2009
              By:
              /s/
              
              KATHLEEN
      P. MCSHERRYName:
              
              Kathleen
      P. McSherryTitle:
              
              Executive
      Vice President and Chief Financial Officer(Principal
      Financial Officer)
 
 
  20