UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 10-Q

(Mark One)

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934

                  For the quarterly period ended March 31, 2006


                        Commission File Number 000-51267

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


                Delaware                               11-3719724
    (State or other jurisdiction of                 (I.R.S. Employer
     Incorporation or organization)                Identification No.)


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


                                 (201) 447-9000
              (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 [X] No [_]

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

  Large accelerated filer [_] Accelerated filer [_] Non-accelerated filer [X]

Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act). Yes [_] No [X]

    As of May 15, 2006 there were 350.1081 shares of membership interest of the
registrant outstanding.

<PAGE>

                                Table of Contents

<TABLE>
<CAPTION>
                                                                                                                 Page
<S>                                                                                                               <C>
Part I - FINANCIAL INFORMATION

Item 1. Financial Statements:
     Balance Sheets as of March 31, 2006 (unaudited)  and December 31, 2005 .......................................3
     Statements of Operations for the three months ended March 31, 2006 and 2005 (unaudited) ......................4
     Statements of Changes in Members' Capital for the three months ended March 31, 2006 and 2005 (unaudited) .....5
     Statements of Cash Flows for the three months ended March 31, 2006 and 2005 (unaudited) ......................6
     Notes to Unaudited Financial Statements ......................................................................7
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations ....................12
Item 3. Quantitative and Qualitative Disclosures About Market Risk ...............................................14
Item 4. Controls and Procedures ..................................................................................14

Part II - OTHER INFORMATION

Item 6. Exhibits .................................................................................................15
SIGNATURES .......................................................................................................16
</TABLE>

                                       2
<PAGE>

Part I - Financial Information
Item 1.  Financial Statements
                                                RIDGEWOOD ENERGY L FUND, LLC

                                                       BALANCE SHEETS

<TABLE>
<CAPTION>
                                                               March 31, 2006          December 31, 2005
                                                               --------------          -----------------
              ASSETS                                            (Unaudited)
<S>                                                               <C>                      <C>
Current assets:
        Cash and cash equivalents                                 $ 23,180,627            $ 21,964,099
        Production receivable                                        1,900,131               6,472,470
        Due from operators                                             250,000                 250,000
        Prepaid expenses                                                 9,227                  16,147
                                                                  ------------            ------------
               Total current assets                                 25,339,985              28,702,716
                                                                  ------------            ------------

Salvage fund (Note 5)                                                1,068,822               1,033,427
                                                                  ------------            ------------
Oil and gas properties
        Proved properties                                            9,717,400               9,045,403
        Unproved properties                                            133,655               1,419,884
                                                                  ------------            ------------
                                                                     9,851,055              10,465,287
        Less:  accumulated depletion and
           amortization - proved properties                         (7,632,685)             (4,969,587)
                                                                  ------------            ------------

        Oil and gas properties, net                                  2,218,370               5,495,700
                                                                  ------------            ------------
               Total assets                                       $ 28,627,177            $ 35,231,843
                                                                  ============            ============

                  LIABILITIES AND MEMBERS' CAPITAL
Current liabilities:
        Accrued expenses payable                                  $    265,578            $     41,120
        Due to operator                                                105,219                  74,459
        Due to affiliate (Note 7)                                        8,379                   5,583
                                                                  ------------            ------------

               Total current liabilities                               379,176                 121,162

           Asset retirement obligations                                500,720                 495,150
                                                                  ------------            ------------

               Total liabilities                                       879,896                 616,312
                                                                  ------------            ------------

Commitment and contingencies (Note 9)

Members' capital:
           Manager:
               Distributions                                          (880,133)               (125,798)
               Accumulated earnings                                    935,083                 676,347
                                                                  ------------            ------------
                  Manager's total                                       54,950                 550,549
                                                                  ------------            ------------
           Shareholders:
               Capital contributions (670 shares authorized;
                  350.1081 issued and outstanding)                  51,400,840              51,400,840
               Syndication costs                                    (5,501,727)             (5,501,727)
               Distributions                                        (4,987,448)               (712,873)
               Accumulated deficit                                 (13,219,334)            (11,121,258)
                                                                  ------------            ------------
                  Shareholders'  total                              27,692,331              34,064,982
                                                                  ------------            ------------
               Total members' capital                               27,747,281              34,615,531
                                                                  ------------            ------------
               Total liabilities and members' capital             $ 28,627,177            $ 35,231,843
                                                                  ============            ============
</TABLE>

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

                                       3
<PAGE>

                          RIDGEWOOD ENERGY L FUND, LLC
                            STATEMENTS OF OPERATIONS
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                              Three months ended
                                                                  March 31,
                                                    ------------------------------------
                                                        2006                    2005
                                                    ------------            ------------
<S>                                                 <C>                     <C>
Revenues
      Oil and gas revenues                          $ 2,437,797             $        --
                                                    -----------             -----------

Expenses
      Dry hole costs                                  1,355,529                      --
      Depletion and amortization                      2,663,098                      --
      Management fees (Note 7)                          321,257                 321,257
      Lease operating expenses                           94,878                      --
      Accounting fees                                    35,000                   6,500
      Insurance                                           6,920                   9,526
      Accretion expense                                   5,570                      --
      Other general and administrative expenses             245                      76
                                                    -----------             -----------

           Total expenses                             4,482,497                 337,359
                                                    -----------             -----------

           Loss from operations                      (2,044,700)               (337,359)

Other income
      Interest income                                   205,360                 105,942
                                                    -----------             -----------

           Net loss                                 $(1,839,340)            $  (231,417)
                                                    ===========             ===========

           Manager - Net income (loss)              $   258,736             $   (49,544)

           Shareholders - Net loss                  $(2,098,076)            $  (181,873)
           Net loss per share                       $    (5,993)            $      (519)
</TABLE>

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

                                       4
<PAGE>

                          RIDGEWOOD ENERGY L FUND, LLC
                    STATEMENTS OF CHANGES IN MEMBERS' CAPITAL
                                   (Unaudited)

<TABLE>
<CAPTION>
                                         Three months ended                                    Three months ended
                                           March 31, 2006                                        March 31, 2005
                         ---------------------------------------------------    -------------------------------------------------
                           Manager         Shareholders          Total            Manager        Shareholders          Total
                         -------------    ---------------    ---------------    ------------    ---------------    --------------
<S>                     <C>              <C>                 <C>              <C>             <C>                <C>
Balances, January 1      $    550,549     $ 34,064,982        $ 34,615,531     $   (140,043)   $ 40,353,609       $ 40,213,566
Distributions                (754,335)      (4,274,575)         (5,028,910)              --              --                 --
Net income (loss)             258,736       (2,098,076)         (1,839,340)         (49,544)       (181,873)          (231,417)
                         ------------     ------------        ------------     ------------    ------------       ------------
Balances, March 31       $     54,950     $ 27,692,331        $ 27,747,281     $   (189,587)   $ 40,171,736       $ 39,982,149
                         ============     ============        ============     ============    ============       ============
</TABLE>


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

                                       5
<PAGE>


                          RIDGEWOOD ENERGY L FUND, LLC
                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                     Three months ended
                                                                                         March 31,
                                                                             ----------------------------------
                                                                                 2006                  2005
                                                                             ------------          ------------
<S>                                                                          <C>                   <C>
Cash flows from operating activities
     Net loss                                                                $ (1,839,340)         $   (231,417)
     Adjustments to reconcile net loss to net cash
        provided by (used in) operating activities
        Depletion and amortization                                              2,663,098                    --
        Accretion expense                                                           5,570                    --
        Dry hole costs                                                          1,355,529                    --
        Interest collected on salvage fund                                        (35,395)                   --
        Changes in assets and liabilities
           Decrease in production receivable                                    4,572,339                    --
           Decrease in prepaid expenses                                             6,920                 9,526
           Increase in due to operator                                             30,760                    --
           Increase (decrease) in accrued expenses payable                        224,458                (5,740)
           Increase in due to affiliate                                             2,796                    --
                                                                             ------------          ------------
           Net cash provided by (used in) operating activities                  6,986,735              (227,631)
                                                                             ------------          ------------
Cash flows from investing activities
     Capital expenditures for oil and gas properties                             (741,297)                   --
                                                                             ------------          ------------
           Net cash used in investing activities                                 (741,297)                   --
                                                                             ------------          ------------
Cash flows from financing activities
     Distributions                                                             (5,028,910)                   --
                                                                             ------------          ------------
           Net cash used in financing activities                               (5,028,910)                   --
                                                                             ------------          ------------
           Net increase (decrease) in cash and cash equivalents                 1,216,528              (227,631)

           Cash and cash equivalents, beginning of period                      21,964,099            36,362,893
                                                                             ------------          ------------
           Cash and cash equivalents, end of period                          $ 23,180,627          $ 36,135,262
                                                                             ============          ============
</TABLE>

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

                                       6
<PAGE>

                          RIDGEWOOD ENERGY L FUND, LLC
                     NOTES TO UNAUDITED FINANCIAL STATEMENTS

1.  Organization and Purpose

The Ridgewood Energy L Fund, LLC ("Fund"), a Delaware limited liability company,
was formed on May 27, 2004 and operates pursuant to a limited liability company
agreement ("Agreement") dated July 1, 2004 by and among Ridgewood Energy
Corporation ("Manager"), and the shareholders of the Fund.

The Fund was organized to acquire, drill, construct and develop natural gas and
oil properties located in the United States offshore waters of Texas and
Louisiana in the Gulf of Mexico. Prior to August 2005, the Fund had not earned
revenue from these operations and was considered in the exploratory stage. The
Fund ceased to be in the exploratory stage during the fourth quarter of 2005 as
South Timbalier 77 began production in August 2005. The Fund has been earning
production revenue from the two wells in South Timbalier 77.

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
facilities and other services necessary for Fund operations. The Manager also
engages and manages the contractual relations with outside custodians,
depositories, accountants, attorneys, broker dealers, corporate fiduciaries,
insurers, banks and others as required. (Notes 2, 6 and 7)

2. Summary of Significant Accounting Policies

      Basis of presentation

These interim financial statements have been prepared by the Fund's management,
without audit, in accordance with accounting principles generally accepted in
the United States of America 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
accounting principles generally accepted in the United States of America have
been omitted in these interim 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 interim financial
statements should be read in conjunction with the annual financial statements
and the notes thereto for the year ended December 31, 2005 included in the
Fund's Annual Report on Form 10-K filed with the Securities and Exchange
Commission.

     Use of Estimates

The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amount 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, impairment allowances and
environmental liabilities. Actual results may differ from those estimates.

     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 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. Costs to develop proved reserves,
including the cost of all development wells and related facilities and equipment
used in the production of natural gas and crude oil, are capitalized.
Expenditures for ongoing repairs and maintenance of producing properties are
expensed as incurred.

                                       7
<PAGE>

Upon the sale or retirement of a proved property (i.e. a producing well), the
cost and related accumulated depletion and amortization are eliminated from the
property accounts, and the resultant gain or loss is recognized. On the sale or
retirement of an unproved property, gain or loss on the sale is recognized,
taking into consideration the amount of any recorded impairment if the property
had been assessed as impaired. It is not the Manager's intention to sell any of
the Fund's property interests.

Capitalized costs of producing oil and gas properties after recognizing
estimated salvage values are depleted by the unit-of-production method.

     Revenue Recognition

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

The volume of gas sold by the operator on the Fund's behalf may differ from the
volume of gas the Fund is entitled to. The Fund will account for such gas
production imbalances by the entitlements method. Under the entitlements method,
the Fund will recognize a receivable from other working interest owners for
volumes oversold by other working interest owners, and a payable to the other
working interest owners for volumes oversold by the Fund. For the periods ended
March 31, 2006 and December 31, 2005, there were no gas-balancing arrangements
between the Fund and other working interest owners.

     Interest Income

Interest income is recognized when earned.

     Syndication Costs

Costs associated with offering the Fund's shares, including professional fees,
selling expenses and administrative costs payable to the Manager, an affiliate
of the Manager and outside brokers are reflected as a reduction of shareholders'
capital.

     Asset Retirement Obligations

For proved oil and gas properties, there are obligations to perform removal and
remediation activities when the properties are retired. The Fund adopted
Statement of Financial Accounting Standards (SFAS) No. 143, "Accounting for
Asset Retirement Obligations" in 2004. SFAS No. 143 requires the Fund to record
a separate liability for the discounted present value of the Fund's asset
retirement obligations, with an offsetting increase to the related oil and gas
properties on the balance sheet. In 2005, the Fund recorded asset retirement
obligations of $495,150 related to its producing properties of which $9,113
represents accretion expense during 2005. Accretion expense for the three months
ended March 31, 2006 totaled $5,570. There were no asset retirement obligations
settled for the periods ended March 31, 2006 and December 31, 2005.

   Impairment of Long-Lived Assets

In accordance with the provisions of 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 that
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 assets. 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. No impairment was recorded during 2006 or
2005 except for the wells recorded as dry hole costs. In 2006, East Breaks 157
was deemed a dry hole and the cost of the well was written off.

     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
are used as the base for depleting (or amortizing) leasehold acquisition costs,
the costs to acquire proved properties and platform and pipeline costs. For the
three months ended March 31, 2006, depletion and amortization totaled
$2,663,098. There was no depletion and amortization for the three months ended
March 31, 2005.

                                       8
<PAGE>

 Income Taxes

No provision is made for income taxes in the financial statements as the income
or losses are passed through and included in the tax returns of the individual
members.

     Cash and cash equivalents

All highly liquid investments with maturities when purchased of three months or
less are considered as cash and cash equivalents. At times, bank deposits may be
in excess of federally insured limits. As of March 31, 2006, bank balances
exceeded federally insured limits by approximately $23 million. The Fund
maintains bank deposits with high quality financial institutions to mitigate
such risk.

     Income and Expense Allocation

Profits and losses are to be allocated 85 % to shareholders in proportion to
their relative capital contributions and 15% to the Manager, except for items of
expense, loss, deduction and credit attributable to the expenditure of
shareholders' capital contributions which are allocated 99% to shareholders and
1% to the Manager.

3.   Recent Accounting Pronouncements

In March 2005, the Financial Accounting Standards Board (FASB) issued FASB
Interpretation No. 47, "Accounting for Conditional Asset Retirement Obligations"
(FIN 47). This interpretation clarifies that the term "conditional asset
retirement obligation" as used in SFAS No. 143 refers to a legal obligation to
perform an asset retirement activity in which the timing and/or method of
settlement are conditional on a future event that may or may not be within the
control of the entity incurring the obligation. The obligation to perform the
asset retirement activity is unconditional even though uncertainty exists about
the timing and/or method of settlement. Thus, the timing and/or method of
settlement may be conditional on a future event. Accordingly, an entity is
required to recognize a liability for the fair value of a conditional asset
retirement obligation if the fair value of the liability can be reasonably
estimated. Uncertainty about the timing and/or method of settlement of a
conditional asset retirement obligation should be factored into the measurement
of the liability, rather than the timing of recognition of the liability, when
sufficient information exists. FIN 47 is effective for calendar year-end
entities no later than December 31, 2005. The application of FIN 47 did not have
an impact on the Fund's financial position or results of operations.

In April 2005, the FASB issued FASB Staff Position (FSP) 19-1, "Accounting for
Suspended Well Costs." The Fund adopted FSP 19-1 during the second quarter of
2005 (Note 4). 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 for impairment of value by
evaluating and monitoring if sufficient progress is made on assessing the
reserves. Capitalized costs are expensed as dry hole costs in the event that
reserves are determined to be not proved. Dry hole costs were $1,355,529 for the
three months ended March 31, 2006. There were no dry hole costs for the three
months ended March 31, 2005.

In the first quarter of 2006, the Fund adopted SFAS No. 154, "Accounting Changes
and Error Corrections-a replacement of APB Opinion No. 20 and FASB Statement No.
3". SFAS No. 154 changed the requirements for the accounting for and reporting
of a voluntary change in accounting principle. The adoption of this Statement
did not affect the Fund's financial statements in the period of adoption. Its
effects on future periods will depend on the nature and significance of any
future accounting changes subject to this statement.

In April 2006, the FASB issued FASB Staff Position (FSP) FIN 46(R)-6,
"Determining the Variability to Be Considered in Applying that FASB
Interpretation No.46(R)", that will become effective beginning in the third
quarter of 2006. FSP FIN No. 46(R)-6 clarifies that the variability to be
considered in applying Interpretation 46(R) shall be based on an analysis of the
design of the variable interest entity. The adoption of this FSP is not expected
to have a material effect on the Fund's financial statements.

                                       9
<PAGE>

4.   Unproved Properties - Capitalized Exploratory Well Costs

The following table reflects the net changes in capitalized exploratory well
costs for the three months ended March 31, 2006 and year ended December 31,
2005:

<TABLE>
<CAPTION>
                                           Three months ended March 31, 2006                 Year ended December 31, 2005
                                           ----------------------------------       -----------------------------------------------
                                              East       Eugene                       South       East        Eugene
                                             Breaks      Island                     Timbalier    Breaks       Island
                                              157          337        Total            #77        157           337        Total
                                           ----------  ----------  -----------      ------------ ----------  ---------- -----------
<S>                                        <C>         <C>          <C>              <C>         <C>         <C>         <C>
Balance - beginning of period              $1,320,884  $   99,000   $1,419,884       $3,844,685  $       --  $       --  $3,844,685

Additions to capitalized drilling costs
  pending the determination of proved
  reserves                                         --      34,655       34,655        4,714,680   1,320,884      99,000   6,134,564
Reclassifications to proved properties
  based on the determination of proved
  reserves                                         --          --           --       (8,559,365)                         (8,559,365)
Capitalized exploratory drilling costs
  charged to dry hole costs                (1,320,884)         --   (1,320,884)              --          --          --          --
                                          -----------  ----------- -----------      -----------  ----------  ----------  ----------

Balance - end of period                   $        --  $  133,655  $   133,655      $        --  $1,320,884  $   99,000  $1,419,884
                                          ===========  ==========  ===========      ===========  ==========  ==========  ==========
</TABLE>

Exploratory drilling in South Timbalier #77 commenced in January 2005 and both
wells began producing in August 2005. As of March 31, 2006 and December 31,
2005, the Fund has no capitalized exploratory well costs greater than one year.

5.   Short-term Investments in Marketable Securities / Salvage Fund

As of March 31, 2006 a significant portion of the salvage fund is invested in
short-term marketable securities, the balance of $3,812 was invested in cash and
cash equivalents:

                                             Net Unrealized
                                   Cost           Gain        Fair Value
                                ----------   --------------   -----------
Held-to-Maturity
   U.S. Treasury Bills          $1,065,010     $    5,316     $1,070,326

Held-to-maturity securities are carried in the financial statements at cost.
U.S. Treasury Bills mature in August 2006.

6.   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 Operating Agreement, is to be distributed. Such distribution will be
allocated 85% to the shareholders and 15% to the Manager.

Available Cash from Dispositions, as defined in the Fund's Operating 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 Manager received distributions of $754,335 for the three months ended March
31, 2006. There were no distributions for the three months ended March 31, 2005.

                                       10
<PAGE>

7.  Transactions with Manager

A management 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.
For the three months ended March 31, 2006 and 2005, a management fee of $321,257
was incurred and paid.

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. As of March 31, 2006 and December 31, 2005, the Fund owed the Manager
$8,379 and $5,583, respectively.

In 2004, the Manager was paid an offering fee of $1,801,319 which approximated
3.5% of capital contributions to cover expenses incurred in the offer and sale
of shares of the Fund. Such offering fee was included in syndication costs (Note
2).

In 2004, Ridgewood Securities Corp., a registered broker dealer affiliated with
the Manager, was paid selling commissions and placement fees of $201,500 and
$514,613, respectively, for shares of the Fund sold which are reflected in
syndication costs (Note 2).

The Fund co-invests with affiliated funds managed by the Manager to acquire and
develop oil and gas projects.

8.  Fair Value of Financial Instruments

As of March 31, 2006 and December 31, 2005, the carrying values of cash and cash
equivalents, production receivable, salvage fund, due from/to operators and
accrued expenses payable approximate fair values. Cash and cash equivalents
principally consist of money market funds.

9.  Commitment and Contingencies

    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 Manager and the
Operators are continually taking action they believe appropriate to satisfy
applicable federal, state and local environmental regulations and do not
currently anticipate that noncompliance with federal, state and local
environmental regulations will have a material adverse effect upon capital
expenditures, earnings 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. As of March 31, 2006 and December 31, 2005, there were no known
environmental issues that required the Fund to record a liability.

     Salvage Fund

Pursuant to the Fund's Operating Agreement, the Fund deposits in a separate
interest-bearing account, or a salvage fund, money to provide for dismantling of
production platforms and facilities, plugging and abandoning the wells and
removing the platforms, facilities and wells after their useful lives, in
accordance with applicable federal and state laws and regulations. Interest
earned on the account will become part of the salvage fund; there are no legal
restrictions on the withdrawal from the salvage fund.

     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.

                                       11
<PAGE>

Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations

            Cautionary Statement Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q, including all documents incorporated by
reference, includes "forward-looking" statements within the meaning of Section
27A of the Securities Act of 1933, as amended (the "Securities Act") and Section
21E of the Securities Exchange Act of 1934, as amended, and the Private
Securities Litigation Reform Act of 1995, and the "safe harbor" provisions
thereof. These forward-looking statements are usually accompanied by the words
"anticipates," "believes," "plan," "seek," "expects," "intends," "estimates,"
"projects," "will likely result," "will continue," "future" and similar terms
and expressions. The forward-looking statements in this Quarterly Report on Form
10-Q reflect our current views with respect to future events and financial
performance. These forward-looking statements are subject to certain risks and
uncertainties, including, among other things, the high-risk nature of oil and
gas exploratory operations, the fact that our drilling activities are managed by
third parties, the volatility of oil and natural gas prices and extraction, and
those other risks and uncertainties discussed in the Fund's Annual Report on
Form 10-K Registration Statement on Form 10 filed with the Securities and
Exchange Commission that could cause actual results to differ materially from
historical results or those anticipated. In light of these risks and
uncertainties, there can be no assurance that the forward-looking information
contained in this Quarterly Report on Form 10-Q will in fact occur or prove to
be accurate. Readers should not place undue reliance on the forward-looking
statements contained herein, which speak only as of today's date. We undertake
no obligation to publicly revise these forward-looking statements to reflect
events or circumstances that may arise after today. All subsequent written or
oral forward-looking statements attributable to us or persons acting on our
behalf are expressly qualified in their entirety by this section.

Critical Accounting Policies and Estimates

The following discussion and analysis of our financial condition and operating
results are based on our financial statements. The preparation of this Quarterly
Report on Form 10-Q requires us to make estimates and assumptions that affect
the reported amount of assets and liabilities, disclosure of contingent assets
and liabilities at the date of our 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 Financial
Statements" in Part I of this Form 10-Q for a presentation of the Fund's
critical accounting principles. No changes in critical accounting policies and
estimates have been made since filing the Form 10-K.

Overview

The Fund commenced active operations on July 1, 2004 when it began its private
offering of shares. During 2004, the Fund raised capital by selling 350.1081
shares for $51,400,840. The Fund's primary business is obtaining economic
interest in the exploration and development of oil and gas projects. The
business activities are managed by Ridgewood Energy Corporation, the Manager.
The Fund does not directly explore for, or operate, any projects. The Manager,
on behalf of the Fund, enters into operating agreements with third party
operators for the exploration and possible development of projects. These
third-party operators manage all day-to-day activities of projects, determine
expenditures and report their activities to the Manager.

As of March 31, 2006 we owned working interests in seven offshore blocks and
have participated in five projects, drilling six wells of which four were dry
and two were successful. The successful project, South Timbalier 77, consisting
of two wells, #4 and #5, began production in August 2005. There are two
remaining projects to be drilled one of which has been delayed since Hurricane
Katrina.

Results of Operations

Revenues of $2,437,797 for the three months ended March 31, 2006 include oil and
gas revenues from the South Timbalier 77 project. 46% of revenue represents oil
sales and 54% of revenue represents gas sales. The Fund owns a 20% working
interest in each of the wells which in total produced approximately 261 MMcfe's
per month for the quarter ended March 31, 2006. For the quarter ended March 31,
2006, depletion and amortization and lease operating expenses totaled
$2,757,976. During March 2006 we received notice that the East Breaks 157
project did not contain commercially productive oil and gas reserves and the
decision was made to plug and abandon the well. Dry-hole costs incurred related
to East Breaks 157 and two previously abandoned projects through March 31, 2006
of $1,355,529 were expensed during the period. Management fees of $321,257 and
general and administrative expenses of $47,735 comprised the remainder of the
expenses for the period.

There were no producing properties and therefore, no revenues for the three
months ended March 31, 2005. For the three months ended March 31, 2005, the
operating loss of $337,359 was primarily comprised of management fees of
$321,257 and other general and administrative expenses of $16,102.

                                       12
<PAGE>

Other Income

Other income, comprised solely of interest income, was $205,360 and $105,942 for
the three months ended March 31, 2006 and 2005, respectively. Interest is earned
on non-invested capital which is held in highly liquid investments with
maturities when purchased of three months or less. Higher interest rates for the
three months ended March 31, 2006 as compared to the three months ended March
31, 2005 accounted for the increased interest income.

Liquidity and Capital Resources

Cash and cash equivalents increased by $1.2 million during the three months
ended March 31, 2006 from $22.0 million at December 31, 2005 to $23.2 million at
March 31, 2006. Cash from operating activities of $7.0 million primarily
represents oil and gas revenue receipts less expenditures for lease operating
and general and administrative expenses.

During the three months ended March 31, 2006, the Fund invested in oil and gas
properties totaling $0.7 million, the majority of which represents intangible
drilling costs related to the South Timbalier 77 project.

The Manager may distribute available cash from operations which includes cash
received by the Fund from producing wells (not including cash flow from
dispositions and shareholders capital contributions), less operating expenses
and other cash expenditures and less reserves for operating expenses, plugging
and abandonment costs and certain other actual and contingent liabilities. For
the three months ended March 31, 2006 the Fund distributed $5.0 million of
available cash from operations, inclusive of $0.8 million distributed to the
Manager.

Future Trends

Revenue to the Fund is sensitive to changes in price received for natural gas
production. Prevailing market prices fluctuate in response to many factors that
are outside of our control such as the supply and demand for natural gas.
Availability of alternative fuels also impacts the supply while other economic
factors may impact the demand.

High natural gas prices have resulted in a strong demand for and a tight supply
of drilling rigs necessary to drill new wells. The increased cost in daily rig
rates could have a negative impact on the return to investors in the Fund. The
shortage of drilling rigs could delay the employment of capital to such projects
and thus delay revenue from operations.

Wells drilled may not have commercially productive natural gas reservoirs. In
such an event, the Fund's revenue, future results of operations and financial
condition would be adversely impacted.

Estimated Capital Expenditures

The Fund has entered into multiple Offshore Operating Agreements for the
drilling and development of its investment properties. The estimated capital
expenditures associated with these agreements can vary depending on the stage of
development on a property-by-property basis. As of March 31, 2006, such
estimated capital expenditures to be spent total $16.6 million.

The table below sets out exploration and development capital expenditures from
inception as well as estimated budgeted amounts for future periods.

<TABLE>
<CAPTION>
  Estimated Capital Expenditures
  As of March 31, 2006            Total Project        Spent thru           To be Spent
                                     Costs           March 31, 2006       Next 12 months
<S>                               <C>               <C>                  <C>
Projects
    Eugene Island 337 (i)          $ 5,200,000       $   133,655          $ 5,066,345
    West Cameron 95 (i)             11,440,000                 0           11,440,000
</TABLE>

i)            Assumes the wells are commercially successful. If one or more of
              the wells is dry, the development capital will be reallocated to
              one or more new unspecified projects.

                                       13
<PAGE>

Item 3.  Quantitative and Qualitative Disclosures about Market Risk

The principal market risks to which the Fund is exposed that may adversely
impact the Fund's results of operations and financial position are changes in
oil and gas prices. The Fund has no market risk sensitive instruments held for
trading purposes.

Item 4.  Controls and Procedures

(a)     Evaluation of Disclosure Controls and Procedures

Our Chief Executive Officer and Chief Financial Officer have evaluated the
effectiveness of our disclosure controls and procedures as defined in Rules
13a-15(e) of the Securities and Exchange Act of 1934, as amended ("Exchange
Act") as of March 31, 2006 ("Evaluation Date"). Based on this evaluation, our
Chief Executive Officer and the Chief Financial Officer have concluded that our
disclosure controls and procedures were effective as of the Evaluation Date to
ensure that information that is required to be disclosed by us in the reports we
file or submit under the Exchange Act is recorded, processed, summarized and
reported, within the time periods specified in the SEC's rules and forms.


(b)     Changes in Internal Control over Financial Reporting

There have been no changes in the Fund's internal control over financial
reporting during the Fund's most recent fiscal quarter that have materially
affected, or are reasonably likely to materially affect, our internal control
over financial reporting.

                                       14
<PAGE>

Part II.          Other Information

Item 6.           Exhibits

     31.1         Certification of Robert E. Swanson, Chief Executive Officer,
                  pursuant to Securities Exchange Act Rule 13a-14(a)

     31.2         Certification of Kathleen P. McSherry, Chief Financial
                  Officer, pursuant to Securities Exchange Act Rule 13a-14(a)

     32           Certifications pursuant to 18 U.S.C. Section 1350, as adopted
                  pursuant to Section 906 of The Sarbanes-Oxley Act of 2002,
                  signed by Robert E. Swanson, Chief Executive Officer of the
                  Company and Kathleen P. McSherry, Chief Financial Officer of
                  the Company



                                       15
<PAGE>

                                   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, LLC


                          By: /s/ Robert E. Swanson
                              ---------------------
Dated:  May 15, 2006          Robert E. Swanson
                              President and Chief Executive Officer
                              (principal executive officer)


                          By: /s/ Kathleen P. McSherry
                              ------------------------
Dated:  May 15, 2006          Kathleen P. McSherry
                              Senior Vice President and Chief Financial Officer
                              (principal financial and accounting officer)


                                  16
<PAGE>

                                  EXHIBIT INDEX


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 Company and Kathleen P.
         McSherry, Chief Financial Officer of the Company




                                       17