UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549


                                   FORM 10-Q/A
                                 Amendment No. 1


     |X|  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
          EXCHANGE ACT OF 1934
               For the quarterly period ended September 30, 2005 or

     |_|  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
          EXCHANGE ACT OF 1934
          For the transition period from __________________to___________________



                        Commission File Number 000-51267

                          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)


                                 (302) 888-7444
              (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  |_| No  |X|

Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer, or 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 March 9, 2007 there were 350.1081 shares of membership interest of
the registrant outstanding.



<PAGE>


Explanatory Paragraph

This Amendment No. 1 on Form 10-Q/A (the "Form 10-Q/A") to the Ridgewood Energy
L Fund, LLC (the "Fund") Form 10-Q (the "Original Filing") originally filed with
the Securities and Exchange Commission (the "SEC") on November 14, 2005, is a
result of the restatement of our financial statements as of September 30, 2005,
for the three and nine months ended September 30, 2005 and for the period May
27, 2004 (Inception) through September 30, 2005.

We are restating our previously reported financial information for these periods
to correct for the following: (1) accruals of oil and gas revenues and
properties, (2) reclassifications of the salvage fund from cash and cash
equivalents and unproved properties from proved properties, (3) recording of
lease operating expenses and asset retirement obligations and related accretion
expense, and (4) erroneous calculation of depletion expense.

This Form 10-Q/A also reflects the effects of restatements to prior periods. The
restatements are described in more detail in Note 9 to the Unaudited Condensed
Financial Statements included elsewhere in this report.

This amendment only amends and restates the Original Filing solely as a result
of, and to reflect, the restatement, and no other information in the Original
Filing is amended hereby, except for the Business Update included in Item 2.,
which reflects the current status of each project.



                                       2
<PAGE>

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


   Item 1.  Financial Statements (Unaudited):
     Condensed Balance Sheets as of September 30, 2005 (restated) and December 31, 2004 .................4
     Condensed Statements of Operations for the three and nine months ended
       September 30, 2005 (restated) and May 27, 2004 (Inception) to September 30, 2005 (restated) ......5
     Condensed Statements of Cash Flows for the nine months ended September 30, 2005 (restated)
       and May 27, 2004 (Inception) to September 30, 2005 (restated) ....................................6
   Notes to Unaudited Condensed Financial Statements ....................................................7
   Item 2.  Management's Discussion and Analysis of Financial Condition and Results of Operations ......23
   Item 3.  Quantitative and Qualitative Disclosures About Market Risk .................................29
   Item 4.  Controls and Procedures ....................................................................29

Part II - OTHER INFORMATION

   Item 6.  Exhibits ...................................................................................32

   SIGNATURES ..........................................................................................33

</TABLE>


                                       3
<PAGE>

<TABLE>
<CAPTION>
                                        RIDGEWOOD ENERGY L FUND, LLC
                                      (An exploratory stage enterprise)
                                         CONDENSED BALANCE SHEETS
                                                 (Unaudited)
                                                                              September 30, 2005    December 31, 2004
                                                                              ------------------    -----------------
                                                                                  (Restated -
                                                                                  see note 9)
<S>                                                                             <C>                   <C>
                                 ASSETS
Current assets:
     Cash and cash equivalents                                                  $ 23,290,811          $ 35,341,401
     Production receivable                                                         1,366,124                     -
     Interest receivable                                                                   -                16,738
     Prepaid expenses                                                                 23,066                22,228
                                                                                ------------          ------------
        Total current assets                                                      24,680,001            35,380,367
                                                                                ------------          ------------
Salvage fund                                                                       1,025,530             1,004,754
                                                                                ------------          ------------
Oil and gas properties
     Advances to operators for working interests and expenditures                          -             3,635,572
     Proved properties                                                             9,378,056                     -
     Unproved properties                                                             111,177               209,113
     Less:  accumulated depletion and amortization - proved properties            (1,130,158)                    -
                                                                                ------------          ------------
        Total oil and gas properties, net                                          8,359,075             3,844,685
                                                                                ------------          ------------
        Total assets                                                            $ 34,064,606          $ 40,229,806
                                                                                ============          ============
                    LIABILITIES AND MEMBERS' CAPITAL
Current liabilities:
     Due to operators                                                           $    639,199          $          -
     Accrued expenses payable                                                         77,586                16,240
                                                                                ------------          ------------
        Total current liabilities                                                    716,785                16,240
                                                                                ------------          ------------
Non-current liabilities:
     Asset retirement obligations                                                    329,265                     -
                                                                                ------------          ------------
        Total non-current liabilities                                                329,265                     -
                                                                                ------------          ------------
     Total Liabilities                                                             1,046,050                16,240
                                                                                ------------          ------------
Commitments and contingencies (Note 8)

Members' capital:
     Manager:
        Accumulated deficit                                                         (182,722)             (116,883)
                                                                                ------------          ------------
        Manager's total                                                             (182,722)             (116,883)
                                                                                ------------          ------------
     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)
        Accumulated deficit                                                      (12,697,835)           (5,568,664)
                                                                                ------------          ------------
        Shareholders' total                                                       33,201,278            40,330,449
                                                                                ------------          ------------
        Total members' capital                                                    33,018,556            40,213,566
                                                                                ------------          ------------
        Total liabilities and members' capital                                  $ 34,064,606          $ 40,229,806
                                                                                ============          ============

           The accompanying notes are an integral part of these unaudited condensed financial statements.
</TABLE>


                                       4
<PAGE>

<TABLE>
<CAPTION>
                                          RIDGEWOOD ENERGY L FUND, LLC
                                      (An exploratory stage enterprise)
                                      CONDENSED STATEMENTS OF OPERATIONS
                                                (Unaudited)

                                                                                                            For the period
                                                                                                             May 27, 2004
                                                                                          Nine Months         (Inception)
                                                       Three months ended                   ended               through
                                                          September 30,                  September 30,        September 30,
                                                       2005              2004                2005                 2005
                                                       ----              ----                ----                 ----
                                                    (Restated                             (Restated            (Restated
                                                    see note 9)                           see note 9)          see note 9)
<S>                                               <C>                 <C>                 <C>                 <C>
Revenue
  Oil and gas revenues                            $  1,366,124        $          -        $  1,366,124        $  1,366,124
                                                  ------------        ------------        ------------        ------------
Expenses
  Investment fees to affiliate (Note 6)                      -           2,315,967                   -           2,315,967
  Dry-hole costs                                     5,735,349                   -           6,615,615           9,496,343
  Depletion and amortization                         1,130,158                   -           1,130,158           1,130,158
  Accretion expense                                      3,663                   -               6,087               6,087
  Management fees to affiliate (Note 6)                321,257              94,763             963,771           1,513,077
  Lease operating expenses                              64,119                   -              64,119              64,119
  Other general and administrative expenses            139,031              29,022             294,581             339,470
                                                  ------------        ------------        ------------        ------------
     Total expenses                                  7,393,577           2,439,752           9,074,331          14,865,221
                                                  ------------        ------------        ------------        ------------
     Loss from operations                           (6,027,453)         (2,439,752)         (7,708,207)        (13,499,097)
Other income
  Interest income                                      187,756              36,114             513,197             618,540
                                                  ------------        ------------        ------------        ------------
     Total other income                                187,756              36,114             513,197             618,540
     Net loss                                     $ (5,839,697)       $ (2,403,638)       $ (7,195,010)       $(12,880,557)
                                                  ------------        ------------        ------------        ------------
     Manager - Net income (loss)                  $     59,443        $    (41,366)       $    (65,839)       $   (182,722)
     Shareholders - Net loss                      $ (5,899,140)       $ (2,362,272)       $ (7,129,171)       $(12,697,835)
     Net loss per share                           $    (16,849)       $     (6,747)       $    (20,363)       $    (36,268)


          The accompanying notes are an integral part of these unaudited condensed financial statements.
</TABLE>


                                       5
<PAGE>

<TABLE>
<CAPTION>
                                 RIDGEWOOD ENERGY L FUND, LLC
                              (An exploratory stage enterprise)
                              CONDENSED STATEMENTS OF CASH FLOWS
                                          (Unaudited)
                                                                                            For the period
                                                                                              May 27, 2004
                                                                  For the nine months         (Inception)
                                                                         ended                  through
                                                                  September 30, 2005       September 30, 2005
                                                                  ------------------       ------------------
                                                                     (Restated -              (Restated -
                                                                     see note 9)              see note 9)
<S>                                                                  <C>                      <C>
Cash flows from operating activities
  Net loss                                                           $ (7,195,010)            $(12,880,557)
  Adjustments to reconcile net loss to net cash
     used in operating activities
     Dry-hole costs                                                     6,615,615                9,496,343
     Depletion and amortization                                         1,130,158                1,130,158
     Accretion expense                                                      6,087                    6,087
     Changes in assets and liabilities
       Increase in production receivable                               (1,366,124)              (1,366,124)
       Increase in prepaid expenses                                          (838)                 (23,066)
       Decrease in interest receivable                                     16,738                        -
       Increase in due to operators                                        64,119                   64,119
       Increase in accrued expenses payable                                61,346                   77,586
                                                                     ------------             ------------
       Net cash used in operating activities                             (667,909)              (3,495,454)
                                                                     ------------             ------------
Cash flows from investing activities
  Payments to operators for working interests                                   -               (3,635,572)
    and expenditures
  Capital expenditures for oil and gas properties                     (11,361,905)             (14,451,746)
  Funding of salvage fund                                                       -               (1,000,000)
  Interest income reinvested-salvage fund                                 (20,776)                 (25,530)
                                                                     ------------             ------------
       Net cash used in investing activities                          (11,382,681)             (19,112,848)
                                                                     ------------             ------------
Cash flows from financing activities
    Contributions from shareholders                                             -               51,400,840
    Syndication costs paid                                                      -               (5,501,727)
                                                                     ------------             ------------
       Net cash provided by financing activities                                -               45,899,113
                                                                     ------------             ------------
       Net (decrease) increase in cash and
         cash equivalents                                             (12,050,590)              23,290,811
       Cash and cash equivalents,
         beginning of period                                           35,341,401                        -
                                                                     ------------             ------------
       Cash and cash equivalents, end of period                      $ 23,290,811             $ 23,290,811
                                                                     ============             ============
Supplemental schedule of non-cash investing activities
       Advances used for capital expenditures in oil and
         gas properties reclassified to proved properties            $  3,635,572             $  3,635,572
                                                                     ============             ============



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

</TABLE>


                                       6
<PAGE>

                          RIDGEWOOD ENERGY L FUND, LLC
                        (An exploratory stage enterprise)
                NOTES TO UNAUDITED CONDENSED 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 ("LLC Agreement") dated as of July 6, 2004 by and among Ridgewood
Energy Corporation ("Manager") and the shareholders of the Fund. Although the
date of formation is May 27, 2004, the Fund did not begin operations until July
22, 2004 when it began its private offering of shares.

The Fund was organized to acquire, drill, construct and develop oil and natural
gas properties located in the United States offshore waters of Texas, Louisiana,
and Alabama in the Gulf of Mexico. The Fund has devoted most of its efforts to
raising capital and oil and natural gas exploration activities.

The Manager performs (or arranges for the performance of) the management,
administrative and advisory services required for Fund operations. Such services
include, without limitation, the administration of shareholder accounts,
shareholder relations and the preparation, review and dissemination of tax and
other financial information. In addition, the Manager provides office space,
equipment and facilities and other services necessary for Fund operations. The
Manager also engages and manages the contractual relations with outside
custodians, depositories, accountants, attorneys, broker-dealers, corporate
fiduciaries, insurers, banks and others as required (Notes 2, 5 and 6).

2.   Summary of Significant Accounting Policies

     Basis of presentation

These unaudited interim condensed financial statements have been prepared by the
Fund's management, in accordance with accounting principles generally accepted
in the United States of America ("GAAP") and in the opinion of management,
contain all adjustments (consisting of only normal recurring adjustments)
necessary to present fairly the Fund's financial position, results of operations
and cash flows for the periods presented. Certain information and note
disclosures normally included in annual financial statements prepared in
accordance with GAAP have been omitted in these unaudited interim condensed
financial statements. The results of operations, financial position, and cash
flows for the periods presented herein are not necessarily indicative of future
financial results. These unaudited interim condensed financial statements should
be read in conjunction with the annual financial statements and the notes
thereto for the period ended December 31, 2004 included in the Fund's 2005
Annual Report on form 10-K/A filed with the Securities and Exchange Commission
("SEC").

                                       7
<PAGE>

     Exploratory Stage Enterprise

Management uses various criteria to evaluate whether the Fund is an exploratory
stage enterprise, including but not limited to, the success of drilling, the
timing, significance, quality and flow of production and the results of reserve
reports obtained from experts. On a case by case basis, once a project begins
production, management performs diligent analysis at regular intervals utilizing
the various criteria noted above to determine the appropriate classification of
the Fund as an exploratory stage entity. Based on such an analysis, management
has determined the Fund continues to be an exploratory stage enterprise.

     Use of Estimates

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

     Advances to Operators for Working Interests and Expenditures

Each participation agreement the Fund executes for an exploratory project
requires the Fund to make a payment to the working interest owner for the Fund's
ownership rights and working interest in the project. The Fund will account for
such payments as advances to operators for working interests and expenditures.
As drilling costs are incurred the advances are transfered to unproved
properties.

     Oil and natural gas properties

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

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

                                       8
<PAGE>

Upon the sale or retirement of a proved property (i.e. a producing well), the
cost and related accumulated depletion and amortization will be eliminated from
the property accounts, and the resulting 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 for impairment. Currently, it is not the Manager's intention
to sell any of the Fund's property interests.

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

As of September 30, 2005 and December 31, 2004, amounts recorded in due to
operators totaling approximately $0.6 million and nil, respectively, related to
the acquisition of oil and natural gas property.

     Revenue Recognition and Production Receivable

Oil and natural 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). At the time of transfer a production
receivable is recorded.

The volume of oil and natural gas sold on the Fund's behalf may differ from the
volume of oil and natural gas to which the Fund is entitled. The Fund will
account for such oil and natural gas production imbalances by the entitlements
method. Under the entitlements method, the Fund will recognize a receivable from
other working interest owners for volumes oversold by other working interest
owners. For volumes oversold by the Fund, a payable to other working interest
owners will be recorded. As of September 30, 2005 and December 31, 2004, there
were no material oil or natural gas balancing arrangements between the Fund and
other working interest owners.

     Interest Income

Interest income is recognized when earned.

     Syndication Costs

Direct costs associated with offering the Fund's shares including professional
fees; such as outside due diligence costs, legal advice with regard to the
offering, selling expenses and administrative costs relating to broker-dealer
relationships, payable to the Manager, an affiliate of the Manager and outside
brokers are reflected as a reduction of shareholders' capital.

     Asset Retirement Obligations

For oil and natural gas properties, there are obligations to perform removal and
remediation activities when the properties are retired. The Financial Accounting
Standards Board ("FASB") issued Statement of Financial Accounting Standards
("SFAS") No. 143, "Accounting for Asset Retirement Obligations" ("SFAS No.
143"), effective for years beginning after December 15, 2002. SFAS No. 143

                                       9
<PAGE>

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 natural gas properties on the balance sheet. When a project
reaches drilling depth and is determined to be either proved or dry, an asset
retirement obligation is recorded. Plug and abandonment costs associated with
unsuccessful projects are expensed as incurred as dry-hole costs.


                                                September 30, 2005
                                                ------------------

            Balance - Beginning of period            $       -

            Liabilities incurred                       620,007
            Liabilities settled                       (296,829)
            Accretion expense                            6,087
                                                     ---------
            Balance - End of period                  $ 329,265
                                                     =========

In March 2005, the FASB issued FASB Interpretation ("FIN") No. 47, "Accounting
for Conditional Asset Retirement Obligations" ("FIN 47"). This interpretation
clarifies that the term "conditional asset retirement obligation" as used in
FASB 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
Fund does not expect the adoption of FIN 47 to have an impact on the Fund's 2005
financial position or results of operations.

     Impairment of Long-Lived Assets

In accordance with the provisions of SFAS No. 144, "Accounting for the
Impairment of Long-Lived Assets" ("SASF No. 144"), long-lived assets, such as
oil and natural gas properties, are evaluated when events or changes in
circumstances indicate the carrying value of such assets may not be recoverable.
The determination of whether impairment has occurred is made by comparing the
carrying values of long-lived assets to the estimated future undiscounted cash
flows attributable to the asset. The impairment loss recognized is the excess of
the carrying value over the future discounted cash flows attributable to the
asset or the estimated fair value of the asset. For the three and nine months
ended September 30, 2005 and for the period May 27, 2004 (Inception) through
September 30, 2005, the Fund had no impairments of long-lived assets.

                                       10
<PAGE>

     Depletion and Amortization

Depletion and amortization of the cost of proved oil and natural gas properties
are calculated using the units of production method. Proved developed reserves
are used as the base for depleting the cost of successful exploratory drilling
and development costs. The sum of proved developed and proved undeveloped
reserves is used as the base for depleting (or amortizing) leasehold acquisition
costs, the costs to acquire proved properties and platform and pipeline costs.
As of September 30, 2005 and December 31, 2004, the Fund had accumulated
depletion and amortization of approximately $1.1 million and nil, respectively.

     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
shareholders.

     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 federal insured limits. As of September 30, 2005 and December 31,
2004, bank balances exceeded federally insured limits by approximately $23.1
million and $35.0 million, respectively. The Fund maintains bank deposits with
accredited financial institutions to mitigate such risk.

     Salvage Fund

The Fund deposits in a separate interest-bearing account, or a salvage fund,
money to provide for dismantling production platforms and facilities, plugging
and abandoning the wells and removing the platforms, facilities and wells after
their useful lives, in accordance with applicable federal and state laws and
regulations. Interest earned on the account will become part of the salvage
fund.

At times the Fund may purchase short-term investments comprised of US Treasury
Notes with maturities greater than three months and as such are considered
held-to-maturity investments. Held-to-maturity securities are those investments
that the Fund has the ability and intent to hold until maturity.
Held-to-maturity investments are recorded at cost plus accrued income, adjusted
for the amortization of premiums and discounts, which approximate market value.
Interest income is accrued as earned. As of September 30, 2005 and December 31,
2004, the Fund had no investments in US Treasury Notes.

     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 certain
expenses, such as dry-hole costs and fiduciary fees, and interest income which
are allocated 99% to shareholders and 1% to the Manager.

                                       11
<PAGE>

3.   Recent Accounting Pronouncements

In May 2005, the FASB issued SFAS No. 154, "Accounting Changes and Error
Corrections - a replacement of APB Opinion No. 20 and FASB Statement No. 3"
("SFAS No. 154"). SFAS No. 154 requires, unless impracticable, retrospective
application to prior periods' financial statements of changes in accounting
principle where transition is not specified by a new accounting pronouncement.
SFAS No. 154 also requires that retrospective application of a change in
accounting principle be limited to the direct effects of the change. Indirect
effects of a change in accounting principle should be recognized in the period
of the accounting change. SFAS No. 154 is effective for accounting changes and
corrections of errors made in fiscal years beginning after December 15, 2005.
The adoption of SFAS No. 154 is not expected to have an impact on the 2006
financial statements.

In January 2003, the FASB issued FIN No. 46, "Consolidation of Variable Interest
Entities", ("FIN 46") which changes the criteria by which one company includes
another entity in its consolidated financial statements. FIN 46 requires a
variable interest entity to be consolidated by a company if that company is
subject to a majority of the risk of loss from the variable interest entity's
activities or entitled to receive a majority of the entity's residual returns or
both. The consolidation requirements of FIN 46 apply immediately to variable
interest entities created after December 31, 2003, and apply in the first fiscal
period ending after March 15, 2004, for variable interest entities created prior
to January 1, 2004. In December 2003, the FASB issued a revision of FIN 46 ("FIN
46R") to clarify some of the provisions and to exempt certain entities from its
requirements. The Fund has applied the provisions of FIN 46R effective December
31, 2004, with no impact on the financial statements.

FASB Staff Position ("FSP") 115-1 and 124-1, the Meaning of Other Than Temporary
Impairment and its Application to Certain Investments ("FSP 115-1 and 124-1").
This FSP addresses the determination as to when an investment is considered
impaired, whether that impairment is other than temporary and the measurement of
the impairment loss. It also requires certain disclosures about unrealized
losses that have not been recognized as other than temporary impairments. This
guidance applies to equity securities that have a readily determinable fair
value and all debt securities. It does not apply to investments accounted for
under the equity method. An investment is impaired if its fair value is less
than its cost, as assessed at the individual security level. When an investment
is impaired, the investor is required to evaluate whether the impairment is
other than temporary. If other than temporary, the unrealized loss must be
recognized. For all investments in an unrealized loss position for which other
than temporary impairments have not been recognized, the investor should
disclose by category of investment the amount of unrealized losses and the fair
value of investments with unrealized losses and related narrative disclosures.
FSP 115-1 and 124-1 is effective for reporting periods beginning after December
15, 2005. The adoption of FSP 115-1 and 124-1 is not expected to have an impact
on the 2006 financial statements.

                                       12
<PAGE>

4.   Unproved Properties - Capitalized Exploratory Well Costs

In April 2005, FASB issued ("FSP") 19-1, "Accounting for Suspended Well Costs"
("FSP 19-1"). This FSP was issued to address whether there were circumstances
that would permit the continued capitalization of exploratory well costs beyond
one year, other than when further exploratory drilling is planned and major
capital expenditures would be required to develop the project. FSP 19-1 requires
the continued capitalization of suspended well costs if the well has found a
sufficient quantity of reserves to justify its completion as a producing well
and the entity is making sufficient progress assessing these reserves and the
economic and operating viability of the project. All relevant facts and
circumstances should be evaluated in determining whether an entity is making
sufficient progress assessing the reserves and FSP 19-1 provides several
indicators in this evaluation. FSP 19-1 prohibits continued capitalization of
suspended well costs on the chance that market conditions will change or
technology will be developed to make the project economic.

The Fund adopted FSP 19-1 during the third quarter of 2005. 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. Capitalization costs are expensed as dry-hole costs
in the event that reserves are not found or are not in sufficient quantities to
complete the well and develop the field. Dry-hole costs were approximately $5.7
million, $6.6 million, and $9.5 million, for the three and nine months ended
September 30, 2005 and for the period May 27, 2004 (Inception) through September
30, 2005, respectively. As of September 30, 2005 and December 31, 2004, the Fund
had no capitalized exploratory well costs greater than one year.

The following table summarizes unproved properties and related activity for the
nine months ended September 30, 2005.

                                                     September 30, 2005
                                                     ------------------

Balance - Beginning of period                           $   209,113

Additions to capitalized exploratory well costs
  pending the determination of proved reserves            9,280,120
Reclassifications to proved properties based on
  the determination of proved reserves                   (9,378,056)
                                                        -----------
Balance - End of period                                 $   111,177
                                                        ===========

5.   Distributions

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

The Manager will determine whether Available Cash from Operations, as defined in
the Fund's LLC Agreement, is to be distributed. Such distribution would be
allocated 85% to the shareholders and 15% to the Manager, as defined in the
Fund's LLC Agreement.

                                       13
<PAGE>

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

There have been no distributions by the Fund.

6.   Related Parties

The Manager was paid a one time investment fee of 4.5% of initial capital
contributions. Fees are payable for services of investigating and evaluating
investment opportunities and effecting transactions. There were no investment
fees for both the three and nine months ended September 30, 2005. For the period
May 27, 2004 (Inception) through September 30, 2005, investment fees were
approximately $2.3 million.

The Fund's LLC Agreement provides that the Manager render management,
administrative and advisory services. For such services, the Manager receives an
annual management fee, payable monthly, of 2.5% of total capital contributions.
Management fees of approximately $0.3 million and $1.0 million were incurred and
paid for the three and nine months ended September 30, 2005, respectively.
Management fees of approximately $1.5 million were incurred and paid for the
period May 27, 2004 (Inception) through September 30, 2005.

In 2004, the Manager was paid an offering fee of approximately $1.8 million,
which approximated 3.5% of capital contributions to cover expenses incurred in
the offer and sale of shares of the Fund. Such offering fee is included in
syndication costs (Note 2). There were no offering fees incurred or paid in
2005.

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 September 30, 2005 and December 31, 2004, no amounts were
outstanding.

In 2004, Ridgewood Securities Corporation, a registered broker-dealer affiliated
with the Manager was paid selling commissions and placement fees of
approximately $0.2 million and $0.5 million, respectively; for shares sold of
the Fund which are reflected in syndication costs (Note 2).

None of the compensation to be received by 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.

                                       14
<PAGE>

7.   Fair Value of Financial Instruments

As of September 30, 2005 and for the period ended December 31, 2004, the
carrying value of cash and cash equivalents and salvage fund approximate fair
value. Cash and cash equivalents principally consist of money market funds.

8.   Commitment and Contingencies

     Environmental Considerations

The exploration for and development of oil and natural gas involves the
extraction, production and transportation of materials which, under certain
conditions, can be hazardous or cause environmental pollution problems. The
Manager and the Operators are continually taking action they believe appropriate
to satisfy applicable federal, state and local environmental regulations and do
not currently anticipate that compliance with federal, state and local
environmental regulations will have a material adverse effect upon capital
expenditures, results of operations or the competitive position of the Fund in
the oil and natural gas industry. However, due to the significant public and
governmental interest in environmental matters related to those activities, the
Manager cannot predict the effects of possible future legislation, rule changes,
or governmental or private claims. As of September 30, 2005 and December 31,
2004, there were no known environmental contingencies that required the Fund to
record a liability.

     Insurance Coverage

The Fund is subject to all risks inherent in the exploration for and development
of oil and natural gas. Insurance coverage as is customary for entities engaged
in similar operations is maintained, but losses may occur from uninsurable risks
or amounts in excess of existing insurance coverage. The occurrence of an event
which is not insured or not fully insured could have an adverse impact upon
earnings and financial position.

9.   Restatement of Previously Issued Financial Statements

Subsequent to the issuance of the Fund's financial statements as of and for the
nine months ended September 30, 2005, management identified accounting errors.
Accordingly, the Fund has restated the September 30, 2005 financial statements
in this Form 10-Q/A (Amendment No. 1).

The financial statements as of September 30, 2005, for the three and nine months
ended September 30, 2005 and for the period May 27, 2004 (Inception) through
September 30, 2005 have been restated to reflect the following adjustments:

     o    Depletion and amortization, which was erroneously calculated, has been
          corrected, resulting in approximately a $1.0 million increase in
          depletion and amortization expense for the three and nine months ended
          September 30, 2005 and for the period May 27, 2004 (Inception) through
          September 30, 2005 and a corresponding increase in accumulated
          depletion and amortization - proved properties as of September 30,
          2005.

                                       15
<PAGE>

     o    Oil and gas revenues which were over accrued have been corrected,
          resulting in approximately a $0.3 million decrease in oil and gas
          revenues for the three and nine months ended September 30, 2005 and
          for the period May 27, 2004 (Inception) through September 30, 2005 and
          a $0.3 million decrease in production receivable as of September 30,
          2005.
     o    Lease operating expenses, which were not recorded, have been
          corrected, resulting in approximately a $64 thousand increase in lease
          operating expense for the three and nine months ended September 30,
          2005 and for the period May 27, 2004 (Inception) through September 30,
          2005 and a corresponding increase in due to operators as of September
          30, 2005.
     o    The salvage fund, which was incorrectly included as cash and cash
          equivalents has been reclassified into its own account, resulting in
          approximately a $1.0 million reclassification from cash and cash
          equivalents to salvage fund.
     o    Unproved property costs which were over accrued, have been corrected,
          resulting in approximately a $1.3 million decrease in unproved
          properties and a corresponding decrease in due to operators.
     o    Proved property costs relating to South Timbalier 77, which were under
          accrued, have been corrected, resulting in approximately a $0.6
          million increase in proved properties and a corresponding increase in
          due to operators.
     o    Unproved property costs relating to Eugene Island 337, which were
          erroneously recorded as proved properties, have been corrected,
          resulting in approximately a $0.1 million increase in unproved
          properties and a corresponding decrease in proved properties.
     o    Asset retirement obligations of approximately $0.3 million erroneously
          not recorded have been corrected resulting in an increase in proved
          properties and an increase in asset retirement obligations.
     o    Accretion expense, which was erroneously not recorded, has been
          corrected, resulting in approximately a $3 thousand, $6 thousand, and
          $6 thousand increase in accretion expense for the three and nine
          months ended September 30, 2005, respectively, and for the period May
          27, 2004 (Inception) through September 30, 2005, respectively and a $6
          thousand increase in asset retirement obligations as of September 30,
          2005.

The above corrections resulted in approximately a $1.4 million increase in net
loss for the nine month period ended September 30, 2005, which resulted in
approximately a $1.3 million increase in shareholders' accumulated deficit and
approximately a $66 thousand increase in manager's accumulated deficit.
Shareholder's accumulated deficit and manager's accumulated deficit were also
impacted by the Fund's previous 2004 financial statement restatement
adjustments, which resulted in approximately a $23 thousand increase in
shareholder's accumulated deficit and an approximate $23 thousand decrease in
manager's accumulated deficit.

The following tables summarize the effects of the restatement on the 2005
balance sheet and income statements.

                                       16
<PAGE>

<TABLE>
<CAPTION>
Balance Sheet Effects:                                 September 30, 2005                            September 30,
                                                         As Previously                                  2005
                                                            Reported             Adjustments         As Restated
                                                            --------             -----------         -----------
<S>                                                       <C>                   <C>                 <C>
                              ASSETS
Current assets:
  Cash and cash equivalents                               $ 24,316,341          $ (1,025,530)       $ 23,290,811
  Production receivable                                      1,674,509              (308,385)          1,366,124
  Prepaid expenses                                              23,066                     -              23,066

     Total current assets                                   26,013,916            (1,333,915)         24,680,001

Salvage fund                                                         -             1,025,530           1,025,530
Oil and gas properties
  Unproved properties                                        1,272,177            (1,161,000)            111,177
  Proved properties                                          8,559,365               818,691           9,378,056
  Less:  accumulated depletion and amortization
     - proved properties                                      (105,694)           (1,024,464)         (1,130,158)
     Total oil and gas properties, net                       9,725,848            (1,366,773)          8,359,075

     Total assets                                         $ 35,739,764          $ (1,675,158)       $ 34,064,606

                 LIABILITIES AND MEMBERS' CAPITAL
Current liabilities:
  Due to operators                                        $  1,240,567          $   (601,368)       $    639,199

     Total current liabilities                               1,318,153              (601,368)            716,785

Non-current liabilities:
  Asset retirement obligations                                       -               329,265             329,265

     Total non-current liabilities                                   -               329,265             329,265

  Total Liabilities                                          1,318,153              (272,103)          1,046,050

Members' capital:
     Accumulated deficit                                      (139,701)              (43,021)           (182,722)
     Manager's total                                          (139,701)              (43,021)           (182,722)

  Shareholders:
     Accumulated deficit                                   (11,337,801)           (1,360,034)        (12,697,835)

     Shareholders' total                                    34,561,312            (1,360,034)         33,201,278

     Total members' capital                                 34,421,611            (1,403,055)         33,018,556

     Total liabilities and members' capital               $ 35,739,764          $ (1,675,158)       $ 34,064,606
</TABLE>


                                       17
<PAGE>

<TABLE>
<CAPTION>
Statement of Operation Effects:                For the three                               For the three
                                               months ended                                months ended
                                             September 30, 2005                          September 30, 2005
                                               As Previously          Adjustments           As Restated
                                               -------------          -----------           -----------
<S>                                            <C>                    <C>                  <C>
Revenue
  Oil and gas revenues                         $ 1,674,509            $  (308,385)         $ 1,366,124
Expenses
  Depletion and amortization                       105,694              1,024,464            1,130,158
  Accretion expense                                      -                  3,663                3,663
  Lease operating expenses                               -                 64,119               64,119
    Total expenses                               6,301,331              1,092,246            7,393,577
    Loss from operations                        (4,626,822)            (1,400,631)          (6,027,453)
    Net loss                                   $(4,439,066)           $(1,400,631)         $(5,839,697)
    Manager - Net income                       $   125,600            $   (66,157)         $    59,443
    Shareholders - Net loss                    $(4,564,666)           $(1,334,474)          (5,899,140)
    Net loss per share                         $   (13,038)           $    (3,812)         $   (16,849)

<CAPTION>
                                               For the nine
                                               months ended                                For the nine
                                             September 30, 2005                            months ended
                                               As Previously                             September 30, 2005
                                                 Reported             Adjustments           As Restated
                                                 --------             -----------           -----------
<S>                                            <C>                    <C>                  <C>
Revenue
  Oil and gas revenues                         $ 1,674,509            $  (308,385)         $ 1,366,124
Expenses
  Depletion and amortization                       105,694              1,024,464            1,130,158
  Accretion expense                                                         6,087                6,087
  Lease operating expenses                               -                 64,119               64,119
    Total expenses                               7,979,661              1,094,670            9,074,331
    Loss from operations                        (6,305,152)            (1,403,055)          (7,708,207)
    Net loss                                   $(5,791,955)           $(1,403,055)         $(7,195,010)
    Manager - Net loss                         $       342            $   (66,181)         $   (65,839)
    Shareholders - Net loss                    $(5,792,297)           $(1,336,874)          (7,129,171)
    Net loss per share                         $   (16,544)           $    (3,818)         $   (20,363)
</TABLE>


                                       18
<PAGE>

<TABLE>
<CAPTION>
                                               For the period
                                                May 27, 2004                               For the period
                                             (Inception) through                            May 27, 2004
                                             September 30, 2005                         (Inception) through
                                                As Previously                            September 30, 2005
                                                  Reported            Adjustments            As Restated
                                                  --------            -----------            -----------
<S>                                            <C>                    <C>                  <C>
Revenue
  Oil and gas revenues                         $  1,674,509           $   (308,385)        $  1,366,124
Expenses
  Depletion and amortization                        105,694              1,024,464            1,130,158
  Accretion expense                                       -                  6,087                6,087
  Lease operating expenses                                -                 64,119               64,119
    Total expenses                               13,770,551              1,094,670           14,865,221
    Loss from operations                        (12,096,042)            (1,403,055)         (13,499,097)
    Net loss                                   $(11,477,502)          $ (1,403,055)        $(12,880,557)
    Manager - Net loss                         $   (139,701)          $    (43,021)        $   (182,722)
    Shareholders - Net loss                    $(11,337,801)          $ (1,360,034)         (12,697,835)
    Net loss per share                         $    (32,384)          $     (3,884)        $    (36,268)
</TABLE>

In addition to the cash flow impact of the above restatement and prior period
restatements, the statements of cash flows for the nine months ended September
30, 2005 and for the period May 27, 2004 (Inception) through September 30, 2005
have also been restated for the following:

     o    Interest earned on the salvage fund which was incorrectly classified
          as cash and cash equivalents has been corrected to be properly
          reflected as an investing activity, resulting in approximately a $21
          thousand decrease in cash and cash equivalents and a corresponding
          increase in cash used in investing activities.

                                       19
<PAGE>

<TABLE>
<CAPTION>
Statement of Cash Flow Effects:                                    For the nine
                                                                   months ended                                For the nine
                                                                 September 30, 2005                            months ended
                                                                   As Previously                             September 30, 2005
                                                                     Reported             Adjustments           As Restated
                                                                     --------             -----------           -----------
<S>                                                                <C>                    <C>                 <C>
Cash flows from operating activities
  Net loss                                                         $ (5,791,955)          $ (1,403,055)       $ (7,195,010)
  Adjustments to reconcile net loss to net cash
    used in operating activities
    Depletion and amortization                                          105,694              1,024,464           1,130,158
    Accretion expense                                                         -                  6,087               6,087
      Increase in production receivable                              (1,674,509)               308,385          (1,366,124)
      Increase in due to operators                                            -                 64,119              64,119
      Increase in accrued expenses payable                               61,346                      -              61,346
      Decrease in interest receivable                                         -                 16,738              16,738
      Net cash provided by (used in) operating activities              (684,647)                16,738            (667,909)
Cash flows from investing activities
  Interest income reinvested - salvage fund                                   -                (20,776)            (20,776)
      Net cash used in investing activities                         (11,361,905)               (20,776)        (11,382,681)
      Net (decrease) in cash and cash equivalents                   (12,046,552)                (4,038)        (12,050,590)
      Cash and cash equivalents, beginning of period                 36,362,893             (1,021,492)         35,341,401
      Cash and cash equivalents, end of period                     $ 24,316,341           $ (1,025,530)       $ 23,290,811
Supplemental schedule of non-cash investing activities
      Advances used for capital expenditures in oil and
       gas properties reclassified to unproved properties          $          -           $  3,635,572        $  3,635,572
      Capital expenditures for oil and gas properties
       included in due to operators                                $  1,773,950           $ (1,773,950)       $          -
</TABLE>


                                       20
<PAGE>

<TABLE>
<CAPTION>
                                                                   For the period
                                                                    May 27, 2004                                For the period
                                                                (Inception) through                             May 27, 2004
                                                                 September 30, 2005                          (Inception) through
                                                                  As Previously                              September 30, 2005
                                                                    Reported              Adjustments            As Restated
                                                                    --------              -----------            -----------
<S>                                                                <C>                    <C>                 <C>
Cash flows from operating activities
  Net loss                                                         $(11,477,502)          $ (1,403,055)       $(12,880,557)
  Adjustments to reconcile net loss to net cash
    Depletion and amortization                                          105,694              1,024,464           1,130,158
    Accretion expense                                                         -                  6,087               6,087
    Changes in assets and liabilities
      Increase in production receivable                              (1,674,509)               308,385          (1,366,124)
      Increase in due to operators                                            -                 64,119              64,119
Cash flows from investing activities
  Payments to operators for working interests                                 -             (3,635,572)         (3,635,572)
  Capital expenditures for oil and gas properties                   (18,087,318)             3,635,572         (14,451,746)
  Funding of salvage fund                                                     -             (1,000,000)         (1,000,000)
  Interest income reinvested-salvage fund                                     -                (25,530)            (25,530)
      Net cash used in investing activities                         (18,087,318)            (1,025,530)        (19,112,848)
      Net (decrease) increase in cash and cash equivalents           24,316,341             (1,025,530)         23,290,811
      Cash and cash equivalents, end of period                     $ 24,316,341           $ (1,025,530)       $ 23,290,811
Supplemental schedule of non-cash investing activities
      Advances used for capital expenditures in oil and
        gas properties reclassified to proved properties           $          -              3,635,572        $  3,635,572
      Capital expenditures for oil and gas properties
        included in due to operators                               $  1,773,950             (1,773,950)        $         -
</TABLE>

10.  Subsequent Events

On March 17, 2006, the Fund was informed by Gryphon Exploration Company
(currently know as Woodside) ("Woodside"), the Operator of East Breaks 157, that
the well being drilled by Woodside did not have commercially productive
quantities of either oil or natural gas and has therefore been deemed a
dry-hole. The Fund owns a 7% working interest in East Breaks 157. Total
cumulative dry-hole costs, inclusive of plug and abandonment charges, were
approximately $1.8 million recorded in the first quarter of 2006.

The Fund owns a 20% working interest in West Cameron 95. On July 6, 2006, the
Fund was informed by El Paso Corporation ("El Paso"), the Operator of West
Cameron 95 that the well being drilled by El Paso did not have commercially
productive quantities of either oil or natural gas and has therefore been deemed
a dry-hole. Total cumulative dry-hole costs, inclusive of plug and abandonment
charges, were approximately $5.6 million, of which $5.0 million was recorded in
the second quarter and the remaining balance was recorded in subsequent quarters
of 2006. At December 31, 2006, the Fund recorded an estimated insurance recovery
receivable for West Cameron 95 of approximately $2.5 million which is net of an
approximate $0.2 million deductible. As a result, dry-hole costs for West
Cameron 95 incurred by the Fund for the year ended December 31, 2006, totaled
approximately $2.9 million.

In October 2006, the Fund acquired a working interest in the following wells:

                                       21
<PAGE>

<TABLE>
<CAPTION>
                                                                    Working                  Drilling
                                    Operator           Offshore    Interest %                  Date
--------------------------------------------------------------------------------------------------------------------
<S>                            <C>                         <C>      <C>                      <C>
Galveston 248                  LLOG Exploration Co.        TX        7.50%                   Q2 2007

Ship Shoal 81                  LLOG Exploration Co.        LA        7.50%                   Q3 2007

South Marsh Island 111         LLOG Exploration Co.        LA        7.50%                   Q2 2007

Vermillion 344                 LLOG Exploration Co.        LA        7.50%      Successful-completion in progress

West Delta 67                  LLOG Exploration Co.        LA        7.50%                   Q2 2007

West Delta 68                  LLOG Exploration Co.        LA        7.50%           Drilling: February 2007

Main Pass 275                Newfield Exploration Co.      LA       10.00%      Successful-completion in progress
</TABLE>



In September 2006, the Manager changed its policy regarding the 2.5% annual
management fee. Since Inception through August 31, 2006 the Manager had
received annual management fees, payable monthly, of 2.5% of total shareholder
capital contributions. Effective September 1, 2006, the annual management fee,
payable monthly, will be equal to 2.5% of total shareholder capital
contributions, net of cumulative dry-hole expenses incurred by the Fund.


                                       22
<PAGE>

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

Cautionary Statement Regarding Forward-Looking Statements


This Form 10-Q/A, Amendment No. 1, 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, (the "Exchange Act") 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," "would," "will likely result," "will continue,"
"future" and similar terms and expressions or variations thereof. The
forward-looking statements in this Form 10-Q/A reflect the current views of
management of the Fund 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 natural gas
exploratory operations, the fact that our drilling activities are managed by
third parties, the volatility of natural gas prices and extraction, and those
other risks and uncertainties discussed in the Fund's 10-K filed with the
Securities and Exchange Commission that could cause actual results to differ
materially from historical results or those anticipated. You are urged to
carefully consider all such factors.

In light of these risks and uncertainties, there can be no assurance that the
forward-looking information contained in this Form 10-Q/A 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 is based on our financial statements. The preparation of this Quarterly
Report on Form 10-Q/A 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 Condensed
Financial Statements" in Part I of this Form 10-Q/A for a presentation of the
Fund's critical accounting principles.

Natural Gas and Oil Reserve Estimates

Natural gas and oil reserve quantities estimated by third party petroleum
engineer specialists are used to calculate depletion as well as used to estimate
future net cash flows when analyzing properties for impairment. These reserve

                                       23
<PAGE>

estimates are updated at least annually. The reserve estimates are based upon
the quality of available data and engineering and geological interpretation and
judgment. Revisions to the estimated reserves may result from actual production,
results of future development and exploration activities, prevailing natural gas
and oil prices, operating costs and other factors. Revisions to estimated
reserves could have a material affect on future depletion expenses as well as
impairment of proved properties which could have a material impact on our future
results of operations, financial position and/or cash flows.

Overview of Our Business

The Fund is an independent oil and natural gas producer. The Fund's primary
investment objective is to generate cash flow for distribution to our
shareholders through participation in oil and natural gas exploration and
development projects in the Gulf of Mexico. The Fund began its operations by
offering shares in a private offering on May 27, 2004. As a result of such
offering, it raised capital of approximately $51.4 million through the sale of
350.1081 shares of LLC membership interests. After the payment of approximately
$7.8 million in offering fees, commissions and investment fees to the Fund's
Manager, affiliates, and broker-dealers, the Fund retained approximately $43.6
million available for investment. Investment fees represent a one time fee of
4.5% of initial capital contributions. The fee is payable to the Manager for the
service of investigating and evaluating investment opportunities and affecting
transactions.

The Manager performs certain duties on the Fund's behalf including the
evaluation of potential projects for investment and ongoing 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. As compensation for the above duties, the Manager is paid a onetime
investment fee (4.5% of capital contributions) for the evaluation of projects on
the Fund's behalf and an annual management fee (2.5% of capital contributions),
payable monthly, for ongoing administrative and advisory duties as well as
reimbursement of expenses. The Manager also participates in distributions.

Business Update

In 2004, the Fund acquired from Millenium Offshore Group ("MOGI") (now ATP) a
20% working interest in the South Timbalier 77 field of which two wells were
drilled and are producing.

<TABLE>
<CAPTION>
                                                              Costs incurred through
                                            Working                 12/31/06
     Well Name               Offshore      Interest %            (in thousands)                Status
<S>                                        <C>                       <C>
South Timbalier 77#4            LA         10.00%                    $ 6,383               Currently producing

South Timbalier 77#5            LA         10.00%                    $ 3,008               Currently producing
</TABLE>

                                       24
<PAGE>

The Fund acquired the West Cameron 103 from Gryphon Exploration Company (now
Woodside) and East Breaks 157 from ENI Petroleum (now Woodside). Both wells were
deemed dry-holes and were plugged and abandoned.

<TABLE>
<CAPTION>
                                                              Costs incurred through
                                            Working                 12/31/06
     Well Name               Offshore      Interest %             (in thousands)               Status
<S>                                        <C>                       <C>
West Cameron 103                LA         20.00%                    $ 2,798                DRY:November 2004
East Breaks 157                 TX          7.00%                    $ 1,789                 DRY:March 2006

The Fund acquired a 13.3% working interest in Eugene Island 337 from Devon
Energy ("Devon") which was drilled in two zones, one at 12,500 feet which was
dry and one at 7,500 feet which will be completed once a platform-based rig
becomes available to Devon.

<CAPTION>
                                                              Costs incurred through
                                            Working                 12/31/06
     Well Name               Offshore      Interest %            (in thousands)                Status
<S>                                        <C>                       <C>
Eugene Island 337               LA         13.33%                    $ 3,456      Discovery July 2006: Waiting on Production

The Fund acquired a 25% working interest in East Cameron 48 from Apache
Corporation ("Apache") which was drilled and deemed a dry-hole in September 2005.

<CAPTION>
                                                              Costs incurred through
                                            Working                 12/31/06
   Well Name                 Offshore      Interest %            (in thousands)                Status
<S>                                        <C>                       <C>
East Cameron 48                 LA         25.00%                    $ 5,893                DRY:September 2005

The Fund acquired a 7.5% working interest in Main Pass 155 from Samson Energy
("Samson") which was drilled and deemed a dry-hole in July 2005.

<CAPTION>
                                                               Costs incurred through
                                            Working                  12/31/06
   Well Name                 Offshore      Interest %             (in thousands)                Status
<S>                                        <C>                       <C>
Main Pass 155                   AL          7.50%                      $ 988                 DRY:July 2005

The Fund acquired a 20% working interest in West Cameron 95 from El Paso
Corporation ("El Paso") in 2006 which was drilled and deemed a dry-hole in July
2006. At a depth of 10,781 feet the drilling string became stuck which forced us
to side-track the well. The Fund has filed a claim with its insurance carrier
for the cost of the side-track.

<CAPTION>
                                                              Costs incurred through
                                            Working                 12/31/06
   Well Name                 Offshore      Interest %            (in thousands)                Status
<S>                                        <C>                       <C>
West Cameron 95                 LA         20.00%                    $ 5,597                DRY:July 2006

In October 2006, the Fund acquired a working interest in the following wells
operated by LLOG Exploration Company ("LLOG").

<CAPTION>
                                            Working                 Budgeted
     Well Name               Offshore      Interest %            (in thousands)                Status
<S>                                        <C>                       <C>
Galveston 248                   TX          7.50%                   $ 1,815       2nd quarter 2007 drilling date
Ship Shoal 81                   LA          7.50%                   $ 1,425       3rd quarter 2007 drilling date
South Marsh Island 111          LA          7.50%                   $ 1,410       2nd quarter 2007 drilling date
Vermilion 344                   LA          7.50%                   $ 1,620      Successful-completion in progress
West Delta 67                   LA          7.50%                   $ 1,290       2nd quarter 2007 drilling date
West Delta 68                   LA          7.50%                   $ 1,380           Drilling: February 2007

In December 2006, the Fund acquired a working interest in Main Pass 275 well
operated by Newfield Exploration Company ("Newfield").

<CAPTION>
                                            Working                 Budgeted
     Well Name               Offshore      Interest %            (in thousands)                Status
<S>                                        <C>                       <C>
Main Pass 275                   LA         10.00%                    $ 2,000       Successful-completion in progress
</TABLE>

                                       25
<PAGE>

     Results of Operations

The following Result of Operations should be read in conjunction with our
financial statements and the notes thereto. Management's discussion and analysis
has been revised for the effects of the restatement as discussed in Note 9 to
the financial statements.

Net Loss. For the three and nine months ended September 30, 2005, net loss was
approximately $5.8 million and $7.1 million, respectively, primarily related to
dry-hole costs, depletion and amortization and management fees partially offset
by oil and gas revenues. For the three months ended September 30, 2004 net loss
was approximately $2.4 million, primarily related to investment and management
fees. For the period May 27, 2004 (Inception) through September 30, 2005 the net
loss was approximately $12.9 million, primarily related to dry-hole costs,
depletion and amortization, investment fees and management fees of approximately
$9.5 million, $2.3 million and $1.5 million, respectively, offset by oil and gas
revenues.

Investment Fees. The manager is paid a one time investment fee of 4.5% of
initial capital contributions, the fee is payable for the service of
investigating and evaluating investment opportunities and affecting transactions
when the capital contributions are made. There were no investment fees were
incurred or paid in 2005. For the three months ended September 30, 2004 and for
the period May 27, 2004 (Inception) through September 30, 2005, investment fees
incurred and paid were approximately $2.3 million.

Dry-hole costs. Dry-hole costs are those costs incurred to drill and develop a
well that is ultimately found to be capable of producing either oil or natural
gas in sufficient quantities to justify completion of the well. Dry-hole costs
are recognized in the period in which the costs are incurred. Dry-hole costs for
the three months and nine months ended September 30, 2005 were approximately
$5.7 and $6.6 million, respectively, primarily related to two wells determined
to be dry in the third quarter of 2005. For the period May 27, 2004 (Inception)
through September 30, 2005, dry-hole costs were approximately $9.5 million, for
three wells determined to be dry.

Depletion and amortization. Depletion and amortization for the three and nine
months ended September 30, 2005 and for the period May 27, 2004 (Inception)
through September 30, 2005, was approximately $1.1 million, respectively.
Depletion and amortization is the result of production of reserve volumes in
2005.

Management fees. The Manager receives annual management fee, payable monthly, of
2.5% of total capital contributions. Management fees are charged to cover
expenses associated with overhead incurred by the Manager for its ongoing
management, administrative and advisory services. Such overhead expenses include
but are not limited to rent, payroll and benefits for employees of the Manager,
and other administrative costs. Management fees incurred and paid for the three
and nine months ended September 30, 2005, for the three months ended September
30, 2004 and for the period May 27, 2004 (Inception) through September 30, 2005,
were approximately $0.3 million, $1.0 million, $0.1 million and $1.5 million,
respectively.

Other general and administrative expenses. Other general and administrative
expenses represent accounting, legal, fiduciary fees and insurance expenses
represent costs specifically identifiable or allocable to the Fund. Accounting
and legal fees represent annual audit and tax preparation fees, quarterly

                                       26
<PAGE>

reviews and filing fees of the Fund. Insurance expense represents well control
insurance and premiums related to directors and officers liability and are
allocated to the Fund based on capital raised by all oil and natural gas funds
managed by the Manager. Other general and administrative expenses of
approximately $0.1 million and $0.3 million, respectively, were incurred for the
three and nine months ended September 30, 2005, respectively. For the three
month ended September 30, 2004, other general and administration expenses were
approximately $29 thousand. For the period May 27, 2004 (Inception) through
September 30, 2005, other general and administrative expenses were approximately
$0.3 million.

Other income. Other income is comprised solely of interest income and represents
interest earned on money market accounts. Other income for the three and nine
months ended September 30, 2005, for the three months ended September 30, 2004
and for the period May 27, 2004 (Inception) through September 30, 2005, was
approximately $0.2 million, $0.5 million, $36 thousand and $0.6 million,
respectively.

Capital Resources and Liquidity

Cash flows used in operating activities for the nine months ended September 30,
2005 of approximately $0.7 million, primarily related to management fees paid to
the Manager and other general and administrative expenses partially offset by
the interest income received from money market funds.

Cash flows used in operating activities for the period May 27, 2004 (Inception)
through September 30, 2005 were approximately $3.5 million relates primarily to
investment and management fees paid to the Manager of approximately $2.3 million
and $1.5 million, respectively, partially offset by the interest income received
from money market funds.

Cash flows used in investing activities for the nine months ended September 30,
2005 of approximately $11.4 million, primarily related to capital expenditures
for oil and gas properties and funding of the salvage fund.

Cash flows used in investing activities for the period May 27, 2004 (Inception)
through September 30, 2005 were approximately $19.1 million, primarily related
to capital expenditures for oil and gas properties, payments to operators for
working interests and expenditures to be utilized for 2005 exploration and
development activities and for the funding of the salvage fund of approximately
$14.5 million, $3.6 million and $1.0 million, respectively.

There were no cash flows relating to financing activities for the nine months
ended September 30, 2005.

Cash flows provided by financing activities for the period May 27, 2004
(Inception) through September 30, 2005 were approximately $45.9 million,
primarily related to net proceeds from the sale of shares of the Fund, which was
comprised of approximately $51.4 million for shareholders contributions offset
by syndication costs of approximately $5.5 million.

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 investor capital contributions), less operating expenses and
other cash expenditures and less reserves for operating expenses, plugging and

                                       27
<PAGE>

abandonment costs and certain other actual and contingent liabilities. No
distributions have been made from inception through September 30, 2005.

We expect to meet our cash commitments for the next twelve months from our cash
and investments on hand.

Estimated Capital Expenditures

The Fund has entered into multiple 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. For projects committed as of September 30,
2005, such estimated capital expenditures to be spent total approximately $13.0
million, all of which is expected to be paid out of the unspent capital
contribution within the following 12 months.

The table below presents exploration and development capital expenditures from
inception as well as estimated budgeted amounts for future periods:


Estimated Capital Expenditures
As of September 30, 2005

In thousands                                     Spent through
                                Total Project    September 30,     To be Spent
Projects                            Costs            2005        Next 12 Months
                                    -----            ----        --------------
      Eugene Island 337 (i)        $ 5,200         $     -          $ 5,200
      South Timbalier 77 (ii)        9,391           9,378               13
      Main Pass 155 (iii)            1,000             976               24
      East Cameron 48 (iv)           5,900           5,742              158
      East Break 157 (v)           $ 7,700         $   111          $ 7,589
                                   -------         -------          -------
                                   $29,191         $16,207          $12,984
                                   =======         =======          =======

      (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. Eugene Island 337 was deemed successful
          in July 2006 but is wating for production.
     (ii) South Timbalier 77 project was a success and began producing in August
          2005.
    (iii) Main Pass 155 was determined to be a dry-hole in July 2005.
     (iv) East Cameron 48 was determined to be a dry-hole in September 2005.
      (v) East Breaks 157 was determined to be a dry-hole in March 2006.


                                       28
<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 natural gas prices. The Fund has no market risk sensitive instruments
held for trading purposes. Information about market risks for the nine months
ended September 30, 2005, does not differ materially from that discussed in the
Fund's originally filed Form 10 and Form10-K.

Item 4. Controls and Procedures

(a)  Conclusion Regarding the Effectiveness of Disclosure Controls and
     Procedures

The Fund maintains disclosure controls and procedures that are designed to
ensure that information required to be disclosed in the reports that the Fund
files or submits as defined in Rules 13a-15(e) of the Securities and Exchange
Act of 1934, as amended ("Exchange Act") is recorded, processed, summarized and
reported within the time periods specified in the Securities and Exchange
Commission ("SEC") rules and forms, and that such information is accumulated and
communicated to the Chief Executive Officer ("CEO") and Chief Financial Officer
("CFO") to allow timely decisions regarding required disclosures.

The Fund, under the supervision and with the participation of management,
including the CEO and CFO, evaluated the effectiveness of the design and
operation of our disclosure controls and procedures (as defined in Rule
13a-15(e) under the Securities Exchange Act of 1934) as of September 30, 2005
("Evaluation Date"). Based on our initial evaluation, our CEO and CFO concluded
that our disclosure controls and procedures were effective as of the Evaluation
Date.

However, subsequent to the Evaluation Date, as reported under Item 4.02 of the
Form 8-K filed by the Fund on December 21, 2006, on December 18, 2006, the
Manager of the Fund, Ridgewood Energy Corporation, concluded that the Fund's
financial statements as of and for the period from May 27, 2004 (Inception) to
December 31, 2004 and as of and for the year ended December 31, 2005 as included
in the Fund's Form 10 registration statement and Annual Report on Form 10-K
should no longer be relied upon and should be restated to correct for errors
detected by management. The Fund is filing amendments to its Form 10 and Form
10-K, as well as amendments to its Quarterly Reports on Form 10-Q and Form
10-Q/A for the quarterly periods ended March 31, 2005, June 30, 2005, September
30, 2005 and March 31, 2006 as a result of these restatements.

Accordingly, subsequent to the Evaluation Date, management of the Fund concluded
that we had material weaknesses in our internal control over financial reporting
as of the Evaluation Date. Because of the existence of these material
weaknesses, our CEO and CFO have concluded that our disclosure controls and
procedures were not effective as of such date. As of December 22, 2006, we
believe we have addressed the material weaknesses through the institution of the
material weakness remediation plans described below.

                                       29
<PAGE>

(b)  Changes in Internal Control over Financial Reporting

In the course of our initial evaluation of disclosure controls and procedures,
management considered certain internal control areas in which we have made and
are continuing to make changes to improve and enhance controls. Based upon that
evaluation, the CEO and CFO concluded that there were no changes in our internal
control over financial reporting identified in connection with the evaluation
required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred
during the quarter ended September 30, 2005 that have materially affected, or
are reasonably likely to materially affect, our internal control over financial
reporting.

(c)  Material Weaknesses

After examining certain transactions and reviewing reconciliations from 2004 and
2005, various accounting errors were identified. Based upon management's review,
it has been determined these errors were inadvertent and unintentional. As a
result of these initial findings, on December 15, 2006, management announced the
Fund would restate its previously filed financial statements. Management
expanded the scope of the review to include accounting principles generally
accepted in the United States ("GAAP") and financial reporting procedures
surrounding GAAP pre and post-closing procedures.

Management concluded the reason for these errors primarily related to the lack
of technical accounting expertise relating to certain GAAP processing,
recording, summarizing and reporting processes.

The Fund had the following weaknesses.

     o    Insufficient training programs, and formalized policies and procedures
          on documenting financial controls, to ensure the ongoing application
          and execution of controls;
     o    Staff lacking sufficient technical accounting expertise in GAAP and
          SEC requirements; and
     o    Lack of resources necessary to perform consistent, routine analytical
          reviews of the GAAP financial results, including key balance sheet and
          income statement account analyses.

(d)  Material Weaknesses Remediated

Management has been and is committed to remediation of weaknesses, as well as to
continual improvement of the Fund's overall system of internal control over GAAP
financial reporting. Management has developed and implemented remediation
procedures for each of the weaknesses, and has undergone efforts to
significantly strengthen the existing finance organization and systems across
the Fund. These efforts included the addition of finance resources which
provided technical support and oversight of financial processes. In addition,
various employees attended training programs. The Fund also utilized additional
resources to assist in the program management aspect of each weakness in its
remediation design.

                                       30
<PAGE>

The remediation plans were initially instituted in 2006, and have been evaluated
by management. Based on these evaluations, management has determined the
corrective actions have been implemented to address the weaknesses.

With respect to the weaknesses, the following remediation actions have been
implemented throughout the year:

     o    Created detailed training programs and policies and procedures
          surrounding the accounting for oil and natural gas projects and GAAP
          and SEC financial reporting controls;
     o    Expansion of accounting and SEC reporting staff and various resources,
          by hiring five personnel with GAAP and/or SEC accounting and reporting
          expertise; and
     o    Enhanced tools and added appropriate resources to perform consistent,
          routine analytical reviews of the GAAP financial results, including
          key balance sheet and income statement account analyses.

On December 22, 2006, management, as a result of its ongoing evaluation of the
effectiveness of the Fund's "disclosure controls and procedures" (as defined in
the Securities Exchange Act of 1934 as amended (the "34 Act") Rules 13a-15(e)
and 15d-15(e)) and "internal control over financial reporting" (as defined in
the 34 Act Rules 13a-15(f) and 15d-15(f)), concluded the material weaknesses
disclosed in this Item 4 had been addressed and remediated.



                                       31
<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.




                                       32
<PAGE>



                                   SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Form 10-Q/A to be signed on its behalf by the
undersigned, thereunto duly authorized.

Dated:  March 9, 2007                      RIDGEWOOD ENERGY L FUND, LLC

                              By:     /s/  ROBERT E. SWANSON
                                    Name:  Robert E. Swanson
                                   Title:  President and Chief Executive Officer
                                           (Principal Executive Officer)

Dated:  March 9, 2007
                              By:     /s/  KATHLEEN P. MCSHERRY
                                    Name:  Kathleen P. McSherry
                                   Title:  Senior Vice President and Chief
                                           Financial Officer
                                           (Principal Financial and Accounting
                                           Officer)




                                       33
<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.





                                       34