**UNITED
      STATES**


**SECURITIES
      AND EXCHANGE
      COMMISSION**





**Washington,
      D.C. 20549**





**FORM
      10-Q**





ý
              **QUARTERLY
                  REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
                  ACT OF
                  1934**For
                  the quarterly period ended September 30, 2007
 or
 
 o
              **TRANSITION
                  REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
                  ACT OF
                  1934**For
                  the transition period from
                  _______________________to____________________________


**Commission
      File Number 000-51268**




**RIDGEWOOD
      ENERGY M FUND, LLC**


(Exact
      name of registrant as specified in its charter)








**Delaware**
              (State
                or other jurisdiction of
              incorporation
                or organization)
            
            **13-4285167**
              (I.R.S.
                Employer
              Identification
                No.)








**1314
      King Street, Wilmington, Delaware 19801**


(Address
      of principal executive offices) (Zip code)





**(302)
      888-7444**


(Registrant’s
      telephone number, including area code)








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  ýNo  o





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  o                          
              Accelerated
      filer  o                          
                    Non-accelerated
      filer  ý





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





As
      of,
      November 14, 2007 there were 535.6818 shares of membership interest of the
      registrant outstanding.








**Table
                  of Contents****Part
                  I - FINANCIAL INFORMATION**
              
              **Page**Item
                  1.  Financial Statements:Unaudited
                  Condensed Balance Sheets as of September 30, 2007 and December
                  31,
                  2006
              
              
              3Unaudited
                  Condensed Statements of Operations for the three and nine months
                  ended
                September
                  30, 2007 and 2006
              
              
              4Unaudited
                  Condensed Statements of Cash Flows for the nine months ended
                September
                  30, 2007 and 2006
              
              
              5Notes
                  to Unaudited Condensed Financial Statements
              
              
              6Item
                  2.  Management's Discussion and Analysis of Financial Condition
                  and Results of Operations
              
              
              12Item
                  3.  Quantitative and Qualitative Disclosures about Market
                  Risk
              
              
              19Item
                  4.  Controls and Procedures
              
              
              19**Part
                  II - OTHER INFORMATION**Item
                  1.  Legal Proceedings
              
              
              21Item
                  1A.  Risk Factors
              
              
              21Item
                  2.  Unregistered Sales of Equity Securities and Use of
                  Proceeds
              
              
              21Item
                  3.  Defaults Upon Senior Securities
              
              
              21Item
                  4.  Submissions of Matters to a Vote of Security
                  Holders
              
              
              21Item
                  5.  Other Information
              
              
              21Item
                  6.  Exhibits
              
              
              21SIGNATURES
              
              
              22





2




**RIDGEWOOD
                  ENERGY M FUND, LLC****UNAUDITED
                  CONDENSED BALANCE SHEETS****(in
                  thousands, except share amounts)****September
                  30,**
              
              
              **December
                  31,****2007**
              
              
              **2006****Assets**Current
                  assets:Cash
                  and cash equivalents
              
              $
              12,394
              
              
              $
              7,508Short-term
                  investments in marketable securities
              
              
              5,019
              
              
              
              15,656Production
                  receivable
              
              
              97
              
              
              
              493Due
                  from operators
              
              
              78
              
              
              
              -Other
                  current assets
              
              
              628
              
              
              
              22Total
                  current assets
              
              
              18,216
              
              
              
              23,679Salvage
                  fund
              
              
              1,098
              
              
              
              1,060Oil
                  and gas properties:Proved
                  properties
              
              
              25,360
              
              
              
              22,163Unproved
                  properties
              
              
              2,598
              
              
              
              5,355Less:
                  accumulated depletion and amortization-proved properties
              
              
              (5,084
              )
              
              
              (4,100
              )Total
                  oil and gas properties, net
              
              
              22,874
              
              
              
              23,418Total
                  assets
              
              $
              42,188
              
              
              $
              48,157**Liabilities
                  and Members' Capital**Current
                  liabilities:Due
                  to operators
              
              $
              237
              
              
              $
              717Due
                  to affiliates (Note 5)
              
              
              33
              
              
              
              -Accrued
                  expenses payable
              
              
              58
              
              
              
              155Total
                  current liabilities
              
              
              328
              
              
              
              872Asset
                  retirement obligations
              
              
              280
              
              
              
              225Total
                  liabilities
              
              
              608
              
              
              
              1,097Commitments
                  and contingencies (Note 7)Members'
                  capital:Manager:Distributions
              
              
              (1,322
              )
              
              
              (837
              )Accumulated
                  (deficit) earnings
              
              
              (155
              )
              
              
              105Manager's
                  total
              
              
              (1,477
              )
              
              
              (732
              )Shareholders:Capital
                  contributions (834 shares authorized;  535.6818 issued
                  and
                outstanding)
              
              
              78,887
              
              
              
              78,887Syndication
                  costs
              
              
              (8,597
              )
              
              
              (8,597
              )Distributions
              
              
              (7,494
              )
              
              
              (4,742
              )Accumulated
                  deficit
              
              
              (19,739
              )
              
              
              (17,756
              )Shareholders'
                  total
              
              
              43,057
              
              
              
              47,792Total
                  members' capital
              
              
              41,580
              
              
              
              47,060Total
                  liabilities and members' capital
              
              $
              42,188
              
              
              $
              48,157The
                  accompanying notes are an integral part of these unaudited condensed
                  financial statements.





3





**RIDGEWOOD
                  ENERGY M FUND, LLC****UNAUDITED
                  CONDENSED STATEMENTS OF OPERATIONS****(in
                  thousands, except share amounts)****For
                  the three months ended**
                **September
                  30,**
              
              
              **For
                  the nine months ended**
                **September
                  30,****2007**
              
              
              **2006**
              
              
              **2007**
              
              
              **2006****Restated****(See
                  Note 2)****Revenue**Oil
                  and gas revenue
              
              $
              685
              
              
              $
              3,803
              
              
              $
              3,238
              
              
              $
              6,114**Expenses**Dry-hole
                  costs
              
              
              257
              
              
              
              25
              
              
              
              211
              
              
              
              6,306Depletion
                  and amortization
              
              
              209
              
              
              
              2,222
              
              
              
              984
              
              
              
              3,499Impairment
                  of proved property
              
              
              2,943
              
              
              
              -
              
              
              
              2,943
              
              
              
              -Lease
                  operating expenses
              
              
              63
              
              
              
              217
              
              
              
              667
              
              
              
              309Management
                  fees to affiliate (Note 5)
              
              
              269
              
              
              
              464
              
              
              
              914
              
              
              
              1,450Other
                  operating expenses
              
              
              59
              
              
              
              3
              
              
              
              83
              
              
              
              5General
                  and administrative expenses
              
              
              124
              
              
              
              127
              
              
              
              438
              
              
              
              345Total
                  expenses
              
              
              3,924
              
              
              
              3,058
              
              
              
              6,240
              
              
              
              11,914(Loss)
                  income from operations
              
              
              (3,239
              )
              
              
              745
              
              
              
              (3,002
              )
              
              
              (5,800
              )**Other
                  income**Interest
                  income
              
              
              224
              
              
              
              442
              
              
              
              759
              
              
              
              1,329**Net
                  (loss) income**
              
              $
              (3,015
              )
              
              $
              1,187
              
              
              $
              (2,243
              )
              
              $
              (4,471
              )**Manager
                  Interest**Net
                  (loss) income
              
              $
              (409
              )
              
              $
              291
              
              
              $
              (260
              )
              
              $
              520**Shareholder
                  Interest**Net
                  (loss) income
              
              $
              (2,606
              )
              
              $
              896
              
              
              $
              (1,983
              )
              
              $
              (4,991
              )Net
                  (loss) income per share
              
              $
              (4,865
              )
              
              $
              1,673
              
              
              $
              (3,702
              )
              
              $
              (9,317
              )The
                  accompanying notes are an integral part of these unaudited condensed
                  financial statements.





4


**RIDGEWOOD
                  ENERGY M FUND, LLC****UNAUDITED
                  CONDENSED STATEMENTS OF CASH FLOWS****(in
                  thousands)****For
                  the nine months ended**
                **September
                  30,****2007**
              
              
              **2006****Cash
                  flows from operating activities**Net
                  loss
              
              $
              (2,243
              )
              
              $
              (4,471
              )Adjustments
                  to reconcile net loss to net cash
                provided
                  by operating activities:Dry-hole
                  costs
              
              
              211
              
              
              
              6,306Depletion
                  and amortization
              
              
              984
              
              
              
              3,499Impairment
                  of proved property
              
              
              2,943
              
              
              
              -Accretion
                  expense
              
              
              10
              
              
              
              5Interest
                  earned on marketable securities
              
              
              (328
              )
              
              
              (457
              )Changes
                  in assets and liabilities:Decrease
                  (increase) in production receivable
              
              
              396
              
              
              
              (1,838
              )Increase
                  in other current assets
              
              
              (336
              )
              
              
              (7
              )(Decrease)
                  increase in due to operators
              
              
              (87
              )
              
              
              156Increase
                  in due to affiliates
              
              
              33
              
              
              
              -(Decrease)
                  increase in accrued expenses payable
              
              
              (97
              )
              
              
              37Net
                  cash provided by operating activities
              
              
              1,486
              
              
              
              3,230**Cash
                  flows from investing activities**Capital
                  expenditures for oil and gas properties
              
              
              (4,290
              )
              
              
              (19,997
              )Proceeds
                  from insurance receivable
              
              
              -
              
              
              
              1,235Salvage
                  fund investments
              
              
              (38
              )
              
              
              (33
              )Proceeds
                  from the maturity of marketable securities
              
              
              24,704
              
              
              
              15,346Investment
                  in marketable securities
              
              
              (13,739
              )
              
              
              (30,346
              )Net
                  cash provided by (used in) investing activities
              
              
              6,637
              
              
              
              (33,795
              )**Cash
                  flows from financing activities**Distributions
                  paid
              
              
              (3,237
              )
              
              
              (2,354
              )Net
                  cash used in financing activities
              
              
              (3,237
              )
              
              
              (2,354
              )Net
                  increase (decrease) in cash and cash equivalents
              
              
              4,886
              
              
              
              (32,919
              )Cash
                  and cash equivalents, beginning of period
              
              
              7,508
              
              
              
              43,454Cash
                  and cash equivalents, end of period
              
              $
              12,394
              
              
              $
              10,535**Supplemental
                  schedule of non-cash investing activities**Advances
                  used for capital expenditures in oil and gas
                properties
                  reclassified to proved properties
              
              $
              -
              
              
              $
              4,366The
                  accompanying notes are an integral part of these unaudited condensed
                  financial statements.





5





**RIDGEWOOD
      ENERGY M FUND, LLC**


**NOTES
      TO UNAUDITED CONDENSED FINANCIAL STATEMENTS**








**1.**
            **Organization
                and Purpose**





The
      Ridgewood Energy M Fund, LLC (the “Fund”), a Delaware limited liability company,
      was formed on August 2, 2004 and operates pursuant to a limited liability
      company agreement (“LLC Agreement”) dated as of September 7, 2004 by and among
      Ridgewood Energy Corporation (the “Manager”) and the shareholders of the
      Fund.





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





The
      Manager performs (or arranges for the performance of) the management and
      administrative services required for Fund operations. Such services include,
      without limitation, the administration of shareholder accounts, shareholder
      relations and the preparation, review and dissemination of tax and other
      financial information.  In addition, the Manager provides office
      space, equipment and facilities and other services necessary for Fund
      operations.  The Manager also engages and manages the contractual
      relations with outside custodians, depositories, accountants, attorneys,
      broker-dealers, corporate fiduciaries, insurers, banks and others as required
      (Notes 2, 5 and 7).





**2.**
            **Summary
                of Significant Accounting
                Policies**





***Basis
      of Presentation***


These
      unaudited interim condensed financial statements have been prepared by the
      Fund’s management, in accordance with accounting principles generally accepted
      in the United States of America (“GAAP”) and in the opinion of management,
      contain all adjustments (consisting of only normal recurring adjustments)
      necessary to present fairly the Fund’s financial position, results of operations
      and cash flows for the periods presented.  Certain information and
      note disclosures normally included in annual financial statements prepared
      in
      accordance with GAAP have been omitted in these unaudited interim condensed
      financial statements.  The results of operations, financial position,
      and cash flows for the periods presented herein are not necessarily indicative
      of future financial results.  These unaudited interim condensed
      financial statements should be read in conjunction with the annual financial
      statements and the notes thereto for the year ended December 31, 2006 included
      in the Fund’s Annual Report on Form 10-K filed with the Securities and Exchange
      Commission (“SEC”).





***Restatement***


Subsequent
      to filing the September 30, 2006 Quarterly Report on Form 10-Q, the Fund
      identified a misstatement of $0.4 million in the interest income reported
      for the three months ended September 30, 2006. The
      misstatement resulted from a clerical error in a schedule used by the Fund
      to
      compile its results of operations in preparing its Quarterly Report on Form
      10-Q. The impact of this restatement is detailed in the table
      below:




**Three
                  Months Ended September 30, 2006****As
                  reported**
              
              
              **As
                  restated**(in
                  thousands, except per share amounts)Income
                  from operations
              
              $
              745
              
              
              $
              745Interest
                  income
              
              
              864
              
              
              
              442Net
                  income
              
              $
              1,609
              
              
              $
              1,187Manager
                  income
              
              $
              295
              
              
              $
              291Shareholder
                  income
              
              $
              1,314
              
              
              $
              896Income
                  per share
              
              $
              2,454
              
              
              $
              1,673





The
      misstatement has no impact on the Fund’s condensed statements of operations and
      cash flows for the nine months ended September 30,
      2006.  Also, this misstatement has no impact on the balance
      sheet as of September 30, 2007 or December 31, 2006.





6




***Use
      of Estimates***


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





***Cash
      and Cash Equivalents***


All
      highly liquid investments with maturities when purchased of three months or
      less
      are considered as cash and cash equivalents. At times, bank deposits may be
      in
      excess of federally insured limits.  At September 30, 2007 and
      December 31, 2006, bank balances, inclusive of salvage fund, exceeded federally
      insured limits by approximately $4.1 million and $7.3 million,
      respectively.  The Fund maintains bank deposits with accredited
      financial institutions.





***Short-term
      Investments in Marketable Securities***


At
      times
      the Fund may purchase short-term investments comprised of US Treasury Notes
      with
      maturities greater than three months that are considered held-to-maturity
      investments.  Held-to-maturity securities are those investments that
      the Fund has the ability and intent to hold until
      maturity.  Held-to-maturity investments are recorded at cost plus
      accrued income, adjusted for the amortization of premiums and discounts, which
      approximate fair value.  Interest income is accrued as
      earned.  At September 30, 2007, the Fund had held-to-maturity
      investments, inclusive of salvage fund, totaling $6.1 million, maturing in
      January and February 2008.





***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, there are no legal
      restrictions on the withdrawal from the salvage fund.





***Oil
      and Natural Gas Properties***


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





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





Upon
      the
      sale or retirement of a proved property (i.e. a producing well), the cost and
      related accumulated depletion and amortization will be eliminated from the
      property accounts, and the resultant gain or loss is recognized.  On
      the sale or retirement of an unproved property, gain or loss on the sale is
      recognized. 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.





7





As
      of
      September 30, 2007 and December 31, 2006, approximately $0.2 million and $0.6
      million, respectively, were recorded in due to Operators related to the
      acquisition of oil and gas property.  The balance at December 31, 2006
      was paid during the first quarter of 2007.





***Advances
      to Operators for Working Interests and Expenditures***


The
      Fund’s acquisition of a working interest in a well or a project requires it to
      make a payment to the seller for the Fund’s right, title and
      interest.  The Fund is required to advance its share of estimated cash
      expenditures for the succeeding month’s operation. The Fund accounts for such
      payments as advances to operators for working interests and
      expenditures.  As drilling costs are incurred, the advances are
      transferred to unproved properties.  At September 30, 2007, the Fund
      had an advance to Operator of $270 thousand relating to Ship Shoal 81, which
      is
      included in other current assets, see Note 8 for further
      information.





***Asset
      Retirement Obligations***


For
      oil
      and natural gas properties, there are obligations to perform removal and
      remediation activities when the properties are retired.  When a
      project reaches drilling depth and is determined to be either proved or dry,
      an
      asset retirement obligation is recorded.  Plug and abandonment costs
      associated with unsuccessful properties are expensed as dry-hole
      costs.  The following table presents changes to the asset retirement
      obligations.





**For
                  the nine months**
                **ended
                  September 30,**
              
              
              **For
                  the year ended**
                **December
                  31, 2006****(in
                  thousands)**Balance
                - Beginning of Period
              
              $
              225
              
              
              $
              23Liabilities
                  incurred
              
              
              45
              
              
              
              501Liabilities
                  settled
              
              
              -
              
              
              
              (307
              )Accretion
                  expense
              
              
              10
              
              
              
              8Balance
                - End of Period
              
              $
              280
              
              
              $
              225





***Syndication
      Costs***


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





***Revenue
      Recognition and Production Receivable***


Oil
      and
      natural gas sales are recognized 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 and a payable to other working interest owners
      for volumes oversold by the Fund.  At September 30, 2007 and December
      31, 2006, there were no material oil or natural gas balancing arrangements
      between the Fund and other working interest owners.





***Impairment
      of Long-Lived Assets***


In
      accordance with the provisions of Statement of Financial Accounting Standards
      No. 144, “Accounting for the Impairment of Long-Lived Assets” (“SFAS 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.







8





At
      September 30, 2007, the Fund recorded an impairment of $2.9 million related
      to
      the Eugene Island 337 lease block based upon futures pricing at September 30,
      2007.  When the well began producing in November 2007, the production
      flow rate was lower than originally expected, as such, internal engineering
      estimates of the proved reserves were prepared.  Based upon these
      internal reserve estimates, the carrying value of the asset was in excess of
      the
      future discounted cash flows.  Under successful efforts
      accounting, reserve estimates are used to calculate cash flows as well
      as depletion rates.  Proved reserves and future net cash flows are
      estimated using sales prices estimated to be in effect as of the date of
      the reserve estimate calculation.  Oil and natural gas prices, which
      have fluctuated widely in recent years, affect the future revenues.
      Any estimates of natural gas and oil reserves and their values are inherently
      uncertain, including many factors beyond the Fund’s control.





Reservoir
      engineering is a subjective process of estimating underground accumulations
      of
      natural gas and oil that cannot be measured in an exact manner. The reserve
      estimates are based upon the quality of available data and engineering and
      geological interpretation and judgment.  Revisions to estimated
      reserves may result from actual production, results of future development and
      exploration activities, prevailing oil and natural gas prices, operating costs
      and other factors.  Revisions to estimated reserves could have a
      material affect on balances recorded as proved properties. In accordance with
      SFAS 144, the Fund recorded the impairment loss based upon the current reserve
      estimates.  For the three and nine months ended September 30, 2006, no
      impairments were recorded.





***Depletion
      and Amortization***


Depletion
      and amortization of the cost of proved oil and natural gas properties are
      calculated using the units-of-production method.  Proved developed
      reserves are used as the base for depleting the cost of successful exploratory
      drilling and development costs.  The sum of proved developed and
      proved undeveloped reserves is used as the base for depleting (or amortizing)
      leasehold acquisition costs, the costs to acquire proved properties and platform
      and pipeline costs.





***Income
      Taxes***


No
      provision is made for income taxes in the financial statements.  The
      Fund is a limited liability corporation, and as such the Fund’s income or loss
      is passed through and included in the tax returns of the Fund’s
      shareholders.





***Income
      and Expense Allocation***


Profits
      and losses are allocated 85% to shareholders in proportion to their relative
      capital contributions and 15% to the Manager, except for interest income and
      certain expenses, such as dry-hole costs, fiduciary fees, depletion and
      amortization, which are allocated 99% to shareholders and 1% to the
      Manager.





**3.**
            **Unproved
                Properties - Capitalized Exploratory Well
                Costs**





Leasehold
      acquisition and exploratory drilling costs are capitalized pending determination
      of whether the well has found proved reserves.  Unproved properties
      are assessed on a quarterly basis by evaluating and monitoring if sufficient
      progress is made on accessing the reserves.  Capitalized 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.  The following table reflects the net changes in unproved
      properties for the periods ended September 30, 2007 and December 31,
      2006.  At September 30, 2007, the Fund had no capitalized exploratory
      well costs greater than one year.





**For
                  the nine months**
                **ended
                  September 30,**
              
              
              **For
                  the year**
                **ended
                  December 31,****2007**
              
              
              **2006****(in
                  thousands)**Balance
                  - Beginning of the period
              
              $
              5,355
              
              
              $
              465Additions
                  to capitalized exploratory well costs pending the
                determination
                  of proved reserves
              
              
              3,463
              
              
              
              5,162Reclassification
                  to proved properties based on the
                determination
                  of proved reserves
              
              
              (5,958
              )
              
              
              -Capitalized
                  exploratory well costs charged to dry-hole costs
              
              
              (262
              )
              
              
              (272
              )Balance
                  - End of the period
              
              $
              2,598
              
              
              $
              5,355





9





Dry-hole
      costs are detailed in the table below.





**For
                  the three months ended**
                **September
                  30,**
              
              
              **For
                  the nine months ended**
                **September
                  30,****Lease
                  Block**
              
              **2007**
              
              
              **2006**
              
              
              **2007**
              
              
              **2006****(in
                  thousands)**East
                  Breaks 157
              
              $
              -
              
              
              $
              23
              
              
              $
              -
              
              
              $
              4,599Eugene
                  Island 357
              
              
              (3
              )
              
              
              2
              
              
              
              (3
              )
              
              
              1,707Main
                  Pass 155
              
              
              (1
              )
              
              
              -
              
              
              
              (47
              )
              
              
              -Vermilion
                  7/8
              
              
              (1
              )
              
              
              -
              
              
              
              (1
              )
              
              
              -Ship
                  Shoal 81
              
              
              262
              
              
              
              -
              
              
              
              262
              
              
              
              -$
              257
              
              
              $
              25
              
              
              $
              211
              
              
              $
              6,306





**4.**
            **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 Agreement, is to be distributed. Such distributions are allocated 85%
      to
      the shareholders and 15% to the Manager, as defined in the Fund's
      Agreement.





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





The
      shareholders received distributions of approximately $2.8 million and $2.0
      million for the nine months ended September 30, 2007 and 2006,
      respectively.





The
      Manager received distributions of approximately $0.5 million and $0.4 million
      for the nine months ended September 30, 2007 and 2006,
      respectively.





**5.**
            **Related
                Parties**





The
      LLC
      Agreement provides that the Manager render management, administrative and
      advisory services.  For such services, the Manager originally received
      an annual management fee, payable monthly, of 2.5% of total capital
      contributions.  After September 1, 2006, the management fee, was equal
      to 2.5% of the total shareholder capital contributions net of dry-hole expenses
      incurred by the Fund.  Commencing January 1, 2007, the management fee
      was further reduced to 2.0% of the total shareholder capital contributions,
      net
      of dry-hole expenses incurred by the Fund. On September 1, 2007, the Manager
      elected to further reduce its management fee to 1.0% of the total shareholder
      capital contributions, net of cumulative dry-hole costs incurred by the
      Fund.  See Note 8 for further information.  Management fees
      of approximately $0.3 million and $0.9 million were incurred for the three
      and
      nine months ended September 30, 2007, respectively.  Management fees
      of approximately $0.5 million and $1.5 million were incurred for the three
      and
      nine months ended September 30, 2006, respectively.





From
      time
      to time, short-term payables and receivables, which do not bear interest, arise
      from transactions with affiliates in the ordinary course of business. At
      September 30, 2007 $33 thousand was due to the Manager and included in due
      to
      affiliates.  As of December 31, 2006, there was no outstanding
      payables or receivables related to these transactions.





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.





10




**6.**
            **Fair
                Value of Financial
                Instruments**





As
      of
      September 30, 2007 and December 31, 2006, the carrying values of cash and cash
      equivalents, short term investments in marketable securities and salvage fund
      approximate fair value.





**7.**
            **Commitments
                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.  At September 30, 2007 and December
      31, 2006, 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.





***Eugene Island
      364***


The
      Fund
      has a 50% ownership in Eugene Island 364 operated by El Paso E&P Company
      which was determined to be a success.  The well produced for a short
      time in 2006 but has been shut-in since August 2006 due to mechanical
      problems.  As of September 30, 2007, the partners have not concluded
      as to the optimal method to develop the reserves and further seismic analysis
      and engineering studies are on-going.  Current estimates to correct
      this mechanical problem are approximately $6 million.  The Fund
      assesses its projects for impairment if impairment indicators are
      identified.  Based on current reserve projections and estimated costs,
      management’s analysis indicate that estimated future cash flows exceed the
      projected costs of the Eugene Island 364 project.  Capitalized
      costs net of accumulated depletion and amortization related to the
      Eugene Island 364 project as of September 30, 2007 approximate $11.2
      million.





**8.**
            **Subsequent
                Events**





On
      October 1, 2007, the Manager has elected to cease collecting its management
      fee for the remaining life of the Fund.





On
      October 15, 2007, the Fund was informed by its operator LLOG
      Exploration Company (“LLOG”), that the exploratory well being drilled by LLOG in
      the Ship Shoal 81 lease block did not have commercially productive quantities
      of
      either oil or natural gas and has therefore been deemed an unsuccessful well
      or
      dry hole.  The Fund owns an 8.75% working interest in Ship Shoal
      81.





As a result of this dry
      hole, the Fund concluded a charge for impairment
      of its working interest in the lease block was required.  In addition,
      the well will be plugged and abandoned.  The abandonment and
      impairment resulted in charges of approximately $0.3 million in the third
      quarter of 2007 and there will be an additional charge of approximately $0.3
      million in the fourth quarter of 2007.  The Fund does not
      expect this dry hole to result in or require any further significant cash
      expenditures.





11





I**tem
      2.  Management’s Discussion and Analysis of Financial Condition and Results
      of Operations**





**Cautionary
      Statement Regarding Forward-Looking Statements**





This
      Quarterly Report on Form 10-Q, including all documents incorporated by
      reference, includes "forward-looking" statements within the meaning of Section
      27A of the Securities Act of 1933, as amended (the "Securities Act") and Section
      21E of the Securities Exchange Act of 1934, as amended, (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 likely result," "future" and similar terms and
      expressions or variations thereof.  The forward-looking statements in
      this Quarterly Report on Form 10-Q reflect the current views of management
      of
      Ridgewood Energy M Fund, LLC’s (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
      2006 Annual Report on Form 10-K filed with the Securities and Exchange
      Commission that could cause actual results to differ materially from historical
      results or those anticipated.  Readers 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 Quarterly Report on Form 10-Q
      will
      in fact occur or prove to be accurate.  Readers should not place undue
      reliance on the forward-looking statements contained herein, which speak only
      as
      of the date of this filing.  The Fund undertakes no obligation to
      publicly revise these forward-looking statements to reflect events or
      circumstances that may arise after the date of the filing.  All
      subsequent written or oral forward-looking statements attributable to the Fund
      or persons acting on the its behalf are expressly qualified in their entirety
      by
      this section.





**Critical
      Accounting Policies and Estimates**





The
      following discussion and analysis of the Fund’s financial condition and
      operating results is based on the Fund’s financial statements.  The
      preparation of this Quarterly Report on Form 10-Q requires the Fund to make
      estimates and assumptions that affect the reported amount of assets and
      liabilities, disclosure of contingent assets and liabilities at the date of
      the
      Fund’s financial statements, and the reported amount of revenue and expenses
      during the reporting period. Actual results may differ from those estimates
      and
      assumptions.  See “Notes to Unaudited Condensed Financial Statements”
in Part I of this Quarterly Report on Form 10-Q for a presentation of the Fund’s
      significant accounting policies.   No changes have been made to
      the Fund’s critical accounting policies and estimates since the filing of the
      2006 Annual Report on Form 10-K.





The
      management’s discussion and analysis gives effect to the restatement disclosed
      in Note 2 of the financial statements within this filing.





**Overview
      of the Fund’s 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 its
      shareholders through participation in oil and natural gas exploration and
      development projects in the Gulf of Mexico.





Ridgewood
      Energy Corporation (the “Manager”) performs certain duties on the Fund’s behalf
      including the evaluation of potential projects for investment and ongoing
      management, administrative and advisory services associated with these
      projects.  For these services, the Manager has received an annual
      management fee (2.0% of capital contributions, net of dry-hole costs), as of
      October 1, 2007, the Manager has elected to cease collecting its management
      fee
      for the remainder of the life of the Fund. The Fund does not currently, nor
      is
      there any plan to operate any project in which the Fund
      participates.  The Manager enters into operating agreements with
      third-party operators  (“Operators”) for the management of all
      exploration, development and producing operations, as
      appropriate.  The Manager also participates in
      distributions.





**Business
      Update**





12




As
      of the
      date of this filing, the Fund has participated in the drilling of thirteen
      wells, of which six wells were determined to have natural gas and oil reserves
      in commercial quantities; three of which are in the process of being completed
      to facilitate production; two are shut-in for recompilation and one began
      producing in November 2007.  Five of the Fund’s projects were deemed
      dry holes and are or will be plugged and abandoned.  In addition,
      the Fund has working interests in two new projects (see “Recent Developments”
below) that are currently drilling and anticipates drilling a second well in
      the
      West Cameron 77 project within the next two years.





**Recent
      Developments**





***LLOG
      Projects***


In
      October 2006, the Fund acquired a working interest in six exploratory wells
      to
      be drilled by LLOG Exploration Company (“LLOG”) off the coast of
      Louisiana.  During the first quarter of 2007, the Fund decided not to
      participate in the Galveston 248 project with LLOG due to
      economics.  On October 15, 2007, the Fund
      was informed by LLOG that the exploratory well being drilled in the
      Ship Shoal 81 lease block did not have commercially productive quantities of
      either oil or natural gas and has therefore been deemed an unsuccessful well
      or
      dry hole.  The Fund owns a 8.75% working interest in Ship Shoal
      81.





As a result of this dry
      hole, the Fund concluded a charge for impairment
      of its working interest in the lease block was required.  In addition,
      the well will be plugged and abandoned.  The abandonment and
      impairment resulted in charges of approximately $0.3 million in the third
      quarter of 2007 and there will be an additional charge of approximately $0.3
      million in the fourth quarter of 2007.  The Fund does not
      expect this dry hole to result in or require any further significant cash
      expenditures.





Each
      of
      the remaining projects is viewed as lower risk projects as they are being
      drilled in relatively shallow depths ranging from 10,000 to 13,000 feet and
      the
      projects reveal three dimensional seismic data indicative of producing fields
      in
      close proximity to the drilling sites.   Since the projects are
      not very deep, they can be drilled and completed
      quickly.  Construction of minimal facilities in order to tie the well
      to nearby production platforms also facilitates turning the project to
      production quickly.





Below
      is
      a summary of the wells operated by LLOG:




**Lease
                  Block**
              **Offshore**
              **Working**
                **Interest
                  %**
              **Drilling
                  Risk**
                **(in
                  thousands)**
              **Status**South
                  Marsh Island 111
              LA
              8.75%
              n/a
              Successful
                  - production expected
                2nd
                  quarter 2008Vermilion
                  344
              LA
              8.75%
              n/a
              Successful
                  - production expected 1st
                quarter
                  2008West
                  Delta 68
              LA
              8.75%
              n/a
              Successful
                  - production expected 1st
                quarter
                  2008Ship
                  Shoal 81
              LA
              8.75%
              n/a
              Dry
                  hole - October 2007West
                  Delta 67
              LA
              8.75%
              $800
              4th
                  quarter 2007 drilling date





***Eugene Island
      337***


The
      Fund
      has a 20% ownership in Eugene Island 337, operated by Devon Energy
      Corporation (“Devon”), which was determined to be a commercial success in July
      2006.  When the well began producing in November 2007, the production
      flow rate was lower than originally expected, as such, internal engineering
      estimates of the proved reserves were prepared.  Based upon these
      internal reserve estimates, the carrying value of the asset was in excess of
      the
      future discounted cash flows and an impairment was recorded at September 30,
      2007 in the amount of $2.9 million based upon futures pricing at September
      30,
      2007.  Natural gas and oil reserve quantities used to calculated
      impairment represent internal estimates only.  Under successful
      efforts accounting, reserve estimates are used to calculate cash flows
      as well as depletion rates.  Proved reserves and future net cash flows
      are estimated using sales prices estimated to be in effect as of the date
      of the reserve estimate calculation.  Oil and natural gas prices,
      which have fluctuated widely in recent years, affect the future
      revenues. Any estimates of natural gas and oil reserves and their values are
      inherently uncertain, including many factors beyond the Fund’s
      control.





13




Reservoir
      engineering is a subjective process of estimating underground accumulations
      of
      natural gas and oil that cannot be measured in an exact manner. The reserve
      estimates are based upon the quality of available data and engineering and
      geological interpretation and judgment.  Revisions to estimated
      reserves may result from actual production, results of future development and
      exploration activities, prevailing oil and natural gas prices, operating costs
      and other factors.  Revisions to estimated reserves could have a
      material affect on balances recorded as proved properties. In accordance with
      Statement of Financial Accounting Standards No. 144 "Accounting for the
      Impairment of Long-Lived Assets” (“SFAS 144”), the Fund recorded impairment loss
      based upon the current reserve estimates.





***West
      Cameron 57***


In
      September 2007, the Fund acquired a 12.5% working interest in West Cameron
      57
      operated by Chevron U.S.A., Inc. (“Chevron”).  Drilling began in
      October 2007, and drilling results are expected in the fourth quarter
      2007.





***Eugene Island
      364***


The
      Fund
      has a 50% ownership in Eugene Island 364 operated by El Paso E&P Company
      which was determined to be a success.  The well produced for a short
      time in 2006 but has been shut-in since August 2006 due to mechanical
      problems.  As of November 14, 2007, the partners have not concluded as
      to the optimal method to develop the reserves and further seismic analysis
      and
      engineering studies are on-going.  Current estimates to correct this
      mechanical problem total approximately $6.0 million.   Based on
      current reserve projections and estimated costs, management’s analysis indicate
      that estimated future cash flows exceed the total projected costs of the
      Eugene Island 364 project.  If future projected costs exceed
      current estimates, the Fund will reassess Eugene Island 364 for impairment
      based on those revised estimates.  Capitalized costs net of
      accumulated depletion and amortization related to the Eugene Island 364
      project as of September 30, 2007 approximate $11.2 million.





**Producing
      Properties**





***West
      Cameron 77 Mustang***


The
      Fund
      has a 14.54% ownership in the West Cameron 77 #2 project operated by BHP
      Billiton Petroleum.  The well began production in May 2006 and
      continued to produce at expected production levels through the second
      quarter.  Due to excessive sand and solids production in the current
      zone, the well has been shut-in since early September 2007.  The
      Operator is in the process of reworking the existing zone, if that fails, the
      Operator will recomplete to the upper zone.  Production is expected to
      resume in late November or early December of 2007. The Fund plans to drill
      an
      additional well on the West Cameron 77 leaseblock within the next two
      years.





**Results
      of Operations**





The
      following review of operations for the three and nine months ended September
      30,
      2007 and 2006 should be read in conjunction with the Fund’s financial statements
      and the notes thereto.  The following table summarizes the Fund’s
      results of operations.





14





**For
                  the three months**
                **ended
                  September 30,**
              
              
              **For
                  the nine months**
                **ended
                  September 30,****2007**
              
              
              **2006**
              
              
              **2007**
              
              
              **2006****(in
                  thousands)****Revenue**
              
              
              
              
              **Restated**Oil
                  and gas revenue
              
              $
              685
              
              
              $
              3,803
              
              
              $
              3,238
              
              
              $
              6,114**Expenses**Dry-hole
                  costs
              
              
              257
              
              
              
              25
              
              
              
              211
              
              
              
              6,306Depletion
                  and amortization
              
              
              209
              
              
              
              2,222
              
              
              
              984
              
              
              
              3,499Impairment
                  of proved property
              
              
              2,943
              
              
              
              -
              
              
              
              2,943
              
              
              
              -Lease
                  operating expenses
              
              
              63
              
              
              
              217
              
              
              
              667
              
              
              
              309Management
                  fees to affiliate
              
              
              269
              
              
              
              464
              
              
              
              914
              
              
              
              1,450Other
                  operating expenses
              
              
              59
              
              
              
              3
              
              
              
              83
              
              
              
              5General
                  and administrative expenses
              
              
              124
              
              
              
              127
              
              
              
              438
              
              
              
              345Total
                  expenses
              
              
              3,924
              
              
              
              3,058
              
              
              
              6,240
              
              
              
              11,914(Loss)
                  income from operations
              
              
              (3,239
              )
              
              
              745
              
              
              
              (3,002
              )
              
              
              (5,800
              )**Other
                  income**Interest
                  income
              
              
              224
              
              
              
              442
              
              
              
              759
              
              
              
              1,329**Net
                  (loss) income**
              
              $
              (3,015
              )
              
              $
              1,187
              
              
              $
              (2,243
              )
              
              $
              (4,471
              )





***Operating
      Revenue.*******Oil and gas revenue for the three
      and nine months ended September 30, 2007 were approximately $0.7 million and
      $3.2 million, respectively.  Oil and gas revenue for the three and
      nine months ended September 30, 2006 were approximately $3.8 million and $6.1
      million, respectively.





The
      Fund
      had no producing projects prior to May 2006.  Revenue for the three
      and nine months ended September 30, 2006 represents the initial months of
      production for West Cameron 77 Mustang (May 2006) and Eugene Island 364 (June
      2006).  Oil and gas revenue for the three and nine months ended
      September 30, 2007 primarily represents production from the West Cameron 77
      Mustang well only as the Eugene Island 364 well has not produced during 2007
      (see recent developments). The Fund has experienced a decline in production
      volumes for the West Cameron 77 Mustang well from the initial production volumes
      in May and September 2006, as a result, the well has been shut-down since early
      September 2007, and production is expected to resume in the fourth quarter
      2007.





Natural
      gas prices were flat in the third quarter of 2007 as compared to the third
      quarter of 2006, at approximately $6.85 per million cubic feet.  Oil
      prices during the third quarter of 2007 averaged approximately $75.91 per barrel
      as compared to approximately $67.69 per barrel for the third quarter of
      2006.





**Operating
      and Other Expenses**





***Dry-hole******C******osts.*******Dry-hole
      costs are those costs incurred to drill and develop a well that is ultimately
      found to be incapable of producing either oil or natural gas in sufficient
      quantities to justify completion of the well. The following table summarizes
      dry-hole costs inclusive of plug and abandonment costs.




**For
                  the three months ended September 30,**
              
              
              **For
                  the nine months ended September 30,****Lease
                  Block**
              
              **2007**
              
              
              **2006**
              
              
              **2007**
              
              
              **2006****(in
                  thousands)**East
                  Breaks 157
              
              $
              -
              
              
              $
              23
              
              
              $
              -
              
              
              $
              4,599Eugene
                  Island 357
              
              
              (3
              )
              
              
              2
              
              
              
              (3
              )
              
              
              1,707Main
                  Pass 155
              
              
              (1
              )
              
              
              -
              
              
              
              (47
              )
              
              
              -Vermilion
                  7/8
              
              
              (1
              )
              
              
              -
              
              
              
              (1
              )
              
              
              -Ship
                  Shoal 81
              
              
              262
              
              
              
              -
              
              
              
              262
              
              
              
              -$
              257
              
              
              $
              25
              
              
              $
              211
              
              
              $
              6,306





15




***Depletion
      and Amortization.***  Depletion and amortization for the
      three and nine months ended September 30, 2007 was approximately $0.2 million
      and $1.0 million, respectively, related to production of the West Cameron 77
      Mustang property.  Depletion and amortization for the three and nine
      months ended September 30, 2006 was approximately $2.2 million and $3.5 million,
      respectively, related to initial production volumes from the West Cameron 77
      Mustang and Eugene Island 364 properties.  The decrease in depletion
      and amortization is a result of an overall decline in West Cameron 77 Mustang
      production volumes and the shut-in of the Eugene Island 364 property which
      has
      not been depleted in 2007.





***Impairment
      of Proved Property.***Impairment of proved properties for
      the three and nine months ended September 30, 2007 was $2.9 million relating
      to
      the Fund’s investment in the Eugene Island 337 lease block.  There
      were no impairments in the 2006 comparative periods.  Natural gas and
      oil reserve quantities used to calculated impairment represent internal
      estimates only.  Under successful efforts accounting, reserve
      estimates are used to calculate cash flows as well as depletion
      rates.  Proved reserves and future net cash flows are estimated using
      sales prices estimated to be in effect as of the date of the reserve
      estimate calculation.  Oil and natural gas prices, which have
      fluctuated widely in recent years, affect the future revenues. Any
      estimates of natural gas and oil reserves and their values are inherently
      uncertain, including many factors beyond the Fund’s control.





Reservoir
      engineering is a subjective process of estimating underground accumulations
      of
      natural gas and oil that cannot be measured in an exact manner. The reserve
      estimates are based upon the quality of available data and engineering and
      geological interpretation and judgment.  Revisions to estimated
      reserves may result from actual production, results of future development and
      exploration activities, prevailing oil and natural gas prices, operating costs
      and other factors.  Revisions to estimated reserves could have a
      material affect on balances recorded as proved properties. In accordance with
      SFAS 144, the Fund recorded the impairment loss based upon the current reserve
      estimates.





***Lease
      Operating Expenses.***  Lease operating expenses represent
      the day-to-day cost of operating and maintaining wells and related facilities.
      For the three and nine months ended September 30, 2007, lease operating expenses
      were approximately $0.1 million and $0.7 million, respectively, resulting from
      production in 2007.  For the three and nine months ended September 30,
      2006, lease operating expenses were approximately $0.2 million and $0.3 million,
      respectively.  The significant increase for the nine month period in
      lease operating expenses is a result of approximately $0.5 million of workover
      expenses incurred in 2007 related to the Eugene Island 364 project, as well
      as
      nine months of production for the Fund in 2007 as compared to only two months
      of
      production in 2006.





***Management
      Fee*****.**The Manager originally received
      an 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. After September 1, 2006, the management fee
      was
      equal to 2.5% of the total shareholder capital contributions, net of dry-hole
      expenses incurred by the Fund.  January 1, 2007, the management fee
      was further reduced to 2.0% of the total shareholder capital contributions,
      net
      of dry-hole expenses incurred by the Fund.  On September 1, 2007, the
      Manager has elected to further reduce its management fee to 1.0% of the total
      shareholder capital contributions, net of cumulative dry-hole costs incurred
      by
      the Fund, and on October 1, 2007, the Manager has elected to cease collecting
      their management fee for the remainder of the life of the Fund.  For
      the three and nine months ended September 30, 2007, management fees were
      approximately $0.3 million and $0.9 million, respectively.  For the
      three and nine months ended September 30, 2006, management fees were
      approximately $0.5 million and $1.5 million, respectively.





***General
      and Administrative Expenses.***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 reviews and filing fees of the
      Fund.  Fiduciary fees represent bank fees associated with the
      management of the Fund’s short-term investment portfolio in US Treasury Notes.
      Insurance expense represents premiums related to well control insurance and
      production insurance.  The increase in insurance expense for the nine
      months ended September 30, 2007 primarily relates to the increased drilling
      activities of the Fund for the LLOG projects, which primarily occurred in the
      first quarter of 2007.  For the three and nine months ended September
      30, 2006
      insurance expense primarily relates to drilling insurance on the
      Eugene Island 364 project which was all incurred during the quarter ended
      September 30, 2006.  The following table summarizes general and
      administrative expenses.





16








**For
                  the three months ended**
                **September
                  30,**
              
              
              **For
                  the nine months ended**
                **September
                  30,****2007**
              
              
              **2006**
              
              
              **2007**
              
              
              **2006****(in
                  thousands)**Accounting
                  and legal fees
              
              $
              38
              
              
              $
              34
              
              
              $
              150
              
              
              $
              119Insurance
              
              
              78
              
              
              
              82
              
              
              
              262
              
              
              
              205Trust
                  fees
              
              
              8
              
              
              
              11
              
              
              
              25
              
              
              
              21Other
              
              
              -
              
              
              
              -
              
              
              
              1
              
              
              
              -$
              124
              
              
              $
              127
              
              
              $
              438
              
              
              $
              345








***Interest
      Income.***  Interest income for the three and nine months
      ended September 30, 2007 was approximately $0.2 million and $0.8 million,
      respectively.  Interest income for the three and nine months ended
      September 30, 2006 was approximately $0.4 million and $1.3 million,
      respectively.  Increased interest rates during the nine months ended
      September 30, 2007 were offset by a decrease in average outstanding balances
      earning interest causing an over-all decrease in interest income.





**Capital
      Resources and Liquidity**





***Operating
      Cash Flows***


Cash
      flows provided by operating activities for the nine months ended September
      30,
      2007 were approximately $1.5 million, primarily related to cash receipts of
      $3.6
      million and interest received of $0.4 million, partially offset by management
      fees of $0.9 million, lease and other operating expenses of $0.8 million, other
      general and administrative expenses of $0.4 million and unfavorable working
      capital of $0.5 million.





Cash
      flows provided by operating activities for the nine months ended September
      30,
      2006 were approximately $3.2 million, primarily related to cash receipts of
      $4.3
      million, interest received of $0.9 million, and favorable working capital of
      $0.2 million, partially offset by cash expenditures for management fees of
      $1.5
      million, lease and other operating expenses of $0.3 million, and other general
      and administrative expenses of $0.3 million.





***Investing
      Cash Flows***


Cash
      flows provided by investing activities for the nine months ended September
      30,
      2007 were approximately $6.6 million, primarily related to proceeds from the
      maturity of marketable securities of $24.7 million, offset by capital
      expenditures for oil and gas properties of $4.3 million and investments in
      marketable securities $13.7 million.





Cash
      flows used in investing activities for the nine months ended September 30,
      2006
      were approximately $33.8 million, primarily related to capital expenditures
      for
      oil and gas properties of $20.0 million and investments in marketable securities
      of $30.3 million, partially offset by the proceeds from the maturity of
      marketable securities of $15.3 million and the proceeds from insurance of $1.2
      million.





***Financing
      Cash Flows***


Cash
      flows used in financing activities for the nine months ended September 30,
      2007
      were approximately $3.2 million, related to distributions paid to the Manager
      and to the Shareholders.





Cash
      flows used in financing activities for the nine months ended September 30,
      2006
      were approximately $2.4 million, related to distributions paid to the Manager
      and to the Shareholders.





**Estimated
      Capital Expenditures**





17





The
      Fund
      has entered into multiple offshore operating agreements for the drilling and
      development of its investment properties.  The estimated capital
      expenditures associated with these agreements can vary depending on the stage
      of
      development on a property-by-property basis.  As of September 30,
      2007, such estimated capital expenditures approximate $19.1 million, $13.3
      million of which is expected to be paid out of unspent cash within the following
      12 months, the remaining $5.9 million is expected to be spent in the following
      two to three years.





The
      table
      below presents exploration and development capital expenditures incurred to
      date
      for projects currently drilling or expected to be drilled in the near future
      as
      well as their estimated budgeted amounts for future
      periods.  Remaining unspent cash will be reallocated to one or more
      new unspecified projects.




**Lease
                  Block**
              
              **Spent
                  through**
                **September
                  30, 2007**
              
              
              **To
                  be Spent Next**
                **12
                  Months**
              
              
              **To
                  be Spent**
                **Years
                  2-3**
              
              
              **Total
                  to be**
                **Spent****(in
                  thousands)**West
                  Cameron 77 Mustang (i)
              
              $
              8,782
              
              
              $
              -
              
              
              $
              5,852
              
              
              $
              5,852Eugene
                  Island 364 (ii)
              
              
              13,281
              
              
              
              2,945
              
              
              
              -
              
              
              
              2,945Eugene
                  Island 337 (iii)
              
              
              5,978
              
              
              
              382
              
              
              
              -
              
              
              
              382Ship
                  Shoal 81(vii)
              
              
              532
              
              
              
              50
              
              
              
              -
              
              
              
              50West
                  Cameron 57 (iv)
              
              
              -
              
              
              
              5,175
              
              
              
              -
              
              
              
              5,175South
                  Marsh Island 111 (vi)
              
              
              830
              
              
              
              1,988
              
              
              
              -
              
              
              
              1,988Vermilion
                  344 (v)
              
              
              755
              
              
              
              1,155
              
              
              
              -
              
              
              
              1,155West
                  Delta 67 (iv)
              
              
              27
              
              
              
              1,251
              
              
              
              -
              
              
              
              1,251West
                  Delta 68 (v)
              
              
              986
              
              
              
              335
              
              
              
              -
              
              
              
              335$
              31,171
              
              
              $
              13,281
              
              
              $
              5,852
              
              
              $
              19,133
 
 (i)
              West
                  Cameron 77 Mustang well #2 began production in May 2006, unspent
                  capital
                  at September 30, 2007 relates to the addition of a second
                  well.(ii)
              Eugene
                  Island 364 began production in June 2006 and is currently shut-in
                  due to
                  mechanical problems, unspent capital represents estimated costs
                  to
                  sidetrack the well.(iii)
              Eugene
                  Island 337 discovery in July 2006, production began in November
                  2007.(iv)
              Drilling
                  expected 4th quarter 2007.(v)
              Project
                  successful, production expected in 1st quarter 2008.(vi)
              Project
                  successful, production expected in 2nd quarter 2008.(vii)
              Project
                  deemed a dry hole in October 2007.  Amounts spent through
                  September 30, 2007, inclusive of $0.3 million advance to Operator,
                  included in other current
                  assets.




**Liquidity
      Needs**





The
      Fund’s primary short-term liquidity needs are to fund its 2007 operations,
      including management fees and capital expenditures, with existing cash on-hand
      and income earned from its short-term investments and cash and cash
      equivalents.  The Manager is entitled to receive an annual management
      fee from the Fund regardless of whether the Fund is profitable in that year.
      Effective January 1, 2007, the Manager has changed its policy regarding the
      annual management fee, which was equal to 2.0% of the total shareholder capital
      contributions, net of dry-hole expenses incurred by the Fund. On September
      1,
      2007, the Manager has elected to further reduce its management fee to 1.0%
      of
      the total shareholder capital contributions, net of cumulative dry-hole costs
      incurred by the Fund, and on October 1, 2007, the Manager has elected to cease
      collecting its management fee for the remaining life of the Fund.




Distributions,
        if any, are funded from cash flow from operations, and the frequency and
        amount
        are within the Manager’s discretion subject to available cash from operations,
        reserve requirements and Fund operations.





The
      capital raised by the Fund in its private placement is more than likely all
      the
      capital it will be able to obtain for investments in projects. The number of
      projects in which the Fund can invest will naturally be limited and each unsuccessful
      project the Fund experiences, if any, will not only reduce its ability to
      generate revenue, but also exhaust its limited supply of capital. Typically,
      the
      Manager seeks an investment portfolio that combines high and low risk
      exploratory projects.





18




When
      the
      Manager makes a decision for participation in a particular project, it assumes
      that the well will be successful and allocates enough capital to budget for
      the
      completion of that well and the additional development wells that are
      anticipated to be drilled. If the exploratory well is deemed a dry hole or
      if it
      is un-economical, the capital allocated to the completion of that well and
      to
      the development of additional wells is then reallocated to a new project or
      used
      to make additional investments.





**Off-Balance
      Sheet Arrangements**





The
      Fund
      had no off-balance sheet arrangements as of September 30, 2007 and December
      31,
      2006 and does not anticipate the use of such arrangements in the
      future.





**Contractual
      Obligations**





The
      Fund
      enters into operating agreements with Operators.  On behalf of the
      Fund, as well as the other working interest owners, the Operator will enter
      into various contractual commitments pertaining to exploration, development
      and
      production activities.  Pursuant to the terms of the operating
      agreement, the Operator has the authority to enter into such contracts and
      the
      Fund does not execute or negotiate any such contracts.  No contractual
      obligations exist at September 30, 2007 and December 31, 2006 pursuant to
      agreements executed directly by the Fund.





**Item
      3.  Quantitative and Qualitative Disclosures about Market
      Risk**





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





The
      Fund
      does not have or use, any derivative instruments nor does it have any plans
      to
      enter into such derivative arrangements.  The Fund will generally invest
      cash in high-quality credit instruments consisting primarily of money market
      funds, bankers acceptance notes and government agency securities with maturities
      of six months or less.  The Fund does not expect any material loss from
      cash equivalents and therefore believes its potential interest rate exposure
      is
      not material.  The Fund has no plan to conduct any international activities
      and therefore believes it is not subject to foreign currency 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.





Low
      commodity prices could have an adverse affect on the Fund’s future profitability
      and, in such an event the Fund may be required by accounting rules to write
      down
      the carrying value of the Fund’s projects.  Revenue to the Fund will
      be sensitive to changes in price to be received for oil and natural gas
      production.  Prevailing market prices fluctuate in response to many factors
      that are outside of the Fund's control such as the supply and demand for oil
      and
      natural gas.  Availability of alternative fuels as well as seasonal risks
      such as hurricanes can also impact the supply and demand.





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





**Item
      4.  Controls and Procedures**








19





***Evaluation
        of Disclosure Controls and Procedures***
 The
        Fund
        maintains "disclosure controls and procedures", as such term is defined under
        Securities and Exchange Act of 1934 (“Exchange Act”) Rule 13a-15(e), that
        are designed to ensure that information required to be disclosed in the Fund’s
        Exchange Act reports is recorded, processed, summarized and reported within
        the
        same time periods specified in the SEC's rules and forms, and that such
        information is accumulated and communicated to its management, including
        its
        Chief Executive Officer and Chief Financial Officer, as appropriate, to allow
        timely decisions regarding required disclosures.  In designing and
        evaluating the disclosure controls and procedures, the Fund’s management
        recognized that any controls and procedures, no matter how well designed
        and
        operated, can provide only reasonable assurance of achieving the desired
        control
        objectives and its management necessarily was required to apply its judgment
        in
        evaluating the cost-benefit relationship of possible controls and
        procedures.  The Fund has carried out an evaluation, as of September
        30, 2007, under the supervision and with the participation of its management,
        including its Chief Executive Officer and Chief Financial Officer, of the
        effectiveness of the design and operation of the Fund’s disclosure controls and
        procedures.  Based upon their evaluation and subject to the foregoing,
        such procedures were effective.





Because
      the Fund is not an “Accelerated Filer” as defined in Rule 12b-2 of the Exchange
      Act, the Fund is not presently required to file Management’s annual report on
      internal control over financial reporting and the Attestation report of the
      registered public accounting firm required by Item 308(a) and (b) of Regulation
      S-K promulgated under the Securities Act.  Under current rules,
      because the Fund is neither a “large accelerated filer” nor an “accelerated
      filer”, the Fund is not required to provide management’s report on internal
      control over financial reporting until the Fund files its annual report for
      2007
      and compliance with the auditor’s attestation report requirement is not required
      until the Fund files its annual report for 2008.  The Fund currently
      expects to comply with these requirements at such time as the Fund is required
      to do so.





***Changes
      in Internal Controls over Financial Reporting***


In
      the
      course of the Fund’s initial evaluation of disclosure controls and procedures,
      management considered certain internal control areas in which the Fund has
      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 the Fund’s 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, 2007 that have materially affected, or are reasonably likely
      to
      materially affect, the Fund’s internal control over financial
      reporting.














20





**Part
      II.  OTHER INFORMATION**





**Item
      1. LEGAL PROCEEDINGS**





There
      have been no changes to the legal proceedings disclosed in the Fund’s most
      recent Annual Report on Form 10-K.





**Item
      1A. RISK FACTORS**





For
      information regarding factors that could affect the Fund’s results of
      operations, financial condition and liquidity, see risk factors discussed under
      “Management’s Discussion and Analysis of Financial Condition and Results of
      Operations”  in Item 7 of the Fund’s 2006 Annual Report on Form
      10-K.  There have been no material changes from the risk factors
      previously disclosed in the Fund’s most recent Annual Report on Form
      10-K.





**Item
      2.  UNREGISTERED SALES OF EQUITY SECURITIES AND
      USE OF PROCEEDS**





None.





**Item
      3.  DEFAULTS UPON SENIOR SECURITIES**





None.





**Item
      4. SUBMISSIONS OF MATTERS TO A VOTE OF SECURITY HOLDERS**





None.





**Item
      5. OTHER INFORMATION**





None.





**Item
      6. EXHIBITS**





10.1
              
              Participation
                  Agreement between Chevron Midcontinent, L.P. and Ridgewood Energy
                  Corporation as Manager for West Cameron 57.31.1
              
              Certification
                  of Robert E. Swanson, Chief Executive Officer, pursuant to Securities
                  Exchange Act Rule 13a-14(a).31.2
              
              Certification
                  of Kathleen P. McSherry, Chief Financial Officer, pursuant to Securities
                  Exchange Act Rule 13a-14(a).32
              
              Certifications
                  pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section
                  906 of
                  The Sarbanes-Oxley Act of 2002, signed by Robert E. Swanson, Chief
                  Executive Officer of the Fund and Kathleen P. McSherry, Chief Financial
                  Officer of the Fund.






21




**SIGNATURES**





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





Dated:
            November
                14, 2007
            
            
            
            RIDGEWOOD
                ENERGY M FUND, LLCBy:
            /s/
            
            ROBERT
                E. SWANSONName:
            
            Robert
                E. SwansonTitle:
            
            President
                and Chief Executive Officer(Principal
                Executive Officer)Dated:
            November
                14, 2007By:
            /s/
            
            KATHLEEN
                P. MCSHERRYName:
            
            Kathleen
                P. McSherryTitle:
            
            Executive
                Vice President and Chief Financial Officer(Principal
                Financial and Accounting Officer)





22