UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 10-Q


(Mark One)

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

                For the quarterly period ended September 30, 2005


                        Commission File Number 000-51268

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


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


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


                                 (201) 447-9000
              (Registrant's telephone number, including area code)



     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes [X] No[_]

     Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X]

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

     As of November 14, 2005 there were 535.682 shares of membership interest of
the registrant outstanding.



<PAGE>



                                Table of Contents



<TABLE>
<S>                                                                                                                    <C>
                                                                                                                     Page
Part I -  FINANCIAL INFORMATION ........................................................................................3

Item 1.   Financial Statements: ........................................................................................3
     Balance Sheets as of September 30, 2005 (unaudited) and December 31, 2004 .........................................3
     Statements of Operations for the three and nine months ended September 30, 2005 (unaudited) .......................4
     Statements of Changes in Shareholders' Capital for the nine months ended
       September 30,2005 and 2004 (unaudited) ..........................................................................5
     Statements of Cash Flows for the nine months ended September 30, 2005 (unaudited) .................................6
     Notes to Unaudited Financial Statements ...........................................................................7

Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations ..........................................................................................................10

Item 3. Quantitative and Qualitative Disclosures About Market Risk .....................................................12

Item 4. Controls and Procedures ........................................................................................12

Part II - OTHER INFORMATION ............................................................................................13

Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds ..................................................13

Item 6.   Exhibits .....................................................................................................13

SIGNATURES .............................................................................................................14
</TABLE>


                                       2
<PAGE>


Part I - Financial Information
Item 1.  Financial Statements

                          RIDGEWOOD ENERGY M FUND, LLC
                        (An exploratory stage enterprise)
                                 BALANCE SHEETS

<TABLE>
<CAPTION>

                                                                                    September 30,2005      December 31, 2004
                                                                                    -----------------      -----------------
                                                                                       (Unaudited)
<S>                                                                                     <C>                   <C>
     ASSETS
Current assets:
         Cash and cash equivalents                                                      $ 53,636,289          $ 62,461,036
         Due from affiliate (Note 3)                                                              --                19,595
         Prepaid expenses                                                                     35,327                35,012
                                                                                        ------------          ------------

                 Total current assets                                                     53,671,616            62,515,643
                                                                                        ------------          ------------

Oil and gas properties
         Exploratory drilling costs                                                       12,314,856                    --
                                                                                        ------------          ------------


                 Total assets                                                           $ 65,986,472          $ 62,515,643
                                                                                        ============          ============

                     LIABILITIES AND SHAREHOLDERS' CAPITAL
Current liabilities:
         Due to operators                                                               $  8,472,896          $         --
         Accrued expenses payable                                                             83,050               365,663
         Due to affiliate (Note 3)                                                             5,000               436,772
                                                                                        ------------          ------------

                 Total liabilities                                                         8,560,946               802,435
                                                                                        ------------          ------------

Commitment and contingencies (Note 5)

Shareholders' capital:
         Manager:
                 Deficit accumulated during the exploratory stage                           (460,012)             (155,292)
                                                                                        ------------          ------------

         Shareholders:
                 Capital contributions, (834 shares authorized, 535.682
                    and 536.182  issued and outstanding at September 30,                  78,886,679            79,013,679
                    2005 and December 31, 2004, respectively)
                 Subscriptions receivable                                                         --              (680,000)
                 Syndication costs                                                        (8,596,612)           (8,654,802)
                 Deficit accumulated during the exploratory stage                        (12,404,529)           (7,810,377)
                                                                                        ------------          ------------

                             Shareholders total                                           57,885,538            61,868,500

                 Total shareholders' capital                                              57,425,526            61,713,208
                                                                                        ------------          ------------

                 Total liabilities and shareholders' capital                            $ 65,986,472          $ 62,515,643
                                                                                        ============          ============
</TABLE>

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


                                       3
<PAGE>


                          RIDGEWOOD ENERGY M FUND, LLC
                        (An exploratory stage enterprise)
                            STATEMENTS OF OPERATIONS

                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                                For the period    For the period
                                                                                                August 2, 2004    August 2, 2004
                                                                                Nine months      (Inception)       (Inception)
                                                   Three months ended              ended           through           through
                                                     September 30,              September 30,    September 30,     September 30,
                                                   2005             2004           2005             2004              2005
                                                ----------------------------    ------------    ------------      ------------
<S>                                                  <C>             <C>           <C>               <C>            <C>
Expenses
     Dry hole costs                             $     71,008    $         --    $  3,974,311    $         --      $  7,864,331
     Geological costs                                     --              --              --              --            21,586
     Investment fees                                      --         925,137              --         925,137         3,581,760
     Management fees (Note 3)                        491,639              --       1,478,606              --         1,960,475
     Insurance                                        55,315              --         218,135              --           243,134
     Lease operating expenses                            652              --          50,446              --            50,446
     Accounting and legal fees                        61,350              --          76,825              --           112,391
     Other general and administrative expenses            74              --             416              --               460
                                                ------------    ------------    ------------    ------------      ------------

          Total expenses                             680,038         925,137       5,798,739         925,137        13,834,583
                                                ------------    ------------    ------------    ------------      ------------

          Loss from operations                      (680,038)       (925,137)     (5,798,739)       (925,137)      (13,834,583)
                                                ------------    ------------    ------------    ------------      ------------

Other income
     Interest income                                 368,048             565         899,867             565           970,042
                                                ------------    ------------    ------------    ------------      ------------

          Net loss                              $   (311,990)   $   (924,572)   $ (4,898,872)   $   (924,572)     $(12,864,541)
                                                ============    ============    ============    ============      ============

          Manager - Net loss                    $    (88,384)   $     (9,246)   $   (304,720)   $     (9,246)     $   (460,012)

          Shareholders - Net loss               $   (223,606)   $   (915,326)   $ (4,594,152)   $   (915,326)     $(12,404,529)
          Net loss per share                    $       (417)   $     (1,709)   $     (8,576)   $     (1,709)     $    (23,157)

</TABLE>

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



                                       4
<PAGE>

                          RIDGEWOOD ENERGY M FUND, LLC
                        (An exploratory stage enterprise)
                  STATEMENTS OF CHANGES IN SHAREHOLDER' CAPITAL

                                   (Unaudited)

<TABLE>
<CAPTION>
                                                         Nine months ended                For the period August 2, 2004 (Inception)
                                                         September 30, 2005                       through September 30, 2004
                                            -------------------------------------------- -------------------------------------------
                                              Manager      Shareholders         Total     Manager     Shareholders        Total
                                            ------------- ----------------  ------------ ----------- ----------------  -------------
<S>                                       <C>          <C>                <C>             <C>        <C>            <C>
Balances, January 1                        $(155,292)      $ 61,868,500    $ 61,713,208    $    --    $        --    $        --
Shareholders' capital contributions, net
   of subscription receivable                     --                 --              --         --      8,804,749      8,804,749
Syndication costs                                 --                 --              --         --     (1,841,322)    (1,841,322)
Return of shareholders' capital
 contribution - 0.500 shares                      --           (127,000)       (127,000)        --             --             --
Collection of subscription receivable             --            680,000         680,000         --             --             --
Syndication costs recovered                       --             58,190          58,190         --             --             --
Net loss                                    (304,720)        (4,594,152)     (4,898,872)    (9,246)      (915,326)      (924,572)
                                           ---------       ------------    ------------    -------    -----------    -----------

Balances, September 30                     $(460,012)      $ 57,885,538    $ 57,425,526    $(9,246)   $ 6,048,101    $ 6,038,855
                                           =========       ============    ============    =======    ===========    ===========

</TABLE>

<TABLE>
<CAPTION>
                                                    For the period August 2, 2004 (Inception)
                                                             through September 30, 2005
                                                  ----------------------------------------------
                                                    Manager      Shareholders         Total
                                                  ------------- ----------------  --------------
<S>                                                <C>           <C>              <C>
Balances, August 2, 2004 (Inception)               $      --     $         --     $         --

Shareholders' capital contribution, net of
   subscription receivable - 535.682 shares               --       78,333,679       78,333,679
Syndication costs (included offering fee of
   $2,791,857 paid to the Manager and selling
   commissions and placement fees of $236,000
   and $797,423, respectively, paid to Ridgewood          --       (8,654,802)      (8,654,802)
   Securities Corp.)
Return of shareholders' capital contribution -
  0.500 shares                                            --         (127,000)        (127,000)
Collection of subscription receivable                     --          680,000          680,000
Syndication costs recovered                               --           58,190           58,190
Deficit accumulated during the exploratory stage    (460,012)     (12,404,529)     (12,864,541)
                                                   ---------     ------------     ------------

Balances, September 30, 2005                       $(460,012)    $ 57,885,538     $ 57,425,526
                                                   =========     ============     ============
</TABLE>

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


                                       5
<PAGE>


                          RIDGEWOOD ENERGY M FUND, LLC
                        (An exploratory stage enterprise)
                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                              For the period    For the period
                                                                                              August 2, 2004    August 2, 2004
                                                                                               (Inception)       (Inception)
                                                                            Nine months          through           through
                                                                               ended          September 30,     September 30,
                                                                        September 30, 2005        2004              2005
                                                                        ------------------        ----              ----
<S>                                                                       <C>                <C>                <C>
Cash flows from operating activities
       Net loss                                                           $ (4,898,872)      $  (924,572)       $(12,864,541)
       Adjustments to reconcile net loss to net
          cash and cash equivalents used in operating activities
            Dry hole costs                                                   3,974,311                --           7,864,331
            Changes in assets and liabilities
                 Decrease in due from affiliate                                 19,595                --                  --
                 Increase in prepaid expenses                                     (315)               --             (35,327)
                 Increase in accrued expenses payable                           61,329                --              84,670
                 (Decrease) increase in due to affiliate                      (215,496)          925,137               3,380
                                                                          ------------       -----------        ------------

                 Net cash (used in) provided by operating activities        (1,059,448)              565          (4,947,487)
                                                                          ------------       -----------        ------------

Cash flows from investing activities
       Capital expenditures for oil and gas properties                      (7,816,271)               --         (11,706,291)
                                                                          ------------       -----------        ------------

            Net cash used in investing activities                           (7,816,271)               --         (11,706,291)
                                                                          ------------       -----------        ------------

Cash flows from financing activities
       Contributions from shareholders, net of subscription receivable              --         8,804,749          78,333,679
       Syndication costs                                                      (560,218)               --          (8,654,802)
       Return of shareholder capital contribution                             (127,000)               --            (127,000)
       Collection of subscription receivable                                   680,000                --             680,000
       Syndication costs recovered                                              58,190                --              58,190
                                                                          ------------       -----------        ------------

            Net cash provided by financing activities                           50,972         8,804,749          70,290,067
                                                                          ------------       -----------        ------------

                 Net (decrease) increase in cash and cash equivalents       (8,824,747)        8,805,314          53,636,289

                 Cash and cash equivalents, beginning of period             62,461,036                --                  --
                                                                          ------------       -----------        ------------

                 Cash and cash equivalents, end of period                 $ 53,636,289       $ 8,805,314        $ 53,636,289
                                                                          ============       ===========        ============

Supplemental schedule of non-cash activity
       Capital expenditures for oil and gas properties included in
            due to operators                                              $  8,472,896       $        --        $  8,472,896
                                                                          ============       ===========        ============
</TABLE>

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

                                       6
<PAGE>


                          RIDGEWOOD ENERGY M FUND, LLC
                        (An exploratory stage enterprise)
                     NOTES TO UNAUDITED FINANCIAL STATEMENTS

1. Organization and Purpose

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

The Fund was organized to acquire, drill, construct and develop natural gas and
oil properties located in the United States offshore waters of Texas and
Louisiana in the Gulf of Mexico. To date, the Fund has not earned revenue from
these operations and is considered in the exploratory stage.

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 and 3).

2. Summary of Significant Accounting Policies

     Basis of presentation

These interim financial statements have been prepared by the Fund's management,
without audit, in accordance with accounting principles generally accepted in
the United States of America and in the opinion of management, contain all
adjustments (consisting of only normal recurring adjustments) necessary to
present fairly the Fund's financial position, results of operations and cash
flows for the periods presented. Certain information and note disclosures
normally included in annual financial statements prepared in accordance with
accounting principles generally accepted in the United States of America have
been omitted in these interim financial statements. The results of operations,
financial position, and cash flows for the periods presented herein are not
necessarily indicative of future financial results. These interim financial
statements should be read in conjunction with the annual financial statements
and the notes thereto for the period ended December 31, 2004 included in the
Fund's Registration Statement on Form 10 filed with the SEC, as it may be
amended from time to time. The Fund had no business operations or activities
prior to September 7, 2004.

     Use of Estimates

The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities as of the date
of the financial statements and the reported amounts of revenues and expenses
during the reporting period. On an ongoing basis, the Manager reviews its
estimates, including those related to environmental liabilities, impairment
allowance and determination of proved reserves. Actual results may differ from
those estimates.

     Oil and gas properties

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

The successful efforts method of accounting for oil and gas producing activities
is followed. Costs to acquire mineral interests in oil and gas properties, drill
and equip exploratory wells to find proved reserves, drill and equip
developmental wells and related asset retirement costs are capitalized.



                                       7
<PAGE>


In April 2005, the Financial Accounting Standards Board (FASB) issued FASB Staff
Position FAS 19-1, "Accounting for Suspended Well Costs." FAS 19-1 has been
applied to the Fund's financial statements to the earliest period presented.
Costs of acquisition of mineral interests and drilling exploratory wells are
capitalized pending determination of whether the well has found proved reserves.
Capitalized exploratory drilling costs are assessed on a quarterly basis for
impairment of value by evaluating and monitoring if sufficient progress is made
on assessing the reserves. Capitalized costs are expensed as dry hole costs in
the event of impairment or reserves are determined to be not proved. Dry hole
costs were $71,008 and $3,974,311 for the three and nine months ended September
30, 2005.

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

     Revenue Recognition

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

The volume of gas sold by the operator on the Fund's behalf may differ from the
volume of gas to which the Fund is entitled. The Fund accounts for such gas
production imbalances by the entitlements method. Under the entitlements method,
the Fund recognizes 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. Through September 30, 2005,
there were no gas-balancing arrangements between the Fund and other working
interest owners.

Interest income is recognized when earned.

     Asset Retirement Obligations

For a substantial portion of the assets, there are obligations to perform
removal and remediation activities when the asset is retired. Through September
30, 2005, asset retirement obligations have been determined to be insignificant
to have a material effect on the operations of the Fund.

     Impairment of Long-Lived Assets

In accordance with the provisions of SFAS No. 144, Accounting for the Impairment
of Long-Lived Assets, the long-lived assets, such as oil and gas properties, are
evaluated when events or changes in circumstances indicate that the carrying
value of such assets may not be recoverable. The determination of whether
impairment has occurred is made by comparing the carrying value to the estimated
future undiscounted cash flows attributable to that 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.

     Depletion and Amortization

Acquisition costs of proved properties are depleted (or amortized) on the basis
of units of production and total estimated units of proved, developed and
undeveloped reserves. Other capitalized costs of proved properties are depleted
(or amortized) on the basis of units of production and total estimated units of
proved developed reserves.

     Income Taxes

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

     Cash and cash equivalents

All highly liquid investments with maturities when purchased of three months or
less are considered as cash and cash equivalents. At times, bank deposits may be
in excess of federal insured limits.



                                       8
<PAGE>


     Income and Expense Allocation

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

3. Transactions with Manager

A management agreement provides that the Manager render management,
administrative and advisory services. For such services, the Manager receives an
annual management fee, payable monthly, of 2.5% of total capital contributions
and receives 15% of distributions made by the Fund out of operating revenue (not
including cash flow from distributions and investor capital contributions) from
producing wells, less operating expenses and other expenditures relating to the
producing wells and less reserves for operating expenses, plug and abandonment
costs and certain other actual and contingent liabilities. For the three and
nine months ended September 30, 2005, a management fee of $491,639 and
$1,478,606, respectively, was paid. There have been no distributions made by the
Fund through September 2005.

From time to time, short-term payables and receivables, which do not bear
interest, arise from transactions with affiliates in the ordinary course of
business. As of September 30, 2005, $5,000 was due to the Manager for unpaid
fees.

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

4. Commitments and Contingencies

     Environmental Considerations

The exploration for and development of oil and gas involves the extraction,
production and transportation of materials which, under certain conditions, can
be hazardous or cause environmental pollution problems. The Manager and the
Operators are continually taking action they believe appropriate to satisfy
applicable federal, state and local environmental regulations and do not
currently anticipate that compliance with federal, state and local environmental
regulations will have a material adverse effect upon capital expenditures,
earnings or the competitive position in the oil and gas industry. However, due
to the significant public and governmental interest in environmental matters
related to those activities, the Manager cannot predict the effects of possible
future legislation, rule changes, or governmental or private claims.

     Salvage Fund

Pursuant to the Fund's Operating Agreement, a portion of monthly net revenue
will be reserved in Salvage Funds, which will be separated into interest bearing
accounts, until a Salvage Fund contains an amount equal to the anticipated cost
of dismantling and removing production wells and platforms, in accordance with
applicable federal and state laws and regulations.

     Insurance Coverage

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



                                       9
<PAGE>


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

            Cautionary Statement Regarding Forward-Looking Statements

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

Critical Accounting Policies and Estimates

The following discussion and analysis of our financial condition and operating
results are based on our financial statements. The preparation of this Quarterly
Report on Form 10-Q requires us to make estimates and assumptions that affect
the reported amount of assets and liabilities, disclosure of contingent assets
and liabilities at the date of our financial statements, and the reported amount
of revenue and expenses during the reporting period. Actual results may differ
from those estimates and assumptions. See "Notes to Unaudited Financial
Statements" in Part I of this Form 10-Q for a presentation of the Fund's
critical accounting principles.

Overview

The Fund commenced active operations on September 7, 2004 when it began its
private offering of shares. During 2004, the Fund raised capital by selling
536.182 shares for $79,013,679. In March 2005, the number of shares changed to
535.682 for non-payment of 0.5 shares by one investor. The Fund's primary
business is obtaining economic interest in the exploration and development of
natural gas and oil projects. The business activities are managed by Ridgewood
Energy Corporation, the Manager. The Fund does not directly explore for, or
operate, any projects. The Manager, on behalf of the Fund, enters into operating
agreements with third party operators for the exploration and possible
development of projects. These third-party operators manage all day-to-day
activities of projects, determine expenditures and report their activities to
the Manager.

Results of Operations

The loss from operations for the three months ended September 30, 2005 and the
period from August 2, 2004 (inception) through September 30, 2004 were $680,038
and $5,798,739, respectively. Lease operating expenses related to exploratory
drilling totaled $652 for the quarter. Expenses related to unsuccessful
properties including dry hole costs and well control insurance totaled
approximately $105,412 for the quarter. Management fees of $491,639 and general
and administrative costs of $82,335 comprised the remainder of the Fund's
quarterly expenses. The loss for the quarter ended September 30, 2004 was
comprised solely of the one-time investment fee of $925,137 which was payable to
the Manager.

For the nine months ended September 30, 2005 and the period August 2, 2004
(inception) through September 30, 2004, the loss from operations was $5,798,739
and $925,137, respectively. Lease operating expenses related to exploratory
drilling totaled $50,446 through September 30, 2005. Expenses related to
unsuccessful properties including dry hole costs and well control insurance
totaled $4,008,715 for the period ended September 30, 2005. Management fees and
other general and administrative expense through September 30, 2005 totaled
$1,478,606 and $260,972, respectively. The loss for the period ended September
30, 2004 was comprised solely of the one-time investment fee of $925,137.


                                       10
<PAGE>


Other Income

Other income comprised solely of interest income was $368,048 and $899,867 for
the three months and period ended September 30, 2005, respectively. Interest
income for the three months and period ended September 30, 2004 was $565.
Interest is earned on non-invested capital which is held in highly liquid
investments with maturities when purchased of three months or less.

Liquidity and Capital Resources

Cash and cash equivalents decreased by $8.8 million during the first nine months
of 2005 from $62.5 million at December 31, 2004 to $53.6 million at September
30, 2005. Cash from operating activities of $1,059,448 was used to pay
management fees, insurance costs, lease operating expenses, dry hole costs and
general and administrative expenses partially offset by interest earned of
$899,867.

During the period ended September 30, 2005, the Fund received cash contributions
of $553,000 and paid syndication costs of $502,028. The Fund invested in oil and
gas properties totaling $7.8 million of which $4.0 million was written off as
dry hole costs. Approximately $6.4 million of the purchased oil and gas
properties and $2.0 million of the dry hole costs are included in due to
operator at September 30, 2005.

The Manager may distribute available cash from operations which includes cash
received by the Fund from producing wells (not including cash flow from
dispositions and investor capital contributions), less operating expenses and
other cash expenditures and less reserves for operating expenses, plug and
abandonment costs and certain other actual and contingent liabilities.

Future Trends

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

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

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

Estimated Capital Expenditures

The Fund has entered into multiple Offshore Operating Agreements for the
drilling and development of its investment properties. The estimated capital
expenditures associated with these agreements can vary depending on the stage of
development on a property-by-property basis. As of September 30, 2005, such
estimated capital expenditures total $42.2 million, all of which is expected to
be paid within the following 12 months and of which $6.4 million is recorded in
due to operator.

The Manager receives an annual management fee of 2.5% of total capital
contributions for administrative and advisory services as well as reimbursement
of expenses.

<TABLE>
  Estimated Capital Expenditures
  As of September 30, 2005                                    Total          Less than one year      1-3 years
<S>                                                          <C>                <C>                         <C>
  Projects
     West Cameron 77 #2 ("Mustang")  (i)                     7,088,924          7,088,924                   0
     East Breaks 157 (i)                                    16,818,688          4,718,688          12,100,000
     Eugene Island 357 (i)                                   8,190,000          8,190,000                   0
     Eugene Island 337 (i)                                   7,702,500          7,702,500                   0

Fund Expenses
     Management Fees  (ii)                                   2,044,066          2,009,716              34,350
     Accounting & Legal  (ii)                                  105,400            105,400                   0
     Insurance Expense  (iii)                                  287,535            287,535                   0  (iv)
</TABLE>

                                       11
<PAGE>


     i)   Assumes the wells are commercially successful. If one or more of the
          wells is dry, the development capital will be reallocated to one or
          more new unspecified projects.
     ii)  Although the management fee and legal and accounting fees are
          typically paid from operating income, we are estimating that two years
          of expense may be spent from Fund reserves until revenue reaches such
          levels.
     iii) Insurance expense represents $60,020 annually of Directors and
          Officers coverage that is allocated equally over 12 months in addition
          to well control insurance that is expensed in the quarter the well is
          spud (starts drilling). The well control insurance expense varies by
          well based on the projected depth of the well and as the Fund's
          working interest percentage in the well.
     iv)  There will be additional well control insurance which cannot be
          estimated at the current time if one of the above wells is deemed
          unsuccessful and we develop a different, unspecified project.

Cash Reserves

The Fund is maintaining cash reserves of $11.4 million to be used for cost
overruns, new projects, project development costs or Fund expenses.

Item 3.  Quantitative and Qualitative Disclosures about Market Risk

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

Item 4.  Controls and Procedures

(a)      Evaluation of Disclosure Controls and Procedures

The Fund's Chief Executive Officer and Chief Financial Officer, with the
participation and assistance of other members of management, have evaluated the
effectiveness of the design and operation of the Fund's disclosure controls and
procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the
Securities Exchange Act of 1934, as amended) as of the end of the period covered
by Quarterly Report on Form 10-Q. Based upon that evaluation, the Fund's Chief
Executive Officer and the Chief Financial Officer have concluded that the Fund's
disclosure controls and procedures are effective, as of the end of the period
covered by this Quarterly Report on Form 10-Q.

We do not expect that our disclosure controls or our internal controls will
prevent all errors and all instances of fraud. A control system, no matter how
well conceived and operated, can provide only reasonable, not absolute,
assurance that the objectives of the system are met. Further, the design of a
control system must reflect the fact that there are resource constraints, and
the benefits of controls must be considered relative to their costs. Because of
the inherent limitations in all control systems, no evaluation of controls can
provide absolute assurance that we have detected all our control issues and
instances of fraud, if any. The design of any system of controls also is based
partly on certain assumptions about the likelihood of future events, and there
can be no assurance that any design will succeed in achieving its stated goals
under all potential future conditions.

(b)     Changes in Internal Control over Financial Reporting

No change in the Fund's internal control over financial reporting occurred
during the Fund's most recent fiscal quarter that has materially affected, or is
reasonably likely to materially affect, the Fund's internal control over
financial reporting.


                                       12
<PAGE>

Part II. Other Information

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

During the nine months ended September 30, 2005, the Fund refunded $127,000 of
sales of Fund shares and collected $680,000 of previously recorded subscriptions
receivables for the sale of Fund shares.

Item 6.            Exhibits

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

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

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



                                       13
<PAGE>


                                   SIGNATURES

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


                                      RIDGEWOOD ENERGY M FUND, LLC

                                      By:  /s/  Robert E. Swanson
Dated:    November 14, 2005                Robert E. Swanson
                                           President and Chief Executive Officer
                                           (principal executive officer)


                                      By:  /s/  Kathleen P. McSherry
Dated:    November 14, 2005                Kathleen P. McSherry
                                           Senior Vice President and
                                           Chief Financial Officer
                                           (principal financial and accounting
                                           officer)

                                       14

<PAGE>


                                  EXHIBIT INDEX





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

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

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