UNITED STATES
SECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549

FORM 10-Q

|   |                                                                                           
|-- | ------------------------------------------------------------------------------------------
|x  | QUARTERLY
  REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
|   | For the quarterly period
  ended March 31, 2008                                           
|or
|   |                                                                                           
|o  | TRANSITION
  REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|   | For the transition period
  from _______________________ to ____________________________  

For the transition period from _____ to _____

Commission File No. 000-51924

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

|                                  |  |                      
|--------------------------------- |  | ---------------------
|Delaware                          |  | 76-0774429           
|(State
  or other jurisdiction of |  | (I.R.S.
  Employer   
|incorporation
  or organization)  |  | Identification
  No.)

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

(302) 888-7444(Registrants
telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act:

Shares of LLC Membership Interest

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 o

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

| |                                                 |   |                           |  
| | ----------------------------------------------- | - | ------------------------- | -
| | Large accelerated filer                         | o | Accelerated filer         | o
| | Non-accelerated filer                           | o | Smaller reporting company | x
| | (Do not check if a smaller
  reporting company) |   |                           |  

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

There is no market for the
shares. As of May 6, 2008 there are 870.6486 shares outstanding.

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Table of Contents

|                               |                                                                                                   |  |     
|------------------------------ | ------------------------------------------------------------------------------------------------- |  | ----
|                               |                                                                                                   |  | Page
|PART I - FINANCIAL INFORMATION
|Item 1.                        | Financial
  Statements:                                                                           |  | 3   
|                               | Unaudited Condensed Balance Sheets
as of March 31,
  2008 and December 31, 2007                   |  | 3   
|                               | Unaudited Condensed Statements of
Operations for the
  three months ended March 31, 2008 and 2007 |  | 4   
|                               | Unaudited Condensed Statements of
Cash Flows for the
  three months ended March 31, 2008 and 2007 |  | 5   
|                               | Notes to Unaudited Condensed
Financial Statements                                                 |  | 6   
|Item 2.                        | Managements
  Discussion and Analysis of Financial Condition and Results of Operations           |  | 11  
|Item 3.                        | Quantitative
  and Qualitative Disclosures about Market Risk                                      |  | 15  
|Item 4.                        | Controls
  and Procedures                                                                         |  | 16  
|                               |                                                                                                   |  |     
|PART II - OTHER INFORMATION   
|                               |                                                                                                   |  |     
|Item 1.                        | Legal
  Proceedings                                                                               |  | 16  
|Item 1A.                       | Risk
  Factors                                                                                    |  | 16  
|Item 2.                        | Unregistered
  Sales of Equity Securities and Use of Proceeds                                     |  | 16  
|Item 3.                        | Defaults
  Upon Senior Securities                                                                 |  | 16  
|Item 4.                        | Submissions
  of Matters to a Vote of Security Holders                                            |  | 16  
|Item 5.                        | Other
  Information                                                                               |  | 16  
|Item 6.                        | Exhibits                                                                                          |  | 16  
|                               |                                                                                                   |  |     
|                               | SIGNATURES                                                                                        |  | 17  

2

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PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

RIDGEWOOD ENERGY O FUND, LLC UNAUDITED CONDENSED BALANCE SHEETS
(in thousands, except share data)

|                                                                                 |  |                  |         |                     |   |         |  
|-------------------------------------------------------------------------------- |  | ---------------- | ------- | ------------------- | - | ------- | -
|                                                                                 |  | March 31,
  2008 |         | December 31,
  2007 |  
|                                                                                 |  |                  |         |                     |  
|ASSETS                                                                           |  |                  |         |                     |   |         |  
|Current assets:                                                                  |  |                  |         |                     |   |         |  
|Cash and cash equivalents                                                        |  | $                | 53,153  |                     | $ | 14,546  |  
|Short-term investments in marketable securities                                  |  |                  |        |                     |   | 40,602  |  
|Production receivable                                                            |  |                  | 1,311   |                     |   | 598     |  
|Other current assets                                                             |  |                  | 476     |                     |   | 372     |  
|                                                                                 |  |                  |         |                     |   |         |  
|Total current assets                                                             |  |                  | 54,940  |                     |   | 56,118  |  
|Salvage fund                                                                     |  |                  | 1,119   |                     |   | 1,110   |  
|Oil and gas properties:                                                          |  |                  |         |                     |   |         |  
|Advances to operators for working interests and
expenditures                     |  |                  |        |                     |   | 1,866   |  
|Unproved properties                                                              |  |                  | 9,943   |                     |   | 5,961   |  
|Proved properties                                                                |  |                  | 5,603   |                     |   | 5,603   |  
|Less: accumulated depletion and amortization                                     |  |                  | (1,521  | )                   |   | (701    | )
|                                                                                 |  |                  |         |                     |   |         |  
|Total oil and gas properties                                                     |  |                  | 14,025  |                     |   | 12,729  |  
|                                                                                 |  |                  |         |                     |   |         |  
|                                                                                 |  |                  |         |                     |   |         |  
|Total assets                                                                     |  | $                | 70,084  |                     | $ | 69,957  |  
|                                                                                 |  |                  |         |                     |   |         |  
|LIABILITIES
  AND MEMBERS CAPITAL                                               |  |                  |         |                     |   |         |  
|Current liabilities:                                                             |  |                  |         |                     |   |         |  
|Due to operators                                                                 |  | $                | 3,040   |                     | $ | 2,070   |  
|Accrued expenses payable                                                         |  |                  | 97      |                     |   | 126     |  
|Due to affiliates (Note 6)                                                       |  |                  |        |                     |   | 652     |  
|                                                                                 |  |                  |         |                     |   |         |  
|Total current liabilities                                                        |  |                  | 3,137   |                     |   | 2,848   |  
|                                                                                 |  |                  |         |                     |   |         |  
|Asset retirement obligations                                                     |  |                  | 41      |                     |   | 39      |  
|                                                                                 |  |                  |         |                     |   |         |  
|Total liabilities                                                                |  |                  | 3,178   |                     |   | 2,887   |  
|                                                                                 |  |                  |         |                     |   |         |  
|Commitments and contingencies (Note 8)                                           |  |                  |         |                     |   |         |  
|Members capital:                                                                |  |                  |         |                     |   |         |  
|Manager:                                                                         |  |                  |         |                     |   |         |  
|Distributions                                                                    |  |                  | (221    | )                   |   | (73     | )
|Accumulated deficit                                                              |  |                  | (1,207  | )                   |   | (1,447  | )
|                                                                                 |  |                  |         |                     |   |         |  
|Managers total                                                                  |  |                  | (1,428  | )                   |   | (1,520  | )
|                                                                                 |  |                  |         |                     |   |         |  
|Shareholders:                                                                    |  |                  |         |                     |   |         |  
|Capital contributions (935 shares authorized; 870.6486 issued and
  outstanding) |  |                  | 128,990 |                     |   | 128,990 |  
|Syndication costs                                                                |  |                  | (14,742 | )                   |   | (14,742 | )
|Distributions                                                                    |  |                  | (1,254  | )                   |   | (414    | )
|Accumulated deficit                                                              |  |                  | (44,660 | )                   |   | (45,244 | )
|                                                                                 |  |                  |         |                     |   |         |  
|Shareholders total                                                              |  |                  | 68,334  |                     |   | 68,590  |  
|                                                                                 |  |                  |         |                     |   |         |  
|                                                                                 |  |                  |         |                     |   |         |  
|Total members capital                                                           |  |                  | 66,906  |                     |   | 67,070  |  
|                                                                                 |  |                  |         |                     |   |         |  
|                                                                                 |  |                  |         |                     |   |         |  
|Total liabilities and members capital                                           |  | $                | 70,084  |                     | $ | 69,957  |  
|                                                                                 |  |                  |         |                     |   |         |  

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

3

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RIDGEWOOD ENERGY O FUND, LLCUNAUDITED CONDENSED STATEMENTS OF OPERATIONS
(in thousands, except share data)

|                                      |  |                              |       |      |   |        |  
|------------------------------------- |  | ---------------------------- | ----- | ---- | - | ------ | -
|                                      |  | Three months ended March 31, |      
|                                      |  | 2008                         |       | 2007 |  
|                                      |  |                              |       |      |  
|Revenue                               |  |                              |       |      |   |        |  
|Oil and gas revenue                   |  | $                            | 2,415 |      | $ |       |  
|                                     
|Expenses                              |  |                              |       |      |   |        |  
|Depletion and amortization            |  |                              | 820   |      |   |       |  
|Dry-hole costs                        |  |                              | 424   |      |   | 1,850  |  
|Management fees to affiliate (Note 6) |  |                              | 552   |      |   | 587    |  
|Operating expenses                    |  |                              | 32    |      |   | 1      |  
|General and administrative expenses   |  |                              | 199   |      |   | 96     |  
|                                      |  |                              |       |      |   |        |  
|Total expenses                        |  |                              | 2,027 |      |   | 2,534  |  
|                                      |  |                              |       |      |   |        |  
|Income (loss) from operations         |  |                              | 388   |      |   | (2,534 | )
|Other
  income                        |  |                              |       |      |   |        |  
|Interest income                       |  |                              | 436   |      |   | 714    |  
|                                      |  |                              |       |      |   |        |  
|Net income (loss)                     |  | $                            | 824   |      | $ | (1,820 | )
|                                      |  |                              |       |      |   |        |  
|                                      |  |                              |       |      |   |        |  
|Manager Interest                      |  |                              |       |      |   |        |  
|Net income (loss)                     |  | $                            | 240   |      | $ | (110   | )
|                                      |  |                              |       |      |   |        |  
|Shareholder Interest                  |  |                              |       |      |   |        |  
|Net income (loss)                     |  | $                            | 584   |      | $ | (1,710 | )
|Net income (loss) per share           |  | $                            | 671   |      | $ | (1,964 | )

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

4

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RIDGEWOOD ENERGY O FUND, LLCUNAUDITED CONDENSED STATEMENTS OF CASH FLOWS
(in thousands)

|                                                                                                                        |  |                                |        |      |   |         |  
|----------------------------------------------------------------------------------------------------------------------- |  | ------------------------------ | ------ | ---- | - | ------- | -
|                                                                                                                        |  | Three months ended
  March 31, |       
|                                                                                                                        |  | 2008                           |        | 2007 |  
|                                                                                                                        |  |                                |        |      |  
|                                                                                                                       
|Cash flows from operating activities                                                                                    |  |                                |        |      |   |         |  
|Net income (loss)                                                                                                       |  | $                              | 824    |      | $ | (1,820  | )
|Adjustments to reconcile net income (loss) to net cash provided by
  (used in) operating activities                     |  |                                |        |      |   |         |  
|Depletion and amortization                                                                                              |  |                                | 820    |      |   |        |  
|Dry-hole costs                                                                                                          |  |                                | 424    |      |   | 1,850   |  
|Accretion expense                                                                                                       |  |                                | 2      |      |   | 1       |  
|Interest earned on marketable securities                                                                                |  |                                | (287   | )    |   | (500    | )
|Changes in assets and liabilities:                                                                                      |  |                                |        |      |   |         |  
|Increase in production receivable                                                                                       |  |                                | (713   | )    |   |        |  
|(Increase) decrease in other current assets                                                                             |  |                                | (104   | )    |   | 220     |  
|(Decrease) increase in accrued expenses payable                                                                         |  |                                | (43    | )    |   | 42      |  
|(Decrease) increase in due to affiliates                                                                                |  |                                | (652   | )    |   | 3       |  
|                                                                                                                        |  |                                |        |      |   |         |  
|Net cash provided by (used in) operating activities                                                                     |  |                                | 271    |      |   | (204    | )
|                                                                                                                        |  |                                |        |      |   |         |  
|                                                                                                                        |  |                                |        |      |   |         |  
|Cash flows from investing activities                                                                                    |  |                                |        |      |   |         |  
|Capital expenditures for oil and gas properties                                                                         |  |                                | (1,556 | )    |   | (5,521  | )
|Salvage fund investments                                                                                                |  |                                | (9     | )    |   | (8      | )
|Proceeds from held-to-maturity investments                                                                              |  |                                | 40,889 |      |   |        |  
|Investment in held-to-maturity securities                                                                               |  |                                |       |      |   | (25,318 | )
|                                                                                                                        |  |                                |        |      |   |         |  
|Net cash provided by (used in) investing activities                                                                     |  |                                | 39,324 |      |   | (30,847 | )
|                                                                                                                        |  |                                |        |      |   |         |  
|                                                                                                                        |  |                                |        |      |   |         |  
|Cash flows from financing activities                                                                                    |  |                                |        |      |   |         |  
|Distributions                                                                                                           |  |                                | (988   | )    |   |        |  
|                                                                                                                        |  |                                |        |      |   |         |  
|Net cash used in financing activities                                                                                   |  |                                | (988   | )    |   |        |  
|                                                                                                                        |  |                                |        |      |   |         |  
|Net increase (decrease) in cash and cash equivalents                                                                    |  |                                | 38,607 |      |   | (31,051 | )
|                                                                                                                        |  |                                |        |      |   |         |  
|Cash and cash equivalents, beginning of period                                                                          |  |                                | 14,546 |      |   | 33,188  |  
|                                                                                                                        |  |                                |        |      |   |         |  
|Cash and cash equivalents, end of period                                                                                |  | $                              | 53,153 |      | $ | 2,137   |  
|                                                                                                                        |  |                                |        |      |   |         |  
|                                                                                                                        |  |                                |        |      |   |         |  
|Supplemental schedule of non-cash investing
  activities                                                                |  |                                |        |      |   |         |  
|                                                                                                                        |  |                                |        |      |   |         |  
|Advances used for capital expenditures in oil and gas properties
reclassified
  to dry-hole costs and proved properties |  | $                              | 1,866  |      | $ |        |  
|                                                                                                                        |  |                                |        |      |   |         |  

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

5

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RIDGEWOOD
ENERGY O FUND, LLCNOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

1. Organization and Purpose

The Ridgewood Energy O Fund,
LLC (the Fund), a Delaware limited liability company, was formed on December
21, 2004 and operates pursuant to a limited liability company agreement (the
LLC Agreement) dated as of February 16, 2005 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 for oil
and natural gas exploration activities. During 2007, the Fund began earning
revenue and was determined to no longer be an exploratory stage enterprise.

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. See Notes 2, 6 and 8.

2. Summary of Significant Accounting Policies

Basis of
Presentation These unaudited interim
condensed financial statements have been prepared by the Funds management in
accordance with accounting principles generally accepted in the United States
of America (GAAP) and in the opinion of management, contain all adjustments
(consisting of only normal recurring adjustments) necessary to present fairly
the Funds financial position, results of operations and cash flows for the
periods presented. Certain information and note disclosures normally included
in annual financial statements prepared in accordance with GAAP have been
omitted in these unaudited interim condensed financial statements. The results
of operations, financial position, and cash flows for the periods presented
herein are not necessarily indicative of future financial results. These
unaudited interim condensed financial statements should be read in conjunction
with the annual financial statements and the notes thereto for the year ended
December 31, 2007 included in the Funds Annual Report on Form 10-K filed with
the Securities and Exchange Commission (SEC).

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

Cash and Cash
EquivalentsAll highly liquid
investments with maturities when purchased of three months or less are
considered cash and cash equivalents. At times, bank deposits may be in excess
of federally insured limits. At March 31, 2008 and December 31, 2007, bank
balances, inclusive of salvage fund, exceeded federally insured limits by $53.1
million and $14.4 million, respectively. The Fund maintains bank deposits with
accredited financial institutions.

Investments in
Marketable SecuritiesAt times the Fund may
purchase short-term investments comprised of U.S. Treasury Bills and 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 to 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 March 31, 2008, the Fund owned held-to-maturity investments
within the salvage fund totaling $1.1 million, which will mature February 2012.

Salvage FundPursuant to the Funds LLC
Agreement, 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.

6

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Interest earned on the
account will become part of the salvage fund. There are no legal restrictions
on withdrawals from the salvage fund.

Oil and Natural
Gas PropertiesInvestments 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 the
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, 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. The Manager does not currently intend
to sell any of the Funds property interests.

Capitalized acquisition
costs of producing oil and natural gas properties are depleted by the
unit-of-production method.

As of March 31, 2008,
amounts recorded in due to operators totaling $3.0 million related to capital
expenditures for oil and gas property, which were paid during the second
quarter of 2008.

Advances to
Operators for Working Interests and ExpendituresThe Funds acquisition of a
working interest in a well or a project requires it to make a payment to the
seller for the Funds rights, title and interest. The Fund 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.

Asset Retirement
ObligationsFor 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
incurred. Plug and abandonment costs associated with unsuccessful projects are
expensed as dry-hole costs. The table below presents changes for the three
months ended March 31, 2008 and the year ended December 31, 2007.

|                                |  |                |    |                   |   |      |  
|------------------------------- |  | -------------- | -- | ----------------- | - | ---- | -
|                                |  | March 31, 2008 |    | December 31, 2007 |  
|                                |  |                |    |                   |  
|                                |  | (in thousands) |   
|Balance - Beginning of
  period |  | $              | 39 |                   | $ | 37   |  
|Liabilities incurred            |  |                |   |                   |   | 904  |  
|Liabilities settled             |  |                |   |                   |   | (904 | )
|Accretion expense               |  |                | 2  |                   |   | 2    |  
|                                |  |                |    |                   |   |      |  
|Balance - End of period         |  | $              | 41 |                   | $ | 39   |  
|                                |  |                |    |                   |   |      |  

As indicated above, the Fund
maintains a salvage fund to provide for the funding of future asset retirement
obligations.

Syndication CostsDirect 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 ReceivableOil and natural gas sales
are recognized and a production receivable is recorded 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).

7

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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
March 31, 2008 and December 31, 2007, there were no material oil or natural gas
balancing arrangements between the Fund and other working interest owners.

Impairment of
Long-Lived AssetsIn accordance with the
provisions of Financial Accounting Standards (SFAS) No. 144, Accounting for
the Impairment of Long-Lived Assets, long-lived assets, such as oil and
natural gas properties, are evaluated when events or changes in circumstances
indicate the carrying value of such assets may not be recoverable. The
determination of whether impairment has occurred is made by comparing the
carrying values of long-lived assets to the estimated future undiscounted
cash flows attributable to the asset. The impairment loss recognized is the
excess of the carrying value over the future discounted cash flows attributable
to the asset or the estimated fair value of the asset. For the three
months ended March 31, 2008 and 2007, no impairments have been recorded.

Depletion and
AmortizationDepletion 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. The Fund began production
during the third quarter 2007.

Income TaxesNo provision is made for
income taxes in the financial statements. The Fund is a limited liability
company, and as such, the Funds income or loss is passed through and included
in the tax returns of the Funds shareholders.

Income and
Expense AllocationProfits 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.
Recent Accounting Standards

In September 2006, the FASB
issued SFAS No. 157, Fair Value Measurements, (SFAS No.157), which applies
under most other accounting pronouncements that require or permit fair value
measurements. SFAS No. 157 provides a common definition of fair value as the
price that would be received to sell an asset or paid to transfer a liability
in a transaction between market participants. The new standard also provides
guidance on the methods used to measure fair value and requires expanded
disclosures related to fair value measurements. SFAS No. 157 had originally
been effective for financial statements issued for fiscal years beginning after
November 15, 2007, however the FASB has agreed on a one year deferral for all
nonfinancial assets and liabilities. On January 1, 2008, the Fund adopted SFAS
157 for financial assets and liabilities.

4. Unproved Properties -
Capitalized Exploratory Well Costs

Leasehold acquisition and
exploratory drilling costs are capitalized pending determination of whether the
well has found proved reserves. Unproved properties are assessed on a quarterly
basis by evaluating and monitoring if sufficient progress is made on assessing
the reserves.

The following table reflects
the net changes in unproved properties for the periods ended March 31, 2008 and the year ended
December 31, 2007. As of March 31, 2008, the Fund had one property, Eugene
Island 346/347, with capitalized expenditures in excess of one year. This
property has been determined successful and completion efforts are ongoing.
Production for this well is expected in July 2008.

8

---



|                                                                                               |  |                |       |                   |   |        |  
|---------------------------------------------------------------------------------------------- |  | -------------- | ----- | ----------------- | - | ------ | -
|                                                                                               |  | March 31, 2008 |       | December 31, 2007 |  
|                                                                                               |  |                |       |                   |  
|                                                                                               |  | (in thousands) |      
|Balance - Beginning of the period                                                              |  | $              | 5,961 |                   | $ |       |  
|Additions to capitalized exploratory well costs pending the
  determination of proved reserves |  |                | 3,982 |                   |   | 7,647  |  
|Reclassifications to proved properties based on the determination of
  proved reserves         |  |                |      |                   |   | (1,686 | )
|Capitalized exploratory well costs charged to dry-hole
costs                                   |  |                |      |                   |   |       |  
|                                                                                               |  |                |       |                   |   |        |  
|                                                                                               |  |                |       |                   |   |        |  
|Balance - End of the period                                                                    |  | $              | 9,943 |                   | $ | 5,961  |  
|                                                                                               |  |                |       |                   |   |        |  

Capitalization costs are
expensed as dry-hole costs in the event that reserves are not found or are not
in sufficient quantities to complete the well and develop the field. During the
three months ended March 31, 2008, certain wells received credits from their
respective operators upon review and audit of the wells costs. Dry-hole costs
are detailed in the table below.

|                       |  |                              |     |      |   |       | 
|---------------------- |  | ---------------------------- | --- | ---- | - | ----- | 
|                       |  | Three months ended March 31, |    
|Lease
  Block          |  | 2008                         |     | 2007 |  
|                       |  |                              |     |      |  
|                       |  | (in thousands)               |    
|South Marsh Island 213 |  | $                            | 437 |      | $ |      | 
|Eugene Island 334      |  |                              | 1   |      |   | 6     | 
|Eugene Island 357      |  |                              | 3   |      |   |      | 
|West Cameron 78/95     |  |                              | (3  | )    |   | 19    | 
|West Delta 95          |  |                              | (14 | )    |   | 1,825 | 
|                       |  |                              |     |      |   |       | 
|                       |  | $                            | 424 |      | $ | 1,850 | 
|                       |  |                              |     |      |   |       | 

5. Distributions

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

The Manager will determine
whether available cash from operations, as defined in the Funds LLC Agreement,
is to be distributed. Such distributions will be allocated 85% to the
shareholders and 15% to the Manager, as defined in the Funds LLC Agreement.

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

The Fund began making
distributions in December 2007. During the three months ended March 31, 2008,
Manager and shareholder distributions totaled $0.1 million and $0.8 million,
respectively.

6. Related Parties

The LLC Agreement provides
that the Manager render management, administrative and advisory services. For
such services, the Manager receives an annual management fee, payable monthly,
of 2.5% of total capital contributions, net of cumulative dry-hole costs
incurred by the Fund. Management fees for each of the three months ended March
31, 2008 and 2007 were $0.6 million.

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 December
31, 2007, the Fund owed affiliates $0.7 million related to insurance proceeds
and revenue allocations. At March 31, 2008 there were no such amounts payable
or receivable.

None of the compensation paid to
 the Manager has been derived as a result of arms length
negotiations.

The Fund has working
interest ownership in certain projects to acquire and develop oil and natural
gas projects with other entities that are likewise managed by the Manager.

9

---



7. Fair Value of Financial
Instruments

At March 31, 2008 and
December 31, 2007, the carrying value of cash and cash equivalents, short-term
investments in marketable securities, salvage fund, production receivable and
accrued expenses approximated fair value.

8. Commitments and Contingencies

Capital
CommitmentsThe 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 vary depending on the stage of development on a property-by-property
basis. As of March 31, 2008, the Fund had committed to spend an additional $3.9
million relating to the properties.

Environmental
ConsiderationsThe 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 March 31, 2008 and December 31, 2007, there
were no known environmental contingencies that required the Fund to record a
liability.

Insurance
CoverageThe 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. Moreover, insurance is obtained as a package
covering all of the Managers investment programs. Claims made by other such
programs can reduce or eliminate insurance for the Fund.

9. Subsequent Events

South Marsh Island 213In
March 2008, the Fund acquired a 5.5% working interest in the exploratory
project South Marsh Island 213 from LLOG Exploration Offshore, Inc. (LLOG),
the operator. This project began drilling in March 2008. On April 30, 2008 the
Fund was informed by LLOG that the well being drilled on the South Marsh Island
213 lease block did not have commercially productive quantities of either natural
gas or oil and had been deemed an unsuccessful well, or dry hole. As a result
of this dry hole, the Fund recorded dry-hole costs of $0.4 million during the
three months ended March 31, 2008 and estimates that an additional $0.9 million
of dry-hole costs, inclusive of plug and abandonment, will be incurred during
the second quarter 2008.

10

---



ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS

Cautionary Statement Regarding
Forward-Looking Statements

Certain statements in this
quarterly report on Form 10-Q (Quarterly Report) and the documents
Ridgewood Energy O Fund, LLC (the Fund) has incorporated by reference into
this Quarterly Report, other than purely historical information, including
estimates, projections, statements relating to the Funds business plans,
strategies, objectives and expected operating results, and the assumptions upon
which those statements are based, are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
Section 27A of the Securities Act of 1933, as amended (the Securities
Act) and Section 21E of the Securities Exchange Act of 1934 (the
Exchange Act). These forward-looking statements generally are identified by
the words believe, project, expect, anticipate, estimate,
intend,
strategy, plan, target, pursue, may, will, would,
will be,
will continue, will likely result, and similar expressions. Forward-looking
statements are based on current expectations and assumptions that are subject
to risks and uncertainties which may cause actual results to differ materially
from the forward-looking statements. Examples of such events that could cause
actual results to differ materially from historical results or those
anticipated include weather conditions, such as hurricanes, changes in market
conditions affecting the pricing of oil and natural gas, the cost and
availability of equipment, and changes in governmental regulations. The Fund
undertakes no obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events or otherwise.

Critical Accounting Policies and
Estimates

The following discussion and
analysis of the Funds financial condition and operating results is based on
its financial statements. The preparation of this Quarterly Report requires the
Fund to make estimates and assumptions that affect the reported amount of
assets and liabilities, disclosure of contingent assets and liabilities at the
date of the Funds financial statements, and the reported amount of revenue and
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 for a presentation of the Funds
significant accounting policies. No changes have been made to the Funds
critical accounting policies and estimates disclosed in its 2007 Annual Report
on Form 10-K.

Overview of the Funds Business

The Fund is a Delaware
limited liability company formed on December 21, 2004 to acquire interests
primarily in oil and natural gas projects located in the U.S. waters of the
Gulf of Mexico. Ridgewood Energy Corporation (Ridgewood Energy or the
Manager) a Delaware corporation, is the Manager. As the Manager, Ridgewood
Energy has direct and exclusive control over the management and control of Fund
operations. The Fund is an independent oil and natural gas producer. The Funds
primary investment objective is to generate cash flow for distribution to the
Funds shareholders through participation in oil and natural gas exploration
and development projects in the Gulf of Mexico.

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 receives an
annual management fee equal to 2.5% of capital contributions, net of cumulative
dry-hole costs incurred by the Fund, payable monthly. 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

The Fund owns working
interests and has participated in the drilling of thirteen wells, six of which
have been determined to be dry holes, two that have been determined to be
successful, and five that are currently drilling or scheduled to drill. The Fund has elected not to participate in
the Mississippi Canyon 360 project and the majority of its investment of $0.1
million is expected to be returned by the partners of the project.

Successful Projects

South Pelto 9In July 2006, the Fund acquired a 16.67% working interest from
Newfield Exploration Company (Newfield), the operator. South Pelto 9 was
deemed successful in late-2006 and production commenced in September 2007. In
August 2007, Newfield sold
its interest in this property to McMoRan Exploration Co. (McMoRan). At that
time, McMoRan assumed Newfields responsibilities as the operator of this
property. The Fund has spent $5.6 million on this property.

11

---



Eugene Island
346/347In March 2007, the Fund
acquired a 5% working interest in the exploratory project Eugene Island 346/347
from Newfield, the operator. In June 2007, the well was deemed successful. In
August 2007, Newfield sold its interest in this property to McMoRan. At that
time, McMoRan assumed Newfields responsibilities as the operator of this
property. Completion is ongoing and production is expected in July 2008.
Through March 31, 2008, the Fund has spent $2.6 million related to this well,
for which the total estimated budget is $3.3 million.

Well #2 and Well #3As a result of the drilling
success of the first exploratory well for Eugene Island 346/347, second and
third wells will commence drilling in May 2008 and June 2008, respectively. The
total estimated budget for these wells is $0.6 million.

Currently Drilling/Future Projects

Walker Ridge 155In 2007 the Fund acquired a
1.0% working interest in the exploratory project Walker Ridge 155 from Kerr-McGee
Oil & Gas Corporation (Kerr McGee), a wholly owned subsidiary of Anadarko
Petroleum Corporation (Anadarko), the operator of the project. Drilling for
Walker Ridge 155, a deepwater project began in mid-August 2007.

While drilling the initial
well, Anadarko found traces of oil throughout much of the 4,500-foot interval
as well as a thin section of high-quality oil. However, this initial well did
not encounter the sedimentary formations that had been targeted. As a result,
the working interest owners are evaluating additional three-dimensional data
gathered during the drilling phase as well as new data to determine whether the
operator should divert the well to a location more likely to encounter
commercial reservoirs. The results of the analysis are expected during the
second quarter 2008. The operator currently plans to re-use the majority of the
initial well-bore in order to save time and money. The data gathered thus far
confirms the presence of oil in the geologic basin, however, the well has not
been determined to be a successful property. Once diverted to a new location,
if the well is not deemed commercial, it will be plugged and abandoned as a dry
hole. Through March 31, 2008, the Fund has spent $2.2 million related to this
property, for which the total estimated budget is $14.4 million.

High Island 38In
the fourth quarter 2007, the Fund acquired a 12.5% working interest in the High
Island 38 project, from W&T Offshore, Inc. (W&T Offshore), the
operator. Through March 31, 2008, the Fund has spent $4.7 million related to
this property, for which the total estimated budget is $7.6 million. Results
for this project are expected during the second quarter of 2008.

South Timbalier
287In November 2007, the Fund
acquired a 4.0% working interest in the exploratory project South Timbalier 287
from GOM Shelf LLC (Apache Corporation) (Apache), the operator. South
Timbalier 287 is located southwest of the Mississippi River Delta in about 480
feet of water. This project started drilling in March 2008 and results are
expected in third quarter 2008. Through March 31, 2008, the Fund has spent $0.5
million related to this property, for which the total estimated budget is $2.6
million.

Dry Holes

South Marsh Island 213In
March 2008, the Fund acquired a 5.5% working interest in the exploratory
project South Marsh Island 213 from LLOG, the operator. This project began
drilling in March 2008. On April 30, 2008 the Fund was informed by LLOG that
the well being drilled on the South Marsh Island 213 lease block did not have
commercially productive quantities of either natural gas or oil and had been
deemed an unsuccessful well, or dry hole. As a result of this dry hole, the
Fund recorded dry-hole costs of $0.4 million during the three months ended
March 31, 2008 and estimates that an additional $0.9 million of dry-hole costs,
inclusive of plug and abandonment, will be incurred during the second quarter
2008.

12

---



Results of Operations

The following
review of operations for the three months ended March 31, 2008 and 2007 should
be read in conjunction with the Funds financial statements and the notes
thereto.

|                                    |  |                              |       |      |   |        |  
|----------------------------------- |  | ---------------------------- | ----- | ---- | - | ------ | -
|                                    |  | Three months ended March 31, |      
|                                    |  | 2008                         |       | 2007 |  
|                                    |  |                              |       |      |  
|                                    |  | (in thousands)               |      
|Revenue                             |  |                              |       |      |   |        |  
|Oil and gas revenue                 |  | $                            | 2,415 |      | $ |       |  
|                                    |  |                              |       |      |   |        |  
|Expenses                            |  |                              |       |      |   |        |  
|Depletion and amortization          |  |                              | 820   |      |   |       |  
|Dry-hole costs                      |  |                              | 424   |      |   | 1,850  |  
|Management fees to affiliate        |  |                              | 552   |      |   | 587    |  
|Operating expenses                  |  |                              | 32    |      |   | 1      |  
|General and administrative expenses |  |                              | 199   |      |   | 96     |  
|                                    |  |                              |       |      |   |        |  
|Total expenses                      |  |                              | 2,027 |      |   | 2,534  |  
|                                    |  |                              |       |      |   |        |  
|Income (loss) from operations       |  |                              | 388   |      |   | (2,534 | )
|Other income                        |  |                              |       |      |   |        |  
|Interest income                     |  |                              | 436   |      |   | 714    |  
|                                    |  |                              |       |      |   |        |  
|Net income (loss)                   |  | $                            | 824   |      | $ | (1,820 | )
|                                    |  |                              |       |      |   |        |  

Oil and Gas Revenue.
In September 2007, the Fund began earning operating revenues with the onset of
production for the South Pelto 9 well. Oil and gas revenue for the three months
ended March 31, 2008 was $2.4 million. Prior to September 2007, the Fund earned
no operating revenues and was classified as an exploratory stage enterprise.

During the
three months ended March 31, 2008 the South Pelto 9 well produced and sold
approximately 7 thousand barrels of oil and 145 thousand mcf of natural gas. Oil
prices have averaged $99 per barrel and natural gas prices have averaged
approximately $10 per mcf, including processing revenue, during the three
months ended March 31, 2008.

Depletion and
Amortization. For the three months ended March 31,
2008, depletion and amortization was $0.8 million. The Funds first producing
well, South Pelto 9, began production in September 2007. Prior to that time,
the Fund did not have production and therefore did not have depletion or
amortization expense.

Dry-hole Costs.
Dry-hole costs are those costs incurred to drill and develop a well that is
ultimately found to be incapable of producing either oil or natural gas in
sufficient quantities to justify completion of the well. The following table
summarizes dry-hole costs inclusive of plug and abandonment costs. During the
three months ended March 31, 2008, certain wells received credits from their
respective operators upon review and audit of the wells costs.

|                       |  |                              |     |      |   |       | 
|---------------------- |  | ---------------------------- | --- | ---- | - | ----- | 
|                       |  | Three months ended March 31, |    
|Lease
  Block          |  | 2008                         |     | 2007 |  
|                       |  |                              |     |      |  
|                       |  | (in thousands)               |    
|South Marsh Island 213 |  | $                            | 437 |      | $ |      | 
|Eugene Island 334      |  |                              | 1   |      |   | 6     | 
|Eugene Island 357      |  |                              | 3   |      |   |      | 
|West Cameron 78/95     |  |                              | (3  | )    |   | 19    | 
|West Delta 95          |  |                              | (14 | )    |   | 1,825 | 
|                       |  |                              |     |      |   |       | 
|                       |  | $                            | 424 |      | $ | 1,850 | 
|                       |  |                              |     |      |   |       | 

Management Fees. For the three months ended March 31, 2008
and 2007, the Fund incurred management fees of $0.6 million, representing 2.5%
of total capital contributions, net of cumulative dry-hole costs and casualty
loss incurred by the Fund. The fee, payable monthly to the Manager, is for
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.

13

---



Operating Expenses. For the three months ended March 31,
2008, operating expenses were $32 thousand attributable to the onset of
production and accretion expense for South Pelto 9.

General and
Administrative Expense. General and administrative expenses represent costs
specifically identifiable or allocable to the Fund, as detailed in the schedule
below.

|                          |  |                              |     |      |   |    | 
|------------------------- |  | ---------------------------- | --- | ---- | - | -- | 
|                          |  | Three months ended March 31, |    
|                          |  | 2008                         |     | 2007 |  
|                          |  |                              |     |      |  
|                          |  | (in thousands)               |    
|Insurance                 |  | $                            | 118 |      | $ | 15 | 
|Accounting and legal fees |  |                              | 55  |      |   | 54 | 
|Trust fees and other      |  |                              | 26  |      |   | 27 | 
|                          |  |                              |     |      |   |    | 
|                          |  | $                            | 199 |      | $ | 96 | 
|                          |  |                              |     |      |   |    | 

Insurance
expense represents premiums related to well control insurance, which increases
as drilling activity increases, and directors and officers liability policy,
which is allocated by the Manager to the Fund based on capital raised by the
Fund to total capital raised by all oil and natural gas funds managed by the
Manager. Accounting and legal fees represent annual audit and tax preparation
fees, quarterly reviews and filing fees of the Fund. Trust fees represent bank
fees associated with the management of the Funds short-term investment
portfolio in U.S. Treasury securities.

Interest Income. Interest income is comprised of interest
earned on money market accounts and short-term investments in U.S. Treasury
securities. For the three months ended March 31, 2008, interest income was $0.4
million, a $0.3 million decrease from the three months ended March 31, 2007.
The decrease was attributable to a reduction in interest rates during the three
months ended March 31, 2008 coupled with a decrease in average outstanding
balances earning interest due to property expenditures during the period.

Capital Resources and Liquidity

Operating Cash Flows

Cash flows
provided by operating activities for the three months ended March 31, 2008 were
$0.3 million principally attributable to revenue receipts of $1.7 million and
interest income received of $0.1 million. These amounts were partially offset
by payments to affiliates of $0.7 million for amounts outstanding at December
31, 2007, management fees of $0.6 million, and general and administrative
expenses of $0.2 million.

Cash flows
used in operating activities for the three months ended March 31, 2007 were
$0.2 million. Management fees and general and administrative fees of $0.6
million and $0.1 million, respectively, were offset by interest income received
of $0.4 million and favorable working capital of $0.1 million.

Investing Cash Flows

Cash flows
provided by investing activities for the three months ended March 31, 2008 were
$39.3 million, principally related to proceeds from the maturity of U.S.
Treasury securities totaling $40.9 million, partially offset by capital
expenditures for oil and gas properties of $1.6 million.

Cash flows
used in investing activities for the three months ended March 31, 2007 were
$30.8 million related to capital expenditures for oil and gas properties of
$5.5 million, including expenditures for insured recovery efforts, and
investments in marketable securities of $25.3 million.

Financing Cash Flows

Cash flows
used in financing activities were $1.0 million for three months ended March 31,
2008 related to the payment of manager and shareholder distributions.

There were no
cash flows related to financing activities for the three months ended March 31,
2007.

14

---



Estimated Capital Expenditures

The Fund has
entered into multiple offshore operating agreements for the drilling and
development of its investment properties. The estimated capital expenditures
associated with these agreements can vary depending on the stage of development
on a property-by-property basis. As of March 31, 2008, the Fund has commitments
related to authorizations for expenditures totaling $3.9 million for
properties. If the properties were to be successful, the Fund would make
additional expenditures totaling $15.1 million related to the completion of
these properties.

Liquidity Needs

The Funds
primary short-term liquidity needs are to fund its 2008 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. The annual fee,
payable monthly, is equal to 2.5% of total capital contributed by shareholders,
net of cumulative dry-hole costs incurred.

With respect
to the payment of management fees, until one of the Funds projects begins
producing, all or a portion of the management fee is paid generally from the
interest or dividend income generated by the Funds development capital that
has not been spent, although the management fee can be paid out of capital
contributions. Such interest and/or dividend income is expected to be
sufficient to cover Fund expenses, including the management fee. However in
periods of declining interest rates, and as the Fund expends its capital on
projects, interest and/or dividend income may not be sufficient, which would
require the Fund to use capital contributions to fund such expenses. Generally,
it can take anywhere from 18 to 24 months to bring a project to production.
Once a well is on production, the management fee and fund expenses are paid from
operating income. Over time, as a well produces, the Fund may recover a portion
of or the entire management fee that may have been paid out of capital
contributions.

Distributions
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.

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 March 31, 2008 and December 31, 2007
and does not anticipate the use of such arrangements in the future.

Contractual Obligations

The Fund
enters into operating agreements with Operators. On behalf of the Fund, an
Operator enters into various contractual commitments pertaining to exploration,
development and production activities. The Fund does not discuss or negotiate
any such contracts. No contractual obligations exist at March 31, 2008 and
December 31, 2007 other than those discussed in Estimated Capital
Expenditures above.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK

Not required.

15

---



ITEM 4. CONTROLS AND PROCEDURES

In accordance
with Exchange Act Rules 13a-15 and 15d-15, the Fund carried out an evaluation,
under the supervision and with the participation of management, including its
Chief Executive Officer and Chief Financial Officer, of the effectiveness of
our disclosure controls and procedures as of the end of the period covered by
this report. Based on that evaluation, our Chief Executive Officer and Chief
Financial Officer concluded that the Funds disclosure controls and procedures
were effective as of March 31, 2008.

There has been
no change in the Funds internal control over financial reporting that occurred
during the three months ended March 31, 2008 that has materially affected, or
is reasonably likely to materially affect, the Funds internal control over
financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

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

Not required.

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

|              |  |                                                                                                                                                                                                                                                                 
|------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|EXHIBITNUMBER |  | TITLE OF
EXHIBIT                                                                                                                                                                                                                                                
|              |  |                                                                                                                                                                                                                                                                 
|              |  |                                                                                                                                                                                                                                                                 
|10.1          |  | Participation
  Agreement between El Paso E&P Company, L.P. and Ridgewood Energy  Corporation as Manager and LLOG
  Exploration Offshore, Inc. for South Marsh Island Block 213.                                                                                
|              |  |                                                                                                                                                                                                                                                                 
|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.

16

---



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.

|                   |  |     |                              |                                                       
|------------------ |  | --- | ---------------------------- | ------------------------------------------------------
|Dated: May 6, 2008 |  |     | RIDGEWOOD ENERGY O FUND, LLC
|                   |  |     |                              |                                                       
|                   |  | By: | /s/                          | ROBERT E. SWANSON                                     
|                   |  |     |                              |                                                       
|                   |  |     | Name:                        | Robert E. Swanson                                     
|                   |  |     | Title:                       | President and Chief Executive Officer                 
|                   |  |     |                              | (Principal Executive Officer)                         
|                   |  |     |                              |                                                       
|Dated: May 6, 2008 |  |     |                              |                                                       
|                   |  | By: | /s/                          | KATHLEEN P. MCSHERRY                                  
|                   |  |     |                              |                                                       
|                   |  |     | Name:                        | Kathleen P. McSherry                                  
|                   |  |     | Title:                       | Executive Vice President and Chief
  Financial Officer
|                   |  |     |                              | (Principal Financial and Accounting
  Officer)        

17

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