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|                                  
|----------------------------------
|UNITED STATES                     
|SECURITIES AND EXCHANGE COMMISSION
|                                  
|Washington, 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 September 30, 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____________________________   

Commission File Number 000-53178

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

|                                 |                     
|-------------------------------- | --------------------
|Delaware                         | 20-5941122          
|(State
 or other jurisdiction of | (I.R.S.
 Employer   
|incorporation
 or organization)  | Identification
 No.)

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

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

Indicate
by check mark whether the registrant (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes xNo 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 oNo x

There
is no market for the Shares. As of November 3, 2008 there are 513.1226 Shares
outstanding.

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|                               |  |                                                                                                               |  |     
|------------------------------ |  | ------------------------------------------------------------------------------------------------------------- |  | ----
|Table of Contents             
|                               |  |                                                                                                               |  |     
|                               |  |                                                                                                               |  | Page
|PART I - FINANCIAL INFORMATION |  |                                                                                                              
|Item
 1.                       |  | Financial
 Statements:                                                                                        |  |     
|                               |  | Unaudited Condensed Balance
 Sheets as of September 30, 2008 and December 31, 2007                            |  | 1   
|                               |  | Unaudited Condensed Statements of Operations for
 the three and nine months ended September 30, 2008 and 2007 |  | 2   
|                               |  | Unaudited Condensed Statements of Cash Flows for
 the nine months ended September 30, 2008 and 2007           |  | 3   
|                               |  | Notes to Unaudited Condensed
 Financial Statements                                                            |  | 4   
|Item
 2.                       |  | Managements Discussion and Analysis of Financial Condition
 and Results of Operations                        |  | 10  
|Item
 3.                       |  | Quantitative and Qualitative Disclosures about Market Risk                                                    |  | 16  
|Item
 4.                       |  | Controls and Procedures                                                                                       |  | 16  
|                               |  |                                                                                                               |  |     
|PART II - OTHER INFORMATION    |  |                                                                                                              
|                               |  |                                                                                                               |  |     
|Item 1.                        |  | Legal
 Proceedings                                                                                            |  | 17  
|Item
 1A.                      |  | Risk
 Factors                                                                                                 |  | 17  
|Item
 2.                       |  | Unregistered Sales of Equity Securities and Use of Proceeds                                                   |  | 17  
|Item
 3.                       |  | Defaults Upon Senior Securities                                                                               |  | 17  
|Item
 4.                       |  | Submissions of Matters to a Vote of Security Holders                                                          |  | 17  
|Item
 5.                       |  | Other
 Information                                                                                            |  | 17  
|Item
 6.                       |  | Exhibits                                                                                                      |  | 17  
|                               |  |                                                                                                               |  |     
|                               |  | SIGNATURES                                                                                                    |  | 18  

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PART I - Financial InformationItem 1. Financial Statements

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

|                                                                                       |  |                    |         |                   |   |         |  
|-------------------------------------------------------------------------------------- |  | ------------------ | ------- | ----------------- | - | ------- | -
|                                                                                       |  | September 30, 2008 |         | December 31, 2007 |  
|                                                                                       |  |                    |         |                   |   |         |  
|ASSETS                                                                                 |  |                    |         |                   |   |         |  
|Current assets:                                                                        |  |                    |         |                   |   |         |  
|Cash
 and cash equivalents                                                             |  | $                  | 9,989   |                   | $ | 21,611  |  
|Short-term investments in marketable securities                                        |  |                    | 10,025  |                   |   | 20,371  |  
|Production receivable                                                                  |  |                    | 323     |                   |   |        |  
|Other
 current assets                                                                  |  |                    | 377     |                   |   | 206     |  
|                                                                                       |  |                    |         |                   |   |         |  
|Total
 current assets                                                                  |  |                    | 20,714  |                   |   | 42,188  |  
|                                                                                       |  |                    |         |                   |   |         |  
|Salvage fund                                                                           |  |                    | 1,039   |                   |   | 1,017   |  
|                                                                                       |  |                    |         |                   |   |         |  
|Oil and gas properties:                                                                |  |                    |         |                   |   |         |  
|Advance to operators for working interests and expenditures                            |  |                    | 327     |                   |   | 225     |  
|Unproved properties                                                                    |  |                    | 2,987   |                   |   | 12,856  |  
|Proved properties                                                                      |  |                    | 27,727  |                   |   |        |  
|Less: accumulated depletion and amortization                                           |  |                    | (3,528  | )                 |   |        |  
|                                                                                       |  |                    |         |                   |   |         |  
|Total oil and gas properties, net                                                      |  |                    | 27,513  |                   |   | 13,081  |  
|                                                                                       |  |                    |         |                   |   |         |  
|Total assets                                                                           |  | $                  | 49,266  |                   | $ | 56,286  |  
|                                                                                       |  |                    |         |                   |   |         |  
|LIABILITIES AND MEMBERS CAPITAL                                                       |  |                    |         |                   |   |         |  
|Current
 liabilities:                                                                  |  |                    |         |                   |   |         |  
|Due to operator                                                                        |  | $                  | 2,065   |                   | $ | 1,786   |  
|Accrued expenses payable                                                               |  |                    | 198     |                   |   | 170     |  
|                                                                                       |  |                    |         |                   |   |         |  
|Total current liabilities                                                              |  |                    | 2,263   |                   |   | 1,956   |  
|Asset retirement obligations                                                           |  |                    | 1,056   |                   |   |        |  
|                                                                                       |  |                    |         |                   |   |         |  
|Total liabilities                                                                      |  |                    | 3,319   |                   |   | 1,956   |  
|                                                                                       |  |                    |         |                   |   |         |  
|Commitments
 and contingencies (Note 8)                                                |  |                    |         |                   |   |         |  
|Members
 capital:                                                                     |  |                    |         |                   |   |         |  
|Manager:                                                                               |  |                    |         |                   |   |         |  
|Distributions                                                                          |  |                    | (303    | )                 |   |        |  
|Retained earnings (accumulated deficit)                                                |  |                    | 128     |                   |   | (403    | )
|                                                                                       |  |                    |         |                   |   |         |  
|Managers
 total                                                                       |  |                    | (175    | )                 |   | (403    | )
|                                                                                       |  |                    |         |                   |   |         |  
|Shareholders:                                                                          |  |                    |         |                   |   |         |  
|Capital contributions (850 shares authorized; 513.1226 shares issued
 and outstanding) |  |                    | 76,006  |                   |   | 76,006  |  
|Syndication costs                                                                      |  |                    | (8,675  | )                 |   | (8,675  | )
|Distributions                                                                          |  |                    | (1,719  | )                 |   |        |  
|Accumulated deficit                                                                    |  |                    | (19,490 | )                 |   | (12,598 | )
|                                                                                       |  |                    |         |                   |   |         |  
|Shareholders total                                                                    |  |                    | 46,122  |                   |   | 54,733  |  
|                                                                                       |  |                    |         |                   |   |         |  
|Total members capital                                                                 |  |                    | 45,947  |                   |   | 54,330  |  
|                                                                                       |  |                    |         |                   |   |         |  
|Total liabilities and members capital                                                 |  | $                  | 49,266  |                   | $ | 56,286  |  
|                                                                                       |  |                    |         |                   |   |         |  

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

1

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RIDGEWOOD ENERGY V FUND, LLC
UNAUDITED CONDENSED STATEMENTS OF OPERATIONS
(in thousands, except share data)

|                                      |  |                                  |        |                                 |   |        |   |      |         |   |   |         |  
|------------------------------------- |  | -------------------------------- | ------ | ------------------------------- | - | ------ | - | ---- | ------- | - | - | ------- | -
|                                      |  | Three months ended September 30, |        | Nine months ended September 30, |  
|                                      |  | 2008                             |        | 2007                            |   | 2008   |   | 2007 |        
|                                      |  |                                  |        |                                 |   |        |   |      |        
|                                     
|Revenue                               |  |                                  |        |                                 |   |        |   |      |         |   |   |         |  
|Oil and gas revenue                   |  | $                                | 4,537  |                                 | $ |       |   | $    | 6,049   |   | $ |        |  
|                                      |  |                                  |        |                                 |   |        |   |      |         |   |   |         |  
|Expenses                              |  |                                  |        |                                 |   |        |   |      |         |   |   |         |  
|Depletion and amortization            |  |                                  | 2,702  |                                 |   |       |   |      | 3,528   |   |   |        |  
|Dry-hole costs                        |  |                                  | 1,556  |                                 |   | 923    |   |      | 7,358   |   |   | 4,103   |  
|Investment fees to affiliate (Note 6) |  |                                  |       |                                 |   |       |   |      |        |   |   | 3,448   |  
|Management fees to affiliate (Note 6) |  |                                  | 380    |                                 |   | 450    |   |      | 1,189   |   |   | 1,116   |  
|Operating expenses                    |  |                                  | 210    |                                 |   | 57     |   |      | 432     |   |   | 57      |  
|General and administrative expenses   |  |                                  | 109    |                                 |   | 105    |   |      | 472     |   |   | 468     |  
|                                      |  |                                  |        |                                 |   |        |   |      |         |   |   |         |  
|Total expenses                        |  |                                  | 4,957  |                                 |   | 1,535  |   |      | 12,979  |   |   | 9,192   |  
|                                      |  |                                  |        |                                 |   |        |   |      |         |   |   |         |  
|Loss from operations                  |  |                                  | (420   | )                               |   | (1,535 | ) |      | (6,930  | ) |   | (9,192  | )
|Other income                          |  |                                  |        |                                 |   |        |   |      |         |   |   |         |  
|Interest income                       |  |                                  | 123    |                                 |   | 599    |   |      | 569     |   |   | 1,303   |  
|                                      |  |                                  |        |                                 |   |        |   |      |         |   |   |         |  
|Net loss                              |  | $                                | (297   | )                               | $ | (936   | ) | $    | (6,361  | ) | $ | (7,889  | )
|                                      |  |                                  |        |                                 |   |        |   |      |         |   |   |         |  
|                                      |  |                                  |        |                                 |   |        |   |      |         |   |   |         |  
|Manager Interest                      |  |                                  |        |                                 |   |        |   |      |         |   |   |         |  
|Net income (loss)                     |  | $                                | 544    |                                 | $ | (85    | ) | $    | 531     |   | $ | (263    | )
|                                      |  |                                  |        |                                 |   |        |   |      |         |   |   |         |  
|Shareholder
 Interest                 |  |                                  |        |                                 |   |        |   |      |         |   |   |         |  
|Net loss                              |  | $                                | (841   | )                               | $ | (851   | ) | $    | (6,892  | ) | $ | (7,626  | )
|Net loss per share                    |  | $                                | (1,639 | )                               | $ | (1,658 | ) | $    | (13,431 | ) | $ | (14,862 | )

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

2

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RIDGEWOOD ENERGY V FUND, LLC
UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS
(in thousands)

|                                                                                                    |  |                                 |         |      |   |         |  
|--------------------------------------------------------------------------------------------------- |  | ------------------------------- | ------- | ---- | - | ------- | -
|                                                                                                    |  | Nine months ended September 30, |        
|                                                                                                    |  | 2008                            |         | 2007 |  
|                                                                                                    |  |                                 |         |      |  
|                                                                                                   
|Cash flows from operating activities                                                                |  |                                 |         |      |   |         |  
|Net loss                                                                                            |  | $                               | (6,361  | )    | $ | (7,889  | )
|Adjustments to reconcile net loss to net cash
provided by (used in)
 operating activities:          |  |                                 |         |      |   |         |  
|Depletion and amortization                                                                          |  |                                 | 3,528   |      |   |        |  
|Dry-hole costs                                                                                      |  |                                 | 7,358   |      |   | 4,103   |  
|Accretion expense                                                                                   |  |                                 | 12      |      |   |        |  
|Interest earned on marketable securities                                                            |  |                                 | (328    | )    |   | (125    | )
|Changes in assets and liabilities:                                                                  |  |                                 |         |      |   |         |  
|Increase in production receivable                                                                   |  |                                 | (323    | )    |   |        |  
|Increase in other current assets                                                                    |  |                                 | (290    | )    |   | (213    | )
|Increase in accrued expenses payable                                                                |  |                                 | 28      |      |   | 65      |  
|Increase in due to operator                                                                         |  |                                 | 89      |      |   |        |  
|                                                                                                    |  |                                 |         |      |   |         |  
|                                                                                                   
|Net cash provided by (used in) operating
activities                                                 |  |                                 | 3,713   |      |   | (4,059  | )
|                                                                                                    |  |                                 |         |      |   |         |  
|Cash flows from investing activities                                                                |  |                                 |         |      |   |         |  
|Payments to operators for working interests and
expenditures                                        |  |                                 | (166    | )    |   | (1,438  | )
|Capital expenditures for oil and gas
properties                                                     |  |                                 | (23,799 | )    |   | (11,782 | )
|Salvage fund investments                                                                            |  |                                 |        |      |   | (1,000  | )
|Interest reinvested in salvage fund                                                                 |  |                                 | (22     | )    |   | (6      | )
|Proceeds from the sale or maturity of marketable
securities                                         |  |                                 | 40,674  |      |   |        |  
|Investment in marketable securities                                                                 |  |                                 | (30,000 | )    |   | (20,001 | )
|                                                                                                    |  |                                 |         |      |   |         |  
|                                                                                                   
|Net cash used in investing activities                                                               |  |                                 | (13,313 | )    |   | (34,227 | )
|                                                                                                    |  |                                 |         |      |   |         |  
|Cash flows from financing activities                                                                |  |                                 |         |      |   |         |  
|Distributions paid                                                                                  |  |                                 | (2,022  | )    |   |        |  
|Contributions from shareholders                                                                     |  |                                 |        |      |   | 76,006  |  
|Syndication costs paid                                                                              |  |                                 |        |      |   | (8,672  | )
|                                                                                                    |  |                                 |         |      |   |         |  
|                                                                                                   
|Net cash (used in) provided by financing
activities                                                 |  |                                 | (2,022  | )    |   | 67,334  |  
|                                                                                                    |  |                                 |         |      |   |         |  
|                                                                                                   
|Net (decrease) increase in cash and cash
equivalents                                                |  |                                 | (11,622 | )    |   | 29,048  |  
|                                                                                                    |  |                                 |         |      |   |         |  
|Cash and cash equivalents, beginning of
period                                                      |  |                                 | 21,611  |      |   |        |  
|                                                                                                    |  |                                 |         |      |   |         |  
|                                                                                                   
|Cash and cash equivalents, end of period                                                            |  | $                               | 9,989   |      | $ | 29,048  |  
|                                                                                                    |  |                                 |         |      |   |         |  
|Supplemental schedule of non-cash investing
 activities                                             |  |                                 |         |      |   |         |  
|                                                                                                    |  |                                 |         |      |   |         |  
|Advances used for capital expenditures in oil and
gas properties
 reclassified to proved properties |  | $                               | 225     |      | $ |        |  

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

3

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RIDGEWOOD ENERGY V FUND, LLC
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

1. Organization and Purpose

The Ridgewood Energy V Fund,
LLC (the Fund), a Delaware limited liability company, was formed on November
21, 2006 and operates pursuant to a limited liability company agreement (the
LLC Agreement) dated as of January 3, 2007 by and among Ridgewood Energy
Corporation (the Manager), and the shareholders of the Fund. Although the
date of formation is November 21, 2006, the Fund did not begin business
activities until January 3, 2007 when it began its private offering of shares
of LLC membership interest (the Shares).

The Fund was organized to
acquire interests in oil and gas properties located in the United States
offshore waters of Texas, Louisiana and Alabama in the Gulf of Mexico. During
the second quarter 2008, the Fund began earning revenue and as a result was
determined by the Manager 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 unaffiliated 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 Funds December 31, 2007 financial statements and the notes thereto
included in the Funds Registration Statement on Form 10/A filed with the
Securities and Exchange Commission (SEC). The year-end condensed balance
sheet data was derived from audited financial statements, but does not include
all disclosures required by GAAP.

Use of Estimates

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

Cash and Cash Equivalents

All highly liquid
investments with maturities when purchased of three months or less are
considered cash and cash equivalents. At times, bank deposits may be in excess
of federally insured limits. At September 30, 2008 and December 31, 2007, bank
balances, inclusive of salvage fund, exceeded federally insured limits by $4.8
million and $21.4 million, respectively. At September 30, 2008, $4.4 million of
the Funds uninsured balances were invested in money market accounts that
invest solely in U.S. Treasury Bills and Notes. The Fund maintains bank
deposits with accredited financial institutions.

Effective October 3, 2008
through December 31, 2009, federally insured limits have been increased from
$0.1 million to $0.25 million.

4

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Investments in Marketable Securities

At times the Fund may invest
in U.S. Treasury bills and notes. These investments are considered short-term
when their maturities, when purchased, are greater than three months and one
year or less, and long-term when their maturities are in excess of twelve
months. The Fund currently has short-term investments that are classified as
held-to-maturity. Held-to-maturity securities are those investments that the
Fund has the ability and intent to hold until maturity, and are recorded at
cost plus accrued income, adjusted for the amortization of premiums and
discounts, which approximates fair value. At September 30, 2008 and December
31, 2007 the Fund had short-term held-to-maturity investments totaling $10.0
million and $20.4 million, respectively. The short-term held-to-maturity
investment held at September 30, 2008 matures in February 2009.

For all investments,
interest income is accrued as earned and amortization of premium or discount,
if any, is included in interest income.

Salvage Fund

The Fund deposits in a
separate interest-bearing account, or a salvage fund, money to provide for
dismantling production platforms and facilities, plugging and abandoning the
wells and removing the platforms, facilities and wells after their useful
lives, in accordance with applicable federal and state laws and regulations. At
September 30, 2008 and December 31, 2007, the Fund had held-to-maturity
investments within its salvage fund totaling $1.0 million. The held-to-maturity
investment held within the salvage fund at September 30, 2008 matures in
February 2013.

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 Gas Properties

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

The successful efforts
method of accounting for oil and gas producing activities is followed.
Acquisition costs are capitalized when incurred. Other oil and gas exploration
costs, excluding the costs of drilling exploratory wells, are charged to
expense as incurred. The costs of drilling exploratory wells are capitalized
pending the determination of whether the wells have discovered proved
commercial reserves. If proved commercial reserves have not been found, exploratory
drilling costs are expensed 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 natural crude oil and 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. Upon 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 gas properties are depleted by the
unit-of-production method.

As of September 30, 2008
amounts recorded in due to operators totaling $2.0 million, related to capital
expenditures for oil and gas properties.

Advances to Operators for Working Interests
and Expenditures

The Funds acquisition of a
working interest in a well or a project may require it to make a payment to the
seller for the Funds rights, title and interest. The Fund may be required to
advance its share of estimated cash outlay 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.

5

---



Asset Retirement Obligations

For oil and 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 nine months ended
September 30, 2008 and the year ended December 31, 2007.

|                               |  |                    |       |                   |   |   | 
|------------------------------ |  | ------------------ | ----- | ----------------- | - | - | 
|                               |  | September 30, 2008 |       | December 31, 2007 |  
|                               |  |                    |       |                   |  
|                               |  | (in thousands)     |      
|                              
|Balance - Beginning of
 period |  | $                  |      |                   | $ |  | 
|Liabilities incurred           |  |                    | 1,044 |                   |   |  | 
|Liabilities settled            |  |                    |      |                   |   |  | 
|Accretion expense              |  |                    | 12    |                   |   |  | 
|                               |  |                    |       |                   |   |   | 
|Balance - End of period        |  | $                  | 1,056 |                   | $ |  | 
|                               |  |                    |       |                   |   |   | 

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

Syndication Costs

Syndication costs are direct
costs associated with offering the Funds Shares including professional fees,
selling expenses and administrative costs payable to the Manager, an affiliate
of the Manager and unaffiliated broker-dealers, which are reflected on the
Funds balance sheet as a reduction of shareholders capital.

Revenue Recognition and Imbalances

Oil and gas revenues are
recognized when production is sold to a purchaser at a fixed or determinable
price, when delivery has occurred and title has transferred, and if
collectibility of the revenue is probable.

The Fund uses the sales
method of accounting for gas production imbalances. The volumes of gas sold may
differ from the volumes to which the Fund is entitled based on its interests in
the properties. These differences create imbalances that are recognized as a liability
only when the properties estimated remaining reserves net to the Fund will not
be sufficient to enable the underproduced owner to recoup its entitled share
through production. The Funds recorded liability, if any, would be reflected
in other non-current liabilities. No receivables are recorded for those wells
where the Fund has taken less than its share of production. Gas imbalances are
reflected as adjustments to estimates of proved gas reserves and future cash
flows.

Impairment of Long-Lived Assets

In accordance with the
provisions of the Statement of Financial Accounting Standards (SFAS) No. 144,
Accounting for the Impairment of Long-Lived Assets, long-lived assets, such
as oil and gas properties, are evaluated when events or changes in circumstances
indicate 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. No impairments have been
recorded in the Fund since inception.

Depletion and Amortization

Depletion and amortization
of the cost of proved oil and gas properties are calculated using the
units-of-production method. Proved developed reserves are used as the base for
depleting the cost of successful exploratory drilling and development costs.
The sum of proved developed and proved undeveloped reserves 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 in
June 2008.

Income Taxes

No 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 Allocation

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

6

---



3. Recent Accounting Standards

In May 2008, the Financial Accounting Standards Board (FASB) issued
SFAS No. 162, The Hierarchy of Generally Accepted Accounting Principles,
(SFAS No.162), which identifies the sources of accounting principles and the framework
for selecting the principles used in the preparation of financial statements
that are presented in conformity with GAAP. SFAS No. 162 will be effective
sixty days following the Securities and Exchange Commissions approval of the
Public Company Accounting Oversight Board amendments to AU Section 411. The
Fund does not expect the adoption of SFAS No. 162 will have a material impact
on its financial condition or results of operation.

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 non-financial assets and liabilities. On January 1,
2008, the Fund adopted SFAS No. 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.

As of September 30, 2008, the Fund had no capitalized exploratory well
costs greater than one year. The following table reflects the net changes in
unproved properties for the period ended September 30, 2008 and the year ended
December 31, 2007.

|                                                                                              |  |                    |         |                   |   |        | 
|--------------------------------------------------------------------------------------------- |  | ------------------ | ------- | ----------------- | - | ------ | 
|                                                                                              |  | September 30, 2008 |         | December 31, 2007 |  
|                                                                                              |  |                    |         |                   |  
|                                                                                              |  | (in thousands)     |        
|Balance - Beginning of period                                                                 |  | $                  | 12,856  |                   | $ |       | 
|                                                                                              |  |                    |         |                   |   |        | 
|Additions to capitalized exploratory well costs pending the
 determination of proved reserves |  |                    | 10,364  |                   |   | 12,856 | 
|Reclassifications to proved properties based on the determination of
 proved reserves         |  |                    | (20,233 | )                 |   |       | 
|Capitalized exploratory well costs charged to dry hole
costs                                  |  |                    |        |                   |   |       | 
|                                                                                              |  |                    |         |                   |   |        | 
|                                                                                              |  |                    |         |                   |   |        | 
|Balance - End of period                                                                       |  | $                  | 2,987   |                   | $ | 12,856 | 
|                                                                                              |  |                    |         |                   |   |        | 

Capitalized exploratory well 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 nine months ended September
30, 2008, certain wells received credits from their respective operators upon
review and audit of the wells costs. Dry-hole costs, inclusive of credits, are
detailed in the table below.

|                              |  |                                  |       |                                 |   |      |  |      |       |   |   |       | 
|----------------------------- |  | -------------------------------- | ----- | ------------------------------- | - | ---- |  | ---- | ----- | - | - | ----- | 
|                              |  | Three months ended September 30, |       | Nine months ended September 30, |  
|Lease
 Block                  |  | 2008                             |       | 2007                            |   | 2008 |  | 2007 |      
|                              |  |                                  |       |                                 |   |      |  |      |      
|                              |  | (in thousands)                   |      
|                              |  |                                  |      
|Ruby Project                  |  | $                                | 1,539 |                                 | $ |     |  | $    | 1,539 |   | $ |      | 
|Eugene Island 29              |  |                                  | 8     |                                 |   |     |  |      | 4,308 |   |   |      | 
|Eugene Island 79/82           |  |                                  |      |                                 |   |     |  |      | (24   | ) |   | 3,180 | 
|Eugene Island 346/347 Well #3 |  |                                  |      |                                 |   |     |  |      | 1,210 |   |   |      | 
|Mississippi Canyon 489/490    |  |                                  | 9     |                                 |   |     |  |      | 325   |   |   |      | 
|West Cameron 296              |  |                                  |      |                                 |   | 923  |  |      |      |   |   | 923   | 
|                              |  |                                  |       |                                 |   |      |  |      |       |   |   |       | 
|                              |  | $                                | 1,556 |                                 | $ | 923  |  | $    | 7,358 |   | $ | 4,103 | 
|                              |  |                                  |       |                                 |   |      |  |      |       |   |   |       | 

7

---



5. Distributions

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

The Manager will determine whether available cash from operations, as
defined in the Funds LLC Agreement, is to be distributed. Such distribution
will be allocated 85% to the shareholders and 15% to the Manager, as required
by 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 to eligible early investors during the third quarter of 2008.
The shareholders and Manager received distributions of $1.7 million and $0.3
million for the nine months ended September 30, 2008, respectively. There were
no distributions paid by the Fund during 2007.

6. Related Parties

The Fund incurred a one-time investment fee of 4.5% of initial capital
contributions, payable to the Manager. Investment fees are payable for services
of investigating and evaluating investment opportunities and effecting transactions
and are expensed as incurred. For the nine months ended September 30, 2007,
investment fees were $3.4 million. There were no investment fees incurred by
the Fund during the three and nine months ended September 30, 2008 and the
three months ended September 30, 2007.

In 2007, the Fund incurred an offering fee, payable to the Manager,
totaling $2.7 million, which approximated 3.5% of capital contributions
directly related to the offer and sale of Shares of the Fund. At September 30,
2008 and December 31, 2007, such offering fee was included in syndication costs
of $8.7 million.

In 2007, Ridgewood Securities Corporation, a registered broker-dealer
affiliated with the Manager, was paid selling commissions and placement fees
for Shares sold of the Fund of $61 thousand and $0.7 million, respectively,
which are reflected in syndication costs.

The Funds LLC Agreement provides that the Manager render management,
administrative and advisory services. For such services, the Manager receives
an annual management fee, payable monthly, of 2.5% of total capital
contributions, net of cumulative dry-hole and related well costs incurred by
the Fund. Management fees were $0.4 million and $1.2 million for the three and
nine months ended September 30, 2008, respectively, and $0.5 million and $1.1
million for the three and nine months ended September 30, 2007, respectively.

From time to time, short-term payables and receivables, which do not
bear interest, arise from transactions with affiliates in the ordinary course
of business. At December 31, 2007, the Manager owed the Fund $6 thousand
related to an overpayment of expenses, which was included in other current
assets. At September 30, 2008 there were no such amounts outstanding.

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

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

7. Fair Value of Financial Instruments

At September 30, 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 approximates fair value.

8

---



8. Commitments and Contingencies

Capital Commitments

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 vary depending on the
stage of development on a property-by-property basis. As of September 30, 2008,
the Fund had committed to spend an additional $6.2 million related to its
investment properties.

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
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 gas industry. However, due to the significant public and
governmental interest in environmental matters related to those activities, the
Manager cannot predict the effects of possible future legislation, rule
changes, or governmental or private claims. At September 30, 2008 and December
31, 2007, there were no known environmental contingencies that required the
Fund to record a liability.

Insurance Coverage

The Fund is subject to all risks inherent in the exploration for and
development of oil and 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

---



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 V 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 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 Form 10/A.

Overview of the Funds Business

The Fund is a Delaware limited liability company formed on November 21,
2006 to acquire interests primarily in oil and 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s primary investment objective is to
generate cash flow for distribution to the Funds shareholders through
participation in oil and 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 and related well 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
twelve wells, four of which have been determined to be successful, two that are
currently drilling or scheduled to drill and six that have been determined to
be dry holes.

10

---



Recent hurricane activity in the Gulf of Mexico has not caused material
damage to any of the Funds wells or facilities. However, damage to certain
pipelines, coastal refineries and gas processing plants have caused certain
wells to be shut-down for several weeks or months. Accordingly, certain of the
Funds producing properties generated little or no revenue during the month of
September and certain of the Funds properties will be offline for an
additional period of time, as described below. The reserves associated with
these properties remain intact and the value of the properties is recoverable,
however, the delay in production and revenue will result in the delay in the
payment of distributions related to certain properties.

Currently Drilling/Future Projects

Neptune Project

In July 2008, the Fund acquired a 6.0% interest in the Neptune Project,
an exploratory well, from Newfield Exploration Company (Newfield), the
operator. This project is expected to begin drilling in November 2008 and
results are expected in February 2009. Through September 30, 2008, the Fund has
spent $0.3 million on this well, for which the total estimated budget is $4.0
million.

South Timbalier 287

In September 2008, the Fund acquired a 4.0% working interest in
the exploratory project South Timbalier 287 from GOM Shelf LLC (Apache
Corporation) (Apache), the operator. Drilling commenced on this project in
March 2008 and was temporarily suspended due to hurricane activity. Drilling
resumed in late-September 2008 and results are expected in December 2008.
Through September 30, 2008, the Fund has spent $3.0 million related to this
property, for which the total estimated budget is $4.0 million.

Successful Projects

Liberty Project

In April 2008, the Fund acquired a 5.0% working interest in the Liberty
Project, an exploratory project from LLOG Exploration Offshore, Inc. (LLOG),
the operator. This project began drilling in May 2008 and was determined to be
successful on July 4, 2008. Completion efforts are ongoing and production is
expected in the second quarter 2009. Through September 30, 2008, the Fund has
spent $2.8 million on this well, for which the total estimated budget is $4.3
million.

Eugene Island
346/347

Well #1

In March 2007, the Fund acquired a 22.0% working interest in the
exploratory project Eugene Island 346/347 from Newfield, the operator. In June
2007, well #1 was deemed successful. 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 well
was completed and production commenced in June 2008. The Fund has spent $15.7
million related to this property.

Well #2

As a result of the drilling success of the first exploratory well for
Eugene Island 346/347, the second and third wells commenced drilling in May
2008. In late-May 2008, Eugene Island 346/347 Well #2 was determined to be
commercially successful and production commenced in July 2008. The Fund has spent
$3.4 million related to this property. In June 2008, Eugene Island 346/347 Well
#3 was determined to be a dry hole. See additional discussion under Dry Holes
below.

As indicated above in the business update, none of the Funds wells,
including Eugene Island 346/347 Wells #1 and 2, were materially damaged as a
result of recent hurricane activity in the Gulf of Mexico. However, the
pipeline utilized to transport these wells oil and gas production has suffered
damage thereby shutting down production for these wells while repairs are
completed by its owner. There is no cost to the Fund related to these repair
activities, however, these wells will not produce oil and gas or earn revenue
during this period. The Eugene Island properties are currently expected to
resume production during the second quarter 2009.

West Cameron 149

In November 2007, the Fund acquired a 25% interest in the exploratory
project West Cameron 149 from Newfield, the operator. In December 2007, the
well was determined to be successful. The well was completed and production
commenced in June 2008. The West Cameron 149 well did not produce for
approximately four weeks due to hurricane activity during late-August 2008 and
September 2008. Production for West Cameron 149 resumed in late-September 2008.
The Fund has spent $4.9 million related to this property.

11

---



Dry Holes

Ruby Project

In May 2008, the Fund acquired an 8.0% working interest in the Ruby
Project, an exploratory project from PetroQuest Energy, L.L.C. (PetroQuest),
the operator. The project is located in the Eugene Island region of the Gulf of
Mexico. The project began drilling in June 2008 and was determined to be an
unsuccessful well, or dry hole, in August 2008. Dry-hole costs related to this
well, including plug and abandonment expenses, for the nine months ended
September 30, 2008 were $1.5 million.

Eugene Island
346/347

Well #3

In June 2008, the Fund was informed by McMoRan that Eugene Island
346/347 Well #3 did not have commercially productive quantities of either gas
or oil and had been determined to be an unsuccessful well, or dry hole.
Dry-hole costs related to this well for the nine months ended September 30,
2008 were $1.2 million.

Eugene Island 29

In October 2007, the Fund acquired a 40% working interest in the
exploratory project Eugene Island 29 from Zenergy, Inc (Zenergy), the
operator. The well began drilling in February 2008. In April 2008, the Fund was
informed by Zenergy that the well did not have commercially productive
quantities of either gas or oil and had been determined to be an unsuccessful
well, or dry hole. Dry-hole costs related to this well, including plug and
abandonment expenses, for the nine months ended September 30, 2008 were $4.3
million.

Mississippi Canyon
489/490

In the third quarter 2007, the Fund acquired an 8.33% working interest
in the exploratory project Mississippi Canyon 489/490 from LLOG, the operator.
Drilling began in September 2007, and in November 2007 the operator informed
the Fund that the well did not have commercially productive quantities of
either oil or gas and had been determined to be an unsuccessful well, or dry
hole. Dry-hole costs related to this well, including plug and abandonment
expenses, were $3.6 million, of which $0.3 million was incurred during the nine
months ended September 30, 2008.

West Cameron 296

In the third quarter 2007, the Fund acquired a 16.67% working interest
in West Cameron 296 from Newfield, the operator. The property began drilling in
September 2007. On November 5, 2007, the Fund was informed by Newfield that the
well did not have commercially productive quantities of either gas or oil and
had been determined to be an unsuccessful well or dry hole. Dry-hole costs
related to this well, including plug and abandonment expenses, were $2.7
million, none of which were incurred during the nine months ended September 30,
2008.

Eugene Island 79/82

In April 2007, the Fund acquired a 29% working interest in the
exploratory project Eugene Island 79/82 from Helis Oil & Gas Company,
L.L.C. (Helis), the operator. The property began drilling in April 2007 and
in May 2007, the Fund was informed by Helis that the well did not have
commercially productive quantities of either gas or oil and had been determined
to be an unsuccessful well, or dry hole. Dry-hole costs related to this well,
including plug and abandonment expenses, were $3.2 million.

Results of Operations

The following review of operations for the three and nine months ended
September 30, 2008 and 2007 should be read in conjunction with the Funds
financial statements and the notes thereto.

12

---



|                                    |  |                                  |       |                                 |   |        |   |      |        |   |   |        |  
|----------------------------------- |  | -------------------------------- | ----- | ------------------------------- | - | ------ | - | ---- | ------ | - | - | ------ | -
|                                    |  | Three months ended September 30, |       | Nine months ended September 30, |  
|                                    |  | 2008                             |       | 2007                            |   | 2008   |   | 2007 |       
|                                    |  |                                  |       |                                 |   |        |   |      |        |   |   |        |  
|                                    |  | (in thousands)                   |      
|Revenue                             |  |                                  |       |                                 |   |        |   |      |        |   |   |        |  
|Oil and gas revenue                 |  | $                                | 4,537 |                                 | $ |       |   | $    | 6,049  |   | $ |       |  
|                                    |  |                                  |       |                                 |   |        |   |      |        |   |   |        |  
|                                    |  |                                  |       |                                 |   |        |   |      |        |   |   |        |  
|Expenses                            |  |                                  |       |                                 |   |        |   |      |        |   |   |        |  
|Depletion and amortization          |  |                                  | 2,702 |                                 |   |       |   |      | 3,528  |   |   |       |  
|Dry-hole costs                      |  |                                  | 1,556 |                                 |   | 923    |   |      | 7,358  |   |   | 4,103  |  
|Investment fees to affiliate        |  |                                  |      |                                 |   |       |   |      |       |   |   | 3,448  |  
|Management fees to affiliate        |  |                                  | 380   |                                 |   | 450    |   |      | 1,189  |   |   | 1,116  |  
|Operating expenses                  |  |                                  | 210   |                                 |   | 57     |   |      | 432    |   |   | 57     |  
|General and administrative expenses |  |                                  | 109   |                                 |   | 105    |   |      | 472    |   |   | 468    |  
|                                    |  |                                  |       |                                 |   |        |   |      |        |   |   |        |  
|Total expenses                      |  |                                  | 4,957 |                                 |   | 1,535  |   |      | 12,979 |   |   | 9,192  |  
|                                    |  |                                  |       |                                 |   |        |   |      |        |   |   |        |  
|Loss from operations                |  |                                  | (420  | )                               |   | (1,535 | ) |      | (6,930 | ) |   | (9,192 | )
|Other income                        |  |                                  |       |                                 |   |        |   |      |        |   |   |        |  
|Interest income                     |  |                                  | 123   |                                 |   | 599    |   |      | 569    |   |   | 1,303  |  
|                                    |  |                                  |       |                                 |   |        |   |      |        |   |   |        |  
|                                   
|Net loss                            |  | $                                | (297  | )                               | $ | (936   | ) | $    | (6,361 | ) | $ | (7,889 | )
|                                    |  |                                  |       |                                 |   |        |   |      |        |   |   |        |  

As
previously discussed in the Business Update, hurricane activity in the third
quarter of 2008 did not cause material damage to any of the Funds wells or
facilities, however, damage to certain pipelines, coastal refineries and gas
processing plants have caused certain wells to be shut-down for several weeks
or months. Accordingly, revenues and depletion and amortization were affected
in September 2008 and will continue to be affected during these periods of
shut-down.

Oil and Gas Revenue. The Fund has had three wells come onto
production during the nine months ended September 30, 2008. Eugene Island
346/347 Well #1 and West Cameron 149 began production in June 2008 and Eugene
Island 346/347 Well #2 came onto production in July 2008. Prior to June 2008,
the Fund had no operating revenue and was considered an exploratory stage
enterprise. Oil and gas revenue for the three and nine months ended September
30, 2008 was $4.5 million and $6.0 million, respectively.

During
the three and nine months ended September 30, 2008 the Funds wells produced
and sold 9 thousand barrels and 14 thousand barrels of oil, respectively. The
Funds oil prices averaged $122 per barrel and $125 per barrel, respectively,
for the three and nine months ended September 30, 2008.

During
the three and nine months ended September 30, 2008 the Funds wells produced
and sold 340 thousand mcf and 405 thousand mcf of gas, respectively. The Funds
gas prices averaged $9.94 per mcf and $10.73 per mcf, respectively, during the
three and nine months ended September 30, 2008.

Depletion and Amortization. For the three and nine months ended
September 30, 2008, depletion and amortization was $2.7 million and $3.5
million, respectively. The Fund has had three wells come onto production during
the nine months ended September 30, 2008. Eugene Island 346/347 Well #1 and
West Cameron 149 began production in June 2008 and Eugene Island 346/347 Well
#2 came onto production in July 2008. Prior to that time, the Fund did not have
production and therefore did not record depletion or amortization.

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 gas in sufficient quantities to justify completion of the well.
The following table summarizes dry-hole costs inclusive of plug and abandonment
costs and credits for the three and nine months ended September 30, 2008 and
2007. During the nine months ended September 30, 2008, certain wells received
credits from their respective operators upon review and audit of the wells
costs.

13

---



|                              |  |                                  |       |                                 |   |      |  |      |       |   |   |       | 
|----------------------------- |  | -------------------------------- | ----- | ------------------------------- | - | ---- |  | ---- | ----- | - | - | ----- | 
|                              |  | Three months ended September 30, |       | Nine months ended September 30, |  
|Lease Block                   |  | 2008                             |       | 2007                            |   | 2008 |  | 2007 |      
|                              |  |                                  |       |                                 |   |      |  |      |      
|                              |  | (in thousands)                   |      
|Ruby Project                  |  | $                                | 1,539 |                                 | $ |     |  | $    | 1,539 |   | $ |      | 
|Eugene Island 29              |  |                                  | 8     |                                 |   |     |  |      | 4,308 |   |   |      | 
|Eugene Island 79/82           |  |                                  |      |                                 |   |     |  |      | (24   | ) |   | 3,180 | 
|Eugene Island 346/347 Well #3 |  |                                  |      |                                 |   |     |  |      | 1,210 |   |   |      | 
|Mississippi Canyon 489/490    |  |                                  | 9     |                                 |   |     |  |      | 325   |   |   |      | 
|West Cameron 296              |  |                                  |      |                                 |   | 923  |  |      |      |   |   | 923   | 
|                              |  |                                  |       |                                 |   |      |  |      |       |   |   |       | 
|                              |  | $                                | 1,556 |                                 | $ | 923  |  | $    | 7,358 |   | $ | 4,103 | 
|                              |  |                                  |       |                                 |   |      |  |      |       |   |   |       | 

Investment Fees to Affiliate. The Fund incurred a one-time investment fee
payable to the Manager for the service of investigating and evaluating
investment opportunities and affecting transactions when the capital
contributions are made. For the nine months ended September 30, 2007,
investment fees were $3.4 million. For the three and nine months ended
September 30, 2008 and for the three months ended September 30, 2007 there were
no investment fees.

Management Fees to Affiliate. Management fees represent 2.5% of total
capital contributions, net of cumulative dry-hole and related well costs
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. Management fees for the three months ended
September 30, 2008 and 2007 were $0.4 million and 0.5 million, respectively. Management fees for
the nine months ended September 30, 2008 and 2007 were $1.2 million and $1.1
million, respectively.

Operating Expenses. Operating costs represent the costs of
operating and maintaining wells and related facilities. geological and
geophysical costs associated with the Funds acquisition of oil and gas
properties and accretion expense related to asset retirement obligations.

|                         |  |                                  |     |                                 |   |      |  |      |     |  |   |    | 
|------------------------ |  | -------------------------------- | --- | ------------------------------- | - | ---- |  | ---- | --- |  | - | -- | 
|                         |  | Three months ended September 30, |     | Nine months ended September 30, |  
|                         |  | 2008                             |     | 2007                            |   | 2008 |  | 2007 |    
|                         |  |                                  |     |                                 |   |      |  |      |    
|                         |  | ( in thousands)                  |    
|Lease operating expenses |  | $                                | 147 |                                 | $ |     |  | $    | 180 |  | $ |   | 
|Geological costs         |  |                                  | 54  |                                 |   | 57   |  |      | 240 |  |   | 57 | 
|Accretion                |  |                                  | 9   |                                 |   |     |  |      | 12  |  |   |   | 
|                         |  |                                  |     |                                 |   |      |  |      |     |  |   |    | 
|                         |  | $                                | 210 |                                 | $ | 57   |  | $    | 432 |  | $ | 57 | 
|                         |  |                                  |     |                                 |   |      |  |      |     |  |   |    | 

Lease
operating expenses for the three and nine months ended September 30, 2008 were
related to the onset of production of West Cameron 149 and Eugene Island
346/347 Well #1 and #2.
Geological costs for the three months ended September 30, 2008 were primarily
related to the Liberty project.
Geological costs for the nine months ended
September 30, 2008 were primarily related to the Eugene Island 29, Liberty and
Ruby projects. For the three and nine months ended September 30, 2007 operating
expenses were primarily comprised of geological and geophysical costs related
to the Eugene Island 346/347 and Mississippi Canyon 490 properties.

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

|                     |  |                                  |     |                                 |   |      |  |      |     |  |   |     | 
|-------------------- |  | -------------------------------- | --- | ------------------------------- | - | ---- |  | ---- | --- |  | - | --- | 
|                     |  | Three months ended September 30, |     | Nine months ended September 30, |  
|                     |  | 2008                             |     | 2007                            |   | 2008 |  | 2007 |    
|                     |  |                                  |     |                                 |   |      |  |      |    
|                     |  | ( in thousands)                  |    
|Insurance            |  | $                                | 56  |                                 | $ | 73   |  | $    | 267 |  | $ | 391 | 
|Accounting fees      |  |                                  | 42  |                                 |   | 19   |  |      | 162 |  |   | 58  | 
|Trust fees and other |  |                                  | 11  |                                 |   | 13   |  |      | 43  |  |   | 19  | 
|                     |  |                                  |     |                                 |   |      |  |      |     |  |   |     | 
|                     |  | $                                | 109 |                                 | $ | 105  |  | $    | 472 |  | $ | 468 | 
|                     |  |                                  |     |                                 |   |      |  |      |     |  |   |     | 

14

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Insurance expense represents premiums related to producing well and
well control insurance, which varies dependent upon the number of wells
producing and/or drilling 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 gas funds managed by the Manager.
Accounting 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 cash accounts.

Interest Income.Interest
income is comprised of interest earned on money market accounts and investments
in U.S. Treasury securities. For the three months ended September 30, 2008
interest income was $0.1 million, a $0.5 million decrease from $0.6 million for
the three months ended September 30, 2007. For the nine months ended September
30, 2008 interest income was $0.6 million, a $0.7 million decrease from $1.3
million for the nine months ended September 30, 2007. The decreases in interest
income during the three and nine month periods were attributable to decreases
in average outstanding balances earning interest due to property expenditures
during the period coupled with a reduction in interest rates.

Capital Resources and Liquidity

Operating Cash Flows

Cash flows provided by operating activities for the nine months ended
September 30, 2008 were $3.7 million, primarily related to revenue received of
$5.7 million and interest income received of $0.3 million, partially offset by
payments for management fees of $1.2 million, general and administrative
expenses of $0.5 million, operating expenses of $0.4 million and an unfavorable
working capital change of $0.2 million.

Cash flows used in operating activities for the nine months ended
September 30, 2007 were $4.1 million, primarily related to investment fees paid
totaling $3.4 million, management fees of $1.1 million, general and
administrative expenses of $0.5 million and other operating expenses totaling
$0.1 million. These amounts were partially offset by interest income received
of $1.1 million.

Investing Cash Flows

Cash flows used in investing activities for the nine months ended
September 30, 2008 were $13.3 million. The Fund made capital expenditures for
oil and gas properties totaling $24.0 million, inclusive of advances, and
purchased U.S. Treasury securities totaling $30.0 million. Additionally, the
Fund made investments in its salvage fund of $22 thousand, which consisted of
interest earned on this account. These amounts were partially offset by
proceeds of $40.7 million related to the maturity of U.S. treasury securities.

Cash flows used in investing activities for the nine months ended
September 30, 2007 were $34.2 million related to capital expenditures for oil
and gas properties totaling $13.2 million, inclusive of advances, and purchases
of U.S. Treasury securities totaling $20.0 million. Additionally, the Fund made
investments in its salvage fund of $1.0 million, which included $6 thousand of
interest earned on this account.

Financing Cash Flows

Cash flows used in financing activities for the nine months ended
September 30, 2008 were comprised of $2.0 million for the payment of Manager
and shareholder distributions.

Cash flows provided by financing activities for the nine months ended
September 30, 2007 were $67.3 million related to capital contributions received
of $76.0 million, partially offset by syndication costs paid of $8.7 million.

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, 2008,
the Fund had commitments related to participation agreements totaling $6.2
million for properties.

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 and infrastructure anticipated. 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.

15

---



Liquidity Needs

The Funds primary short-term liquidity needs are to fund its
operations, including management fees and capital expenditures, with existing
cash on-hand, short-term investments and income earned therefrom. 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 and related well costs incurred by the Fund.

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. Although the management fee can
be paid out of capital contributions, this is not the Funds intent.

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.

Off-Balance Sheet Arrangements

The Fund had no off-balance sheet arrangements as of September 30, 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 September
30, 2008 other than those discussed in Estimated Capital Expenditures above.

ITEM 3. QUANTITATIVE AND QUALITATIVE
DISCLOSURES ABOUT MARKET RISK

Not required.

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 September 30, 2008.

There has been no change in the Funds internal control over financial
reporting that occurred during the three months ended September 30, 2008 that
has materially affected, or is reasonably likely to materially affect, the
Funds internal control over financial reporting.

16

---



PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None.

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

|                |  |                                                                                                                                                                                                                                                             
|--------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|EXHIBIT
 NUMBER |  | TITLE OF
 EXHIBIT                                                                                                                                                                                                                                           
|                |  |                                                                                                                                                                                                                                                             
|               
|10.1            |  | Participation
 Agreement between PetroQuest Energy, L.L.C. and Ridgewood Energy Corporation
 as Manager for Ruby Project. (Previously
 filed.)                                                                                                              
|                |  |                                                                                                                                                                                                                                                             
|10.2            |  | Participation
 Agreement between Newfield Exploration Company and Ridgewood Energy
 Corporation as Manager for Neptune Project.                                                                                                                             
|                |  |                                                                                                                                                                                                                                                             
|31.1            |  | Certification
 of Robert E. Swanson, Chief Executive Officer, pursuant to Securities
 Exchange Act Rule13a-14(a).                                                                                                                                           
|                |  |                                                                                                                                                                                                                                                             
|31.2            |  | Certification
 of Kathleen P. McSherry, Chief Financial Officer, pursuant to Securities
 Exchange Act Rule13a-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.

17

---



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: November 3,
 2008 |  |     |        | RIDGEWOOD
 ENERGY V FUND, LLC
|                         |  |     |        |                               |                                                      
|                         |  | By: | /s/    |                               | ROBERT E.
 SWANSON                                   
|                         |  |     |       
|                         |  |     | Name:  |                               | Robert E. Swanson                                    
|                         |  |     | Title: |                               | President
 and Chief Executive Officer               
|                         |  |     |        |                               | (Principal
 Executive Officer)                       
|                         |  |     |        |                               |                                                      
|Dated: November 3,
 2008 |  |     |        |                              
|                         |  | By: | /s/    |                               | KATHLEEN P.
 MCSHERRY                                
|                         |  |     |       
|                         |  |     | Name:  |                               | Kathleen P.
 McSherry                                
|                         |  |     | Title: |                               | Executive
 Vice President and Chief Financial Officer
|                         |  |     |        |                               | (Principal
 Financial and Accounting Officer)        

18

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