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 June 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 x   No
o

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

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

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

There is no market for the
Shares. As of July 30, 2008 there are 513.1226 Shares outstanding.

---



Table of Contents

|                               |                                                                                                          |  |     
|------------------------------ | -------------------------------------------------------------------------------------------------------- |  | ----
|                               |                                                                                                          |  | Page
|PART I - FINANCIAL INFORMATION | 2                                                                                                       
|Item 1.                        | Financial Statements:                                                                                    |  |     
|                               |                                                                                                          |  |     
|                               | Unaudited Condensed Balance Sheets as of June 30,
  2008 and December 31, 2007                           |  | 2   
|                               | Unaudited Condensed Statements of Operations for the
  three and six months ended June 30, 2008 and 2007 |  | 3   
|                               | Unaudited Condensed Statements of Cash Flows for the
  six months ended June 30, 2008 and 2007           |  | 4   
|                               | Notes to Unaudited Condensed Financial
Statements                                                        |  | 5   
|Item 2.                        | Managements Discussion and Analysis of
Financial
  Condition and Results of Operations                  |  | 11  
|Item 3.                        | Quantitative and Qualitative Disclosures about Market
  Risk                                             |  | 16  
|Item 4.                        | Controls and Procedures                                                                                  |  | 16  
|                               |                                                                                                          |  |     
|PART II - OTHER INFORMATION    | 16                                                                                                      
|                               |                                                                                                          |  |     
|Item 1.                        | Legal Proceedings                                                                                        |  | 16  
|Item 1A.                       | Risk Factors                                                                                             |  | 16  
|Item 2.                        | Unregistered Sales of Equity Securities and Use of
  Proceeds                                            |  | 16  
|Item 3.                        | Defaults Upon Senior Securities                                                                          |  | 17  
|Item 4.                        | Submissions of Matters to a Vote of Security
Holders                                                     |  | 17  
|Item 5.                        | Other Information                                                                                        |  | 17  
|Item 6.                        | Exhibits                                                                                                 |  | 17  
|                               |                                                                                                          |  |     
|                               | SIGNATURES                                                                                               |  | 18  

1

---



PART I - Financial Information Item 1. Financial Statements

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

|                                                                                        |  |               |         |                   |   |         |  
|--------------------------------------------------------------------------------------- |  | ------------- | ------- | ----------------- | - | ------- | -
|                                                                                        |  | June 30, 2008 |         | December 31, 2007 |  
|                                                                                        |  |               |         |                   |  
|ASSETS                                                                                  |  |               |         |                   |   |         |  
|Current assets:                                                                         |  |               |         |                   |   |         |  
|Cash and cash equivalents                                                               |  | $             | 7,040   |                   | $ | 21,611  |  
|Short-term investments in marketable securities                                         |  |               | 20,159  |                   |   | 20,371  |  
|Production receivable                                                                   |  |               | 1,512   |                   |   |        |  
|Other current assets                                                                    |  |               | 126     |                   |   | 206     |  
|                                                                                        |  |               |         |                   |   |         |  
|Total current assets                                                                    |  |               | 28,837  |                   |   | 42,188  |  
|                                                                                        |  |               |         |                   |   |         |  
|                                                                                        |  |               |         |                   |   |         |  
|Salvage fund                                                                            |  |               | 1,032   |                   |   | 1,017   |  
|                                                                                        |  |               |         |                   |   |         |  
|Oil and gas properties:                                                                 |  |               |         |                   |   |         |  
|Advance to operators for working interests and
expenditures                             |  |               | 1,136   |                   |   | 225     |  
|Unproved properties                                                                     |  |               | 2,852   |                   |   | 12,856  |  
|Proved properties                                                                       |  |               | 23,798  |                   |   |        |  
|Less: accumulated depletion and amortization                                            |  |               | (826    | )                 |   |        |  
|                                                                                        |  |               |         |                   |   |         |  
|Total oil and gas properties, net                                                       |  |               | 26,960  |                   |   | 13,081  |  
|                                                                                        |  |               |         |                   |   |         |  
|                                                                                        |  |               |         |                   |   |         |  
|Total assets                                                                            |  | $             | 56,829  |                   | $ | 56,286  |  
|                                                                                        |  |               |         |                   |   |         |  
|                                                                                        |  |               |         |                   |   |         |  
|LIABILITIES
  AND MEMBERS CAPITAL                                                      |  |               |         |                   |   |         |  
|Current liabilities:                                                                    |  |               |         |                   |   |         |  
|Due to operator                                                                         |  | $             | 7,462   |                   | $ | 1,786   |  
|Accrued expenses payable                                                                |  |               | 163     |                   |   | 170     |  
|                                                                                        |  |               |         |                   |   |         |  
|Total current liabilities                                                               |  |               | 7,625   |                   |   | 1,956   |  
|                                                                                        |  |               |         |                   |   |         |  
|Asset retirement obligation                                                             |  |               | 938     |                   |   |        |  
|                                                                                        |  |               |         |                   |   |         |  
|Total liabilities                                                                       |  |               | 8,563   |                   |   | 1,956   |  
|Commitments and contingencies (Note 8)                                                  |  |               |         |                   |   |         |  
|Members capital:                                                                       |  |               |         |                   |   |         |  
|Manager:                                                                                |  |               |         |                   |   |         |  
|Accumulated deficit                                                                     |  |               | (416    | )                 |   | (403    | )
|                                                                                        |  |               |         |                   |   |         |  
|Managers total                                                                         |  |               | (416    | )                 |   | (403    | )
|                                                                                        |  |               |         |                   |   |         |  
|                                                                                        |  |               |         |                   |   |         |  
|Shareholders:                                                                           |  |               |         |                   |   |         |  
|Capital contributions (850 shares authorized; 513.1226 shares issued
  and outstanding) |  |               | 76,006  |                   |   | 76,006  |  
|Syndication costs                                                                       |  |               | (8,675  | )                 |   | (8,675  | )
|Accumulated deficit                                                                     |  |               | (18,649 | )                 |   | (12,598 | )
|                                                                                        |  |               |         |                   |   |         |  
|Shareholders total                                                                     |  |               | 48,682  |                   |   | 54,733  |  
|                                                                                        |  |               |         |                   |   |         |  
|                                                                                        |  |               |         |                   |   |         |  
|Total members capital                                                                  |  |               | 48,266  |                   |   | 54,330  |  
|                                                                                        |  |               |         |                   |   |         |  
|                                                                                        |  |               |         |                   |   |         |  
|Total liabilities and members capital                                                  |  | $             | 56,829  |                   | $ | 56,286  |  
|                                                                                        |  |               |         |                   |   |         |  

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

2

---



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

|                                      |  |                             |        |                           |   |        |   |      |         |   |   |         |  
|------------------------------------- |  | --------------------------- | ------ | ------------------------- | - | ------ | - | ---- | ------- | - | - | ------- | -
|                                      |  | Three months ended June 30, |        | Six months ended June 30, |  
|                                      |  | 2008                        |        | 2007                      |   | 2008   |   | 2007 |        
|                                      |  |                             |        |                           |   |        |   |      |        
|                                      |  |                             |        |                           |   |        |   |      |        
|Revenue                               |  |                             |        |                           |   |        |   |      |         |   |   |         |  
|Oil and gas revenue                   |  | $                           | 1,512  |                           | $ |       |   | $    | 1,512   |   | $ |        |  
|                                      |  |                             |        |                           |   |        |   |      |         |   |   |         |  
|Expenses                              |  |                             |        |                           |   |        |   |      |         |   |   |         |  
|Depletion and amortization            |  |                             | 826    |                           |   |       |   |      | 826     |   |   |        |  
|Dry-hole costs                        |  |                             | 1,744  |                           |   | 3,180  |   |      | 5,802   |   |   | 3,180   |  
|Investment fees to affiliate (Note 6) |  |                             |       |                           |   | 860    |   |      |        |   |   | 3,448   |  
|Management fees to affiliate (Note 6) |  |                             | 391    |                           |   | 442    |   |      | 809     |   |   | 666     |  
|Operating expenses                    |  |                             | 82     |                           |   |       |   |      | 222     |   |   |        |  
|General and administrative expenses   |  |                             | 95     |                           |   | 338    |   |      | 363     |   |   | 363     |  
|                                      |  |                             |        |                           |   |        |   |      |         |   |   |         |  
|Total expenses                        |  |                             | 3,138  |                           |   | 4,820  |   |      | 8,022   |   |   | 7,657   |  
|                                      |  |                             |        |                           |   |        |   |      |         |   |   |         |  
|                                      |  |                             |        |                           |   |        |   |      |         |   |   |         |  
|Loss from operations                  |  |                             | (1,626 | )                         |   | (4,820 | ) |      | (6,510  | ) |   | (7,657  | )
|Other income                          |  |                             |        |                           |   |        |   |      |         |   |   |         |  
|Interest income                       |  |                             | 157    |                           |   | 561    |   |      | 446     |   |   | 704     |  
|                                      |  |                             |        |                           |   |        |   |      |         |   |   |         |  
|Net loss                              |  | $                           | (1,469 | )                         | $ | (4,259 | ) | $    | (6,064  | ) | $ | (6,953  | )
|                                      |  |                             |        |                           |   |        |   |      |         |   |   |         |  
|                                      |  |                             |        |                           |   |        |   |      |         |   |   |         |  
|Manager Interest                      |  |                             |        |                           |   |        |   |      |         |   |   |         |  
|Net income (loss)                     |  | $                           | 126    |                           | $ | (143   | ) | $    | (13     | ) | $ | (178    | )
|                                      |  |                             |        |                           |   |        |   |      |         |   |   |         |  
|Shareholder Interest                  |  |                             |        |                           |   |        |   |      |         |   |   |         |  
|Net loss                              |  | $                           | (1,595 | )                         | $ | (4,116 | ) | $    | (6,051  | ) | $ | (6,775  | )
|Net loss per share                    |  | $                           | (3,108 | )                         | $ | (8,021 | ) | $    | (11,793 | ) | $ | (13,203 | )

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

3

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

|                                                                                                     |  |                           |         |      |   |         |  
|---------------------------------------------------------------------------------------------------- |  | ------------------------- | ------- | ---- | - | ------- | -
|                                                                                                     |  | Six months ended June 30, |        
|                                                                                                     |  | 2008                      |         | 2007 |  
|                                                                                                     |  |                           |         |      |  
|                                                                                                     |  |                           |         |      |  
|Cash flows from operating activities                                                                 |  |                           |         |      |   |         |  
|Net loss                                                                                             |  | $                         | (6,064  | )    | $ | (6,953  | )
|Adjustments to reconcile net loss to net cash used in operating
  activities:                        |  |                           |         |      |   |         |  
|Depletion and amortization                                                                           |  |                           | 826     |      |   |        |  
|Dry-hole costs                                                                                       |  |                           | 5,802   |      |   | 3,180   |  
|Accretion expense                                                                                    |  |                           | 3       |      |   |        |  
|Interest earned on marketable securities                                                             |  |                           | (259    | )    |   |        |  
|Changes in assets and liabilities:                                                                   |  |                           |         |      |   |         |  
|Increase in production receivable                                                                    |  |                           | (1,512  | )    |   |        |  
|Decrease (increase) in other current assets                                                          |  |                           | 72      |      |   | (190    | )
|(Decrease) increase in accrued expenses payable                                                      |  |                           | (7      | )    |   | 397     |  
|Increase in due to operator                                                                          |  |                           | 18      |      |   |        |  
|Increase in due to affiliate                                                                         |  |                           | 6       |      |   |        |  
|                                                                                                     |  |                           |         |      |   |         |  
|                                                                                                     |  |                           |         |      |   |         |  
|Net cash used in operating activities                                                                |  |                           | (1,115  | )    |   | (3,566  | )
|                                                                                                     |  |                           |         |      |   |         |  
|                                                                                                     |  |                           |         |      |   |         |  
|Cash flows from investing activities                                                                 |  |                           |         |      |   |         |  
|Payments to operators for working interests and
expenditures                                         |  |                           | (1,105  | )    |   |        |  
|Capital expenditures for oil and gas properties                                                      |  |                           | (12,807 | )    |   | (10,763 | )
|Interest reinvested in salvage fund                                                                  |  |                           | (15     | )    |   |        |  
|Proceeds from the sale or maturity of marketable
securities                                          |  |                           | 20,472  |      |   |        |  
|Investment in marketable securities                                                                  |  |                           | (20,001 | )    |   |        |  
|                                                                                                     |  |                           |         |      |   |         |  
|                                                                                                     |  |                           |         |      |   |         |  
|Net cash used in investing activities                                                                |  |                           | (13,456 | )    |   | (10,763 | )
|                                                                                                     |  |                           |         |      |   |         |  
|                                                                                                     |  |                           |         |      |   |         |  
|Cash flows from financing activities                                                                 |  |                           |         |      |   |         |  
|Contributions from shareholders                                                                      |  |                           |        |      |   | 75,764  |  
|Syndication costs paid                                                                               |  |                           |        |      |   | (8,578  | )
|                                                                                                     |  |                           |         |      |   |         |  
|                                                                                                     |  |                           |         |      |   |         |  
|Net cash provided by financing activities                                                            |  |                           |        |      |   | 67,186  |  
|                                                                                                     |  |                           |         |      |   |         |  
|Net (decrease) increase in cash and cash equivalents                                                 |  |                           | (14,571 | )    |   | 52,857  |  
|                                                                                                     |  |                           |         |      |   |         |  
|Cash and cash equivalents, beginning of period                                                       |  |                           | 21,611  |      |   |        |  
|                                                                                                     |  |                           |         |      |   |         |  
|                                                                                                     |  |                           |         |      |   |         |  
|Cash and cash equivalents, end of period                                                             |  | $                         | 7,040   |      | $ | 52,857  |  
|                                                                                                     |  |                           |         |      |   |         |  
|Supplemental schedule of non-cash investing
  activities                                             |  |                           |         |      |   |         |  
|                                                                                                     |  |                           |         |      |   |         |  
|Advances used for capital expenditures in oil and gas properties
reclassified
  to proved properties |  | $                         | 194     |      | $ |        |  

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

4

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RIDGEWOOD ENERGY V FUND, LLCNOTES 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 natural 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 was
determined to no longer be an exploratory stage enterprise.

The Manager performs, or
arranges for the performance of, the management and administrative services
required for Fund operations. Such services include, without limitation, the
administration of shareholder accounts, shareholder relations and the
preparation, review and dissemination of tax and other financial information.
In addition, the Manager provides office space, equipment and facilities and
other services necessary for Fund operations. The Manager also engages and
manages the contractual relations with 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
PresentationThese 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 Form 10/A filed with the Securities and
Exchange Commission (SEC).

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

Cash and Cash EquivalentsAll highly liquid
investments with maturities when purchased of three months or less are
considered cash and cash equivalents. At times, bank deposits may be in excess
of federal insured limits. At June 30, 2008 and December 31, 2007, bank
balances, inclusive of salvage fund, exceeded federally insured limits by $6.8
million and $21.4 million, respectively. The Fund maintains bank deposits with
accredited financial institutions.

Investments in
Marketable SecuritiesAt times the Fund may
purchase investments comprised of U.S. Treasury Bills and Notes. These
investments are considered short-term when their maturities 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 approximate fair value. At June 30, 2008 and
December 31, 2007 the Fund had short-term held-to-maturity investments totaling
$20.2 million and $20.4 million, respectively. The short-term held-to-maturity
investment held at June 30, 2008 matures in August 2008.

5

---



For all investments,
interest income is accrued as earned and amortization of premium or discount,
if any, is included in interest income. Unrealized gains or losses for
available-for-sale securities are reported in other comprehensive income until
realized. At June 30, 2008 and December 31, 2007 the Fund had no
available-for-sale investments.

Salvage FundPursuant to the
Funds LLC Agreement, the Fund deposits in a separate interest-bearing account,
or a salvage fund, money to provide for dismantling production platforms and
facilities, plugging and abandoning the wells and removing the platforms,
facilities and wells after their useful lives, in accordance with applicable
federal and state laws and regulations. At June 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 investments held within the salvage fund at June
30, 2008 mature 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 Natural Gas PropertiesInvestments in
oil and natural 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 natural gas producing activities is followed.
Acquisition costs are capitalized when incurred. Other oil and natural gas
exploration costs, excluding the costs of drilling exploratory wells, are
charged to expense as incurred. The costs of drilling exploratory wells are
capitalized pending the determination of whether the wells have discovered
proved commercial reserves. If proved commercial reserves have not been found,
exploratory drilling costs are expensed to dry-hole expense. Costs to develop
proved reserves, including the costs of all development wells and related
facilities and equipment used in the production of natural crude oil and
natural gas, are capitalized. Expenditures for ongoing repairs and maintenance
of producing properties are expensed as incurred.

Upon the sale or retirement
of a proved property, the cost and related accumulated depletion and
amortization will be eliminated from the property accounts, and the resultant
gain or loss is recognized. On the sale or retirement of an unproved property,
gain or loss on the sale is recognized, taking into consideration the amount of
any recorded impairment if the property had been assessed for impairment. 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 June 30, 2008 amounts
recorded in due to operators totaling $7.4 million, related to capital
expenditures for oil and gas property were paid during the third quarter
of 2008.

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

6

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Asset Retirement ObligationsFor 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 six months ended
June 30, 2008 and the year ended December 31, 2007.

|                              |  |                |       |                   |   |      |  
|----------------------------- |  | -------------- | ----- | ----------------- | - | ---- | -
|                              |  | June 30, 2008  |       | December 31, 2007 |  
|                              |  |                |       |                   |  
|                              |  | (in thousands) |      
|                              |  |                |       |                   |   |      |  
|Balance - Beginning of period |  | $              |      |                   | $ |     |  
|Liabilities incurred          |  |                | 1,187 |                   |   | 389  |  
|Liabilities settled           |  |                | (252  | )                 |   | (389 | )
|Accretion expense             |  |                | 3     |                   |   |     |  
|                              |  |                |       |                   |   |      |  
|                              |  |                |       |                   |   |      |  
|Balance - End of period       |  | $              | 938   |                   | $ |     |  
|                              |  |                |       |                   |   |      |  

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

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

Revenue
Recognition and ImbalancesOil 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. At June 30, 2008 and December 31, 2007, there were no
oil or natural gas balancing arrangements between the Fund and other working
interest owners.

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

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

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

7

---



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. See Note 7 for related
disclosure.

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 June 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 June 30, 2008 and the year ended December 31, 2007.

|                                                                                               |  |                |         |                   |   |        | 
|---------------------------------------------------------------------------------------------- |  | -------------- | ------- | ----------------- | - | ------ | 
|                                                                                               |  | June 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 |  |                | 7,728   |                   |   | 12,856 | 
|Reclassifications to proved properties based on the determination of
  proved reserves         |  |                | (17,732 | )                 |   |       | 
|Capitalized exploratory well costs charged to dry hole
costs                                   |  |                |        |                   |   |       | 
|                                                                                               |  |                |         |                   |   |        | 
|                                                                                               |  |                |         |                   |   |        | 
|Balance - End of period                                                                        |  | $              | 2,852   |                   | $ | 12,856 | 
|                                                                                               |  |                |         |                   |   |        | 

Capitalization costs are
expensed as dry-hole costs in the event that reserves are not found or are not
in sufficient quantities to complete the well and develop the field. During the
three and six months ended June 30, 2008, certain wells received credits from
their respective operators upon review and audit of the wells costs. Dry-hole
costs are detailed in the table below.

|                              |  |                             |       |                           |   |       |  |      |       |   |   |       | 
|----------------------------- |  | --------------------------- | ----- | ------------------------- | - | ----- |  | ---- | ----- | - | - | ----- | 
|                              |  | Three months ended June 30, |       | Six months ended June 30, |  
|Lease
  Block                 |  | 2008                        |       | 2007                      |   | 2008  |  | 2007 |      
|                              |  |                             |       |                           |   |       |  |      |      
|                              |  | (in thousands)              |      
|                              |  |                             |       |                           |   |       |  |      |       |   |   |       | 
|Eugene Island 29              |  | $                           | 529   |                           | $ |      |  | $    | 4,300 |   | $ |      | 
|Eugene Island 346/347 Well #3 |  |                             | 1,210 |                           |   |      |  |      | 1,210 |   |   |      | 
|Mississippi Canyon 490        |  |                             | 7     |                           |   |      |  |      | 316   |   |   |      | 
|Eugene Island 79/82           |  |                             | (2    | )                         |   | 3,180 |  |      | (24   | ) |   | 3,180 | 
|                              |  |                             |       |                           |   |       |  |      |       |   |   |       | 
|                              |  | $                           | 1,744 |                           | $ | 3,180 |  | $    | 5,802 |   | $ | 3,180 | 
|                              |  |                             |       |                           |   |       |  |      |       |   |   |       | 

8

---



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.

There have been no
distributions made by the Fund since its inception.

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 three and six months ended June 30, 2007, investment fees
were $0.9 million and $3.4 million, respectively. There were no investment fees
incurred by the Fund during the three and six months ended June 30, 2008.

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 June 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 $0.8 million for the three and six months ended June 30, 2008,
respectively, compared to $0.4 million and $0.7 million for the three and six
months ended June 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 June 30, 2008 there
were no such amounts payable or receivable.

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

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

7. Fair Value of Financial Instruments

At June 30, 2008 and
December 31, 2007, the carrying value of cash and cash equivalents, investments
in marketable securities, salvage fund, production receivable and accrued
expenses approximate fair value.

9

---



8. Commitments and Contingencies

Capital
CommitmentsThe Fund has
entered into multiple offshore operating agreements for the drilling and
development of its investment properties. The estimated capital expenditures associated
with these agreements vary depending on the stage of development on a
property-by-property basis. As of June 30, 2008, the Fund had committed to
spend an additional $3.9 million related to the properties.

Environmental
ConsiderationsThe exploration
for and development of oil and natural gas involves the extraction, production
and transportation of materials which, under certain conditions, can be
hazardous or cause environmental pollution problems. The Manager and the
Operators are continually taking action they believe appropriate to satisfy
applicable federal, state and local environmental regulations and do not
currently anticipate that compliance with federal, state and local
environmental regulations will have a material adverse effect upon capital
expenditures, results of operations or the competitive position of the Fund in
the oil and natural gas industry. However, due to the significant public and
governmental interest in environmental matters related to those activities, the
Manager cannot predict the effects of possible future legislation, rule
changes, or governmental or private claims. At June 30, 2008 and December 31,
2007, there were no known environmental contingencies that required the Fund to
record a liability.

Insurance
CoverageThe Fund is subject to all risks inherent in the
exploration for and development of oil and natural gas. Insurance coverage as
is customary for entities engaged in similar operations is maintained, but
losses may occur from uninsurable risks or amounts in excess of existing
insurance coverage. The occurrence of an event which is not insured or not
fully insured could have an adverse impact upon earnings and financial
position. Moreover, insurance is obtained as a package covering all of the
Managers investment programs. Claims made by other such programs can reduce or
eliminate insurance for the Fund.

10

---



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

Cautionary Statement Regarding
Forward-Looking Statements

Certain
statements in this quarterly report on Form 10-Q (Quarterly Report) and the
documents Ridgewood Energy 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 natural gas, the cost and availability of
equipment, and changes in governmental regulations. The Fund undertakes no
obligation to update or revise publicly any forward-looking statements, whether
as a result of new information, future events or otherwise.

Critical Accounting Policies and Estimates

The following
discussion and analysis of the Funds financial condition and operating results
is based on its financial statements. The preparation of this Quarterly Report requires
the Fund to make estimates and assumptions that affect the reported amount of
assets and liabilities, disclosure of contingent assets and liabilities at the
date of the Funds financial statements, and the reported amount of revenue and
expenses during the reporting period. Actual results may differ from those
estimates and assumptions. See Notes to Unaudited Condensed Financial
Statements in Part I of this Quarterly Report for a presentation of the Funds
significant accounting policies. No changes have been made to the Funds
critical accounting policies and estimates disclosed in its 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 natural gas projects located in the US waters of
the Gulf of Mexico. Ridgewood Energy Corporation (Ridgewood Energy or the
Manager) a Delaware corporation, is the Manager. As the Manager, Ridgewood
Energy has direct and exclusive control over the management and control of Fund
operations. The Fund is an independent oil and natural gas producer. The Funds
primary investment objective is to generate cash flow for distribution to the
Funds shareholders through participation in oil and natural gas exploration
and development projects in the Gulf of Mexico.

The Manager
performs certain duties on the Funds behalf including the evaluation of
potential projects for investment and ongoing management, administrative and
advisory services associated with these projects. For these services, the
Manager receives an annual management fee equal to 2.5% of capital
contributions, net of cumulative dry-hole 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 ten wells, four of
which have been determined to be successful, one that is currently drilling and
five that have been determined to be dry holes.

11

---



Currently Drilling

Ruby ProjectIn May 2008, the Fund acquired an 8.0% working
interest in the Ruby Project, an exploratory project operated by PetroQuest
Energy, L.L.C. (PetroQuest). The project is located in the Eugene Island
region of the Gulf of Mexico. The well began drilling in June 2008 and results
are expected in August 2008. Through June 30, 2008, the Fund has spent $0.5
million on this well, for which the total estimated budget is $2.8 million.

Successful Projects

Liberty ProjectIn April 2008, the Fund acquired a 5.0% working
interest in the Liberty Project, an exploratory project operated by LLOG
Exploration Offshore, Inc. (LLOG). This project began drilling in May 2008
and was deemed successful on July 4, 2008. Completion efforts are ongoing and
production is expected in the second quarter 2009. Through June 30, 2008, the
Fund has spent $2.4 million on this well, for which the total estimated budget
is $3.9 million.

Eugene Island
346/347Well #1In March 2007, the Fund acquired a 22.0% working interest in the
exploratory project Eugene Island 346/347 from Newfield Exploration Company
(Newfield), the operator. In June 2007, the well 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. Through June 30, 2008, the Fund has spent $15.4 million related
to this well.

Well #2As 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. Through June 30, 2008, the Fund has spent $2.6 million related to this
well.

West Cameron 149In 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 deemed
successful. The well was completed and production commenced in June 2008.
Through June 30, 2008, the Fund has spent $4.9 million related to this
property.

Dry Holes

Eugene Island 346/347 Well #3In June 2008, the Fund was informed by McMoRan that
Eugene Island 346/347 well #3 did not have commercially productive quantities
of either natural gas or oil and had been deemed an unsuccessful well, or dry
hole. As a result of this dry hole, the Fund recorded dry-hole costs of $1.2
million during the six months ended June 30, 2008.

Eugene Island 29In 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 being drilled on the Eugene Island 29 lease
block did not have commercially productive quantities of either natural gas or
oil and had been deemed an unsuccessful well, or dry hole. Dry-hole costs
related to this well, including plug and abandonment expenses, for the six
months ended June 30, 2008 were $4.3 million.

Mississippi Canyon
489/490In 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 Mississippi Canyon 489/490 did not have
commercially productive quantities of either oil or natural gas and had been
deemed an unsuccessful well, or dry hole. Dry-hole costs related to this well,
including plug and abandonment expenses, were $3.6 million.

12

---



West Cameron 296In 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 exploratory well being drilled on the West
Cameron 296 lease block did not have commercially productive quantities of
either natural gas or oil and had been deemed an unsuccessful well or dry hole.
Dry-hole costs related to this well, including plug and abandonment expenses,
incurred by the Fund were $2.7 million.

Eugene Island 79/82In 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 being
drilled on the Eugene Island 79/82 lease block did not have commercially
productive quantities of either natural gas or oil and had been deemed 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 six months ended June 30, 2008 and 2007
should be read in conjunction with the Funds financial statements and the
notes thereto.

|                                    |  |                             |        |                           |   |        |   |      |        |   |   |        |  
|----------------------------------- |  | --------------------------- | ------ | ------------------------- | - | ------ | - | ---- | ------ | - | - | ------ | -
|                                    |  | Three months ended June 30, |        | Six months ended June 30, |  
|                                    |  | 2008                        |        | 2007                      |   | 2008   |   | 2007 |       
|                                    |  |                             |        |                           |   |        |   |      |       
|                                    |  | (in thousands)              |       
|Revenue                             |  |                             |        |                           |   |        |   |      |        |   |   |        |  
|Oil and gas revenue                 |  | $                           | 1,512  |                           | $ |       |   | $    | 1,512  |   | $ |       |  
|                                    |  |                             |        |                           |   |        |   |      |        |   |   |        |  
|                                    |  |                             |        |                           |   |        |   |      |        |   |   |        |  
|Expenses                            |  |                             |        |                           |   |        |   |      |        |   |   |        |  
|Depletion and amortization          |  |                             | 826    |                           |   |       |   |      | 826    |   |   |       |  
|Dry-hole costs                      |  |                             | 1,744  |                           |   | 3,180  |   |      | 5,802  |   |   | 3,180  |  
|Investment fees to affiliate        |  |                             |       |                           |   | 860    |   |      |       |   |   | 3,448  |  
|Management fees to affiliate        |  |                             | 391    |                           |   | 442    |   |      | 809    |   |   | 666    |  
|Operating expenses                  |  |                             | 82     |                           |   |       |   |      | 222    |   |   |       |  
|General and administrative expenses |  |                             | 95     |                           |   | 338    |   |      | 363    |   |   | 363    |  
|                                    |  |                             |        |                           |   |        |   |      |        |   |   |        |  
|Total expenses                      |  |                             | 3,138  |                           |   | 4,820  |   |      | 8,022  |   |   | 7,657  |  
|                                    |  |                             |        |                           |   |        |   |      |        |   |   |        |  
|Loss from operations                |  |                             | (1,626 | )                         |   | (4,820 | ) |      | (6,510 | ) |   | (7,657 | )
|Other
  income                      |  |                             |        |                           |   |        |   |      |        |   |   |        |  
|Interest income                     |  |                             | 157    |                           |   | 561    |   |      | 446    |   |   | 704    |  
|                                    |  |                             |        |                           |   |        |   |      |        |   |   |        |  
|                                    |  |                             |        |                           |   |        |   |      |        |   |   |        |  
|Net loss                            |  | $                           | (1,469 | )                         | $ | (4,259 | ) | $    | (6,064 | ) | $ | (6,953 | )
|                                    |  |                             |        |                           |   |        |   |      |        |   |   |        |  

Oil and Gas Revenue.
The Fund had two wells come onto production during June 2008, Eugene Island
346/347 well #1 and West Cameron 149. 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 six months ended June 30, 2008 was $1.5 million.

During the
three and six months ended June 30, 2008, the Funds wells produced and sold
approximately 4 thousand barrels of oil and 74 thousand mcf of natural gas. Oil
prices averaged approximately $127 per barrel and natural gas prices averaged
$12.75 per mcf during the three and six months ended June 30, 2008.

Depletion and
Amortization. For the three and six months ended
June 30, 2008, depletion and amortization was $0.8 million. The Funds first
two producing wells, Eugene Island 346/347 well #1and West Cameron 149, began
production in June 2008. Prior to that time, the Fund did not have production
and therefore did not record any depletion or amortization.

13

---



Dry-hole Costs.
Dry-hole costs are those costs incurred to drill and develop a well that is
ultimately found to be incapable of producing either oil or natural gas in
sufficient quantities to justify completion of the well. The following
table summarizes dry-hole costs inclusive of plug and abandonment costs for the
three and six months ended June 30, 2008 and 2007. During the three and six
months ended June 30, 2008, certain wells received credits from their
respective operators upon review and audit of the wells costs.

|                                |  |                             |       |                           |   |       |  |      |       |   |   |       | 
|------------------------------- |  | --------------------------- | ----- | ------------------------- | - | ----- |  | ---- | ----- | - | - | ----- | 
|                                |  | Three months ended June 30, |       | Six months ended June 30, |  
|Lease
  Block                   |  | 2008                        |       | 2007                      |   | 2008  |  | 2007 |      
|                                |  |                             |       |                           |   |       |  |      |      
|                                |  | (in thousands)              |      
|                                |  |                             |       |                           |   |       |  |      |       |   |   |       | 
|Eugene Island 29                |  | $                           | 529   |                           | $ |      |  | $    | 4,300 |   | $ |      | 
|Eugene Island 346/347 Well
  #3 |  |                             | 1,210 |                           |   |      |  |      | 1,210 |   |   |      | 
|Mississippi Canyon 489/490      |  |                             | 7     |                           |   |      |  |      | 316   |   |   |      | 
|Eugene Island 79/82             |  |                             | (2    | )                         |   | 3,180 |  |      | (24   | ) |   | 3,180 | 
|                                |  |                             |       |                           |   |       |  |      |       |   |   |       | 
|                                |  | $                           | 1,744 |                           | $ | 3,180 |  | $    | 5,802 |   | $ | 3,180 | 
|                                |  |                             |       |                           |   |       |  |      |       |   |   |       | 

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 three and six
months ended June 30, 2007, investment fees were $0.9 million and $3.4 million,
respectively. For the three and six months ended June 30, 2008, 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 June 30, 2008 and 2007 were $0.4
million. Management fees for the
six months ended June 30, 2008 and 2007 were $0.8 million and $0.7 million,
respectively. The $0.1 million increase during the six months ended June 30, 2008 is attributable to an
increase in capital contributions when compared to June 30, 2007 as the Fund
had not completed raising capital at June 30, 2007.

Operating Expenses.
Operating expenses are comprised of geological and geophysical costs associated
with the Funds acquisition of oil and gas properties and accretion expense
related to asset retirement obligations. For the three and six months ended
June 30, 2008 operating expenses were $0.1 million and $0.2 million, respectively.
For the three and six months ended June 30, 2007 there were no operating
expenses. For the three and six months ended June 30, 2008 operating expenses
were primarily comprised of geological and geophysical costs related to the
Eugene Island 29 property and the Liberty Project combined with lease
operating expenses for the West Cameron 149 property and the Eugene Island
346/347 well #1 property.

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 June 30, |    | Six months ended June 30, |  
|                                       |  | 2008                        |    | 2007                      |   | 2008 |  | 2007 |    
|                                       |  |                             |    |                           |   |      |  |      |    
|                                       |  | (in thousands)              |   
|General
  and administrative expenses: |  |                             |    |                           |   |      |  |      |     |  |   |     | 
|Insurance                              |  | $                           | 12 |                           | $ | 318  |  | $    | 211 |  | $ | 318 | 
|Accounting fees                        |  |                             | 70 |                           |   | 19   |  |      | 120 |  |   | 39  | 
|Trust fees and other                   |  |                             | 13 |                           |   | 1    |  |      | 32  |  |   | 6   | 
|                                       |  |                             |    |                           |   |      |  |      |     |  |   |     | 
|                                       |  | $                           | 95 |                           | $ | 338  |  | $    | 363 |  | $ | 363 | 
|                                       |  |                             |    |                           |   |      |  |      |     |  |   |     | 

Insurance
expense represents premiums related to well control insurance, which varies
dependent upon drilling activity, and directors and officers liability policy,
which is allocated by the Manager to the Fund based on capital raised by the
Fund to total capital raised by all oil and natural gas funds managed by the
Manager. Accounting 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 short-term and long term investments in
U.S. Treasury securities. For the three months ended June 30, 2008 interest
income was $0.2 million, a $0.4 million decrease from the three months ended June
30, 2007. Interest income was $0.4 million and $0.7 million for the six months
ended June 30, 2008 and 2007, respectively, representing a decrease of $0.3
million.

14

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The decreases
in interest income during the three and six 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 used in operating activities for the six months ended June 30, 2008
were $1.1 million, primarily related to payments for management fees of $0.8
million, operating expenses of $0.2 million and general and administrative
expenses of $0.4 million, partially offset by interest income received of $0.2
million.

Cash flows
used in operating activities for the six months ended June 30, 2007 were $3.6
million, primarily related to payments to the Manager for investment fees
totaling $3.4 million, management fees of $0.7 million and general and administrative
fees of $0.4 million. These amounts were partially offset by interest income
received of $0.5 million and favorable working capital of $0.4 million related
to accrued control of well insurance premiums.

Investing Cash FlowsCash flows used in investing activities for the six months ended June 30,
2008 were $13.5 million. The Fund made capital expenditures for oil and gas
properties totaling $13.9 million, inclusive of advances, and purchased U.S.
treasury securities of $20.0 million. Additionally, in the six months ended
June 30, 2008, the Fund increased its salvage fund investments by $15 thousand,
which consisted of the interest earned on this account. These amounts were
partially offset by proceeds of $20.5 million related to the maturity of the
U.S. treasury securities.

Cash flows
used in investing activities for the six months ended June 30, 2007 were $10.8
million related to capital expenditures for oil and gas properties.

Financing Cash FlowsThere were no cash flows from financing activities during the six months
ended June 30, 2008.

Cash flows
provided by financing activities for the six months ended June 30, 2007 were
$67.2 million related to capital contributions received of $75.8 million,
partially offset by syndication costs paid of $8.6 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 June 30, 2008, the Fund had commitments
related to participation agreements totaling $3.9 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.

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 and income
earned from its short-term investments and cash and cash equivalents. The
Manager is entitled to receive an annual management fee from the Fund regardless
of whether the Fund is profitable in that year. The annual fee, payable
monthly, is equal to 2.5% of total capital contributed by shareholders, net of
cumulative dry-hole and related well costs incurred.

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

15

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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 June 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 June 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 June 30, 2008.

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

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None.

ITEM 1A. RISK FACTORS

Not required.

ITEM 2. UNREGISTERED SALES OF EQUITY
SECURITIES AND USE OF PROCEEDS

None.

16

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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.                                                                                                                                     
|        |  |                                                                                                                                                                                                                                                                 
|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

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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: July
  30, 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: July
  30, 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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