UNITED
STATES


SECURITIES
AND EXCHANGE COMMISSION





Washington,
D.C. 20549





FORM
10-Q








ý
              QUARTERLY
      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
      1934For
      the quarterly period ended September 30, 2009
 or





o
            TRANSITION
      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
      1934For
      the transition period from
      _______________________to____________________________







Commission
File No. 000-53178





RIDGEWOOD
ENERGY V FUND, LLC


(Exact
name of registrant as specified in its charter)





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





947
Linwood Avenue, Ridgewood, NJ 07450


(Address
of principal executive offices) (Zip code)





(800)
942-5550


(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 has submitted electronically and posted on
its corporate Web site, if any, every Interactive Data File required to be
submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this
chapter) during the preceding 12 months (or for such shorter period that the
registrant was required to submit and post such files).   Yes o
     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
the 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
            oNon-accelerated
      filer
              (Do
      not check if a smaller reporting company)
            o
            Smaller
      reporting company
            x





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





There
is no market for the shares. As of November
4, 2009 there are 513.1226 shares outstanding.


















Table
      ofContentsPagePART
      I - FINANCIAL INFORMATIONItem 1.
                Financial Statements:
                
                2Unaudited Condensed Balance Sheets as of September 30, 2009 and
      December 31, 2008
                
                2Unaudited Condensed Statements of Operations for the three and
      nine months ended September 30, 2009 and 2008
                
                3Unaudited Condensed Statements of Cash Flows for the nine
      months ended September 30, 2009 and 2008
                
                4Notes to Unaudited Condensed Financial
      Statements
                
                5Item 2.
                Management's Discussion and Analysis of Financial Condition and
      Results of Operations
                
                11Item 3.
                Quantitative and Qualitative Disclosures about Market
      Risk
                
                16Item 4.
                Controls and Procedures
                
                16PART
      II - OTHER INFORMATIONItem 1.
                Legal Proceedings
                
                17Item 1A.
                Risk Factors
                
                17Item 2.
                Unregistered Sales of Equity Securities and Use of
      Proceeds
                
                17Item 3.
                Defaults Upon Senior Securities
                
                17Item 4.
                Submission of Matters to a Vote of Security
      Holders
                
                17Item 5.
                Other Information
                
                17Item 6.
                Exhibits
                
                17SIGNATURES
                
                18








Table of Contents




PART
      I - FINANCIAL INFORMATIONITEM
      1.  FINANCIAL STATEMENTSRIDGEWOOD
      ENERGY V FUND, LLCUNAUDITED
      CONDENSED BALANCE SHEETS(in
      thousands, except share data)September
      30,
              
              
              December
      31,2009
              
              
              2008ASSETSCurrent
      assets:Cash
      and cash equivalents
              
              $
              6,917
              
              
              $
              5,903Short-term
      investments in marketable securities
              
              
              4,998
              
              
              
              10,072Production
      receivable
              
              
              902
              
              
              
              642Other
      current assets
              
              
              61
              
              
              
              286Total
      current assets
              
              
              12,878
              
              
              
              16,903Salvage
      fund
              
              
              1,390
              
              
              
              1,346Oil
      and gas properties:Advances
      to operators for working interests and expenditures
              
              
              -
              
              
              
              1,233Unproved
      properties
              
              
              -
              
              
              
              369Proved
      properties
              
              
              27,798
              
              
              
              27,924Less:
      accumulated depletion and amortization
              
              
              (7,843
              )
              
              
              (4,098
              )Total
      oil and gas properties, net
              
              
              19,955
              
              
              
              25,428Total
      assets
              
              $
              34,223
              
              
              $
              43,677LIABILITIES
      AND MEMBERS' CAPITALCurrent
      liabilities:Due
      to operators
              
              $
              885
              
              
              $
              1,447Accrued
      expenses
              
              
              92
              
              
              
              77Total
      current liabilities
              
              
              977
              
              
              
              1,524Asset
      retirement obligations
              
              
              1,159
              
              
              
              1,133Total
      liabilities
              
              
              2,136
              
              
              
              2,657Commitments
      and contingencies (Note 8)Members'
      capital:Manager:Distributions
              
              
              (1,041
              )
              
              
              (607
              )Retained
      earnings
              
              
              607
              
              
              
              292Manager's
      total
              
              
              (434
              )
              
              
              (315
              )Shareholders:Capital
      contributions (850 shares authorized;513.1226
      shares issued and outstanding)
              
              
              76,006
              
              
              
              76,006Syndication
      costs
              
              
              (8,675
              )
              
              
              (8,675
              )Distributions
              
              
              (5,902
              )
              
              
              (3,442
              )Accumulated
      deficit
              
              
              (28,908
              )
              
              
              (22,554
              )Shareholders'
      total
              
              
              32,521
              
              
              
              41,335Total
      members' capital
              
              
              32,087
              
              
              
              41,020Total
      liabilities and members' capital
              
              $
              34,223
              
              
              $
              43,677






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




2
 Table of Contents




RIDGEWOOD
      ENERGY V FUND, LLCUNAUDITED
      CONDENSED STATEMENTS OF OPERATIONS(in
      thousands, except per share data)Three
      months ended September 30,
              
              
              Nine
      months ended September 30,2009
              
              
              2008
              
              
              2009
              
              
              2008RevenueOil
      and gas revenue
              
              $
              2,190
              
              
              $
              4,537
              
              
              $
              4,461
              
              
              $
              6,049ExpensesDepletion
      and amortization
              
              
              2,729
              
              
              
              2,702
              
              
              
              3,745
              
              
              
              3,528Dry-hole
      costs
              
              
              1,393
              
              
              
              1,556
              
              
              
              4,978
              
              
              
              7,358Management
      fees to affiliate (Note 6)
              
              
              322
              
              
              
              380
              
              
              
              1,009
              
              
              
              1,189Operating
      expenses
              
              
              250
              
              
              
              210
              
              
              
              473
              
              
              
              432General
      and administrative expenses
              
              
              70
              
              
              
              109
              
              
              
              346
              
              
              
              472Total
      expenses
              
              
              4,764
              
              
              
              4,957
              
              
              
              10,551
              
              
              
              12,979Loss
      from operations
              
              
              (2,574
              )
              
              
              (420
              )
              
              
              (6,090
              )
              
              
              (6,930
              )Other
      incomeInterest
      income
              
              
              11
              
              
              
              123
              
              
              
              51
              
              
              
              569Net
      loss
              
              $
              (2,563
              )
              
              $
              (297
              )
              
              $
              (6,039
              )
              
              $
              (6,361
              )Manager
      InterestNet
      income
              
              $
              194
              
              
              $
              544
              
              
              $
              315
              
              
              $
              531Shareholder
      InterestNet
      loss
              
              $
              (2,757
              )
              
              $
              (841
              )
              
              $
              (6,354
              )
              
              $
              (6,892
              )Net
      loss per share
              
              $
              (5,373
              )
              
              $
              (1,639
              )
              
              $
              (12,383
              )
              
              $
              (13,431
              )






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




3
 Table of Contents




RIDGEWOOD
      ENERGY V FUND, LLCUNAUDITED
      CONDENSED STATEMENTS OF CASH FLOWS(in
      thousands)Nine
      months ended September 30,2009
              
              
              2008Cash
      flows from operating activitiesNet
      loss
              
              $
              (6,039
              )
              
              $
              (6,361
              )Adjustments
      to reconcile net loss to net cash provided byoperating
      activities:Depletion
      and amortization
              
              
              3,745
              
              
              
              3,528Dry-hole
      costs
              
              
              4,978
              
              
              
              7,358Accretion
      expense
              
              
              26
              
              
              
              12Interest
      earned on marketable securities
              
              
              (22
              )
              
              
              (328
              )Changes
      in assets and liabilities:Increase
      in production receivable
              
              
              (260
              )
              
              
              (323
              )Decrease
      (increase) in other current assets
              
              
              191
              
              
              
              (290
              )Increase
      in due to operators
              
              
              125
              
              
              
              89Increase
      in accrued expenses
              
              
              15
              
              
              
              28Net
      cash provided by operating activities
              
              
              2,759
              
              
              
              3,713Cash
      flows from investing activitiesPayments
      to operators for working interests and expenditures
              
              
              -
              
              
              
              (166
              )Capital
      expenditures for oil and gas properties
              
              
              (3,903
              )
              
              
              (23,799
              )Proceeds
      from the maturity of marketable securities
              
              
              10,091
              
              
              
              40,674Investment
      in marketable securities
              
              
              (4,995
              )
              
              
              (30,000
              )Investments
      in salvage fund
              
              
              (44
              )
              
              
              (22
              )Net
      cash provided by (used in) investing activities
              
              
              1,149
              
              
              
              (13,313
              )Cash
      flows from financing activitiesDistributions
              
              
              (2,894
              )
              
              
              (2,022
              )Net
      cash used in financing activities
              
              
              (2,894
              )
              
              
              (2,022
              )Net
      increase (decrease) in cash and cash equivalents
              
              
              1,014
              
              
              
              (11,622
              )Cash
      and cash equivalents, beginning of period
              
              
              5,903
              
              
              
              21,611Cash
      and cash equivalents, end of period
              
              $
              6,917
              
              
              $
              9,989Supplemental
      schedule of non-cash investing activitiesAdvances
      used for capital expenditures in oil and gas properties
                reclassified
      to dry-hole costs and proved properties
              
              $
              1,233
              
              
              $
              225





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


4
 Table of Contents




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.
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 June 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 has direct and exclusive control over the management of the Fund's
operations. With respect to project investments, the Manager locates potential
projects, conducts appropriate due diligence and negotiates and completes the
transactions in which the investments are made. The Manager performs, or
arranges for the performance of, the management, advisory 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, 2008
financial statements and notes thereto included in the Fund’s Annual Report on
Form 10-K 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.  The Fund has assessed the impact of subsequent events through
November 4, 2009, the date of issuance of its financial statements,
and has concluded that there were no such events that require adjustment to, or
disclosure in, the notes to the financial statements.





Use
of Estimates


The
preparation of financial statements in conformity with GAAP requires management
to make estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities as of the date
of the financial statements and the reported amounts of revenue and expense
during the reporting period. On an ongoing basis, the Manager reviews its
estimates, including those related to property balances, 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, 2009, bank balances exceeded federally
insured limits by $5.4 million, of which $5.2 million was invested in
money market accounts that invest solely in U.S. Treasury bills and
notes.Effective October 2008 through December 31, 2013,
federally insured limits have been increased from $0.1 million to $0.25
million for interest bearing deposits.  Additionally, non-interest
bearing deposits are fully insured through December 31, 2009, after which they
will be included in the $0.25 million limits.


5
 Table of Contents




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 are one year or
less, and long-term when their maturities are greater than one
year.  At September 30, 2009, the Fund had held-to-maturity
investments totaling $5.0 million, which mature in December
2009.  Held-to-maturity investments are those securities 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.  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 salvage fund, money to
provide for the dismantling and removal of production platforms and facilities
and plugging and abandoning its wells at the end of their useful lives, in
accordance with applicable federal and state laws and regulations.  At
September 30, 2009, the Fund had investments in U.S. Treasury securities within
its salvage fund that are classified as held-to-maturity, totaling $1.3 million,
of which $0.3 million matured in October 2009 and $1.0 million 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


The
Fund invests in oil and gas properties, which are operated by unaffiliated
entities 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 is billed by operators.





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
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.





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





As
of September 30, 2009 and December 31, 2008, amounts recorded in due to
operators totaling $0.6 million and $1.3
million, respectively, 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 requires 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 expenditures for
the succeeding month’s operation.  The Fund accounts for such payments as
advances to operators for working interests and expenditures.  As drilling
costs are incurred, the advances are reclassified to unproved
properties.





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 following table presents
changes in asset retirement obligations for the nine months ended September 30,
2009 and the year ended December 31, 2008.






6
 Table of Contents




September
      30, 2009
              
              
              December
      31, 2008(in
      thousands)Balance
      - Beginning of period
              
              $
              1,133
              
              
              $
              -Liabilities
      incurred
              
              
              -
              
              
              
              1,044Liabilities
      settled
              
              
              -
              
              
              
              -Accretion
      expense
              
              
              26
              
              
              
              21Revisions
      to previous estimate
              
              
              -
              
              
              
              68Balance
      - End of period
              
              $
              1,159
              
              
              $
              1,133


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 costsincurred by the Fund
in connection with the offering of 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 oil and gas 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 under-produced
owner to recoup its entitled share through production. The Fund’s recorded
liability, if any, would be reflected in other liabilities. No receivables are
recorded for those wells where the Fund has taken less than its share of
production.





Impairment
of Long-Lived Assets


The
Fund reviews the value of its oil and gas properties whenever management
determines that events and circumstances indicate that the recorded carrying
value of properties may not be recoverable. Impairments of producing properties
are determined by comparing future net undiscounted cash flows to the net book
value at the end of each period. If the net book value exceeds the future net
undiscounted cash flows, the carrying value of the property is written down to
fair value, which is determined using net discounted future cash flows from the
producing property. The Fund provides for impairments on unproved properties
when it determines that the property will not be developed or a permanent
impairment in value has occurred.  The fair value determinations
require considerable judgment and are sensitive to change.  Different
pricing assumptions, reserve estimates or discount rates could result in a
different calculated impairment. Given the volatility of oil and gas prices, it
is reasonably possible that the Fund’s estimate of discounted future net cash
flows from proved oil and gas reserves could change in the near term. If oil and
gas prices decline significantly, even if only for a short period of time, it is
possible that write-downs of oil and gas properties could occur.





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 capitalized costs associated with successful
exploratory well 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, trust fees, depletion and amortization,
which are allocated 99% to shareholders and 1% to the Manager.




7
 Table of Contents




3. Recent Accounting
Standards





In
June 2009, the Financial Accounting Standards Board (“FASB”) issued
Accounting Standards Codification as the source of GAAP to be applied to
nongovernmental agencies. This guidance explicitly recognizes rules and
interpretive releases of the SEC under authority of federal securities laws as
authoritative GAAP for SEC registrants. It is effective for interim or annual
periods ending after September 15, 2009.  The guidance was adopted for the
third quarter of 2009 and did not have a material impact on the Fund’s financial
statements.





In
May 2009, the FASB issued guidance on subsequent events, which sets forth
general standards of accounting for and disclosure of events that occur after
the balance sheet date but before financial statements are issued or are
available to be issued. The guidance was adopted effective for the second
quarter of 2009 and did not have a material impact on the Fund’s financial
statements.





In
April 2009, the FASB issued guidance on interim disclosures about fair
value of financial instruments, which requires quarterly disclosure of
information about the fair value of financial instruments.  The guidance
was adopted effective for the second quarter of 2009 and did not have a material
impact on the Fund’s financial statements.





In
April 2009, the FASB issued guidance on the recognition and presentation of
other-than-temporary impairments, which amends the other-than-temporary
impairment guidance for debt securities to make the guidance more operational
and to improve the presentation and disclosure of other-than-temporary
impairments on debt and equity securities in the financial statements. This
guidance does not amend existing recognition and measurement guidance related to
other-than-temporary impairments of equity securities. This guidance does not
require disclosures for earlier periods presented for comparative purposes at
initial adoption. In periods after initial adoption, this guidance requires
comparative disclosures only for periods ending after initial adoption. The
guidance was adopted effective for the second quarter of 2009 and did not have a
material impact on the Fund’s financial statements.





In
September 2006, the FASB issued guidance related to fair value measurements.
This guidance 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 FASB also issued guidance on the methods used
to measure fair value and required expanded disclosures related to fair value
measurements. The Fund adopted this guidance for financial assets and financial
liabilities effective January 1, 2008 and for non-financial assets and
non-financial liabilities effective January 1, 2009.  The adoption did not
have a material impact on the Fund’s financial statements.





In
December 2008, the SEC issued Release No. 33-8995, “Modernization of
Oil and Gas Reporting” (“Release No. 33-8995”), amending oil and gas reporting
requirements under Rule 4-10 of Regulation S-X and Industry Guide 2 in
Regulation S-K.  The new requirements provide for consideration of new
technologies in evaluating reserves, allow companies to disclose their probable
and possible reserves to investors, report oil and gas reserves using an average
price based on the prior 12-month period rather than year-end prices, and revise
the disclosure requirements for oil and gas operations.  The final rules
are effective for fiscal years ending on or after
December 31, 2009.  The Fund does not expect the adoption of
Release No. 33-8995 to have a material impact on its financial statements and
disclosures.





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.  At September 30, 2009, the
Fund had no unproved properties. The following table reflects the net changes in
unproved properties for the nine months ended September 30, 2009 and the year
ended December 31, 2008.




8
 Table of Contents






September
      30, 2009
              
              
              December
      31, 2008(in
      thousands)Balance
      - Beginning of period
              
              $
              369
              
              
              $
              12,856Additions
      to capitalized exploratory well costspending
      the determination of proved reserves
              
              
              -
              
              
              
              13,194Reclassifications
      to proved properties based onthe
      determination of proved reserves
              
              
              -
              
              
              
              (25,681
              )Capitalized
      exploratory well costs charged todry-hole
      costs
              
              
              (369
              )
              
              
              -Balance
      - End of period
              
              $
              -
              
              
              $
              369




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 endedSeptember 30, 2009, the Fund
received credits on certain wells from their respective operators upon review
and audit of the wells’ costs.Dry-hole costs, inclusive of
credits, are detailed in the following table.




Three
      months ended September 30,
              
              
              Nine
      months ended September 30,Lease
      Block
              
              2009
              
              
              2008
              
              
              2009
              
              
              2008(in
      thousands)Neptune
      Project
              
              $
              -
              
              
              $
              -
              
              
              $
              3,099
              
              
              $
              -Eagle
      Project
              
              
              1,388
              
              
              
              -
              
              
              
              1,388
              
              
              
              -South
      Timbalier 287
              
              
              1
              
              
              
              -
              
              
              
              446
              
              
              
              -Eugene
      Island 346/347 well #3
              
              
              1
              
              
              
              -
              
              
              
              11
              
              
              
              1,210Eugene
      Island 29
              
              
              -
              
              
              
              8
              
              
              
              (1
              )
              
              
              4,308Ruby
      Project
              
              
              -
              
              
              
              1,539
              
              
              
              (82
              )
              
              
              1,539Other
      wells
              
              
              3
              
              
              
              9
              
              
              
              117
              
              
              
              301$
              1,393
              
              
              $
              1,556
              
              
              $
              4,978
              
              
              $
              7,358






5.  Distributions





Distributions
to shareholders are allocated in proportion to the number of shares
held.  Certain shares have early investment incentive and advance
distribution rights, as defined in the LLC Agreement, which range from
approximately $8 thousand to $12 thousand per share. The Fund began making
distributions to eligible early investors during August 2008 and to all
investors in March 2009.





The
Manager determines whether available cash from operations, as defined in the LLC
Agreement, will be distributed.  Such distributions are allocated 85%
to the shareholders and 15% to the Manager, as required by the LLC
Agreement.





Available
cash from dispositions, as defined in the 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.





6.  Related
Parties





The LLC Agreement provides that the Manager render
management, administrative and advisory services.  For such services,
the Manager is paid 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 for the three months
ended September 30, 2009 and 2008 were $0.3 million and $0.4 million,
respectively.  Management fees for the nine months ended September 30,
2009 and 2008 were $1.0 million and $1.2 million, respectively.





At
times, short-term payables and receivables, which do not bear interest, arise
from transactions with affiliates in the ordinary course of
business.





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




9
 Table of Contents




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
September 30, 2009 and December 31, 2008, cash and cash equivalents, short-term
investments in marketable securities, production receivable, salvage fund and
accrued expenses approximate fair value.




8.
Commitments and Contingencies





Capital
Commitments


The
Fund has entered into multiple 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, 2009, the Fund had
committed to spend an additional $4.1 million related to its investment
properties.





Environmental Considerations


The
exploration for and development of oil and natural gas involves the extraction,
production and transportation of materials which, under certain conditions, can
be hazardous or cause environmental pollution problems.  The Manager
and operators of the Fund’s properties 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, 2009 and December 31, 2008, 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 that 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 funds managed by the Manager.  Claims made by
other funds can reduce or eliminate insurance for the Fund.








10
 Table of Contents




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 based on current expectations and assumptions that are subject to
risks and uncertainties that may cause actual results to differ materially from
the forward-looking statements. These forward-looking statements generally are
identified by the words “believe,” “project,” “expect,” “anticipate,”
“estimate,” “intend,” “strategy,” “plan,” “target,” “pursue,” “may,” “will
likely result,” and similar expressions.  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, except as required by law.





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 2008 Annual Report on Form
10-K.





Overview
of the Fund’s Business





The Fund is a Delaware limited liability company formed
on November 21, 2006 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.  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 of the
Fund’s operations.  The Fund’s primary investment objective is to
generate cash for distribution to its shareholders throughthe
acquisition of “working interests” in the exploration, production and sale of
oil and natural gas.





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 for the management of all
exploration, development and producing operations, as
appropriate.  The Manager also participates in
distributions.





Business
Update





The
Fund owns working interests and has participated in the drilling of thirteen
wells, four have been determined to be successful and nine have been determined
to be dry holes, of which three were determined to be dry during
2009.





Discoveries


Liberty
Project


In
April 2008, the Fund acquired a 5.0% working interest in the Liberty Project, an
exploratory well.  This project began drilling in May 2008 and was
determined to be successful in July 2008.  Completion efforts are
ongoing and production is expected in the second quarter
2010.  Through September 30, 2009, the Fund has spent $2.9 million
related to this well, for which the total estimated budget is $7.0
million.





11
 Table of Contents





West
Cameron 149


In
November 2007, the Fund acquired a 25.0% working interest in West Cameron 149,
an exploratory well.  The project began drilling in November 2007 and
was determined to be successful in December 2007. The well was completed and production commenced
in June 2008.  The Fund has spent $4.7 million related to this
well.





Eugene
Island 346/347


Well
#1


In
March 2007, the Fund acquired a 22.0% working interest in Eugene Island 346/347
well #1, an exploratory well.  The well began drilling in April 2007
and was determined to be successful in June 2007.  The well was
completed and production commenced in June 2008.  The Fund has spent
$15.7 million related to this well.





Well
#2


As
a result of the drilling success of the first exploratory well for Eugene Island
346/347, the second well commenced drilling in May 2008.  In 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 well.





None
of the Fund’s wells, including Eugene Island 346/347 wells #1 and #2, were
materially damaged as a result of third quarter 2008 hurricane activity in the
Gulf of Mexico.  However, the pipeline utilized to transport these
wells’ oil and gas production suffered severe damage thereby shutting down
production for these wells.  As a result, Eugene Island 346/347 wells
#1 and #2 had been shut-in until the pipeline repairs were
completed.  There was no cost to the Fund related to these repair
activities, however, these wells did not produce oil and gas or earn revenue
during this repair period.  Eugene Island 346/347 wells #1 and #2
resumed production in July 2009.





Dry
Holes


Eagle
Project


In
August 2009, the Fund acquired a 3.0% working interest in the Eagle Project, an
exploratory well.  This project began
drilling and was determined to be an unsuccessful well, or dry hole, in August
2009.  Dry-hole costs of $1.4 million were incurred during the nine
months ended September 30, 2009.





Neptune
Project


In
July 2008, the Fund acquired a 6.0% working interest in the Neptune Project, an
exploratory well.  The Neptune Project began drilling in December 2008
and was determined to be an unsuccessful well, or dry hole, in May
2009.  Dry-hole costs of $3.1 million were incurred during the nine
months ended September 30, 2009.





South
Timbalier 287


In
September 2008, the Fund acquired a 4.0% working interest in South Timbalier
287, an exploratory well.  This project
began drilling in March 2008 and was determined to be an unsuccessful well, or
dry hole, in January 2009.  Dry-hole costs related to this well
totaled $4.3 million, of which $0.4 million were incurred during the nine months
ended September 30, 2009.








Results
of Operations





The following table summarizes the Fund’s results of
operations for the three and nine months ended September 30, 2009 and 2008 and
should be read in conjunction with the Fund’s financial statements and notes
thereto included within Item 1. “Financial Statements” in Part I of this
Quarterly Report.




12
 Table of Contents




Three
      months ended September 30,
              
              
              Nine
      months ended September 30,2009
              
              
              2008
              
              
              2009
              
              
              2008(in
      thousands)RevenueOil
      and gas revenue
              
              $
              2,190
              
              
              $
              4,537
              
              
              $
              4,461
              
              
              $
              6,049ExpensesDepletion
      and amortization
              
              
              2,729
              
              
              
              2,702
              
              
              
              3,745
              
              
              
              3,528Dry-hole
      costs
              
              
              1,393
              
              
              
              1,556
              
              
              
              4,978
              
              
              
              7,358Management
      fees to affiliate
              
              
              322
              
              
              
              380
              
              
              
              1,009
              
              
              
              1,189Operating
      expenses
              
              
              250
              
              
              
              210
              
              
              
              473
              
              
              
              432General
      and administrative expenses
              
              
              70
              
              
              
              109
              
              
              
              346
              
              
              
              472Total
      expenses
              
              
              4,764
              
              
              
              4,957
              
              
              
              10,551
              
              
              
              12,979Loss
      from operations
              
              
              (2,574
              )
              
              
              (420
              )
              
              
              (6,090
              )
              
              
              (6,930
              )Other
      incomeInterest
      income
              
              
              11
              
              
              
              123
              
              
              
              51
              
              
              
              569Net
      loss
              
              $
              (2,563
              )
              
              $
              (297
              )
              
              $
              (6,039
              )
              
              $
              (6,361
              )






Overview.  Since
inception, the Fund has had three wells come onto production: Eugene Island
346/347 well #1 and West Cameron 149, which began production in June 2008, and
Eugene Island 346/347 well #2, which began production in July
2008.  The Fund’s Eugene Island 346/347 wells #1 and #2 had been
shut-in as a result of third quarter 2008 hurricane activity and resumed
production in July 2009, thereby impacting the Fund’s revenue, depletion and
amortization, and operating expenses.





Oil and Gas
Revenue.   Oil and gas
revenue for the three months ended September 30, 2009 was $2.2 million, a $2.3
million decrease from the three months ended September 30, 2008.  The
decrease is attributable to the impact of decreased average prices totaling $3.2
million, partially offset by an increase in sales volumes totaling $0.8 million
and an increase in processing revenue totaling $0.1 million.





The
Fund sold approximately 14 thousand barrels and 9 thousand barrels of oil during
the three months ended September 30, 2009 and 2008, respectively.  The
Fund’s oil prices averaged $67 per barrel during the three months ended
September 30, 2009 compared to $123 per barrel during the three months ended
September 30, 2008.





The
Fund sold 349 thousand mcf and 331 thousand mcf of gas during the three months
ended September 30, 2009 and 2008, respectively.  The Fund’s gas
prices averaged $3.23 per mcf during the three months ended September 30, 2009
compared to $10.28 per mcf during the three months ended September 30,
2008.





Oil
and gas revenue for the nine months ended September 30, 2009 was $4.5 million, a
$1.6 million decrease from the nine months ended September 30,
2008.  The decrease is attributable to the impact of decreased average
prices totaling $6.7 million, partially offset by an increase in sales volumes
totaling $5.0 million and an increase in processing revenue totaling $0.2
million.





The
Fund sold 16 thousand barrels and 14 thousand barrels of oil during the nine
months ended September 30, 2009 and 2008, respectively.  The Fund’s
oil prices averaged $65 per barrel during the nine months ended September 30,
2009 compared to $125 per barrel during the nine months ended September 30,
2008.





The
Fund sold 842 thousand mcf and 405 thousand mcf of gas during the nine months
ended September 30, 2009 and 2008, respectively.  The Fund’s gas
prices averaged $3.87 per mcf during the nine months ended September 30, 2009
compared to $10.73 per mcf during the nine months ended September 30,
2008.





Oil
and gas volume was favorably impacted in both the three and nine month periods
ended September 30, 2009 due to the timing of the onset of production of West
Cameron 149 in June 2008, and the resumed production for the Eugene Island wells
in July 2009, as discussed above in “Overview”.





Depletion and
Amortization.Depletion and amortization for the each of the
three months ended September 30, 2009 and 2008 was $2.7 million, compared to
$3.7 million and $3.5 million, for the nine months ended September 30, 2009 and
2008, respectively.  The increase for the three and nine month period
is due to an increase in the production volumes partially offset by a decrease
in the average depletion rate.




13
 Table of Contents




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.During the nine months ended September 30, 2009, the
Fund received credits on certain wells from their respective operators upon
review and audit of the wells’ costs.  The following table summarizes
dry-hole costs, inclusive of credits, for the three and nine months ended
September 30, 2009 and 2008.




Three
      months ended September 30,
              
              
              Nine
      months ended September 30,Lease
      Block
              
              2009
              
              
              2008
              
              
              2009
              
              
              2008(in
      thousands)Neptune
      Project
              
              $
              -
              
              
              $
              -
              
              
              $
              3,099
              
              
              $
              -Eagle
      Project
              
              
              1,388
              
              
              
              -
              
              
              
              1,388
              
              
              
              -South
      Timbalier 287
              
              
              1
              
              
              
              -
              
              
              
              446
              
              
              
              -Eugene
      Island 346/347 well #3
              
              
              1
              
              
              
              -
              
              
              
              11
              
              
              
              1,210Eugene
      Island 29
              
              
              -
              
              
              
              8
              
              
              
              (1
              )
              
              
              4,308Ruby
      Project
              
              
              -
              
              
              
              1,539
              
              
              
              (82
              )
              
              
              1,539Other
      wells
              
              
              3
              
              
              
              9
              
              
              
              117
              
              
              
              301$
              1,393
              
              
              $
              1,556
              
              
              $
              4,978
              
              
              $
              7,358







Management Fees
to Affiliate. Management fees
for the three months ended September 30, 2009 and 2008 were $0.3 million and
$0.4 million, respectively.   Management fees for the nine months
ended September 30, 2009 and 2008 were $1.0 million and $1.2 million,
respectively.  An annual management fee, totaling 2.5% of the capital
contributions, net of cumulative dry-hole and related well costs incurred by the
Fund, is paid monthly to the Manager.





Operating
Expenses.  Operating expenses include the costs of operating
and maintaining wells and related facilities, geological costs and accretion
expense, as detailed in the following table.




Three
      months ended September 30,
              
              
              Nine
      months ended September 30,2009
              
              
              2008
              
              
              2009
              
              
              2008(
      in thousands)Lease
      operating expense
              
              $
              220
              
              
              $
              147
              
              
              $
              399
              
              
              $
              180Workover
      costs
              
              
              15
              
              
              
              -
              
              
              
              41
              
              
              
              -Accretion
      expense
              
              
              9
              
              
              
              9
              
              
              
              26
              
              
              
              12Geological
      costs
              
              
              6
              
              
              
              54
              
              
              
              7
              
              
              
              240$
              250
              
              
              $
              210
              
              
              $
              473
              
              
              $
              432






Lease
operating expense for the three and nine months
ended September 30, 2009 and 2008 were related to the West Cameron 149
well and the Eugene Island properties.Workover costs during the three and nine
months ended September 30, 2009 were related to West Cameron 149, which required
minor platform repairs as a result of hurricane damage.  There
were no workover costs for the three and nine months ended September 30,
2008.  Accretion expense is related to
the asset retirement obligations established for the Fund’s proved properties.
Geological costs for the three and nine months ended September 30, 2009 were
related to Eugene Island 346 Well #1.Geological costs for the three and
nine months ended September 30, 2008 were principally related to the Eugene
Island 29, Liberty and Ruby projects.





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





14
 Table of Contents




Three
      months ended September 30,
              
              
              Nine
      months ended September 30,2009
              
              
              2008
              
              
              2009
              
              
              2008(
      in thousands)Insurance
      expense
              
              $
              24
              
              
              $
              56
              
              
              $
              179
              
              
              $
              267Accounting
      fees
              
              
              43
              
              
              
              42
              
              
              
              153
              
              
              
              162Trust
      fees and other
              
              
              3
              
              
              
              11
              
              
              
              14
              
              
              
              43$
              70
              
              
              $
              109
              
              
              $
              346
              
              
              $
              472






Insurance
expense represents premiums related to producing well and control of well
insurance, which varies dependent upon the number of wells producing or
drilling, and director’s and officers’ liability
insurance.  Accounting fees represent audit and tax preparation fees,
quarterly reviews and filing fees incurred by 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.Interest income for the three and nine
months ended September 30, 2009 was $11 thousand and $0.1 million, respectively,
a decrease of $0.1 million and $0.5 million, respectively, from the three and
nine months ended September 30, 2008.  The decrease was the result of
a reduction in average outstanding balances earning interest, due to ongoing
capital expenditures for oil and gas properties, coupled with lower interest
rates earned.





Capital
Resources and Liquidity





Operating
Cash Flows


Cash
flows provided by operating activities for the nine months ended September 30,
2009 were $2.8 million, primarily related to revenue received of $4.2 million
and favorable working capital of $0.3 million, partially offset by payments for
management fees of $1.0 million, operating expenses of $0.4 million and general
and administrative expenses of $0.3 million.





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.





Investing
Cash Flows


Cash
flows provided by investing activities for the nine months ended September 30,
2009 were $1.1 million, primarily related to the maturity of U.S. Treasury
securities totaling $10.1 million, partially offset by investments in U.S.
Treasury securities of $5.0 million and capital expenditures for oil and gas
properties totaling $3.9 million. Additionally, the Fund increased its salvage
fund investments by $44 thousand, inclusive of $19 thousand of interest earned
on this account.





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 investments in
U.S. Treasury securities totaling $30.0 million.  These amounts were
partially offset by proceeds of $40.7 million related to the maturity of U.S.
Treasury securities.  Additionally, the Fund made investments in its
salvage fund of $22 thousand, which consisted of interest earned on this
account.





Financing
Cash Flows


Cash
flows used in financing activities for the nine months ended September 30, 2009
were $2.9 million related to manager and shareholder distributions.





Cash
flows used in financing activities for the nine months ended September 30, 2008
were $2.0 million related to manager and shareholder distributions.





Estimated
Capital Expenditures





The
Fund has entered into multiple 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, 2009, the Fund
had committed to spend an additional $4.1 million related to its investment
properties.




15
 Table of Contents




When
the Manager makes a decision to participate 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 an 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.




Capital
expenditures for investment properties are funded with the capital raised by the
Fund in its private placement offering, which is more than likely, all the
capital it will be able to obtain. The number of projects in which the Fund can
invest will naturally be limited, and each unsuccessful project the Fund
experiences will reduce its ability to generate revenue and exhaust its capital.
Typically, the Manager seeks an investment portfolio that combines high and low
risk exploratory projects.





Liquidity
Needs





The
Fund’s primary short-term liquidity needs are to fund its operations, inclusive
of management fees, and capital expenditures for its investment
properties.  Operations are funded utilizing operating income,
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 the Fund’s profitability in that year. Generally, all or a portion of the
management fee is paid from operating income and interest income, although the
management fee can be paid out of capital contributions; however, this is not
the Fund’s intent.





Distributions
are funded from available cash from operations, as defined in the Fund’s limited
liability company agreement, and the frequency and amount are within the
Manager’s discretion subject to available cash from operations, reserve
requirements and the Fund’s operations.





Off-Balance
Sheet Arrangements





The Fund had no off-balance sheet arrangements atSeptember 30, 2009 and December 31, 2008
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 negotiate any such
contracts.  No contractual obligations exist atSeptember 30,
2009 and December 31, 2008 other than those
discussed in “Estimated Capital Expenditures” above.





Recent
Accounting Pronouncements





See
Note 3 of Notes to Unaudited Condensed Financial Statements – “Recent Accounting
Standards” contained in this Quarterly Report for a discussion of recent
accounting pronouncements.





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 the Fund’s disclosure controls and
procedures as of the end of the period covered by this report.  Based on
that evaluation, the Chief Executive Officer and Chief Financial Officer
concluded that the Fund’s disclosure controls and procedures were effective as
ofSeptember 30, 2009.




16
 Table of Contents




There has been no change in the Fund’s internal control
over financial reporting that occurred during the three months endedSeptember 30, 2009 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. RISKFACTORS





Not
required.





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





None.





ITEM
3.  DEFAULTS UPON SENIOR SECURITIES





None.





ITEM
4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY
HOLDERS





None.





ITEM
5. OTHER INFORMATION





On
June 22, 2009, Kenneth W. Lang was named President and Chief Operating Officer
of the Fund.  Prior to joining the Fund, Mr. Lang was with BP for
twenty-four years, ultimately serving as Senior Vice President for BP's Gulf of
Mexico business and a member of the Board of Directors for BP America,
Inc.  Robert E. Swanson, formerly President and Chief Executive
Officer of the Fund, will remain Chief Executive Officer of the
Fund.





Adrien
Doherty, Executive Vice President, resigned effective October 30,
2009.





ITEM
6. EXHIBITS







EXHIBITNUMBER
              
              TITLE OF EXHIBIT
              
              METHOD OF FILING31.1
              
              Certification
      of Robert E. Swanson, Chief Executive Officer of the Fund, pursuant to
      Securities Exchange Act Rule 13a-14(a)
              
              Filed
      herewith31.2
              
              Certification
      of Kathleen P. McSherry, Chief Financial Officer of the Fund, pursuant to
      Securities Exchange Act Rule 13a-14(a)
              
              Filed
      herewith32
              
              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
              
              Filed
      herewith




17
 Table of Contents




SIGNATURES





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





RIDGEWOOD
      ENERGY V FUND, LLCDated:
            November
      4, 2009
            By:
            /s/
            
            
            ROBERT
      E. SWANSONName:
            
            
            Robert
      E. SwansonTitle:
            
            
            Chief
      Executive Officer(Principal
      Executive Officer)Dated:
            November
      4, 2009
            By:
            /s/
            
            
            KATHLEEN
      P. MCSHERRYName:
            
            
            Kathleen
      P. McSherryTitle:
            
            
            Executive
      Vice President and Chief Financial Officer(Principal
      Financial Officer)