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 March 31, 2009                                           
|  |                                                                                          
|  | 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 No. 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.)

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         | 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 Exchange Act).   Yes o      No x

There
is no market for the shares. As of May 6, 2009 there are 513.1226 shares
outstanding.

---



Table of Contents

|                                |                                                                                                   |      | 
|------------------------------- | ------------------------------------------------------------------------------------------------- | ---- | 
|                                |                                                                                                   | Page
|PART I -
 FINANCIAL INFORMATION |                                                                                                   |     
|Item 1.                         | Financial Statements:                                                                             |      | 
|                                | Unaudited
 Condensed Balance Sheets as of March 31, 2009 and December 31, 2008                    | 2    | 
|                                | Unaudited
 Condensed Statements of Operations for the three months ended March 31, 2009
 and 2008 | 3    | 
|                                | Unaudited
 Condensed Statements of Cash Flows for the three months ended March 31, 2009
 and 2008 | 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     |                                                                                                   |     
|Item 1.                         | Legal
 Proceedings                                                                                | 16   | 
|Item 1A.                        | Risk
 Factors                                                                                     | 16   | 
|Item 2.                         | Unregistered
 Sales of Equity Securities and Use of Proceeds                                      | 16   | 
|Item 3.                         | Defaults
 Upon Senior Securities                                                                  | 16   | 
|Item 4.                         | Submission
 of Matters to a Vote of Security Holders                                              | 16   | 
|Item 5.                         | Other
 Information                                                                                | 16   | 
|Item 6.                         | Exhibits                                                                                          | 17   | 
|                                |                                                                                                   |      | 
|                                | SIGNATURES                                                                                        | 18   | 

1

---



PART I - FINANCIAL
INFORMATION

ITEM 1 - FINANCIAL STATEMENTS


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

|                                                                                       |  |                |         |                   |   |         |  
|-------------------------------------------------------------------------------------- |  | -------------- | ------- | ----------------- | - | ------- | -
|                                                                                       |  | March 31, 2009 |         | December 31, 2008 |  
|                                                                                       |  |                |         |                   |  
|ASSETS                                                                                 |  |                |         |                   |   |         |  
|Current assets:                                                                        |  |                |         |                   |   |         |  
|Cash and cash equivalents                                                              |  | $              | 13,892  |                   | $ | 5,903   |  
|Short-term investments in marketable securities                                        |  |                |        |                   |   | 10,072  |  
|Production receivable                                                                  |  |                | 391     |                   |   | 642     |  
|Other current assets                                                                   |  |                | 85      |                   |   | 286     |  
|                                                                                       |  |                |         |                   |   |         |  
|Total current assets                                                                   |  |                | 14,368  |                   |   | 16,903  |  
|                                                                                       |  |                |         |                   |   |         |  
|Salvage fund                                                                           |  |                | 1,352   |                   |   | 1,346   |  
|Oil and gas properties:                                                                |  |                |         |                   |   |         |  
|Advances to operators for working interests and expenditures                           |  |                | 431     |                   |   | 1,233   |  
|Unproved properties                                                                    |  |                |        |                   |   | 369     |  
|Proved properties                                                                      |  |                | 27,935  |                   |   | 27,924  |  
|Less: accumulated depletion and amortization                                           |  |                | (4,650  | )                 |   | (4,098  | )
|                                                                                       |  |                |         |                   |   |         |  
|Total oil and gas properties, net                                                      |  |                | 23,716  |                   |   | 25,428  |  
|                                                                                       |  |                |         |                   |   |         |  
|Total assets                                                                           |  | $              | 39,436  |                   | $ | 43,677  |  
|                                                                                       |  |                |         |                   |   |         |  
|LIABILITIES AND MEMBERS CAPITAL                                                       |  |                |         |                   |   |         |  
|Current liabilities:                                                                   |  |                |         |                   |   |         |  
|Due to operators                                                                       |  | $              | 1,025   |                   | $ | 1,447   |  
|Accrued expenses                                                                       |  |                | 76      |                   |   | 77      |  
|                                                                                       |  |                |         |                   |   |         |  
|Total current liabilities                                                              |  |                | 1,101   |                   |   | 1,524   |  
|Asset retirement obligations                                                           |  |                | 1,141   |                   |   | 1,133   |  
|                                                                                       |  |                |         |                   |   |         |  
|Total liabilities                                                                      |  |                | 2,242   |                   |   | 2,657   |  
|                                                                                       |  |                |         |                   |   |         |  
|Commitments and
 contingencies (Note 8)                                                |  |                |         |                   |   |         |  
|Members capital:                                                                      |  |                |         |                   |   |         |  
|Manager:                                                                               |  |                |         |                   |   |         |  
|Distributions                                                                          |  |                | (814    | )                 |   | (607    | )
|Retained earnings                                                                      |  |                | 383     |                   |   | 292     |  
|                                                                                       |  |                |         |                   |   |         |  
|Managers total                                                                        |  |                | (431    | )                 |   | (315    | )
|                                                                                       |  |                |         |                   |   |         |  
|Shareholders:                                                                          |  |                |         |                   |   |         |  
|Capital contributions (850 shares authorized; 513.1226 shares issued
 and outstanding) |  |                | 76,006  |                   |   | 76,006  |  
|Syndication costs                                                                      |  |                | (8,675  | )                 |   | (8,675  | )
|Distributions                                                                          |  |                | (4,610  | )                 |   | (3,442  | )
|Accumulated deficit                                                                    |  |                | (25,096 | )                 |   | (22,554 | )
|                                                                                       |  |                |         |                   |   |         |  
|Shareholders total                                                                    |  |                | 37,625  |                   |   | 41,335  |  
|                                                                                       |  |                |         |                   |   |         |  
|Total members capital                                                                 |  |                | 37,194  |                   |   | 41,020  |  
|                                                                                       |  |                |         |                   |   |         |  
|Total liabilities and members capital                                                 |  | $              | 39,436  |                   | $ | 43,677  |  
|                                                                                       |  |                |         |                   |   |         |  

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

2

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

|                                      |  |                              |        |      |   |        |  
|------------------------------------- |  | ---------------------------- | ------ | ---- | - | ------ | -
|                                      |  | Three months ended March 31, |       
|                                      |  | 2009                         |        | 2008 |  
|                                      |  |                              |        |      |  
|                                     
|Revenue                               |  |                              |        |      |   |        |  
|Oil and gas revenue                   |  | $                            | 1,455  |      | $ |       |  
|                                      |  |                              |        |      |   |        |  
|Expenses                              |  |                              |        |      |   |        |  
|Depletion and amortization            |  |                              | 552    |      |   |       |  
|Dry-hole costs                        |  |                              | 2,737  |      |   | 4,058  |  
|Management fees to affiliate (Note 6) |  |                              | 345    |      |   | 418    |  
|Operating expenses                    |  |                              | 127    |      |   | 140    |  
|General and administrative expenses   |  |                              | 175    |      |   | 268    |  
|                                      |  |                              |        |      |   |        |  
|Total expenses                        |  |                              | 3,936  |      |   | 4,884  |  
|                                      |  |                              |        |      |   |        |  
|Loss from operations                  |  |                              | (2,481 | )    |   | (4,884 | )
|Other
 income                         |  |                              |        |      |   |        |  
|Interest income                       |  |                              | 30     |      |   | 289    |  
|                                      |  |                              |        |      |   |        |  
|Net loss                              |  | $                            | (2,451 | )    | $ | (4,595 | )
|                                      |  |                              |        |      |   |        |  
|                                      |  |                              |        |      |   |        |  
|Manager Interest                      |  |                              |        |      |   |        |  
|Net income (loss)                     |  | $                            | 91     |      | $ | (139   | )
|Shareholder Interest                  |  |                              |        |      |   |        |  
|Net loss                              |  | $                            | (2,542 | )    | $ | (4,456 | )
|Net loss per share                    |  | $                            | (4,954 | )    | $ | (8,684 | )

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)

|                                                                                                 |  |                              |        |      |   |         |  
|------------------------------------------------------------------------------------------------ |  | ---------------------------- | ------ | ---- | - | ------- | -
|                                                                                                 |  | Three months ended March 31, |       
|                                                                                                 |  | 2009                         |        | 2008 |  
|                                                                                                 |  |                              |        |      |  
|                                                                                                 |  |                              |        |      |   |         |  
|Cash
 flows from operating activities                                                            |  |                              |        |      |   |         |  
|Net loss                                                                                         |  | $                            | (2,451 | )    | $ | (4,595  | )
|Adjustments to reconcile net loss to net cash provided by (used in)
 operating activities:       |  |                              |        |      |   |         |  
|Depletion and amortization                                                                       |  |                              | 552    |      |   |        |  
|Dry-hole costs                                                                                   |  |                              | 2,737  |      |   | 4,058   |  
|Accretion expense                                                                                |  |                              | 8      |      |   |        |  
|Interest earned on marketable securities                                                         |  |                              | (19    | )    |   | (156    | )
|Changes in assets and liabilities:                                                               |  |                              |        |      |   |         |  
|Decrease in production receivable                                                                |  |                              | 251    |      |   |        |  
|Decrease in other current assets                                                                 |  |                              | 201    |      |   | 45      |  
|Increase in due to operators                                                                     |  |                              | 14     |      |   |        |  
|(Decrease) increase in accrued expenses                                                          |  |                              | (1     | )    |   | 117     |  
|                                                                                                 |  |                              |        |      |   |         |  
|Net cash provided by (used in) operating activities                                              |  |                              | 1,292  |      |   | (531    | )
|                                                                                                 |  |                              |        |      |   |         |  
|                                                                                                 |  |                              |        |      |   |         |  
|Cash
 flows from investing activities                                                            |  |                              |        |      |   |         |  
|Capital expenditures for oil and gas properties                                                  |  |                              | (2,013 | )    |   | (6,293  | )
|Proceeds from the maturity of marketable securities                                              |  |                              | 10,091 |      |   | 20,472  |  
|Investment in marketable securities                                                              |  |                              |       |      |   | (20,001 | )
|Interest reinvested in salvage fund                                                              |  |                              | (6     | )    |   | (9      | )
|                                                                                                 |  |                              |        |      |   |         |  
|Net cash provided by (used in) investing activities                                              |  |                              | 8,072  |      |   | (5,831  | )
|                                                                                                 |  |                              |        |      |   |         |  
|                                                                                                 |  |                              |        |      |   |         |  
|Cash
 flows from financing activities                                                            |  |                              |        |      |   |         |  
|Distributions paid                                                                               |  |                              | (1,375 | )    |   |        |  
|                                                                                                 |  |                              |        |      |   |         |  
|Net cash used in financing activities                                                            |  |                              | (1,375 | )    |   |        |  
|                                                                                                 |  |                              |        |      |   |         |  
|                                                                                                 |  |                              |        |      |   |         |  
|Net increase (decrease) in cash and cash equivalents                                             |  |                              | 7,989  |      |   | (6,362  | )
|Cash and cash equivalents, beginning of period                                                   |  |                              | 5,903  |      |   | 21,611  |  
|                                                                                                 |  |                              |        |      |   |         |  
|Cash and cash equivalents, end of period                                                         |  | $                            | 13,892 |      | $ | 15,249  |  
|                                                                                                 |  |                              |        |      |   |         |  
|                                                                                                 |  |                              |        |      |   |         |  
|Supplemental
 schedule of non-cash investing activities                                          |  |                              |        |      |   |         |  
|Advances used for capital expenditures in oil and gas properties
 reclassified to dry-hole costs |  | $                            | 802    |      | $ |        |  

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. 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 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, 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.

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 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 EquivalentsAll highly liquid
investments with maturities, when purchased, of three months or less, are
considered cash and cash equivalents.
At times, bank deposits may be in excess of federally insured limits. At March 31, 2009 bank balances exceeded
federally insured limits by $13.3 million, of which $13.1 million was invested
in money market accounts that invest solely in U.S. Treasury bills and
notes. Effective October 2008 through
December 31, 2009, 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 during this period.

5

---



Investments in Marketable SecuritiesAt times, the
Fund may invest in 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 greater than one year.
At December 31, 2008, the Fund had short-term held-to-maturity
investments totaling $10.1 million. 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. The Fund had no short-term held-to-maturity
investments at March 31, 2009.

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

Salvage FundThe Fund deposits
in a separate interest-bearing account, or a 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 March 31, 2009 the Fund had a held-to-maturity investment
within its salvage fund totaling $1.0 million, which 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 PropertiesThe 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. 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
units-of-production method.

As
of March 31, 2009 and December 31, 2008, amounts recorded in due to operators
totaling $0.9 million and $1.3 million, respectively, related to capital
expenditures for oil and gas properties.

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 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.

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

|                                |  |                |       |                   |   |       | 
|------------------------------- |  | -------------- | ----- | ----------------- | - | ----- | 
|                                |  | March 31, 2009 |       | December 31, 2008 |  
|                                |  |                |       |                   |  
|                                |  | (in thousands) |      
|Balance - Beginning of
 period  |  | $              | 1,133 |                   | $ |      | 
|Liabilities incurred            |  |                |      |                   |   | 1,044 | 
|Liabilities settled             |  |                |      |                   |   |      | 
|Accretion expense               |  |                | 8     |                   |   | 21    | 
|Revisions to previous
 estimate |  |                |      |                   |   | 68    | 
|                                |  |                |       |                   |   |       | 
|Balance - End of period         |  | $              | 1,141 |                   | $ | 1,133 | 
|                                |  |                |       |                   |   |       | 

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

Syndication CostsSyndication costs
are direct costs incurred 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 ImbalancesOil 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.

At
March 31, 2009 and December 31, 2008, there were no material oil or gas
balancing arrangements between the Fund and other working interest owners.

Impairment of Long-Lived AssetsThe 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. Different pricing assumptions, reserve estimates or discount rates
could result in a different calculated impairment. 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. 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 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 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 TaxesNo provision is
made for income taxes in the financial statements. The Fund is a limited
liability company, and as such, the Funds income or loss is passed through and
included in the tax returns of the Funds shareholders.

7

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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, trust fees, depletion and
amortization, which are allocated 99% to shareholders and 1% to the Manager.

3. Recent Accounting Standards

In
December 2008, the SEC issued Release No. 33-8995, Modernization of Oil and
Gas Reporting, 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.

In
September 2006, the Financial Accounting Standards Board (FASB) issued
Statement of Financial Accounting Standards 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. On February 12, 2008, the FASB issued FASB
Staff Position No. FAS 157-2, Effective Date of FASB Statement No. 157 (FAS
157-2). FAS 157-2 delayed the effective date of SFAS No. 157 for all
non-financial assets and non-financial liabilities, except those that are
recognized or disclosed at fair value in the financial statements on a
recurring basis (at least annually). The Fund adopted SFAS No. 157 for
financial assets and financial liabilities effective January 1, 2008 and for
non-financial assets and non-financial liabilities effective January 1, 2009,
which includes applying the provisions of SFAS No. 157 to (i) other
non-financial assets measured at fair value in conjunction with impairment
assessments; and (ii) asset retirement obligations initially measured at fair
value. The adoption did not have a material impact on the Funds balance sheet,
statement of operations, or statement of cash flows.

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 March 31,
2009, the Fund had no capitalized exploratory well costs in excess of one year.
The following table reflects the net changes in unproved properties for the
three months ended March 31, 2009 and the year ended December 31, 2008.

|                                                                                              |  |                |        |                   |   |         |  
|--------------------------------------------------------------------------------------------- |  | -------------- | ------ | ----------------- | - | ------- | -
|                                                                                              |  | March 31, 2009 |        | December 31, 2008 |  
|                                                                                              |  |                |        |                   |  
|                                                                                              |  | (in thousands) |       
|Balance - Beginning of period                                                                 |  | $              | 369    |                   | $ | 12,856  |  
|                                                                                              |  |                |        |                   |   |         |  
|Additions to capitalized exploratory well costs pending the
 determination of proved reserves |  |                | 2,030  |                   |   | 13,194  |  
|Reclassifications to proved properties based on the determination of
 proved reserves         |  |                |       |                   |   | (25,681 | )
|Capitalized exploratory well costs charged to dry hole costs                                  |  |                | (2,399 | )                 |   |        |  
|                                                                                              |  |                |        |                   |   |         |  
|                                                                                              |  |                |        |                   |   |         |  
|Balance - End of period                                                                       |  | $              |       |                   | $ | 369     |  
|                                                                                              |  |                |        |                   |   |         |  

8

---



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 three
months ended March 31, 2008, 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 and
plug and abandonment expenses, are detailed in the table below.

|                           |  |                               |       |      |   |       |  
|-------------------------- |  | ----------------------------- | ----- | ---- | - | ----- | -
|                           |  | Three
 months ended March 31, |      
|Lease
 Block               |  | 2009                          |       | 2008 |  
|                           |  |                               |       |      |  
|                           |  | (in thousands)                |      
|Neptune Project            |  | $                             | 2,399 |      | $ |      |  
|South Timbalier 287        |  |                               | 328   |      |   |      |  
|Eugene Island 29           |  |                               |      |      |   | 3,771 |  
|Mississippi Canyon 489/490 |  |                               |      |      |   | 309   |  
|Other wells                |  |                               | 10    |      |   | (22   | )
|                           |  |                               |       |      |   |       |  
|                           |  | $                             | 2,737 |      | $ | 4,058 |  
|                           |  |                               |       |      |   |       |  

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 the third quarter
of 2008.

The
Manager determines whether available cash from operations, as defined in the
LLC Agreement, is to 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 March 31, 2009 and 2008 were $0.3 million and $0.4
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. At March 31, 2009 and December 31, 2008,
there were no such amounts outstanding.

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

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

7. Fair Value of
Financial Instruments

At
March 31, 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 due to their short-term nature.

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 March 31, 2009, the Fund had committed
to spend an additional $2.7
million related to its investment properties.

9

---



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 March 31, 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.


9. Subsequent EventNeptune 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 related to this well are estimated to be $3.1 million, of which $2.4
million were incurred during the three months ended March 31, 2009.


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 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 primarily 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 through the 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 twelve
wells, four of which have been determined to be successful and eight have been
determined to be dry holes, two of which were during 2009.

Successful ProjectsLiberty 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 first quarter
2010. The Liberty project
is a deepwater well that requires significant infrastructure construction.Through March 31, 2009, the Fund has
spent $2.9 million related to this property, for which the total estimated
budget is $5.3 million.


11

---



Eugene Island 346/347Well #1

In
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 determined to be successful. In August 2007, Newfield sold its
interest in this property to McMoRan Exploration Co. (McMoRan). At that time,
McMoRan assumed Newfields responsibilities as the operator of this property.
The well was completed and production commenced in June 2008. The Fund spent
$15.7 million related to this property.


Well #2

As
a result of the drilling success of the first exploratory well for Eugene
Island 346/347, the second well began drilling and was determined to be commercially
successful in May 2008, and production commenced in July 2008. The Fund has
spent $3.4 million related to this property.


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 has suffered severe damage thereby shutting down production
for these wells. As a result, these wells have been shut-in until the pipeline
repairs are completed by its owner. There is no cost to the Fund relating to
these repair activities, however, these wells will not produce oil and gas or
earn revenue during this repair period. The Eugene Island properties are
currently expected to resume production during the third quarter 2009.

West Cameron 149

In
November 2007, the Fund acquired a 25.0% working interest in the exploratory
well West Cameron 149 from Newfield, the operator. 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 spent $4.9
million related to this property.


Dry HolesNeptune 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 related to this well are estimated to be $3.1 million, of which $2.4
million were incurred during the three months ended March 31, 2009.


South Timbalier 287

In
September 2008, the Fund acquired a 4.0% working interest in the exploratory
well South Timbalier 287. 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 $4.2
million, of which $0.3 million were incurred during the three months ended
March 31, 2009.


12

---



Results of Operations

The
following table summarizes the Funds results of operations for the three
months ended March 31, 2009 and 2008 and should be read in conjunction with the
Funds financial statements and notes thereto included within Item I Financial
Statements in Part I of this Quarterly Report.

|                                    |  |                              |        |      |   |        |  
|----------------------------------- |  | ---------------------------- | ------ | ---- | - | ------ | -
|                                    |  | Three months ended March 31, |       
|                                    |  | 2009                         |        | 2008 |  
|                                    |  |                              |        |      |  
|                                    |  | (in thousands)               |       
|Revenue                             |  |                              |        |      |   |        |  
|Oil and gas revenue                 |  | $                            | 1,455  |      | $ |       |  
|                                    |  |                              |        |      |   |        |  
|Expenses                            |  |                              |        |      |   |        |  
|Depletion and amortization          |  |                              | 552    |      |   |       |  
|Dry-hole costs                      |  |                              | 2,737  |      |   | 4,058  |  
|Management fees to affiliate        |  |                              | 345    |      |   | 418    |  
|Operating expenses                  |  |                              | 127    |      |   | 140    |  
|General and administrative expenses |  |                              | 175    |      |   | 268    |  
|                                    |  |                              |        |      |   |        |  
|Total expenses                      |  |                              | 3,936  |      |   | 4,884  |  
|                                    |  |                              |        |      |   |        |  
|Loss from operations                |  |                              | (2,481 | )    |   | (4,884 | )
|Other income                        |  |                              |        |      |   |        |  
|Interest income                     |  |                              | 30     |      |   | 289    |  
|                                    |  |                              |        |      |   |        |  
|Net loss                            |  | $                            | (2,451 | )    | $ | (4,595 | )
|                                    |  |                              |        |      |   |        |  

Three months ended March 31, 2009
compared to the Three months ended March 31, 2008

Overview. As
previously discussed in Business Update above, hurricane activity in the
third quarter of 2008 did not cause material damage to any of the Funds wells
or facilities, however, damage to certain pipelines, coastal refineries and gas
processing plants caused Eugene Island 346/347 well #1 and well #2 to be
shut-down for several months. Accordingly, revenue, depletion and amortization,
and operating expenses were affected in the first quarter of 2009 and will
continue to be affected during these repair periods.

Oil and Gas Revenue. Oil and gas revenue for the three months
ended March 31, 2009 was $1.5 million related to the West Cameron 149 property,
which commenced production in June 2008. Prior to June 2008, the Fund had no
producing wells, and therefore had no operating revenue. During the three
months ended March 31, 2009 the Funds well sold approximately 1 thousand
barrels of oil at an average price of $34.11 per barrel and 280 thousand mcf of
gas at an average price of $4.78 per mcf.

Depletion and Amortization. Depletion and amortization for the three
months ended March 31, 2009 was $0.6 million. The Funds wells began production
in June 2008. Prior to that time, the Fund did not have production and
therefore did not record any depletion or amortization.

Dry-hole Costs. Dry-hole costs are those costs incurred to
drill and develop a well that is ultimately found to be incapable of producing
either oil or natural gas in sufficient quantities to justify completion of the
well. During the three months ended March 31, 2008, 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 plug
and abandonment costs, for the three months ended March 31, 2009 and 2008.

|                           |  |                              |       |      |   |       |  
|-------------------------- |  | ---------------------------- | ----- | ---- | - | ----- | -
|                           |  | Three months ended March 31, |      
|Lease Block                |  | 2009                         |       | 2008 |  
|                           |  |                              |       |      |  
|                           |  | (in thousands)               |      
|Neptune Project            |  | $                            | 2,399 |      | $ |      |  
|South Timbalier 287        |  |                              | 328   |      |   |      |  
|Eugene Island 29           |  |                              |      |      |   | 3,771 |  
|Mississippi Canyon 489/490 |  |                              |      |      |   | 309   |  
|Other wells                |  |                              | 10    |      |   | (22   | )
|                           |  |                              |       |      |   |       |  
|                           |  | $                            | 2,737 |      | $ | 4,058 |  
|                           |  |                              |       |      |   |       |  

Management Fees to Affiliate. Management
fees for the three months ended March 31, 2009 and 2008 were $0.3 million and $0.4 million,
respectively, representing 2.5% of the total capital contributions, net of
cumulative dry-hole and related well costs incurred by the Fund.

13

---



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 March 31, |    
|                         |  | 2009                         |     | 2008 |  
|                         |  |                              |     |      |  
|                         |  | ( in thousands)              |    
|Lease operating expenses |  | $                            | 92  |      | $ |    | 
|Workover costs           |  |                              | 26  |      |   |    | 
|Accretion expense        |  |                              | 8   |      |   |    | 
|Geological costs         |  |                              | 1   |      |   | 140 | 
|                         |  |                              |     |      |   |     | 
|                         |  | $                            | 127 |      | $ | 140 | 
|                         |  |                              |     |      |   |     | 

Lease
operating and workover expenses for the three months ended March 31, 2009 were
primarily related to the West Cameron 149 property. West Cameron 149 required
minor platform repairs as a result of hurricane damage. Accretion expense is
related to the asset retirement obligations established for the Funds proved
properties. Geological costs for the three months ended March 31, 2009 and 2008
were related to the Neptune project and Eugene Island 29, respectively.

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

|                     |  |                              |     |      |   |     | 
|-------------------- |  | ---------------------------- | --- | ---- | - | --- | 
|                     |  | Three months ended March 31, |    
|                     |  | 2009                         |     | 2008 |  
|                     |  |                              |     |      |  
|                     |  | ( in thousands)              |    
|Insurance expense    |  | $                            | 115 |      | $ | 199 | 
|Accounting fees      |  |                              | 52  |      |   | 50  | 
|Trust fees and other |  |                              | 8   |      |   | 19  | 
|                     |  |                              |     |      |   |     | 
|                     |  | $                            | 175 |      | $ | 268 | 
|                     |  |                              |     |      |   |     | 

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 annual 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
months ended March 31, 2009 was $30 thousand, a $0.3 million decrease from the
three months ended March 31, 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 three months ended March 31,
2009 were $1.3 million, primarily related to revenue received of $1.7 million
and favorable working capital of $0.2 million, partially offset by payments for
management fees of $0.3 million, general and administrative expenses of $0.2
million and operating expenses of $0.1 million.


Cash
flows used in operating activities for the three months ended March 31, 2008
were $0.5 million, primarily related to payments for management fees of $0.4
million, general and administrative expenses of $0.3 million and operating
expenses of $0.1 million, partially offset by interest income received of $0.2
million and favorable working capital of $0.1 million.

14

---



Investing Cash Flows

Cash
flows provided by investing activities for the three months ended March 31,
2009 were $8.1 million primarily related to the maturity of marketable
securities totaling $10.1 million, partially offset by capital expenditures for
oil and gas properties totaling $2.0 million. Additionally, the Fund increased
its salvage fund investments by $6 thousand, which consisted of the interest
earned on this account.


Cash
flows used in investing activities for the three months ended March 31, 2008
were $5.8 million primarily related to capital expenditures for oil and gas
properties totaling $6.3 million, purchases of U.S. treasury securities
totaling $20.0 million, partially offset by proceeds of $20.5 million related
to the maturity of the U.S. treasury securities. Additionally, the Fund
increased its salvage fund investments by $9 thousand, which consisted of the
interest earned on this account.

Financing Cash Flows

Cash
flows used in financing activities for the three months ended March 31, 2009
were $1.4 million related to distributions paid.


There
were no cash flows from financing activities during the three months ended
March 31, 2008.

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 March 31, 2009, the Fund had committed to
spend an additional $2.7
million related to its investment properties.

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 cash flow from operations, 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 at March 31, 2009 and December 31,
2008 and does not anticipate the use of such arrangements in the future.

15

---



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 at March 31, 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 our 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 of March 31, 2009.

There
has been no change in the Funds internal control over financial reporting that
occurred during the three months ended March 31, 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. RISK FACTORS

Not
required.

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

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

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

None.

ITEM 5. OTHER INFORMATION

None.

16

---



ITEM 6. EXHIBITS

|              |  |                                                                                                                                                                                                                                                            |  |                  
|------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -----------------
|EXHIBITNUMBER |  | TITLE OF
 EXHIBIT                                                                                                                                                                                                                                          |  | METHOD OF
 FILING
|              |  |                                                                                                                                                                                                                                                            |  |                  
|              |  |                                                                                                                                                                                                                                                            |  |                  
|31.1          |  | Certification of Robert E.
 Swanson, Chief Executive Officer of the Fund, pursuant to Securities Exchange Act
 Rule 13a-14(a)                                                                                                                              |  | Filed herewith   
|              |  |                                                                                                                                                                                                                                                            |  |                  
|31.2          |  | Certification of Kathleen
 P. McSherry, Chief Financial Officer of the Fund, pursuant to Securities Exchange Act
 Rule 13a-14(a)                                                                                                                           |  | Filed herewith   
|              |  |                                                                                                                                                                                                                                                            |  |                  
|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 |  | Filed herewith   

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: | May 6, 2009 |     |        |  | RIDGEWOOD
 ENERGY V FUND, LLC                        
|       |             |     |        |  |                                                      
|       |             | By: | /s/    |  | ROBERT E. SWANSON                                    
|       |             |     |        |  |                                                      
|       |             |     | Name:  |  | Robert E. Swanson                                    
|       |             |     | Title: |  | President and Chief
 Executive Officer               
|       |             |     |        |  | (Principal Executive
 Officer)                       
|       |             |     |        |  |                                                      
|Dated: | May 6, 2009 |     |        |  |                                                      
|       |             | By: | /s/    |  | KATHLEEN P. McSHERRY                                 
|       |             |     |        |  |                                                      
|       |             |     | Name:  |  | Kathleen P. McSherry                                 
|       |             |     | Title: |  | Executive Vice President
 and Chief Financial Officer
|       |             |     |        |  | (Principal Financial
 Officer)                       

18

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