---

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 SECURITIESEXCHANGE ACT OF 1934                                                                                        
|   | For the
 quarterly period ended September 30, 2007                                                                                                                             
|or
|   |                                                                                                                                                                                
|o  | TRANSITION
 REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934For the transition
 period from _______________________ to ____________________________

Commission File Number 000-52578

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

|                                 |  |                     
|-------------------------------- |  | --------------------
|Delaware                         |  | 27-0141421          
|(State
 or other jurisdiction of |  | (I.R.S.
 Employer   
|incorporation
 or organization)  |  | Identification
 No.)

|                                                     
|-----------------------------------------------------
|1314 King Street, Wilmington, Delaware 19801         
|(Address
 of principal executive offices) (Zip code) 
|                                                     
|(302) 888-7444                                       
|(Registrants
 telephone number, including area code)

Indicate by check mark
whether the registrant (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
12 months (or for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements for the
past 90 days. Yes x  No o

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

Large accelerated filer o          Accelerated
filer o          Non-accelerated filer x

Indicate by check mark
whether the registrant is a shell company (as defined in Rule 12b-2 of the
Exchange Act). Yes oNo x

As of November 13, 2007
there were 971.6054 shares of membership interest of the registrant
outstanding.

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Table of Contents

|                               |                                                                                                                                                                                                                                               |    | 
|------------------------------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -- | 
|                               | Page                                                                                                                                                                                                                                         
|Part I - FINANCIAL INFORMATION |                                                                                                                                                                                                                                               |   
|                               |                                                                                                                                                                                                                                               |   
|Item 1.                        | Financial
Statements:                                                                                                                                                                                                                         |    | 
|                               | Unaudited Condensed Balance Sheets
as of September
 30, 2007 and December 31, 2006                                                                                                                                                            | 3  | 
|                               | Unaudited Condensed Statements of
Operations for the
 three months ended September 30, 2007 and 2006, the nine months ended September
 30, 2007 and the periods April 12, 2006 (Inception) through September 30,
 2006 and September 30, 2007 | 4  | 
|                               | Unaudited Condensed Statements of
Cash Flows for the
 nine months ended September 30, 2007 and the periods April 12, 2006
 (Inception) through September 30, 2006 and September 30, 2007                                                      | 5  | 
|                               | Notes to Unaudited Condensed
Financial Statements                                                                                                                                                                                             | 6  | 
|Item 2.                        | Managements
 Discussion and Analysis of Financial Condition and Results of Operations                                                                                                                                                        | 12 | 
|Item 3.                        | Quantitative
 and Qualitative Disclosures about Market Risk                                                                                                                                                                                   | 18 | 
|Item 4.                        | Controls
 and Procedures                                                                                                                                                                                                                      | 18 | 
|                               |                                                                                                                                                                                                                                               |    | 
|Part II - OTHER INFORMATION    |                                                                                                                                                                                                                                               |   
|                               |                                                                                                                                                                                                                                               |    | 
|Item 1.                        | Legal Proceedings                                                                                                                                                                                                                             | 19 | 
|Item 1A.                       | Risk Factors                                                                                                                                                                                                                                  | 19 | 
|Item 2.                        | Unregistered Sales of Equity
Securities and Use of
 Proceeds                                                                                                                                                                                  | 19 | 
|Item 3.                        | Defaults Upon Senior
Securities                                                                                                                                                                                                               | 19 | 
|Item 4.                        | Submissions of Matters to a Vote
of Security Holders                                                                                                                                                                                          | 19 | 
|Item 5.                        | Other Information                                                                                                                                                                                                                             | 19 | 
|Item 6.                        | Exhibits                                                                                                                                                                                                                                      | 19 | 
|                               |                                                                                                                                                                                                                                               |    | 
|                               | SIGNATURES                                                                                                                                                                                                                                    | 20 | 
|                               |                                                                                                                                                                                                                                               |    | 

2

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Part I - Financial InformationItem 1. Financial Statements

RIDGEWOOD ENERGY T FUND, LLC
(An exploratory stage enterprise)UNAUDITED CONDENSED BALANCE SHEETS
(in thousands, except share data)

|                                                                                                                                                                 |  |                     |         |                    |   |         |  
|---------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------- | ------- | ------------------ | - | ------- | -
|                                                                                                                                                                 |  | September 30,
 2007 |         | December 31,
 2006 |  
|                                                                                                                                                                 |  |                     |         |                    |  
|ASSETS                                                                                                                                                           |  |                     |         |                    |   |         |  
|Current assets:                                                                                                                                                  |  |                     |         |                    |   |         |  
|Cash and cash equivalents                                                                                                                                        |  | $                   | 36,067  |                    | $ | 63,416  |  
|Short-term investments in marketable
securities                                                                                                                  |  |                     | 25,413  |                    |   | 50,218  |  
|Other current assets                                                                                                                                             |  |                     | 225     |                    |   | 289     |  
|                                                                                                                                                                 |  |                     |         |                    |   |         |  
|Total current assets                                                                                                                                             |  |                     | 61,705  |                    |   | 113,923 |  
|                                                                                                                                                                 |  |                     |         |                    |   |         |  
|Salvage fund                                                                                                                                                     |  |                     | 1,041   |                    |   | 1,005   |  
|                                                                                                                                                                 |  |                     |         |                    |   |         |  
|Oil and gas properties:                                                                                                                                          |  |                     |         |                    |   |         |  
|Advances to operators for working interests and
expenditures                                                                                                     |  |                     | 1,438   |                    |   |        |  
|Unproved properties                                                                                                                                              |  |                     | 21,084  |                    |   |        |  
|                                                                                                                                                                 |  |                     |         |                    |   |         |  
|Total oil and gas properties                                                                                                                                     |  |                     | 22,522  |                    |   |        |  
|                                                                                                                                                                 |  |                     |         |                    |   |         |  
|Total assets                                                                                                                                                     |  | $                   | 85,268  |                    | $ | 114,928 |  
|                                                                                                                                                                 |  |                     |         |                    |   |         |  
|                                                                                                                                                                 |  |                     |         |                    |   |         |  
|LIABILITIES
 AND MEMBERS CAPITAL                                                                                                                                |  |                     |         |                    |   |         |  
|Current liabilities:                                                                                                                                             |  |                     |         |                    |   |         |  
|Due to operators                                                                                                                                                 |  | $                   | 6,659   |                    | $ | 26,486  |  
|Accrued expenses payable                                                                                                                                         |  |                     | 133     |                    |   | 145     |  
|Due to affiliates (Note 5)                                                                                                                                       |  |                     | 83      |                    |   | 73      |  
|                                                                                                                                                                 |  |                     |         |                    |   |         |  
|Total current liabilities                                                                                                                                        |  |                     | 6,875   |                    |   | 26,704  |  
|                                                                                                                                                                 |  |                     |         |                    |   |         |  
|                                                                                                                                                                 |  |                     |         |                    |   |         |  
|Total liabilities                                                                                                                                                |  |                     | 6,875   |                    |   | 26,704  |  
|                                                                                                                                                                 |  |                     |         |                    |   |         |  
|                                                                                                                                                                 |  |                     |         |                    |   |         |  
|Commitments and contingencies (Note 7)                                                                                                                           |  |                     |         |                    |   |         |  
|Members capital:                                                                                                                                                |  |                     |         |                    |   |         |  
|Manager:                                                                                                                                                         |  |                     |         |                    |   |         |  
|Deficit accumulated during the exploratory
stage                                                                                                                 |  |                     | (1,082  | )                  |   | (618    | )
|                                                                                                                                                                 |  |                     |         |                    |   |         |  
|Managers total                                                                                                                                                  |  |                     | (1,082  | )                  |   | (618    | )
|                                                                                                                                                                 |  |                     |         |                    |   |         |  
|Shareholders:                                                                                                                                                    |  |                     |         |                    |   |         |  
|Capital contributions (1,000 shares
authorized; 971.6054 and 972.1054
 shares issued and outstanding at September 30, 2007 and December 31, 2006,
 respectively) |  |                     | 144,529 |                    |   | 144,604 |  
|Syndication costs                                                                                                                                                |  |                     | (16,990 | )                  |   | (17,000 | )
|Subscription receivable                                                                                                                                          |  |                     |        |                    |   | (123    | )
|Deficit accumulated during the exploratory
stage                                                                                                                 |  |                     | (48,064 | )                  |   | (38,639 | )
|                                                                                                                                                                 |  |                     |         |                    |   |         |  
|Shareholders total                                                                                                                                              |  |                     | 79,475  |                    |   | 88,842  |  
|                                                                                                                                                                 |  |                     |         |                    |   |         |  
|                                                                                                                                                                 |  |                     |         |                    |   |         |  
|Total members capital                                                                                                                                           |  |                     | 78,393  |                    |   | 88,224  |  
|                                                                                                                                                                 |  |                     |         |                    |   |         |  
|                                                                                                                                                                 |  |                     |         |                    |   |         |  
|Total liabilities and members
capital                                                                                                                           |  | $                   | 85,268  |                    | $ | 114,928 |  
|                                                                                                                                                                 |  |                     |         |                    |   |         |  

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

3

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RIDGEWOOD ENERGY T FUND, LLC
(An exploratory stage enterprise)UNAUDITED CONDENSED STATEMENTS OF OPERATIONS
(in thousands, except share data)

|                                      |  |                                    |        |      |   |        |   |                                            |         |   |                                                                                |        |                                                                                |   |         |  
|------------------------------------- |  | ---------------------------------- | ------ | ---- | - | ------ | - | ------------------------------------------ | ------- | - | ------------------------------------------------------------------------------ | ------ | ------------------------------------------------------------------------------ | - | ------- | -
|                                      |  |                                    |        |      |   |        |   |                                            |         |   | For the period
  April 12, 2006
  (Inception)
  through
  September 30,
  2006 |        | For the period
  April 12, 2006
  (Inception)
  through
  September 30,
  2007 |  
|                                      |  |                                    |        |      |   |        |   | Nine months
  ended
  September 30,
  2007 |         |   |                                                                               
|                                      |  |                                    |        |      |   |        |   |                                            |         |  
|                                      |  | Three months ended
  September 30, |        |      |   |       
|                                      |  | 2007                               |        | 2006 |   |        |   |                                           
|                                      |  |                                    |        |      |   |        |   |                                            |         |   |                                                                               
|Revenue                               |  |                                    |        |      |   |        |   |                                            |         |   |                                                                                |        |                                                                                |   |         |  
|Oil and gas revenue                   |  | $                                  |       |      | $ |       |   | $                                          |        |   | $                                                                              |       |                                                                                | $ |        |  
|                                      |  |                                    |        |      |   |        |   |                                            |         |   |                                                                                |        |                                                                                |   |         |  
|Expenses                              |  |                                    |        |      |   |        |   |                                            |         |   |                                                                                |        |                                                                                |   |         |  
|Dry-hole costs                        |  |                                    | 889    |      |   |       |   |                                            | 10,135  |   |                                                                                |       |                                                                                |   | 42,725  |  
|Investment fees to affiliate (Note 5) |  |                                    |       |      |   | 5,662  |   |                                            | (3      | ) |                                                                                | 5,707  |                                                                                |   | 6,541   |  
|Management fees to affiliate (Note 5) |  |                                    | 642    |      |   | 673    |   |                                            | 1,928   |   |                                                                                | 673    |                                                                                |   | 3,506   |  
|Other operating expenses              |  |                                    | 45     |      |   |       |   |                                            | 45      |   |                                                                                |       |                                                                                |   | 45      |  
|General and administrative expenses   |  |                                    | 196    |      |   | 69     |   |                                            | 779     |   |                                                                                | 69     |                                                                                |   | 1,291   |  
|                                      |  |                                    |        |      |   |        |   |                                            |         |   |                                                                                |        |                                                                                |   |         |  
|Total expenses                        |  |                                    | 1,772  |      |   | 6,404  |   |                                            | 12,884  |   |                                                                                | 6,449  |                                                                                |   | 54,108  |  
|                                      |  |                                    |        |      |   |        |   |                                            |         |   |                                                                                |        |                                                                                |   |         |  
|Loss from operations                  |  |                                    | (1,772 | )    |   | (6,404 | ) |                                            | (12,884 | ) |                                                                                | (6,449 | )                                                                              |   | (54,108 | )
|Other income                          |  |                                    |        |      |   |        |   |                                            |         |   |                                                                                |        |                                                                                |   |         |  
|Interest income                       |  |                                    | 894    |      |   | 649    |   |                                            | 2,995   |   |                                                                                | 649    |                                                                                |   | 4,962   |  
|                                      |  |                                    |        |      |   |        |   |                                            |         |   |                                                                                |        |                                                                                |   |         |  
|Net loss                              |  | $                                  | (878   | )    | $ | (5,755 | ) | $                                          | (9,889  | ) | $                                                                              | (5,800 | )                                                                              | $ | (49,146 | )
|                                      |  |                                    |        |      |   |        |   |                                            |         |   |                                                                                |        |                                                                                |   |         |  
|                                      |  |                                    |        |      |   |        |   |                                            |         |   |                                                                                |        |                                                                                |   |         |  
|Manager Interest                      |  |                                    |        |      |   |        |   |                                            |         |   |                                                                                |        |                                                                                |   |         |  
|Net loss                              |  | $                                  | (123   | )    | $ | (105   | ) | $                                          | (464    | ) | $                                                                              | (105   | )                                                                              | $ | (1,082  | )
|                                      |  |                                    |        |      |   |        |   |                                            |         |   |                                                                                |        |                                                                                |   |         |  
|Shareholder
  Interest                |  |                                    |        |      |   |        |   |                                            |         |   |                                                                                |        |                                                                                |   |         |  
|Net loss                              |  | $                                  | (755   | )    | $ | (5,650 | ) | $                                          | (9,425  | ) | $                                                                              | (5,695 | )                                                                              | $ | (48,064 | )
|Net loss per share                    |  | $                                  | (777   | )    | $ | (6,666 | ) | $                                          | (9,700  | ) | $                                                                              | (6,719 | )                                                                              | $ | (49,469 | )

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

4

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RIDGEWOOD ENERGY T FUND, LLC
(An exploratory stage enterprise)UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS
(in thousands)

|                                                                              |  |                                       |         |                                                                              |   |                                                                              |   |   |         |  
|----------------------------------------------------------------------------- |  | ------------------------------------- | ------- | ---------------------------------------------------------------------------- | - | ---------------------------------------------------------------------------- | - | - | ------- | -
|                                                                              |  | Nine months ended
  September 30,2007 |         | For the period
  April 12, 2006
  (Inception)
  through
  September 30, 2006 |   | For the period
  April 12, 2006
  (Inception)
  through
  September 30, 2007 |  
|                                                                              |  |                                       |         |                                                                              |   |                                                                              |  
|Cash flows from operating activities                                          |  |                                       |         |                                                                              |   |                                                                              |   |   |         |  
|Net loss                                                                      |  | $                                     | (9,889  | )                                                                            | $ | (5,800                                                                       | ) | $ | (49,146 | )
|Adjustments to reconcile net loss to net
  cash used in operating activities: |  |                                       |         |                                                                              |   |                                                                              |   |   |         |  
|Dry-hole costs                                                                |  |                                       | 10,135  |                                                                              |   |                                                                             |   |   | 42,725  |  
|Interest earned on marketable securities                                      |  |                                       | (1,977  | )                                                                            |   |                                                                             |   |   | (2,194  | )
|Changes in assets and liabilities:                                            |  |                                       |         |                                                                              |   |                                                                              |   |   |         |  
|Decrease (increase) in other current
assets                                   |  |                                       | 64      |                                                                              |   | (393                                                                         | ) |   | (225    | )
|Increase in accrued expenses payable                                          |  |                                       | 22      |                                                                              |   | 49                                                                           |   |   | 133     |  
|Increase in due to affiliates                                                 |  |                                       | 45      |                                                                              |   | 600                                                                          |   |   | 83      |  
|                                                                              |  |                                       |         |                                                                              |   |                                                                              |   |   |         |  
|Net cash used in operating activities                                         |  |                                       | (1,600  | )                                                                            |   | (5,544                                                                       | ) |   | (8,624  | )
|                                                                              |  |                                       |         |                                                                              |   |                                                                              |   |   |         |  
|Cash flows from investing activities                                          |  |                                       |         |                                                                              |   |                                                                              |   |   |         |  
|Advances to operators                                                         |  |                                       | (1,438  | )                                                                            |   | (11                                                                          | ) |   | (1,438  | )
|Capital expenditures for oil and gas
  properties                             |  |                                       | (51,046 | )                                                                            |   | (2,955                                                                       | ) |   | (57,150 | )
|Salvage fund investments                                                      |  |                                       | (36     | )                                                                            |   |                                                                             |   |   | (1,041  | )
|Proceeds from the maturity of marketable
  securities                         |  |                                       | 71,781  |                                                                              |   |                                                                             |   |   | 71,781  |  
|Investment in marketable securities                                           |  |                                       | (44,999 | )                                                                            |   |                                                                             |   |   | (95,000 | )
|                                                                              |  |                                       |         |                                                                              |   |                                                                              |   |   |         |  
|Net cash used in investing activities                                         |  |                                       | (25,738 | )                                                                            |   | (2,966                                                                       | ) |   | (82,848 | )
|                                                                              |  |                                       |         |                                                                              |   |                                                                              |   |   |         |  
|Cash flows from financing activities                                          |  |                                       |         |                                                                              |   |                                                                              |   |   |         |  
|Contributions from shareholders                                               |  |                                       | 48      |                                                                              |   | 121,594                                                                      |   |   | 144,529 |  
|Syndication costs paid                                                        |  |                                       | (59     | )                                                                            |   | (13,288                                                                      | ) |   | (16,990 | )
|                                                                              |  |                                       |         |                                                                              |   |                                                                              |   |   |         |  
|Net cash (used in) provided by financing
  activities                         |  |                                       | (11     | )                                                                            |   | 108,306                                                                      |   |   | 127,539 |  
|                                                                              |  |                                       |         |                                                                              |   |                                                                              |   |   |         |  
|Net (decrease) increase in cash and cash
  equivalents                        |  |                                       | (27,349 | )                                                                            |   | 99,796                                                                       |   |   | 36,067  |  
|                                                                              |  |                                       |         |                                                                              |   |                                                                              |   |   |         |  
|Cash and cash equivalents, beginning of
  period                              |  |                                       | 63,416  |                                                                              |   |                                                                             |   |   |        |  
|                                                                              |  |                                       |         |                                                                              |   |                                                                              |   |   |         |  
|Cash and cash equivalents, end of period                                      |  | $                                     | 36,067  |                                                                              | $ | 99,796                                                                       |   | $ | 36,067  |  
|                                                                              |  |                                       |         |                                                                              |   |                                                                              |   |   |         |  

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

5

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RIDGEWOOD ENERGY T FUND, LLC
(An exploratory stage enterprise)NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

1. Organization and Purpose

The Ridgewood Energy T Fund,
LLC (the Fund) (an exploratory stage enterprise), a Delaware limited
liability company, was formed on April 12, 2006 and operates pursuant to a
limited liability company agreement (LLC Agreement) dated as of June 15, 2006
by and among Ridgewood Energy Corporation (the Manager), and the shareholders
of the Fund. Although the date of formation is April 12, 2006, the Fund did not
begin operations until June 15, 2006 when it began its private offering of
shares.

The Fund was organized to
acquire, drill, construct and develop oil and natural gas properties located in
the United States offshore waters of Texas, Louisiana and Alabama in the Gulf
of Mexico. The Fund has devoted most of its efforts to raising capital and oil
and natural gas exploration activities. To date, the Fund has not earned
revenue from these operations and is considered in the exploratory stage.

The Manager performs (or
arranges for the performance of) the management, administrative and advisory
services required for Fund operations. Such services include, without
limitation, the administration of shareholder accounts, shareholder relations
and the preparation, review and dissemination of tax and other financial
information. In addition, the Manager provides office space, equipment and
facilities and other services necessary for Fund operations. The Manager also
engages and manages the contractual relations with outside custodians,
depositories, accountants, attorneys, broker-dealers, corporate fiduciaries,
insurers, banks and others as required (Notes 2, 5 and 7).

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, 2006 financial statements and the notes thereto
included in the Funds Registration Statement on Form 10 filed with the
Securities and Exchange Commission (SEC).

Exploratory Stage Enterprise
Management uses various
criteria to evaluate whether the Fund is an exploratory stage enterprise,
including but not limited to, the success of drilling, the timing,
significance, quality and flow of production and the results of reserve reports
obtained from experts. On a case by case basis, once a project begins
production, management performs diligent analysis at regular intervals
utilizing the various criteria noted above to determine the appropriate
classification of the Fund as an exploratory stage entity. Based on such
analysis, management has determined the Fund continues to be an exploratory
stage enterprise.

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

6

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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 federal insured limits. At September 30, 2007 and December 31, 2006, bank
balances, inclusive of salvage fund, exceeded federally insured limits by $25.9
million and $38.0 million, respectively. The Fund maintains bank deposits with
accredited financial institutions.

Short-term Investments in Marketable
Securities
At times the Fund may purchase
short-term investments comprised of US Treasury Notes with maturities greater
than three months that are considered held-to-maturity investments.
Held-to-maturity securities are those investments that the Fund has the ability
and intent to hold until maturity. Held-to-maturity investments are recorded at
cost plus accrued income, adjusted for the amortization of premiums and
discounts, which approximate fair value. Interest income is accrued as earned.
At September 30, 2007 the Fund had held-to-maturity investments of $26.5
million, inclusive of the salvage fund, which mature in the fourth quarter of
2007.

Salvage Fund
The Fund deposits in a
separate interest-bearing account, or a salvage fund, money to provide for
dismantling production platforms and facilities, plugging and abandoning the
wells and removing the platforms, facilities and wells after their useful
lives, in accordance with applicable federal and state laws and regulations.

Interest earned on the
account will become part of the salvage fund; there are no legal restrictions
on the withdrawal from the salvage fund.

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

The successful efforts
method of accounting for oil and natural gas producing activities is followed.
Acquisition costs are capitalized when incurred. Other oil and natural gas
exploration costs, excluding the costs of drilling exploratory wells, are
charged to expense as incurred. The costs of drilling exploratory wells are
capitalized pending the determination of whether the wells have discovered
proved commercial reserves. If proved commercial reserves have not been found,
exploratory drilling costs are expensed to dry-hole expense. Costs to develop
proved reserves, including the costs of all development wells and related
facilities and equipment used in the production of crude oil and natural gas,
are capitalized. Expenditures for ongoing repairs and maintenance of producing
properties are expensed as incurred.

Upon the sale or retirement
of a proved property (i.e. a producing well), the cost and related accumulated
depletion and amortization will be eliminated from the property accounts, and
the resultant gain or loss is recognized. On the sale or retirement of an
unproved property, gain or loss on the sale is recognized. Currently it is not
the Managers intention to sell any of the Funds property interests.

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

At September 30, 2007 and
December 31, 2006, $6.7 million and $26.5 million, respectively, were recorded
in due to operators related to the acquisition of oil and gas property. The
balance at December 31, 2006 was paid during the first quarter of 2007.

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 is required to
advance its share of estimated cash expenditures for the succeeding months
operation. The Fund accounts for such payments as advances to operators for
working interests and expenditures. As drilling costs are incurred, the
advances are transferred to unproved properties.

7

---



Asset Retirement Obligations
For oil and
natural gas properties, there are obligations to perform removal and
remediation activities when the properties are retired. When a project reaches
drilling depth and is determined to be either proved or dry, an asset
retirement obligation is recorded. Plug and abandonment costs associated with
unsuccessful properties are expensed as dry-hole costs. The following table
presents changes to the asset retirement obligations.

|                              |  |                    |      |                   |   |      |  
|----------------------------- |  | ------------------ | ---- | ----------------- | - | ---- | -
|                              |  | September 30, 2007 |      | December 31, 2006 |  
|                              |  |                    |      |                   |  
|                              |  | (in thousands)     |     
|Balance - Beginning of period |  | $                  |     |                   | $ |     |  
|                             
|Liabilities incurred          |  |                    | 531  |                   |   | 139  |  
|Liabilities settled           |  |                    | (531 | )                 |   | (139 | )
|                              |  |                    |      |                   |   |      |  
|Balance - End of period       |  | $                  |     |                   | $ |     |  
|                              |  |                    |      |                   |   |      |  

Syndication Costs 
Direct costs
associated with offering the Funds shares including professional fees, selling
expenses and administrative costs payable to the Manager, an affiliate of the
Manager and outside brokers are reflected as a reduction of shareholders
capital.

Revenue Recognition and Production Receivable
Oil and
natural gas sales are recognized when delivery is made by the Operator to the
purchaser and title is transferred (i.e. production has been delivered to a
pipeline or transport vehicle). At the time of transfer a production receivable
is recorded. The Fund has not earned revenue from inception through September
30, 2007.

Upon
production, the volume of oil and natural gas sold on the Funds behalf may
differ from the volume of oil and natural gas to which the Fund is entitled. The
Fund will account for such oil and natural gas production imbalances by the
entitlements method. Under the entitlements method, the Fund will recognize a
receivable from other working interest owners for volumes oversold by other
working interest owners, and a payable to other working interest owners for
volumes oversold by the Fund. At September 30, 2007 and December 31, 2006,
there were no material oil or natural gas balancing arrangements between the
Fund and other working interest owners.

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

Depletion and Amortization 
Depletion and
amortization of the cost of proved oil and natural gas properties are
calculated using the units-of-production method. Proved developed reserves are
used as the base for depleting the cost of successful exploratory drilling and
development costs. The sum of proved developed and proved undeveloped reserves
is used as the base for depleting (or amortizing) leasehold acquisition costs,
the costs to acquire proved properties and platform and pipeline costs. The
Fund has not begun production as of September 30, 2007 and therefore has not
recorded depletion.

Income Taxes 
No provision
is made for income taxes in the financial statements. The Fund is a limited
liability corporation, and as such, the Funds income or loss is passed through
and included in the tax returns of the Funds shareholders.

8

---



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

3. 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
accessing the reserves. Capitalized 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.

The following
table reflects the net changes in unproved properties at September 30, 2007.
There were no properties at December 31, 2006. At September 30, 2007 and
December 31, 2006, the Fund had no capitalized exploratory well costs greater
than one year.

|                                                                                              |  |                    |        |                   |   |   | 
|--------------------------------------------------------------------------------------------- |  | ------------------ | ------ | ----------------- | - | - | 
|                                                                                              |  | September 30, 2007 |        | December 31, 2006 |  
|                                                                                              |  |                    |        |                   |  
|                                                                                              |  | (in thousands)     |       
|Balance - Beginning of the period                                                             |  | $                  |       |                   | $ |  | 
|Additions to capitalized exploratory well costs pending the
 determination of proved reserves |  |                    | 21,084 |                   |   |  | 
|                                                                                              |  |                    |        |                   |   |   | 
|Balance - End of the period                                                                   |  | $                  | 21,084 |                   | $ |  | 
|                                                                                              |  |                    |        |                   |   |   | 

Dry-hole costs
are detailed in the table below.

|                 |  |                                           |     |                                           |   |                                                                     |  |                                                                     |        |      |   |   |  |   |        | 
|---------------- |  | ----------------------------------------- | --- | ----------------------------------------- | - | ------------------------------------------------------------------- |  | ------------------------------------------------------------------- | ------ | ---- | - | - |  | - | ------ | 
|                 |  | For the three months
 ended September 30, |     | For the nine
 months ended
 September 30, |   | For the period
 April 12, 2006
 (Inception)
 through
 September 30, |  | For the period
 April 12, 2006
 (Inception)
 through
 September 30, |       
|                 |  | 2007                                      |     | 2006                                      |   | 2007                                                                |  | 2006                                                                |        | 2007 |  
|                 |  |                                           |     |                                           |   |                                                                     |  |                                                                     |        |      |  
|                 |  | (in thousands)                            |    
|Green Canyon 246 |  | $                                         | (18 | )                                         | $ |                                                                    |  | $                                                                   | 9,154  |      | $ |  |  | $ | 33,369 | 
|West Cameron 109 |  |                                           | (16 | )                                         |   |                                                                    |  |                                                                     | 58     |      |   |  |  |   | 8,433  | 
|West Cameron 296 |  |                                           | 923 |                                           |   |                                                                    |  |                                                                     | 923    |      |   |  |  |   | 923    | 
|                 |  |                                           |     |                                           |   |                                                                     |  |                                                                     |        |      |   |   |  |   |        | 
|                 |  | $                                         | 889 |                                           | $ |                                                                    |  | $                                                                   | 10,135 |      | $ |  |  | $ | 42,725 | 
|                 |  |                                           |     |                                           |   |                                                                     |  |                                                                     |        |      |   |   |  |   |        | 

4. Distributions

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

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

There have
been no distributions made by the Fund.

9

---



5. Related Parties

Ridgewood
Energy Corporation, the Manager, was paid a one time investment fee of 4.5% of
initial capital contributions. Fees are payable for services of investigating
and evaluating investment opportunities and effecting transactions and are
expensed as incurred. For the three months ended September 30, 2006 and for the
period April 12, 2006 (Inception) through September 30, 2006, investment fees
were $5.7 million. For the period April 12, 2006 (Inception) through September
30, 2007, investment fees were $6.5 million. During 2007, one investor,
previously subscribed, was not qualified to participate in the Fund resulting
in a credit to investment fees of $3 thousand for the nine months ended
September 30, 2007. There was no investment fees during the three months ended
September 30, 2007. At December 31, 2006 investment fees payable of $38
thousand were included in due to affiliates. At September 30, 2007, there were
no such amounts payable.

The LLC
Agreement provides that the Manager render management, administrative and
advisory services. For such services, the Manager originally received an annual
management fee, payable monthly, of 2.5% of total capital contributions.
Effective January 1, 2007, the Manager changed its policy regarding the annual
management fee. Under the new policy, the management fee is equal to 2.5% of
the total shareholder capital contributions, net of cumulative dry-hole costs
incurred by the Fund. Management fees for the three months and nine months
ended September 30, 2007 and for the period April 12, 2006 (Inception) through
September 30, 2007 were $0.6 million, $1.9 million and $3.5 million,
respectively. For the three months ended September 30, 2006 and the period
April 12, 2006 (Inception) through September 30, 2006, management fees were
$0.7 million.

In 2006, the
Manager was paid an offering fee of $5.1 million, which approximated 3.5% of
capital contributions, to cover expenses incurred in the offer and sale of
shares of the Fund. Such offering fee was included in syndication costs (Note
2) of $17.0 million. Of this amount, $30 thousand was included in due to
affiliates at December 31, 2006. At September 30, 2007, there was no such
amount payable.

From time to
time, short-term payables and receivables, which do not bear interest, arise
from transactions with affiliates in the ordinary course of business. At
September 30, 2007 the Fund owed the Manager $83 thousand, which was included
in due to affiliates. At December 31, 2006 there were no such amounts were
payable or receivable.

In 2006,
Ridgewood Securities Corporation, a registered broker-dealer affiliated with
the Manager, was paid selling commissions and placement fees totaling $1.4
million for shares sold of the Fund which is reflected in syndication costs
(Note 2). At December 31, 2006, $5 thousand was included in due to affiliates.
At September 30, 2007, there were no such amounts payable.

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

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

10

---



6. Fair Value of Financial Instruments

As of
September 30, 2007 and December 31, 2006, the carrying value of cash and cash
equivalents, short-term investments in marketable securities and salvage fund
approximates fair value.

7. Commitments and Contingencies

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 the
Operators are continually taking action they believe appropriate to satisfy
applicable federal, state and local environmental regulations and do not
currently anticipate that compliance with federal, state and local
environmental regulations will have a material adverse effect upon capital
expenditures, results of operations or the competitive position of the Fund in
the oil and natural gas industry. However, due to the significant public and
governmental interest in environmental matters related to those activities, the
Manager cannot predict the effects of possible future legislation, rule
changes, or governmental or private claims. At September 30, 2007 and December
31, 2006, 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
natural gas. Insurance coverage as is customary for entities engaged in similar
operations is maintained, but losses may occur from uninsurable risks or
amounts in excess of existing insurance coverage. The occurrence of an event
which is not insured or not fully insured could have an adverse impact upon
earnings and financial position.

8. Subsequent Events

West Cameron 296
In the third
quarter 2007, the Fund acquired a 16.67% working interest in West Cameron 296
from Newfield Exploration Company (Newfield), the operator. The property
began drilling in September 2007 and on November 5, 2007 the Fund was informed
by Newfield that the West Cameron 296 lease block did not have commercially
productive quantities of either natural gas or oil and had been deemed an
unsuccessful well or dry hole.

As a result of
the dry hole, the Fund concluded that a charge for impairment of its working
interest in the West Cameron 296 lease block was required. In addition, the
West Cameron 296 well will be plugged and abandoned. The abandonment and
impairment resulted in a charge of approximately $0.9 million during the third
quarter 2007, with total estimated dry-hole costs approximating $2.7 million.
The Fund does not expect this dry hole to result in any significant additional
expenditures.

11

---



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

Cautionary Statement Regarding
Forward-Looking Statements

This Quarterly Report on Form 10-Q, including all documents
incorporated by reference, includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended (the
Securities Act) and Section 21E of the Securities Exchange Act of 1934, as
amended, and the Private Securities Litigation Reform Act of 1995, and the safe
harbor provisions thereof. These forward-looking statements are usually
accompanied by the words anticipates, believes, plan, seek, expects,
intends, estimates, projects, will likely result, future and similar
terms and expressions. The forward-looking statements in this Quarterly Report
on Form 10-Q reflect Ridgewood Energy T Fund, LLCs (the Fund) current views
with respect to future events and financial performance. These forward-looking
statements are subject to certain risks and uncertainties, including, among
other things, the high-risk nature of natural gas exploratory operations, the
fact that the Funds drilling activities are managed by third parties, the
volatility of natural gas prices and extraction, and those other risks and
uncertainties discussed in the Funds Registration Statement on Form 10 filed
with the Securities and Exchange Commission that could cause actual results to
differ materially from historical results or those anticipated. Readers are
urged to carefully consider all such factors.

In light of these risks and uncertainties, there can be no assurance
that the forward-looking information contained in this Quarterly Report on Form
10-Q will in fact occur or prove to be accurate. Readers should not place undue
reliance on the forward-looking statements contained herein, which speak only
as of the date of this filing. The Fund undertakes no obligation to publicly
revise these forward-looking statements to reflect events or circumstances that
may arise after today. All subsequent written or oral forward-looking
statements attributable to the Fund or persons acting on its behalf are
expressly qualified in their entirety by this section.

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 on Form 10-Q 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 on Form 10-Q for a presentation of the Funds
significant accounting policies. No changes have been made to the Funds
critical accounting policies and estimates since the filing of the Registration
Statement on Form 10.

Overview of the Funds Business

The Fund is an independent oil and natural gas producer. The Funds
primary investment objective is to generate cash flow for distribution to the
Funds shareholders through participation in oil and natural gas exploration
and development projects in the Gulf of Mexico. The Fund began its operations
by offering the Funds shares in a private offering on June 15, 2006. As a
result of such offering, it raised capital of $144.5 million through the sale
of 971.6054 shares of LLC membership interests. After the payment of $23.5
million in offering fees, commissions and investment fees to the Funds
Manager, affiliates and broker-dealers, the Fund retained $121.0 million
available for investment. Investment fees represent a one time fee of 4.5% of
initial capital contributions. The fee is payable for the service of
investigating and evaluating investment opportunities and affecting
transactions.

Ridgewood Energy Corporation (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. The Fund does not currently, nor is there any plan to operate
any project in which the Fund participates. The Manager enters into operating
agreements with third-party operators (Operators) for the management of all
exploration, development and producing operations, as appropriate. The Manager
is paid a onetime investment fee (4.5% of capital contributions) for the
evaluation of projects on the Funds behalf. For these services, the Manager
receives an annual management fee (2.5% of capital contributions, net of
cumulative dry-hole costs), payable monthly. The Manager also participates in
distributions.

12

---



Business Update

The Fund owns working interests in seven offshore blocks and has
participated in the drilling of seven wells, three of which were determined to
be dry-holes, two that are currently drilling and two that have resulted in
commercial discoveries.

Current and Future Drilling

West Cameron 76 Well
#12
In April 2007, the Fund acquired an 11.2% working interest in the West
Cameron 76 Well #12 project from BHP Billiton Petroleum (Americas) Inc.
(BHP). BHP is the operator of the project, which is currently scheduled to
begin drilling in December 2007. The estimated budget for this property is $4.7
million. There have been no expenditures for this property through September
30, 2007.

Mississippi Canyon
489/490
In the third quarter 2007, the Fund acquired an 8.3% working interest
in the exploratory project Mississippi Canyon 489/490 from LLOG Exploration
Offshore, Inc. (LLOG). LLOG is the operator of the project. Drilling began in
September 2007. Through September 30, 2007, the Fund has spent $2.3 million
related to this property, for which the total estimated budget is $7.4 million.

Successful Wells

West Cameron 75
In March 2007, the Fund acquired a 20% working interest in the exploratory
project West Cameron 75 from El Paso E&P Company, LLP (El Paso), the
operator. In June 2007, El Paso notified the Fund that the property was deemed
to be a commercial discovery. Completion is ongoing and production is expected
in the second quarter of 2008. Through September 30, 2007, the Fund has spent
$16.4 million related to this property, for which the total estimated budget is
$21.9 million.

Eugene Island
346/347
In March 2007, the Fund acquired a 10% working interest in the
exploratory project Eugene Island 346/347 from Newfield Exploration Company
(Newfield), the operator. In June 2007, the well was deemed successful. In
August 2007, Newfield sold its interest in this property to McMoRan Exploration
Co. (McMoRan). At that time, McMoRan assumed Newfields responsibilities as
the operator of this property. Completion is ongoing and production is expected
in the second quarter 2008. Through September 30, 2007, the Fund has spent $3.8
million related to this property, for which the total estimated budget is $6.5
million.

Dry-hole Wells

West Cameron 296
In the third quarter 2007, the Fund acquired a 16.67% working interest
in West Cameron 296 from Newfield, the operator. The property began drilling in
September 2007 and on November 5, 2007 the Fund was informed by Newfield that
the West Cameron 296 lease block did not have commercially productive
quantities of either natural gas or oil and had been deemed an unsuccessful
well or dry hole.

As a result of the dry hole, the Fund concluded that a charge for
impairment of its working interest in the West Cameron 296 lease block was
required. In addition, the West Cameron 296 well will be plugged and abandoned.
The abandonment and impairment resulted in a charge of approximately $0.9
million during the third quarter 2007, with total estimated dry-hole costs
approximating $2.7 million. The Fund does not expect this dry hole to result in
any significant additional expenditures.

Green Canyon 246
In July 2006, the Fund acquired a 25% working interest in the
exploratory project Green Canyon 246 from Marathon Oil Company (Marathon),
the operator from acquisition date until December 28, 2006. In December 2006,
oil was discovered in one reservoir of the well, however, a side-track
operation would have to be performed to determine the commercial viability of
the well. Marathon elected not to participate in the side-track and forfeited
its 40% interest. Woodside Energy (USA) Inc. (Woodside) and the Fund
elected to proceed, taking over, on a prorated basis, Marathons 40% interest.
The Fund increased its ownership to 41.7%, and Woodside took over the project
as operator. Upon completion of the side-track, on January 24, 2007, the Fund
was informed that the exploratory well being drilled did not have commercially
productive quantities of either oil or natural gas and had therefore been
deemed an unsuccessful well or dry hole. Through September 30, 2007, dry-hole
costs related to Green Canyon 246, including plug and abandonment expenses,
incurred by the Fund totaled $33.4 million.

13

---



Results of Operations

The following review of operations for the three months ended September
30, 2007 and 2006, the nine months ended September 30, 2007 and the periods
April 12, 2006 (Inception) through September 30, 2006 and September 30, 2007,
should be read in conjunction with the Funds financial statements and the
notes thereto. The following table summarizes the Funds results of operations.

|                                    |  |                                   |        |      |   |        |   |                                         |         |   |                                                                           |        |                                                                           |   |         |  
|----------------------------------- |  | --------------------------------- | ------ | ---- | - | ------ | - | --------------------------------------- | ------- | - | ------------------------------------------------------------------------- | ------ | ------------------------------------------------------------------------- | - | ------- | -
|                                    |  |                                   |        |      |   |        |   |                                         |         |   | For the period
 April 12, 2006
 (Inception)
 through
 September 30,
 2006 |        | For the period
 April 12, 2006
 (Inception)
 through
 September 30,
 2007 |  
|                                    |  |                                   |        |      |   |        |   | Nine months
 ended
 September 30,
 2007 |         |   |                                                                          
|                                    |  |                                   |        |      |   |        |   |                                         |         |  
|                                    |  | Three months ended
 September 30, |        |      |   |       
|                                    |  | 2007                              |        | 2006 |   |        |   |                                        
|                                    |  |                                   |        |      |   |        |   |                                         |         |   |                                                                          
|                                    |  | (in thousands)                    |       
|Revenue                             |  |                                   |        |      |   |        |   |                                         |         |   |                                                                           |        |                                                                           |   |         |  
|Oil and gas revenue                 |  | $                                 |       |      | $ |       |   | $                                       |        |   | $                                                                         |       |                                                                           | $ |        |  
|                                    |  |                                   |        |      |   |        |   |                                         |         |   |                                                                           |        |                                                                           |   |         |  
|Expenses                            |  |                                   |        |      |   |        |   |                                         |         |   |                                                                           |        |                                                                           |   |         |  
|Dry-hole costs                      |  |                                   | 889    |      |   |       |   |                                         | 10,135  |   |                                                                           |       |                                                                           |   | 42,725  |  
|Investment fees to affiliate        |  |                                   |       |      |   | 5,662  |   |                                         | (3      | ) |                                                                           | 5,707  |                                                                           |   | 6,541   |  
|Management fees to affiliate        |  |                                   | 642    |      |   | 673    |   |                                         | 1,928   |   |                                                                           | 673    |                                                                           |   | 3,506   |  
|Other operating expenses            |  |                                   | 45     |      |   |       |   |                                         | 45      |   |                                                                           |       |                                                                           |   | 45      |  
|General and administrative expenses |  |                                   | 196    |      |   | 69     |   |                                         | 779     |   |                                                                           | 69     |                                                                           |   | 1,291   |  
|                                    |  |                                   |        |      |   |        |   |                                         |         |   |                                                                           |        |                                                                           |   |         |  
|Total expenses                      |  |                                   | 1,772  |      |   | 6,404  |   |                                         | 12,884  |   |                                                                           | 6,449  |                                                                           |   | 54,108  |  
|                                    |  |                                   |        |      |   |        |   |                                         |         |   |                                                                           |        |                                                                           |   |         |  
|Loss from operations                |  |                                   | (1,772 | )    |   | (6,404 | ) |                                         | (12,884 | ) |                                                                           | (6,449 | )                                                                         |   | (54,108 | )
|Other
 income                       |  |                                   |        |      |   |        |   |                                         |         |   |                                                                           |        |                                                                           |   |         |  
|Interest income                     |  |                                   | 894    |      |   | 649    |   |                                         | 2,995   |   |                                                                           | 649    |                                                                           |   | 4,962   |  
|                                    |  |                                   |        |      |   |        |   |                                         |         |   |                                                                           |        |                                                                           |   |         |  
|Net loss                            |  | $                                 | (878   | )    | $ | (5,755 | ) | $                                       | (9,889  | ) | $                                                                         | (5,800 | )                                                                         | $ | (49,146 | )
|                                    |  |                                   |        |      |   |        |   |                                         |         |   |                                                                           |        |                                                                           |   |         |  

Operating Revenue. From inception of the Fund through
September 30, 2007, the Fund has not recorded any operating revenue and is
considered an exploratory stage enterprise.

Operating and Other Expenses

Dry-hole Costs.Dry-hole costs are those costs incurred to drill and develop a well that is
ultimately found to be incapable of producing either oil or natural gas in
sufficient quantities to justify completion of the well. The following table
summarizes dry-hole costs inclusive of plug and abandonment costs.

|                 |  |                                           |     |                                                 |   |                                                                           |  |                                                                           |        |  |   |   |  |   |        | 
|---------------- |  | ----------------------------------------- | --- | ----------------------------------------------- | - | ------------------------------------------------------------------------- |  | ------------------------------------------------------------------------- | ------ |  | - | - |  | - | ------ | 
|                 |  |                                           |     | For the nine
 months ended
 September 30,
 2007 |   | For the period
 April 12, 2006
 (Inception)
 through
 September 30,
 2006 |  | For the period
 April 12, 2006
 (Inception)
 through
 September 30,
 2007 |       
|                 |  |                                           |     |                                                 |   |                                                                          
|                 |  |                                           |     |                                                 |   |                                                                          
|                 |  |                                           |     |                                                 |   |                                                                          
|                 |  | For the three months
 ended September 30, |     |                                                 |   |                                                                          
|                 |  | 2007                                      |     | 2006                                            |   |                                                                           |  |                                                                          
|                 |  |                                           |     |                                                 |   |                                                                           |  |                                                                           |        |  |  
|                 |  | (in thousands)                            |    
|Green Canyon 246 |  | $                                         | (18 | )                                               | $ |                                                                          |  | $                                                                         | 9,154  |  | $ |  |  | $ | 33,369 | 
|West Cameron 109 |  |                                           | (16 | )                                               |   |                                                                          |  |                                                                           | 58     |  |   |  |  |   | 8,433  | 
|West Cameron 296 |  |                                           | 923 |                                                 |   |                                                                          |  |                                                                           | 923    |  |   |  |  |   | 923    | 
|                 |  |                                           |     |                                                 |   |                                                                           |  |                                                                           |        |  |   |   |  |   |        | 
|                 |  | $                                         | 889 |                                                 | $ |                                                                          |  | $                                                                         | 10,135 |  | $ |  |  | $ | 42,725 | 
|                 |  |                                           |     |                                                 |   |                                                                           |  |                                                                           |        |  |   |   |  |   |        | 

14

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Investment Fees.The
Manager was paid a one time investment fee of 4.5% of initial capital
contributions. The fee was payable for the service of investigating and
evaluating investment opportunities and affecting transactions and was expensed
as incurred. For the three months ended September 30, 2006 and the period April
12, 2006 (Inception) through September 30, 2006, investment fees were $5.7
million. For the period April 12, 2006 (Inception) through September 30, 2007,
investment fees were $6.5 million. In 2007, the Fund was notified by a
custodian that an investor whom had committed to purchase 0.5 shares was deemed
unqualified to participate, resulting in a reduction in investment fees of $3
thousand for the nine months ended September 30, 2007. There were no investment
fees during the three months ended September 30, 2007.

Management Fees.The
Manager receives an annual management fee of 2.5% of total capital
contributions, payable monthly, to cover expenses associated with overhead
incurred by the Manager for its ongoing management, administrative and advisory
services. Such overhead expenses include but are not limited to rent, payroll
and benefits for employees of the Manager, and other administrative costs.
Commencing in January 1, 2007, the management fee was reduced by 2.5% of the
cumulative dry-hole expenses incurred by the Fund. Management fees for the
three and nine months ended September 30, 2007 were $0.6 million and $1.9
million, respectively. Management fees for the three months ended September 30,
2006 and the period April 12, 2006 (Inception) through September 30, 2006 were
$0.7 million. Management fees were not incurred until the third quarter of 2006
as a result of the timing of capital contributions. For the period April 12,
2006 (Inception) through September 30, 2007, management fees were $3.5 million.

Other Operating
Expenses.Other operating expenses for the three
and nine months ended September 30, 2007 and the period April 12, 2006
(Inception) through September 30, 2007 were $45 thousand related to geological
surveys for Mississippi Canyon 490 and Eugene Island 346/347. There were no
other operating expenses during 2006.

General and
Administrative Expenses.Accounting, legal,
fiduciary fees and insurance expenses represent costs specifically identifiable
or allocable to the Fund. Accounting and legal fees represent annual audit and
tax preparation fees, quarterly reviews and filing fees of the Fund. Insurance
expense represents premiums related to well control insurance, production
insurance and director and officer liability insurance. The increase in the
2007 periods is related to the timing of the onset of operations for the Fund.
The Fund began raising capital in late-June 2006 and did not begin drilling
activities until the fourth quarter of 2006.

The following table summarizes general and administrative expenses:

|                           |  |                                           |     |                                                 |   |                                                                           |  |                                                                           |     |  |   |    |  |   |       | 
|-------------------------- |  | ----------------------------------------- | --- | ----------------------------------------------- | - | ------------------------------------------------------------------------- |  | ------------------------------------------------------------------------- | --- |  | - | -- |  | - | ----- | 
|                           |  |                                           |     | For the nine
 months ended
 September 30,
 2007 |   | For the period
 April 12, 2006
 (Inception)
 through
 September 30,
 2006 |  | For the period
 April 12, 2006
 (Inception)
 through
 September 30,
 2007 |    
|                           |  |                                           |     |                                                 |   |                                                                          
|                           |  |                                           |     |                                                 |   |                                                                          
|                           |  | For the three months
 ended September 30, |     |                                                 |   |                                                                          
|                           |  | 2007                                      |     | 2006                                            |   |                                                                           |  |                                                                          
|                           |  |                                           |     |                                                 |   |                                                                           |  |                                                                           |     |  |  
|                           |  | (in thousands)                            |    
|Accounting
 and legal fees |  | $                                         | 43  |                                                 | $ | 49                                                                        |  | $                                                                         | 132 |  | $ | 49 |  | $ | 230   | 
|Insurance                  |  |                                           | 130 |                                                 |   | 14                                                                        |  |                                                                           | 548 |  |   | 14 |  |   | 942   | 
|Trust fees                 |  |                                           | 23  |                                                 |   |                                                                          |  |                                                                           | 98  |  |   |   |  |   | 112   | 
|Other                      |  |                                           |    |                                                 |   | 6                                                                         |  |                                                                           | 1   |  |   | 6  |  |   | 7     | 
|                           |  |                                           |     |                                                 |   |                                                                           |  |                                                                           |     |  |   |    |  |   |       | 
|                           |  | $                                         | 196 |                                                 | $ | 69                                                                        |  | $                                                                         | 779 |  | $ | 69 |  | $ | 1,291 | 
|                           |  |                                           |     |                                                 |   |                                                                           |  |                                                                           |     |  |   |    |  |   |       | 

Interest Income.Interest
income represents interest earned on money market accounts and short-term US
Treasury Notes. Interest income for the three months ended September 30, 2007
and 2006 was $0.9 million and $0.6 million, respectively. The increase was
attributable to an increase in the average balances earning interest due to the
timing of the capital raise coupled with an increase in average interest rates.
For the nine months ended September 30, 2007 and the period April 12, 2006
(Inception) through September 30, 2006, interest income was $3.0 million and
$0.6 million, respectively. The increases noted in both periods were
attributable to increases in the average balances earning interest due to the timing
of the capital raise coupled with an increase in average interest rates.
Interest income for the period April 12, 2006 (Inception) through September 30,
2007 was $5.0 million.

15

---



Capital Resources and Liquidity

Operating Cash FlowsCash flows
used in operating activities for the nine months ended September 30, 2007 were
$1.6 million, primarily related to management fees of $1.9 million, and general
and administrative expenses of $0.8 million and unfavorable working capital of
$0.1 million, partially offset by interest income received of $1.2 million.

Cash flows
used in operating activities for the period April 12, 2006 (Inception) through
September 30, 2006 were $5.5 million, primarily related to investment fees of
$5.7 million, management fees of $0.7 million, partially offset by interest
income received of $0.3 million and favorable working capital of $0.6 million.

Cash flows
used in operating activities for the period April 12, 2006 (Inception) through
September 30, 2007 were $8.6 million, related to investment fees of $6.5
million, management fees of $3.5 million and general and administrative
expenses of $1.3 million partially offset by interest income received of $2.7
million.

Investing Cash Flows
Cash flows
used in investing activities for the nine months ended September 30, 2007 were
$25.7 million. The Fund made capital expenditures of $51.0 million for oil and
natural gas properties, advances to operators of $1.4 million and investments
in marketable securities, inclusive of salvage fund, in the amount of $45.0
million. These amounts were partially offset by proceeds from the maturity of
marketable securities of $71.8 million.

Cash flows
used in investing activities for the period April 12, 2006 (Inception) through
September 30, 2006 were $3.0 million principally related to capital
expenditures, inclusive of advances to operators, for oil and natural gas
properties.

Cash flows
used in investing activities for the period April 12, 2006 (Inception) through
September 30, 2007 were $82.8 million. The Fund made investments in marketable
securities of $96.0 million, inclusive of salvage fund, and received $71.8
million from the maturities of those investments. Additionally, the Fund made
capital expenditures of $58.6 million for oil and natural gas properties,
inclusive of advances to operators.

Financing Cash Flows
Cash flows
used in financing activities for the nine months ended September 30, 2007 were
$11 thousand, relating to the payment of $59 thousand of syndication costs
offset by capital contributions of $48 thousand.

Cash flows
provided by financing activities for the period April 12, 2006 (Inception)
through September 30, 2006 were $108.3 million related to capital contributions
from shareholders totaling $121.6 million partially offset by syndication cost
payments of $13.3 million.

Cash flows
provided by financing activities for the period April 12, 2006 (Inception)
through September 30, 2007 were $127.5 million related to capital contributions
from shareholders totaling $144.5 million partially offset by payments of $17.0
million of syndication costs.

Estimated Capital Expenditures

The Fund has
entered into multiple offshore operating agreements for the drilling and
development of its investment properties. The estimated capital expenditures
associated with these agreements can vary depending on the stage of development
on a property-by-property basis. As of September 30, 2007, such estimated
capital expenditures to be spent totaled $19.7 million, all of which is
expected to be paid out of unspent cash within the following 12 months.

The table
below presents exploration and development capital expenditures from inception
as well as estimated budgeted amounts for future periods. Remaining unspent
cash will be reallocated to one or more new unspecified projects.

16

---



|                            |  |                                   |        |                             |   |        | 
|--------------------------- |  | --------------------------------- | ------ | --------------------------- | - | ------ | 
|Lease Block                 |  | Spent through
 September 30, 2007 |        | To be spent
 next 12 months |  
|                            |  |                                   |        |                             |  
|                            |  | (in thousands)                    |       
|West Cameron
 76 well #12   |  | $                                 |       |                             | $ | 4,680  | 
|Mississippi
 Canyon 489/490 |  |                                   | 2,294  |                             |   | 5,146  | 
|West Cameron
 75            |  |                                   | 16,423 |                             |   | 5,437  | 
|Eugene
 Island 346/347      |  |                                   | 3,805  |                             |   | 2,675  | 
|West Cameron
 296           |  |                                   | 923    |                             |   | 1,744  | 
|Green Canyon
 246           |  |                                   | 33,369 |                             |   |       | 
|                            |  |                                   |        |                             |   |        | 
|                            |  | $                                 | 56,814 |                             | $ | 19,682 | 
|                            |  |                                   |        |                             |   |        | 

Liquidity Needs

The Funds
primary short-term liquidity needs are to fund its 2007 operations, including
management fees and capital expenditures, with existing cash on-hand and income
earned from its short-term investments and cash and cash equivalents. The
Manager is entitled to receive an annual management fee from the Fund
regardless of whether the Fund is profitable in that year. The annual fee,
payable monthly, is equal to 2.5% of total capital contributed by shareholders,
net of cumulative dry-hole expenses incurred by the Fund.

On a long-term
basis, with respect to the payment of management fees, until one of the Funds
projects begins producing, all or a portion of the management fee is paid
generally from the interest or dividend income generated by the Funds development
capital that has not been spent, although the management fee can be paid out of
capital contributions. Such interest and/or dividend income is more than enough
to cover Fund expenses, including the management fee. Generally, it can take
anywhere from 18 to 24 months to bring a project to production. Once a well is
on production, the management fee and fund expenses are paid from operating
income. Over time as a well produces, the Fund may recover some or the entire
management fee that may have been paid out of capital contributions.

Distributions, if any, are funded from cash flow from operations, and the
frequency and amount are within the Managers discretion subject to available
cash from operations, reserve requirements and Fund operations.

The capital
raised by the Fund in its private placement is more than likely all the capital
it will be able to obtain for investments in projects. The number of projects
in which the Fund can invest will naturally be limited and each unsuccessful
project the Fund experiences, if any, will not only reduce its ability to
generate revenue, but also exhaust its limited supply of capital. Typically,
the Manager seeks an investment portfolio that combines high and low risk
exploratory projects.

When the
Manager makes a decision for participation in a particular project, it assumes
that the well will be successful and allocates enough capital to budget for the
completion of that well and the additional development wells that are
anticipated to be drilled. If the exploratory well is deemed a dry-hole or if
it is un-economical, the capital allocated to the completion of that well and
to the development of additional wells is then reallocated to a new project or
used to make additional investments.

Off-Balance Sheet Arrangements

The Fund had
no off-balance sheet arrangements as of September 30, 2007 and December 31,
2006 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, as well
as the other working interest owners, the Operator will enter into various
contractual commitments pertaining to exploration, development and production
activities. Pursuant to the terms of the operating agreement, the Operator has
the authority to enter into such contracts and the Fund does not execute or
negotiate any such contracts. No contractual obligations exist at September 30,
2007 and December 31, 2006 pursuant to agreements executed directly by the
Fund.

17

---



ITEM 3. QUANTITATIVE AND QUALITATIVE
DISCLOSURES ABOUT MARKET RISK

Projects
drilled may not have commercially productive oil and natural gas reservoirs. In
such an event, the Funds revenue, future results of operations and financial
condition would be adversely impacted.

The Fund does
not have or use, any derivative instruments nor does it have any plans to enter
into such derivative arrangements. The Fund will generally invest cash in
high-quality credit instruments consisting primarily of money market funds,
bankers acceptance notes and government agency securities with maturities of
six months or less. The Fund does not expect any material loss from cash
equivalents and therefore believes its potential interest rate exposure is not
material. The Fund has no plan to conduct any international activities and
therefore believes it is not subject to foreign currency risk.

The principal
market risks to which the Fund is exposed that may adversely impact the Funds
results of operations and financial position are changes in oil and natural gas
prices.

Low commodity
prices could have an adverse affect on the Funds future profitability and, in
such an event the Fund may be required by accounting rules to write down the
carrying value of the Funds projects. Revenue to the Fund will be sensitive to
changes in price to be received for oil and natural gas production. Prevailing
market prices fluctuate in response to many factors that are outside of the
Funds control such as the supply and demand for oil and natural gas.
Availability of alternative fuels as well as seasonal risks such as hurricanes
can also impact the supply and demand.

High oil and
natural gas prices have resulted in a strong demand for and a tight supply of
drilling rigs necessary to drill new projects. The increased cost in daily rig
rates could have a negative impact on the return to shareholders in the Fund.
The shortage of drilling rigs could delay the application of capital to such
projects and thus delay revenue from operations.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of
Disclosure Controls and Procedures
The Fund
maintains disclosure controls and procedures, as such term is defined under
Securities and Exchange Act of 1934 (Exchange Act) Rule 13a-15(e), that are
designed to ensure that information required to be disclosed in the Funds
Exchange Act reports is recorded, processed, summarized and reported within the
time periods specified in the SECs rules and forms, and that such information
is accumulated and communicated to its management, including its Chief
Executive Officer and Chief Financial Officer, as appropriate, to allow timely
decisions regarding required disclosures. In designing and evaluating the
disclosure controls and procedures, the Funds management recognized that any
controls and procedures, no matter how well designed and operated, can provide
only reasonable assurance of achieving the desired control objectives and its
management necessarily was required to apply its judgment in evaluating the
cost-benefit relationship of possible controls and procedures. The Fund has
carried out an evaluation, as of September 30, 2007, under the supervision and
with the participation of its management, including its Chief Executive Officer
and Chief Financial Officer, of the effectiveness of the design and operation
of the Funds disclosure controls and procedures. Based upon their evaluation
and subject to the foregoing, such procedures were effective.

Because the
Fund is not an Accelerated Filer as defined in Rule 12b-2 of the Exchange
Act, the Fund is not presently required to file Managements annual report on
internal control over financial reporting and the Attestation report of the
registered public accounting firm required by Item 308(a) and (b) of Regulation
S-K promulgated under the Securities Act. Under current rules, because the Fund
is neither a large accelerated filer nor an accelerated filer, the Fund is
not required to provide managements report on internal control over financial
reporting until the Fund files its annual report for 2007 and compliance with
the auditors attestation report requirement is not required until the Fund
files its annual report for 2008. The Fund currently expects to comply with
these requirements at such time as the Fund is required to do so.

18

---



Changes in Internal
Controls over Financial Reporting
In the course
of the Funds initial evaluation of disclosure controls and procedures,
management considered certain internal control areas in which the Fund has made
and are continuing to make changes to improve and enhance controls. Based upon
that evaluation, the CEO and CFO concluded that there were no changes in the
Funds internal control over financial reporting identified in connection with
the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15
that occurred during the quarter ended September 30, 2007 that have materially
affected, or are 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

For
information regarding factors that could affect the Funds results of
operations, financial condition and liquidity, see risk factors discussed under
Managements Discussion and Analysis of Financial Condition and Results of
Operations in Item 1A of the Funds Registration Statement on Form 10. There
have been no material changes from the risk factors previously disclosed in the
Funds Registration Statement on Form 10.

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

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

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

None.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

|                |  |                                                                                                                                                                                                                                                             
|--------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|EXHIBIT
 NUMBER |  | TITLE OF
 EXHIBIT                                                                                                                                                                                                                                           
|                |  |                                                                                                                                                                                                                                                             
|10.1            |  | Participation Agreement
 between LLOG Exploration Offshore, Inc. and Ridgewood Energy Corporation as
 Manager for Mississippi Canyon 489/490                                                                                                                
|                |  |                                                                                                                                                                                                                                                             
|10.2            |  | Participation Agreement
 between Newfield Exploration Company and Ridgewood Energy Corporation as
 Manager for West Cameron 296                                                                                                                             
|                |  |                                                                                                                                                                                                                                                             
|31.1            |  | Certification of Robert E.
 Swanson, Chief Executive Officer, pursuant to Securities Exchange Act Rule
 13a-14(a).                                                                                                                                          
|                |  |                                                                                                                                                                                                                                                             
|31.2            |  | Certification of Kathleen
 P. McSherry, Chief Financial Officer, pursuant to Securities Exchange Act
 Rule 13a-14(a).                                                                                                                                       
|                |  |                                                                                                                                                                                                                                                             
|32              |  | Certifications pursuant to
 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of The
 Sarbanes-Oxley Act of 2002, signed by Robert E. Swanson, Chief Executive
 Officer of the Fund and Kathleen P. McSherry, Chief Financial Officer of the
 Fund.

19

---



SIGNATURES

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

|       |  |                    |     |        |  |                                                      
|------ |  | ------------------ | --- | ------ |  | -----------------------------------------------------
|Dated: |  | November 13,
 2007 |     |        |  | RIDGEWOOD
 ENERGY T FUND, LLC                        
|       |  |                    |     |        |  |                                                      
|       |  |                    | By: | /s/    |  | ROBERT E.
 SWANSON                                   
|       |  |                    |     | Name:  |  | Robert E.
 Swanson                                   
|       |  |                    |     | Title: |  | President
 and Chief Executive Officer               
|       |  |                    |     |        |  | (Principal
 Executive Officer)                       
|       |  |                    |     |        |  |                                                      
|Dated: |  | November 13,
 2007 |     |        |  |                                                      
|       |  |                    | By: | /s/    |  | KATHLEEN P.
 MCSHERRY                                
|       |  |                    |     | Name:  |  | Kathleen P.
 McSherry                                
|       |  |                    |     | Title: |  | Executive
 Vice President and Chief Financial Officer
|       |  |                    |     |        |  | (Principal
 Financial and Accounting Officer)        

20

---