UNITED
STATES


SECURITIES
AND EXCHANGE COMMISSION





Washington,
D.C. 20549





FORM
10-Q








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


or





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





Commission
File No:  000-52578


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





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








947
Linwood Avenue, Ridgewood, NJ 07450


(Address
of principal executive offices) (Zip code)





(800)
942-5550


(Registrant’s
telephone number, including area code)





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




Indicate
by check mark whether the registrant has submitted electronically and posted on
its corporate Web site, if any, every Interactive Data File required to be
submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this
chapter) during the preceding 12 months (or for such shorter period that the
registrant was required to submit and post such files).   Yes o
     No o




Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See
the definitions of “large accelerated filer,” “accelerated filer” and “smaller
reporting company” in Rule 12b-2 of the Exchange Act.


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


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




There is
no market for the shares. As of November 4, 2009 there are 971.6054 shares
outstanding













Table of ContentsPART
      I - FINANCIAL INFORMATION
              PageItem 1.
              Financial Statements:
              1Unaudited Condensed Balance Sheets as of September 30, 2009 and
      December 31, 2008
              1Unaudited Condensed Statements of Operations and
      Comprehensive (Loss) Income for the
                three and nine months ended September 30, 2009 and
      2008
              2Unaudited Condensed Statements of Cash Flows for the nine
      months ended September 30, 2009 and 2008
              3Notes to Unaudited Condensed Financial
      Statements
              4Item 2.
              Management's Discussion and Analysis of Financial Condition
      and Results of Operations
              10Item 3.
              Quantitative and Qualitative Disclosures about Market
      Risk
              16Item 4.
              Controls and Procedures
              16PART
      II - OTHER INFORMATIONItem 1.
              Legal Proceedings
              16Item 1A.
              Risk Factors
              16Item 2.
              Unregistered Sales of Equity Securities and Use of
      Proceeds
              16Item 3.
              Defaults Upon Senior Securities
              16Item 4.
              Submission of Matters to a Vote of Security
      Holders
              16Item 5.
              Other Information
              17Item 6.
              Exhibits
              18SIGNATURES
              19




Table of Contents




PART
      I - FINANCIAL INFORMATIONITEM
      1.  FINANCIAL STATEMENTSRIDGEWOOD
      ENERGY T FUND, LLCUNAUDITED
      CONDENSED BALANCE SHEETS(in
      thousands, except share data)September
      30, 2009
              
              
              December
      31, 2008ASSETSCurrent
      assets:Cash
      and cash equivalents
              
              $
              2,601
              
              
              $
              13,162Short-term
      investment in available-for-sale securities
              
              
              19,619
              
              
              
              20,074Production
      receivable
              
              
              588
              
              
              
              647Insurance
      receivable
              
              
              491
              
              
              
              -Other
      current assets
              
              
              343
              
              
              
              154Total
      current assets
              
              
              23,642
              
              
              
              34,037Salvage
      fund
              
              
              1,108
              
              
              
              1,084Oil
      and gas properties:Advances
      to operators for working interests and expenditures
              
              
              -
              
              
              
              128Unproved
      properties
              
              
              5,057
              
              
              
              984Proved
      properties
              
              
              40,002
              
              
              
              37,847Less:  accumulated
      depletion and amortization
              
              
              (8,565
              )
              
              
              (4,535
              )Total
      oil and gas properties, net
              
              
              36,494
              
              
              
              34,424Total
      assets
              
              $
              61,244
              
              
              $
              69,545LIABILITIES
      AND MEMBERS' CAPITALCurrent
      liabilities:Due
      to operators
              
              $
              648
              
              
              $
              2,490Accrued
      expenses
              
              
              84
              
              
              
              100Total
      current liabilities
              
              
              732
              
              
              
              2,590Asset
      retirement obligations
              
              
              505
              
              
              
              455Total
      liabilities
              
              
              1,237
              
              
              
              3,045Commitments
      and contingencies (Note 8)Members'
      capital:Manager:Distributions
              
              
              (2,191
              )
              
              
              (1,643
              )Retained
      earnings
              
              
              566
              
              
              
              401Manager's
      total
              
              
              (1,625
              )
              
              
              (1,242
              )Shareholders:Capital
      contributions (1,000 shares authorized;971.6054
      issued and outstanding)
              
              
              144,529
              
              
              
              144,529Syndication
      costs
              
              
              (16,990
              )
              
              
              (16,990
              )Distributions
              
              
              (12,417
              )
              
              
              (9,309
              )Accumulated
      deficit
              
              
              (53,607
              )
              
              
              (51,003
              )Shareholders'
      total
              
              
              61,515
              
              
              
              67,227Accumulated
      other comprehensive income
              
              
              117
              
              
              
              515Total
      members' capital
              
              
              60,007
              
              
              
              66,500Total
      liabilities and members' capital
              
              $
              61,244
              
              
              $
              69,545The
      accompanying notes are an integral part of these unaudited condensed
      financial statements.




1
 Table of Contents




RIDGEWOOD
      ENERGY T FUND, LLCUNAUDITED
      CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
      (LOSS) INCOME(in
      thousands, except per share data)Three
      months ended September 30,
              
              
              Nine
      months ended September 30,2009
              
              
              2008
              
              
              2009
              
              
              2008RevenueOil
      and gas revenue
              
              $
              1,526
              
              
              $
              3,512
              
              
              $
              3,833
              
              
              $
              13,540ExpensesDepletion
      and amortization
              
              
              1,962
              
              
              
              1,155
              
              
              
              3,595
              
              
              
              3,025Dry-hole
      costs
              
              
              6
              
              
              
              10
              
              
              
              111
              
              
              
              1,475Impairment
      of proved properties
              
              
              -
              
              
              
              -
              
              
              
              435
              
              
              
              -Management
      fees to affiliate (Note 6)
              
              
              577
              
              
              
              596
              
              
              
              1,730
              
              
              
              1,801Operating
      expenses
              
              
              144
              
              
              
              134
              
              
              
              504
              
              
              
              563General
      and administrative expenses
              
              
              89
              
              
              
              135
              
              
              
              376
              
              
              
              461Total
      expenses
              
              
              2,778
              
              
              
              2,030
              
              
              
              6,751
              
              
              
              7,325(Loss)
      income from operations
              
              
              (1,252
              )
              
              
              1,482
              
              
              
              (2,918
              )
              
              
              6,215Other
      incomeInterest
      income
              
              
              161
              
              
              
              263
              
              
              
              479
              
              
              
              948Net
      (loss) income
              
              
              (1,091
              )
              
              
              1,745
              
              
              
              (2,439
              )
              
              
              7,163Other
      comprehensive (loss) incomeUnrealized
      (loss) gain on
                marketable
      securities
              
              
              (126
              )
              
              
              75
              
              
              
              (398
              )
              
              
              256Total
      comprehensive (loss) income
              
              $
              (1,217
              )
              
              $
              1,820
              
              
              $
              (2,837
              )
              
              $
              7,419Manager
      InterestNet
      income
              
              $
              91
              
              
              $
              392
              
              
              $
              165
              
              
              $
              1,611Shareholder
      InterestNet
      (loss) income
              
              $
              (1,182
              )
              
              $
              1,353
              
              
              $
              (2,604
              )
              
              $
              5,552Net
      (loss) income per share
              
              $
              (1,216
              )
              
              $
              1,392
              
              
              $
              (2,680
              )
              
              $
              5,714The
      accompanying notes are an integral part of these unaudited condensed
      financial statements.




2
 Table of Contents





RIDGEWOOD
      ENERGY T FUND, LLCUNAUDITED
      CONDENSED STATEMENTS OF CASH FLOWS(in
      thousands)Nine
      months ended September 30,2009
              
              
              2008Cash
      flows from operating activitiesNet
      (loss) income
              
              $
              (2,439
              )
              
              $
              7,163Adjustments
      to reconcile net (loss) income to net cashprovided
      by operating activities:Depletion
      and amortization
              
              
              3,595
              
              
              
              3,025Dry-hole
      costs
              
              
              111
              
              
              
              1,475Impairment
      of proved properties
              
              
              435
              
              
              
              -Accretion
      expense
              
              
              12
              
              
              
              6Amortization
      of premium
              
              
              57
              
              
              
              56Interest
      earned on marketable securities
              
              
              -
              
              
              
              (300
              )Changes
      in assets and liabilities:Decrease
      (increase) in production receivable
              
              
              59
              
              
              
              (278
              )Increase
      in other current assets
              
              
              (206
              )
              
              
              (166
              )Increase
      in due to operators
              
              
              76
              
              
              
              85(Decrease)
      increase in accrued expenses
              
              
              (16
              )
              
              
              46Net
      cash provided by operating activities
              
              
              1,684
              
              
              
              11,112Cash
      flows from investing activitiesCapital
      expenditures for oil and gas properties
              
              
              (8,565
              )
              
              
              (14,460
              )Proceeds
      from maturity of held-to-maturity investments
              
              
              -
              
              
              
              15,230Investment
      in held-to-maturity securities
              
              
              -
              
              
              
              (15,230
              )Interest
      reinvested in salvage fund
              
              
              (24
              )
              
              
              (26
              )Net
      cash used in investing activities
              
              
              (8,589
              )
              
              
              (14,486
              )Cash
      flows from financing activitiesDistributions
              
              
              (3,656
              )
              
              
              (8,894
              )Net
      cash used in financing activities
              
              
              (3,656
              )
              
              
              (8,894
              )Net
      decrease in cash and cash equivalents
              
              
              (10,561
              )
              
              
              (12,268
              )Cash
      and cash equivalents, beginning of period
              
              
              13,162
              
              
              
              15,696Cash
      and cash equivalents, end of period
              
              $
              2,601
              
              
              $
              3,428Supplemental
      schedule of non-cash investing activitiesAdvances
      used for capital expenditures in oil and gas properties
                reclassified
      to dry-hole costs and proved properties
              
              $
              128
              
              
              $
              1,068The
      accompanying notes are an integral part of these unaudited condensed
      financial statements.





3
 Table of Contents





RIDGEWOOD
ENERGY T FUND, LLC


NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS





1.   Organization
and Purpose




The
Ridgewood Energy T Fund, LLC (the “Fund”), a Delaware limited liability company,
was formed on April 12, 2006 and operates pursuant to a limited liability
company agreement (the “LLC Agreement”) dated as of June 15, 2006 by and among
Ridgewood Energy Corporation (the “Manager”) and the shareholders of the
Fund.  The Fund was organized to acquire interests in oil and natural
gas properties located in the United States offshore waters of Texas, Louisiana,
and Alabama in the Gulf of Mexico.




The
Manager has direct and exclusive control over the management of the Fund’s
operations.  With respect to project investments, the Manager locates
potential projects, conducts appropriate due diligence and negotiates and
completes the transactions in which the investments are made.  The
Manager performs, or arranges for the performance of, the management, advisory
and administrative services required for Fund operations.  Such
services include, without limitation, the administration of shareholder
accounts, shareholder relations and the preparation, review and dissemination of
tax and other financial information.  In addition, the Manager
provides office space, equipment and facilities and other services necessary for
Fund operations.  The Manager also engages and manages the contractual
relations with unaffiliated custodians, depositories, accountants, attorneys,
broker-dealers, corporate fiduciaries, insurers, banks and others as required.
See Notes 2, 6 and 8.




2.   Summary
of Significant Accounting Policies





Basis
of Presentation


These
unaudited interim condensed financial statements have been prepared by the
Fund’s management in accordance with accounting principles generally accepted in
the United States of America (“GAAP”) and in the opinion of management, contain
all adjustments (consisting of only normal recurring adjustments) necessary to
present fairly the Fund’s financial position, results of operations and cash
flows for the periods presented.  Certain information and note
disclosures normally included in annual financial statements prepared in
accordance with GAAP have been omitted in these unaudited interim condensed
financial statements.  The results of operations, financial position,
and cash flows for the periods presented herein are not necessarily indicative
of future financial results.  These unaudited interim condensed
financial statements should be read in conjunction with the Fund’s December 31,
2008 financial statements and notes thereto included in the Fund’s Annual Report
on Form 10-K filed with the Securities and Exchange Commission
(“SEC”).  The year-end condensed balance sheet data was derived from
audited financial statements, but does not include all disclosures required by
GAAP.  The Fund has assessed the impact of subsequent events through
November 4, 2009, the date of the issuance of its financial
statements.




Use
of Estimates


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





Cash
and Cash Equivalents


All
highly liquid investments with maturities, when purchased, of three months or
less, are considered cash and cash equivalents.  At times, bank
deposits may be in excess of federally insured limits.  At September
30, 2009, bank balances exceeded federally insured limits by $1.3 million, all
of which was invested in money market accounts that invest solely in U.S.
Treasury bills and notes.  Effective October 2008 through December 31,
2013, federally insured limits have been increased from $0.1 million to $0.25
million for interest bearing deposits.  Additionally, non-interest
bearing deposits are fully insured through December 31, 2009, after which they
will be included in the $0.25 million limits.





4
 Table of Contents





Investments
in Marketable Securities


At times,
the Fund may invest in U.S. Treasury bills and notes.  These
investments are considered short-term when their maturities are one year or
less, and long-term when their maturities are greater than one
year.





At
September 30, 2009, the Fund has short-term investments, which mature in
December 2009, that are classified as available-for-sale. Available-for-sale
securities are carried in the financial statements at fair value.  The
following table is a summary of available-for-sale investments at September 30,
2009 and December 31, 2008.




GrossAmortized
              
              
              Unrealized
              
              
              FairCost
              
              
              Gains
              
              
              ValueAvailable-for-Sale
              
              (in
      thousands)U.S
      Treasury notesSeptember
      30, 2009
              
              $
              19,502
              
              
              $
              117
              
              
              $
              19,619December
      31, 2008
              
              $
              19,559
              
              
              $
              515
              
              
              $
              20,074





For all
investments, interest income is accrued as earned and amortization of premium or
discount, if any, is included in interest income.  Unrealized gains or
losses on available-for-sale securities are reported in other comprehensive
income until realized.




Salvage
Fund


The Fund
deposits in a separate interest-bearing account, or salvage fund, money to
provide for the dismantling and removal of production platforms and facilities
and plugging and abandoning its wells at the end of their useful lives, in
accordance with applicable federal and state laws and regulations.  At
September 30, 2009, the Fund had investments in U.S. Treasury securities within
its salvage fund that are classified as held-to-maturity, totaling $1.1 million,
which mature in December 2012.  Held-to-maturity investments are those
securities that the Fund has the ability and intent to hold until maturity, and
are recorded at cost plus accrued income, adjusted for the amortization of
premiums and discounts, which approximates fair value.




Interest
earned on the account will become part of the salvage fund.  There are
no legal restrictions on withdrawals from the salvage fund.




Oil
and Gas Properties


The Fund
invests in oil and gas properties, which are operated by unaffiliated entities
that are responsible for drilling, administering and producing activities
pursuant to the terms of the applicable operating agreements with working
interest owners.  The Fund’s portion of exploration, drilling,
operating and capital equipment expenditures is billed by
operators.




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




Upon the
sale or retirement of a proved property, the cost and related accumulated
depletion and amortization will be eliminated from the property accounts, and
the resultant gain or loss is recognized. Upon the sale or retirement of an
unproved property, gain or loss on the sale is recognized.




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




As of
September 30, 2009 and December 31, 2008, amounts recorded in due to operators
totaling $0.5 million and $2.5 million, respectively, related to capital
expenditures for oil and gas properties.




5
 Table of Contents





Advances
to Operators for Working Interests and Expenditures


The
Fund’s acquisition of a working interest in a well or a project requires it to
make a payment to the seller for the Fund’s rights, title and
interest.  The Fund may be required to advance its share of estimated
cash expenditures for the succeeding month’s operation.  The Fund
accounts for such payments as advances to operators for working interests and
expenditures.  As drilling costs are incurred, the advances are
reclassified to unproved properties.





Asset
Retirement Obligations


For oil
and gas properties, there are obligations to perform removal and remediation
activities when the properties are retired.  When a project reaches
drilling depth and is determined to be either proved or dry, an asset retirement
obligation is incurred.  Plug and abandonment costs associated with
unsuccessful projects are expensed as dry-hole costs.  The following
table presents changes in asset retirement obligations for the nine months ended
September 30, 2009 and the year ended December 31, 2008.




September
      30, 2009
              
              
              December
      31, 2008(in
      thousands)Balance,
      beginning of period
              
              $
              455
              
              
              $
              65Liabilities
      incurred
              
              
              38
              
              
              
              360Liabilities
      settled
              
              
              -
              
              
              
              -Accretion
      expense
              
              
              12
              
              
              
              10Revisions
      to previous estimates
              
              
              -
              
              
              
              20Balance,
      end of period
              
              $
              505
              
              
              $
              455





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





Syndication
Costs


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





Revenue
Recognition and Imbalances


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




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




Impairment
of Long-Lived Assets


The Fund
reviews the value of its oil and gas properties whenever management determines
that events and circumstances indicate that the recorded carrying value of
properties may not be recoverable.  Impairments of producing
properties are determined by comparing future net undiscounted cash flows to the
net book value at the end of each period.  If the net book value
exceeds the future net undiscounted cash flows, the carrying value of the
property is written down to fair value, which is determined using net discounted
future cash flows from the producing property. The Fund provides for impairments
on unproved properties when it determines that the property will not be
developed or a permanent impairment in value has occurred.  The fair
value determinations require considerable judgment and are sensitive to
change.  Different pricing assumptions, reserve estimates or discount
rates could result in a different calculated impairment.  Given the
volatility of oil and gas prices, it is reasonably possible that the Fund’s
estimate of discounted future net cash flows from proved oil and gas reserves
could change in the near term.  If oil and gas prices decline
significantly, even if only for a short period of time, it is possible that
write-downs of oil and gas properties could occur.  During the nine
months ended September 30, 2009, the Fund recorded an impairment of $0.4 million
relating to West Cameron 76 well #12, which was attributable to lower oil and
gas commodity prices.  The carrying value for West Cameron 76 well #12
of $4.2 million was written down to its fair value of $3.8 million.   The
fair value of the impaired well was determined based on level 3 inputs, which
include projected income from proved and probable reserves utilizing forward
price curves, net of anticipated costs, discounted.  No impairments were
recorded during the three months ended September 30, 2009.





6
 Table of Contents





Depletion
and Amortization


Depletion
and amortization of the cost of proved oil and gas properties are calculated
using the units-of-production method.  Proved developed reserves are
used as the base for depleting capitalized costs associated with successful
exploratory well costs.  The sum of proved developed and proved
undeveloped reserves is used as the base for depleting or amortizing leasehold
acquisition costs, the costs to acquire proved properties and platform and
pipeline costs.





Income
Taxes


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





Income
and Expense Allocation


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





3.   Recent
Accounting Standards





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





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





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





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





In
September 2006, the FASB issued guidance related to fair value measurements.
This guidance provides a common definition of fair value as the price that would
be received to sell an asset or paid to transfer a liability in a transaction
between market participants. The FASB also issued guidance on the methods used
to measure fair value and required expanded disclosures related to fair value
measurements. The Fund adopted this guidance for financial assets and financial
liabilities effective January 1, 2008 and for non-financial assets and
non-financial liabilities effective January 1, 2009.  The adoption did not
have a material impact on the Fund’s financial statements.





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




7
 Table of Contents





4.   Unproved
Properties - Capitalized Exploratory Well Costs




Leasehold
acquisition and exploratory drilling costs are capitalized pending determination
of whether the well has found proved reserves.  Unproved properties
are assessed on a quarterly basis by evaluating and monitoring if sufficient
progress is made on assessing the reserves.  At September 30, 2009,
the Fund had no unproved properties with capitalized exploratory well costs in
excess of one year.  The following table reflects the net changes in
unproved properties for the nine months ended September 30, 2009 and the year
ended December 31, 2008.




September
      30, 2009
              
              
              December
      31, 2008(in
      thousands)Balance,
      beginning of period
              
              $
              984
              
              
              $
              4,202Additions
      to capitalized exploratory well costspending
      the determination of proved reserves
              
              
              5,769
              
              
              
              9,610Reclassifications
      to proved properties based onthe
      determination of proved reserves
              
              
              (1,696
              )
              
              
              (12,828
              )Capitalized
      exploratory well costs charged todry-hole
      costs
              
              
              -
              
              
              
              -Balance,
      end of period
              
              $
              5,057
              
              
              $
              984




Capitalized
exploratory well costs are expensed as dry-hole costs in the event that reserves
are not found or are not in sufficient quantities to complete the well and
develop the field.  During the three and nine months ended September
30, 2009, the Fund received credits on certain wells from their respective
operators upon review and audit of the wells’ costs.  Dry-hole costs,
inclusive of credits, are detailed in the following table.




Three
      months ended September 30,
              
              
              Nine
      months ended September 30,Lease
      Block
              
              2009
              
              
              2008
              
              
              2009
              
              
              2008(in
      thousands)Bison
      Project
              
              $
              15
              
              
              $
              -
              
              
              $
              120
              
              
              $
              -Mississippi
      Canyon 489/490
              
              
              -
              
              
              
              9
              
              
              
              17
              
              
              
              325Eugene
      Island 346/347 well  #3
              
              
              1
              
              
              
              -
              
              
              
              5
              
              
              
              550West
      Cameron 109
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              599Other
      wells
              
              
              (10
              )
              
              
              1
              
              
              
              (31
              )
              
              
              1$
              6
              
              
              $
              10
              
              
              $
              111
              
              
              $
              1,475





5.   Distributions




Distributions
to shareholders are allocated in proportion to the number of shares held.
Certain shares have early investment incentive and advance distribution rights,
as defined in the LLC Agreement, which range from approximately $6 thousand to
$12 thousand per share.  The Fund began making distributions to
eligible early investors in March 2008 and to all investors in October
2008.




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




Available
cash from dispositions, as defined in the LLC Agreement, will be paid 99% to
shareholders and 1% to the Manager until the shareholders have received total
distributions equal to their capital contributions.  After
shareholders have received distributions equal to their capital contributions,
85% of available cash from dispositions will be distributed to shareholders and
15% to the Manager.




8
 Table of Contents





6.   Related
Parties




The LLC
Agreement provides that the Manager render management, administrative and
advisory services.  For such services, the Manager is paid an annual
management fee, payable monthly, of 2.5% of total capital contributions, net of
cumulative dry-hole and related well costs incurred by the
Fund.  Management fees for each of the three months ended September
30, 2009 and 2008 were $0.6 million.  Management fees for the nine
months ended September 30, 2009 and 2008 were $1.7 million and $1.8 million,
respectively.




At times,
short-term payables and receivables, which do not bear interest, arise from
transactions with affiliates in the ordinary course of business.  At
September 30, 2009, the Fund had a receivable of $53 thousand, from an
affiliate, which is included in other current assets.  At December 31,
2008, there were no such amounts outstanding.




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




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




7.   Fair
Value of Financial Instruments




At
September 30, 2009 and December 31, 2008, cash and cash equivalents, short-term
investments in marketable securities, production receivable, salvage fund and
accrued expenses approximate fair value.  At September 30, 2009 and
December 31, 2008, available-for-sale investments are recorded at fair value
based on Level 1 inputs – quoted prices in active markets.




8.   Commitments
and Contingencies





Capital
Commitments


The Fund
has entered into multiple agreements for the drilling and development of its
investment properties.  The estimated capital expenditures associated
with these agreements vary depending on the stage of development on a
property-by-property basis.  As of September 30, 2009, the Fund had
committed to spend an additional $7.3 million related to its investment
properties.





Environmental
Considerations


The
exploration for and development of oil and natural gas involves the extraction,
production and transportation of materials which, under certain conditions, can
be hazardous or cause environmental pollution problems.  The Manager
and operators of the Fund’s properties are continually taking action they
believe appropriate to satisfy applicable federal, state and local environmental
regulations and do not currently anticipate that compliance with federal, state
and local environmental regulations will have a material adverse effect upon
capital expenditures, results of operations or the competitive position of the
Fund in the oil and gas industry.  However, due to the significant
public and governmental interest in environmental matters related to those
activities, the Manager cannot predict the effects of possible future
legislation, rule changes, or governmental or private claims.  At
September 30, 2009 and December 31, 2008, there were no known environmental
contingencies that required the Fund to record a liability.





Insurance
Coverage


The Fund
is subject to all risks inherent in the exploration for and development of oil
and gas. Insurance coverage as is customary for entities engaged in similar
operations is maintained, but losses may occur from uninsurable risks or amounts
in excess of existing insurance coverage.  The occurrence of an event
that is not insured or not fully insured could have an adverse impact upon
earnings and financial position.  Moreover, insurance is obtained as a
package covering all of the funds managed by the Manager.  Claims made
by other funds can reduce or eliminate insurance for the Fund.  During
the nine months ended September 30, 2009, the Fund was notified that the
operator of the Aspen Project had filed an insurance claim related to an
insurable event that had occurred during the drilling of the Aspen
well.  At September 30, 2009, the Fund has recorded a receivable of
$0.5 million, based on its estimate of insurance recoveries.  The Fund
records receivables for insured losses when the expected insurance proceeds are
probable and reasonably estimable.




9.
Subsequent Event
 
 On
October 30, 2009, the Fund acquired a 12.0% interest in the Liberty/Carrera
Project, a deepwater project, which has been drilled and determined to be a
discovery. The Fund has paid $5.9 million for the properties, and expects to
spend an additional $2.9 million to complete the wells. Production is expected
to commence in second quarter 2010.


9
 Table of Contents





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





Cautionary
Statement Regarding Forward-Looking Statements





Certain
statements in this Quarterly Report on Form 10-Q (“Quarterly Report”) and
the documents Ridgewood Energy T Fund, LLC (the “Fund”) has incorporated by
reference into this Quarterly Report, other than purely historical information,
including estimates, projections, statements relating to the Fund’s business
plans, strategies, objectives and expected operating results, and the
assumptions upon which those statements are based, are forward-looking
statements based on current expectations and assumptions that are subject to
risks and uncertainties that may cause actual results to differ materially from
the forward-looking statements.  These forward-looking statements
generally are identified by the words “believe,” “project,” “expect,”
“anticipate,” “estimate,” “intend,” “strategy,” “plan,” “target,” “pursue,”
“may,” “will likely result,” and similar expressions.  Examples of
such events that could cause actual results to differ materially from historical
results or those anticipated include weather conditions, such as hurricanes,
changes in market conditions affecting the pricing of oil and natural gas, the
cost and availability of equipment, and changes in governmental
regulations.  The Fund undertakes no obligation to update or revise
publicly any forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.





Critical
Accounting Policies and Estimates





The
following discussion and analysis of the Fund’s financial condition and
operating results is based on its financial statements.  The
preparation of this Quarterly Report requires the Fund to make estimates and
assumptions that affect the reported amount of assets and liabilities,
disclosure of contingent assets and liabilities at the date of the Fund’s
financial statements, and the reported amount of revenue and expense during the
reporting period. Actual results may differ from those estimates and
assumptions.  See “Notes to Unaudited Condensed Financial Statements”
in Part I of this Quarterly Report for a presentation of the Fund’s significant
accounting policies.  No changes have been made to the Fund’s critical
accounting policies and estimates disclosed in its 2008 Annual Report on Form
10-K.





Overview
of the Fund’s Business





The Fund
is a Delaware limited liability company formed on April 12, 2006 to acquire
interests in oil and natural gas properties located in the United States
offshore waters of Texas, Louisiana and Alabama in the Gulf of
Mexico.  Ridgewood Energy Corporation (“Ridgewood Energy” or the
“Manager”) a Delaware corporation, is the Manager.  As the Manager,
Ridgewood Energy has direct and exclusive control over the management of the
Fund’s operations.  The Fund’s primary investment objective is to
generate cash for distribution to its shareholders through the acquisition of
“working interests” in the exploration, production and sale of oil and natural
gas.





The
Manager performs certain duties on the Fund’s behalf including the evaluation of
potential projects for investment and ongoing management, administrative and
advisory services associated with these projects.  For these services,
the Manager receives an annual management fee equal to 2.5% of capital
contributions, net of cumulative dry-hole and related well costs incurred by the
Fund, payable monthly.  The Fund does not currently, nor is there any
plan to operate any project in which the Fund participates. The Manager enters
into operating agreements with third-party operators for the management of all
exploration, development and producing operations, as
appropriate.  The Manager also participates in
distributions.





Business
Update





The Fund
owns working interests and has participated in the drilling of thirteen wells;
six resulted in discoveries and seven have been determined to be dry holes, one
of which was determined to be dry during 2009.





Discoveries


Cobalt
Project


In August
2008, the Fund acquired a 4.0% working interest in the Cobalt Project, an
exploratory well.  The Cobalt Project was determined to be a
commercial success in January 2009 and production commenced in June
2009.  The Fund has spent $2.0 million related to this
well.





10
 Table of Contents





Aspen
Project


In July
2008, the Fund acquired a 2.69% working interest in Aspen, an exploratory
project.  In April 2009, the first well of the Aspen Project
found hydrocarbons in three separate zones.  Second and third delineation
wells were drilled from July - September 2009.  Once the results from
this additional drilling have been analyzed, the operator and working
interest owners will evaluate possible development plans and determine the
economics of the completion and further drilling.  Aspen is a
deepwater project that requires significant infrastructure construction. 
Through September 30, 2009, the Fund has spent $5.1 million, net of estimated
insurance recoveries, related to this project, for which the total estimated
budget is $12.4 million, which includes two additional wells.  During
the nine months ended September 30, 2009, the Fund was notified that the
operator of the Aspen Project had filed an insurance claim related to an
insurable event that had occurred during the drilling of the Aspen
well.  At September 30, 2009, the Fund has recorded a receivable of
$0.5 million, based on its estimate of insurance recoveries.





West
Cameron 76 - Well #12


In April
2007, the Fund acquired an 11.24% working interest in West Cameron 76 well
#12.  The well was determined to be a success in April 2008 and
production commenced in May 2008.  The Fund has spent $5.5 million
related to this well.  The Fund has recorded impairments related to
West Cameron 76 well #12 totaling $1.4 million, of which $0.4 million of
impairment expense was incurred during the nine months ended September 30,
2009.





West
Cameron 75


In March
2007, the Fund acquired a 20.0% working interest in West Cameron 75, an
exploratory well.  The well was determined to be successful in June
2007 and production commenced in December 2007.  The Fund has spent
$23.4 million related to this well.





Eugene
Island 346/347


Well
#1


In March
2007, the Fund acquired a 10.0% working interest in Eugene Island 346/347 well
#1, an exploratory well.  The well began drilling in April 2007 and
was determined to be successful in June 2007.  The well was completed
and production commenced in June 2008.  The Fund has spent $7.1
million related to this well.





Well
#2


As a
result of the drilling success of the first exploratory well for Eugene Island
346/347, the second well commenced drilling in May 2008.  In May 2008,
Eugene Island 346/347 well #2 was determined to be commercially successful and
production commenced in July 2008. The Fund has spent $1.5 million related to
this well.





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





Dry
Holes


Bison
Project


In
November 2008, the Fund acquired a 3.0% working interest in the Bison Project,
an exploratory well.  The project began drilling in December 2008 and
was determined to be an unsuccessful well, or dry hole, in January 2009.
Dry-hole costs related to this well totaled $0.3 million, of which $0.1 million
were incurred during the nine months ended September 30, 2009.





Results
of Operations





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





11
 Table of Contents





Three
      months ended September 30,
              
              
              Nine
      months ended September 30,2009
              
              
              2008
              
              
              2009
              
              
              2008(in
      thousands)RevenueOil
      and gas revenue
              
              $
              1,526
              
              
              $
              3,512
              
              
              $
              3,833
              
              
              $
              13,540ExpensesDepletion
      and amortization
              
              
              1,962
              
              
              
              1,155
              
              
              
              3,595
              
              
              
              3,025Dry-hole
      costs
              
              
              6
              
              
              
              10
              
              
              
              111
              
              
              
              1,475Impairment
      of proved properties
              
              
              -
              
              
              
              -
              
              
              
              435
              
              
              
              -Management
      fees to affiliate
              
              
              577
              
              
              
              596
              
              
              
              1,730
              
              
              
              1,801Operating
      expenses
              
              
              144
              
              
              
              134
              
              
              
              504
              
              
              
              563General
      and administrative expenses
              
              
              89
              
              
              
              135
              
              
              
              376
              
              
              
              461Total
      expenses
              
              
              2,778
              
              
              
              2,030
              
              
              
              6,751
              
              
              
              7,325(Loss)
      income from operations
              
              
              (1,252
              )
              
              
              1,482
              
              
              
              (2,918
              )
              
              
              6,215Other
      incomeInterest
      income
              
              
              161
              
              
              
              263
              
              
              
              479
              
              
              
              948Net
      (loss) income
              
              
              (1,091
              )
              
              
              1,745
              
              
              
              (2,439
              )
              
              
              7,163Other
      comprehensive (loss) incomeUnrealized
      (loss) gain on
                marketable
      securities
              
              
              (126
              )
              
              
              75
              
              
              
              (398
              )
              
              
              256Total
      comprehensive (loss) income
              
              $
              (1,217
              )
              
              $
              1,820
              
              
              $
              (2,837
              )
              
              $
              7,419





Overview.  Since
inception, the Fund has had five wells come onto production: West Cameron 75 in
December 2007; West Cameron 76 well #12 in May 2008; Eugene Island 346/347 well
#1 in June 2008; Eugene Island 346/347 well #2 in July 2008; and the Cobalt
Project in June 2009, thereby impacting the Fund’s revenue, depletion,
amortization and lease operating expenses.




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





Oil and Gas
Revenue.Oil
and gas revenue for the three months ended September 30, 2009 was $1.5 million,
a $2.0 million decrease from the three months ended September 30,
2008.  The decrease is attributable to the impact of decreased average
prices totaling $3.5 million, partially offset by the impact of increased sales
volumes totaling $1.4 million and an increase in processing revenues of $0.1
million.   Oil and gas revenue for the nine months ended
September 30, 2009 was $3.8 million, a $9.7 million decrease from the nine
months ended September 30, 2008.  The decrease is attributable to the
impact of decreased average prices totaling $6.5 million coupled with the impact
of decreased sales volumes totaling $3.4 million, partially offset by an
increase in processing revenues of $0.1 million.





Oil sales
volumes were 6 thousand barrels and 4 thousand barrels for the three months
ended September 30, 2009 and 2008, respectively.  The Fund’s oil
prices averaged $61 per barrel during the three months ended September 30, 2009
compared to $122 per barrel during the three months ended September 30,
2008.





Oil sales
volumes were 8 thousand barrels and 7 thousand barrels for the nine months ended
September 30, 2009 and 2008, respectively.  The Fund’s oil prices
averaged $58 per barrel during the nine months ended September 30, 2009 compared
to $122 per barrel during the nine months ended September 30, 2008.





12
 Table of Contents





Gas sales
volumes were 354 thousand mcf and 257 thousand mcf for the three months ended
September 30, 2009 and 2008, respectively.  The Fund’s gas prices
averaged $2.91 per mcf during the three months ended September 30, 2009 compared
to $11.65 per mcf during the three months ended September 30, 2008.





Gas sales
volumes were 0.9 million mcf and 1.3 million mcf for the nine months ended
September 30, 2009 and 2008, respectively.  The Fund’s gas prices
averaged $3.53 per mcf during the nine months ended September 30, 2009 compared
to $9.96 per mcf during the nine months ended September 30, 2008.





The
increase in oil and gas volumes for the three months ended September 30, 2009
compared to the three months ended September 30, 2008, and the increase in oil
volumes for the nine months ended September 30, 2009 compared to the nine months
ended September 30, 2008, is primarily attributable to the onset of production
of West Cameron 76 well # 12 and the Cobalt Project, as discussed in the
“Overview” section above.  The decrease in gas volumes for the nine
months ended September 30, 2009 compared to the nine months ended September 30,
2008 is primarily attributable to a decrease in sales volume for West Cameron 75
partially offset by the timing of the onset of production of West Cameron 76
well #12 and the Cobalt Project, as discussed in the “Overview” section
above.  The decrease in sales volume for West Cameron 75 was due to
the expiration of royalty relief, as a result of such well exceeding the
eligible volume threshold, which qualifies for royalty relief under Mineral
Management Services guidelines, coupled with a natural decline in production
rates.





Depletion and
Amortization.  Depletion and amortization for the three and
nine months ended September 30, 2009 was $2.0 million and $3.6 million,
respectively, an increase of $0.8 million and $0.6 million, respectively, from
the three and nine months ended September 30, 2008.  The increase for
the three month period is due to an overall increase in production volumes
coupled with an increase in the average depletion rate.  The increase
for the nine month period is due to an increase in the average depletion rate
partially offset by an overall decrease in production volumes.




Dry-hole
Costs.Dry-hole costs are those
costs incurred to drill and develop a well that is ultimately found to be
incapable of producing either oil or natural gas in sufficient quantities to
justify completion of the well.  During the three and nine months
ended September 30, 2009, the Fund received credits on certain wells from their
respective operators upon review and audit of the wells’ costs.  The
following table summarizes dry-hole costs, inclusive of credits, for the three
and nine months ended September 30, 2009 and 2008.




Three
      months ended September 30,
              
              
              Nine
      months ended September 30,Lease
      Block
              
              2009
              
              
              2008
              
              
              2009
              
              
              2008(in
      thousands)Bison
      Project
              
              $
              15
              
              
              $
              -
              
              
              $
              120
              
              
              $
              -Mississippi
      Canyon 489/490
              
              
              -
              
              
              
              9
              
              
              
              17
              
              
              
              325Eugene
      Island 346/347 well  #3
              
              
              1
              
              
              
              -
              
              
              
              5
              
              
              
              550West
      Cameron 109
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              599Other
      wells
              
              
              (10
              )
              
              
              1
              
              
              
              (31
              )
              
              
              1$
              6
              
              
              $
              10
              
              
              $
              111
              
              
              $
              1,475




Impairment of
Proved Properties.  During the nine months ended September 30,
2009, the Fund recorded an impairment to proved properties of $0.4 million,
relating to West Cameron 76 well #12, which was attributable to lower oil and
gas commodity prices.  There were no impairments recorded during the
three months ended September 30, 2009 or during the three and nine months ended
September 30, 2008.





Management Fees
to Affiliate.Management fees were $0.6 million for each of
the three months ended September 30, 2009 and 2008 and $1.7 million and $1.8
million for the nine months ended September 30, 2009 and 2008,
respectively.  An annual management fee, totaling 2.5% of total
capital contributions, net of cumulative dry-hole and related well costs
incurred by the Fund, is paid monthly to the Manager.




13
 Table of Contents





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





Three
      months ended September 30,
              
              
              Nine
      months ended September 30,2009
              
              
              2008
              
              
              2009
              
              
              2008(in
      thousands)Lease
      operating expense
              
              $
              137
              
              
              $
              122
              
              
              $
              374
              
              
              $
              346Geological
      costs
              
              
              3
              
              
              
              8
              
              
              
              95
              
              
              
              211Workover
      expense
              
              
              -
              
              
              
              -
              
              
              
              23
              
              
              
              -Accretion
      expense
              
              
              4
              
              
              
              4
              
              
              
              12
              
              
              
              6$
              144
              
              
              $
              134
              
              
              $
              504
              
              
              $
              563





Lease
operating expense for the three and nine months ended September 30, 2009 and
2008 were related to the Fund’s producing properties during each period as
outlined above in “Overview”.  Geological costs for the three and nine
months ended September 30, 2009 related primarily to the Aspen
Project.  Geological costs for the three and nine months ended
September 30, 2008 related primarily to West Cameron 76 well
#12.  Workover expense for the nine months ended September 30, 2009
related to West Cameron 75.  Accretion expense is related to the asset
retirement obligations established for the Fund’s proved
properties.





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




Three
      months ended September 30,
              
              
              Nine
      months ended September 30,2009
              
              
              2008
              
              
              2009
              
              
              2008(in
      thousands)Insurance
      expense
              
              $
              36
              
              
              $
              56
              
              
              $
              201
              
              
              $
              188Accounting
      fees
              
              
              43
              
              
              
              61
              
              
              
              139
              
              
              
              213Trust
      fees and other
              
              
              10
              
              
              
              18
              
              
              
              36
              
              
              
              60$
              89
              
              
              $
              135
              
              
              $
              376
              
              
              $
              461





Insurance
expense represents premiums related to producing well and control of well
insurance, which varies dependent upon the number of wells producing or drilling
and director’s and officers’ liability insurance.  Accounting fees
represent audit and tax preparation fees, quarterly reviews and filing fees
incurred by the Fund.  Trust fees represent bank fees associated with
the management of the Fund’s cash accounts.





InterestIncome.  Interest income is comprised of interest earned on
money market accounts and investments in U.S. Treasury
securities.  Interest income for the three and nine months ended
September 30, 2009 was $0.2 million and $0.5 million, respectively, a decrease
of $0.1 million and $0.5 million, respectively, from the three and nine months
ended September 30, 2008.  The decrease was the result of a reduction
in average outstanding balances earning interest, due to ongoing capital
expenditures for oil and gas properties, coupled with lower interest rates
earned.





Unrealized (Loss)
Gain on Marketable Securities.The Fund has available-for-sale
U.S. Treasury securities, which mature in December 2009.  Unrealized
gains and losses related to the securities' change in fair value are recorded in
other comprehensive income until realized.  The Fund recorded
unrealized losses of $0.1 million and $0.4 million during the three and nine
months ended September 30, 2009, respectively and unrealized gains of $0.1
million and $0.3 million during the three and nine months ended September 30,
2008.





Capital
Resources and Liquidity





Operating
Cash Flows


Cash
flows provided by operating activities for the nine months ended September 30,
2009 were $1.7 million, primarily related to revenue receipts of $3.9 million
and interest income received of $0.4 million, partially offset by management
fees of $1.7 million, operating expenses of $0.5 million and general and
administrative expenses of $0.4 million.





14
 Table of Contents





Cash
flows provided by operating activities for the nine months ended September 30,
2008 were $11.1 million, primarily attributable to revenue receipts of $13.3
million and interest income received of $0.7 million, partially offset by
management fees of $1.8 million, operating expenses of $0.6 million, and general
and administrative expenses of $0.5 million.





Investing
Cash Flows


Cash
flows used in investing activities for the nine months ended September 30, 2009
were $8.6 million, primarily related to capital expenditures for oil and gas
properties.  Additionally, the Fund increased its salvage fund
investments by $24 thousand, which consisted of the interest earned on this
account.




Cash
flows used in investing activities for the nine months ended September 30, 2008
were $14.5 million, primarily related to capital expenditures for oil and gas
properties. The Fund received proceeds from the maturity of U.S. Treasury
securities of $15.2 million all of which were reinvested in U.S. Treasury
securities. Additionally, the Fund increased its salvage fund investments by $26
thousand, which consisted of the interest earned on this account.




Financing
Cash Flows


Cash
flows used in financing activities for the nine months ended September 30, 2009
were $3.7 million related to manager and shareholder distributions.





Cash
flows used in financing activities for the nine months ended September 30, 2008
were $8.9 million related to manager and shareholder distributions.





Estimated
Capital Expenditures





The Fund
has entered into multiple agreements for the drilling and development of its
investment properties.  The estimated capital expenditures associated
with these agreements can vary depending on the stage of development on a
property-by-property basis.  As of September 30, 2009, the Fund had
committed to spend an additional $7.3 million related to its investment
properties.





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





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





Liquidity
Needs





The
Fund’s primary short-term liquidity needs are to fund its operations, inclusive
of management fees, and capital expenditures for its investment
properties.  Operations are funded utilizing operating income,
existing cash on-hand, short-term investments and income earned
therefrom.





The
Manager is entitled to receive an annual management fee from the Fund regardless
of the Fund’s profitability in that year.  Generally, all or a portion
of the management fee is paid from operating income and interest income,
although the management fee can be paid out of capital contributions; however,
this is not the Fund’s intent.





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





15
 Table of Contents





Off-Balance
Sheet Arrangements





The Fund
had no off-balance sheet arrangements at September 30, 2009 and December 31,
2008 and does not anticipate the use of such arrangements in the
future.





Contractual
Obligations





The Fund
enters into operating agreements with operators.  On behalf of the
Fund, an operator enters into various contractual commitments pertaining to
exploration, development and production activities.  The Fund does not
negotiate any such contracts.  No contractual obligations exist at
September 30, 2009 and December 31, 2008 other than those discussed in
“Estimated Capital Expenditures” above.




Recent
Accounting Pronouncements




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





ITEM
3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK





Not
required.





ITEM
4.  CONTROLS AND PROCEDURES





In
accordance with Exchange Act Rules 13a-15 and 15d-15, the Fund carried out
an evaluation, under the supervision and with the participation of management,
including its Chief Executive Officer and Chief Financial Officer, of the
effectiveness of the Fund’s disclosure controls and procedures as of the end of
the period covered by this report.  Based on that evaluation, the Chief
Executive Officer and Chief Financial Officer concluded that the Fund’s
disclosure controls and procedures were effective as of September 30,
2009.





There has
been no change in the Fund’s internal control over financial reporting that
occurred during the three months ended September 30, 2009 that has materially
affected, or is reasonably likely to materially affect, the Fund’s internal
control over financial reporting.





PART
II - OTHER INFORMATION





ITEM
1. LEGAL PROCEEDINGS





None.





ITEM
1A. RISK FACTORS





Not
required.





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





None.





ITEM
3.  DEFAULTS UPON SENIOR SECURITIES





None.





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





None.





16
 Table of Contents





ITEM
5. OTHER INFORMATION





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





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









17
 Table of Contents





ITEM
6. EXHIBITS





EXHIBITNUMBER
              
              TITLE OF EXHIBIT
              
              
              METHOD OF FILING31.1
              
              Certification
      of Robert E. Swanson, Chief Executive Officer of the Fund, pursuant to
      Securities Exchange Act Rule 13a-14(a)
              
              Filed
      herewith31.2
              
              Certification
      of Kathleen P. McSherry, Chief Financial Officer of the Fund, pursuant to
      Securities Exchange Act Rule 13a-14(a)
              
              Filed
      herewith32
              
              Certifications
      pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of
      The Sarbanes-Oxley Act of 2002, signed by Robert E. Swanson, Chief
      Executive Officer of the Fund and Kathleen P. McSherry, Chief Financial
      Officer of the Fund
              
              Filed
      herewith











18
 Table of Contents




SIGNATURES




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










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














19