UNITED STATES
SECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549

FORM 10-Q

|  |                                                                                          
|- | -----------------------------------------------------------------------------------------
|x | QUARTERLY
  REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|  | For
  the quarterly period ended June 30, 2008                                           

or

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

Commission
File Number 000-52578

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) Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act:

Shares of LLC Membership Interest

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

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

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

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

There is no market for the
shares. As of July 25, 2008 there are 971.6054 shares outstanding.

---



Table of Contents

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

1

---



PART I - FINANCIAL INFORMATIONITEM 1. FINANCIAL STATEMENTS

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

|                                                                                   |  |               |         |                   |   |         |  
|---------------------------------------------------------------------------------- |  | ------------- | ------- | ----------------- | - | ------- | -
|                                                                                   |  | June 30, 2008 |         | December 31, 2007 |  
|                                                                                   |  |               |         |                   |  
|ASSETS                                                                             |  |               |         |                   |   |         |  
|Current assets:                                                                    |  |               |         |                   |   |         |  
|Cash and cash equivalents                                                          |  | $             | 6,646   |                   | $ | 15,696  |  
|Short-term investments in marketable
  securities                                  |  |               | 15,250  |                   |   | 15,024  |  
|Production receivable                                                              |  |               | 4,412   |                   |   | 471     |  
|Other current assets                                                               |  |               | 166     |                   |   | 297     |  
|                                                                                   |  |               |         |                   |   |         |  
|Total current assets                                                               |  |               | 26,474  |                   |   | 31,488  |  
|Long-term investment in marketable
  securities                                    |  |               | 19,800  |                   |   | 19,656  |  
|Salvage fund                                                                       |  |               | 1,068   |                   |   | 1,050   |  
|                                                                                   |  |               |         |                   |   |         |  
|Oil and gas properties:                                                            |  |               |         |                   |   |         |  
|Advances to operators for working interests
  and expenditures                     |  |               |        |                   |   | 1,068   |  
|Unproved properties                                                                |  |               |        |                   |   | 4,202   |  
|Proved properties                                                                  |  |               | 35,962  |                   |   | 20,858  |  
|Less: accumulated depletion and
  amortization                                     |  |               | (1,952  | )                 |   | (82     | )
|                                                                                   |  |               |         |                   |   |         |  
|Total oil and gas properties                                                       |  |               | 34,010  |                   |   | 26,046  |  
|                                                                                   |  |               |         |                   |   |         |  
|                                                                                   |  |               |         |                   |   |         |  
|Total assets                                                                       |  | $             | 81,352  |                   | $ | 78,240  |  
|                                                                                   |  |               |         |                   |   |         |  
|LIABILITIES AND MEMBERS CAPITAL                                                   |  |               |         |                   |   |         |  
|Current liabilities:                                                               |  |               |         |                   |   |         |  
|Due to operators                                                                   |  | $             | 5,826   |                   | $ | 4,641   |  
|Accrued expenses payable                                                           |  |               | 109     |                   |   | 100     |  
|                                                                                   |  |               |         |                   |   |         |  
|Total current liabilities                                                          |  |               | 5,935   |                   |   | 4,741   |  
|                                                                                   |  |               |         |                   |   |         |  
|Asset retirement obligations                                                       |  |               | 403     |                   |   | 65      |  
|                                                                                   |  |               |         |                   |   |         |  
|Total liabilities                                                                  |  |               | 6,338   |                   |   | 4,806   |  
|                                                                                   |  |               |         |                   |   |         |  
|Commitments and contingencies (Note 8)                                             |  |               |         |                   |   |         |  
|Members capital:                                                                  |  |               |         |                   |   |         |  
|Manager:                                                                           |  |               |         |                   |   |         |  
|Distributions                                                                      |  |               | (603    | )                 |   |        |  
|Accumulated earnings (deficit)                                                     |  |               | 48      |                   |   | (1,171  | )
|                                                                                   |  |               |         |                   |   |         |  
|Managers total                                                                    |  |               | (555    | )                 |   | (1,171  | )
|                                                                                   |  |               |         |                   |   |         |  
|                                                                                   |  |               |         |                   |   |         |  
|Shareholders:                                                                      |  |               |         |                   |   |         |  
|Capital contributions (1,000 shares
  authorized; 971.6054 issued and outstanding) |  |               | 144,529 |                   |   | 144,529 |  
|Syndication costs                                                                  |  |               | (16,990 | )                 |   | (16,990 | )
|Distributions                                                                      |  |               | (3,416  | )                 |   |        |  
|Accumulated deficit                                                                |  |               | (48,757 | )                 |   | (52,956 | )
|                                                                                   |  |               |         |                   |   |         |  
|Shareholders total                                                                |  |               | 75,366  |                   |   | 74,583  |  
|                                                                                   |  |               |         |                   |   |         |  
|                                                                                   |  |               |         |                   |   |         |  
|Accumulated other comprehensive income                                             |  |               | 203     |                   |   | 22      |  
|                                                                                   |  |               |         |                   |   |         |  
|                                                                                   |  |               |         |                   |   |         |  
|Total members capital                                                             |  |               | 75,014  |                   |   | 73,434  |  
|                                                                                   |  |               |         |                   |   |         |  
|                                                                                   |  |               |         |                   |   |         |  
|Total liabilities and members
capital                                             |  | $             | 81,352  |                   | $ | 78,240  |  
|                                                                                   |  |               |         |                   |   |         |  

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

2

---



RIDGEWOOD ENERGY T FUND, LLCUNAUDITED CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME (LOSS)
(in thousands, except share data)

|                                                  |  |                             |       |                           |   |        |   |      |        |  |   |         |  
|------------------------------------------------- |  | --------------------------- | ----- | ------------------------- | - | ------ | - | ---- | ------ |  | - | ------- | -
|                                                  |  | Three months ended June 30, |       | Six months ended June 30, |  
|                                                  |  | 2008                        |       | 2007                      |   | 2008   |   | 2007 |       
|                                                  |  |                             |       |                           |   |        |   |      |       
|Revenue                                           |  |                             |       |                           |   |        |   |      |        |  |   |         |  
|Oil and gas revenue                               |  | $                           | 5,891 |                           | $ |       |   | $    | 10,028 |  | $ |        |  
|                                                 
|Expenses                                          |  |                             |       |                           |   |        |   |      |        |  |   |         |  
|Depletion and amortization                        |  |                             | 1,091 |                           |   |       |   |      | 1,870  |  |   |        |  
|Dry-hole costs                                    |  |                             | 545   |                           |   | 105    |   |      | 1,465  |  |   | 9,246   |  
|Fees to affiliates (Note 6)                       |  |                             | 600   |                           |   | 650    |   |      | 1,205  |  |   | 1,283   |  
|Operating expenses                                |  |                             | 115   |                           |   |       |   |      | 429    |  |   |        |  
|General and administrative expenses               |  |                             | 176   |                           |   | 256    |   |      | 326    |  |   | 583     |  
|                                                  |  |                             |       |                           |   |        |   |      |        |  |   |         |  
|Total expenses                                    |  |                             | 2,527 |                           |   | 1,011  |   |      | 5,295  |  |   | 11,112  |  
|                                                  |  |                             |       |                           |   |        |   |      |        |  |   |         |  
|Income (loss) from operations                     |  |                             | 3,364 |                           |   | (1,011 | ) |      | 4,733  |  |   | (11,112 | )
|Other income                                      |  |                             |       |                           |   |        |   |      |        |  |   |         |  
|Interest income                                   |  |                             | 314   |                           |   | 948    |   |      | 685    |  |   | 2,101   |  
|                                                  |  |                             |       |                           |   |        |   |      |        |  |   |         |  
|Net income (loss)                                 |  |                             | 3,678 |                           |   | (63    | ) |      | 5,418  |  |   | (9,011  | )
|Other comprehensive (loss) income                 |  |                             |       |                           |   |        |   |      |        |  |   |         |  
|Unrealized (loss) gain on marketable
  securities |  |                             | (297  | )                         |   |       |   |      | 181    |  |   |        |  
|                                                  |  |                             |       |                           |   |        |   |      |        |  |   |         |  
|                                                  |  |                             |       |                           |   |        |   |      |        |  |   |         |  
|Total comprehensive income (loss)                 |  | $                           | 3,381 |                           | $ | (63    | ) | $    | 5,599  |  | $ | (9,011  | )
|                                                  |  |                             |       |                           |   |        |   |      |        |  |   |         |  
|Manager Interest                                  |  |                             |       |                           |   |        |   |      |        |  |   |         |  
|Net income (loss)                                 |  | $                           | 741   |                           | $ | (122   | ) | $    | 1,219  |  | $ | (341    | )
|                                                 
|Shareholder
  Interest                            |  |                             |       |                           |   |        |   |      |        |  |   |         |  
|Net income (loss)                                 |  | $                           | 2,937 |                           | $ | 59     |   | $    | 4,199  |  | $ | (8,670  | )
|Net income (loss) per share                       |  | $                           | 3,023 |                           | $ | 61     |   | $    | 4,322  |  | $ | (8,923  | )

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

3

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

|                                                                                                     |  |                           |         |      |   |         |  
|---------------------------------------------------------------------------------------------------- |  | ------------------------- | ------- | ---- | - | ------- | -
|                                                                                                     |  | Six months ended June 30, |        
|                                                                                                     |  | 2008                      |         | 2007 |  
|                                                                                                     |  |                           |         |      |  
|                                                                                                     |  |                           |         |      |  
|Cash flows from operating activities                                                                 |  |                           |         |      |   |         |  
|Net income (loss)                                                                                    |  | $                         | 5,418   |      | $ | (9,011  | )
|Adjustments to reconcile net income (loss)
  to net cash provided by (used in) operating activities  |  |                           |         |      |   |         |  
|Depletion and amortization                                                                           |  |                           | 1,870   |      |   |        |  
|Dry-hole costs                                                                                       |  |                           | 1,465   |      |   | 9,246   |  
|Accretion expense                                                                                    |  |                           | 2       |      |   |        |  
|Amortization of premium                                                                              |  |                           | 37      |      |   |        |  
|Interest earned on marketable securities                                                             |  |                           | (226    | )    |   | (1,496  | )
|Changes in assets and liabilities:                                                                   |  |                           |         |      |   |         |  
|Increase in production receivable                                                                    |  |                           | (3,941  | )    |   |        |  
|Decrease in other current assets                                                                     |  |                           | 112     |      |   | 162     |  
|Decrease in due to affiliates                                                                        |  |                           |        |      |   | (37     | )
|Increase in accrued expenses payable                                                                 |  |                           | 97      |      |   | 422     |  
|                                                                                                     |  |                           |         |      |   |         |  
|Net cash provided by (used in) operating
  activities                                                |  |                           | 4,834   |      |   | (714    | )
|                                                                                                     |  |                           |         |      |   |         |  
|                                                                                                     |  |                           |         |      |   |         |  
|Cash flows from investing activities                                                                 |  |                           |         |      |   |         |  
|Capital expenditures for oil and gas
  properties                                                    |  |                           | (9,847  | )    |   | (39,392 | )
|Interest reinvested in salvage fund                                                                  |  |                           | (18     | )    |   | (23     | )
|Proceeds from the sale of marketable
  securities                                                    |  |                           | 15,230  |      |   | 51,275  |  
|Investment in marketable securities                                                                  |  |                           | (15,230 | )    |   | (44,999 | )
|                                                                                                     |  |                           |         |      |   |         |  
|Net cash used in investing activities                                                                |  |                           | (9,865  | )    |   | (33,139 | )
|                                                                                                     |  |                           |         |      |   |         |  
|                                                                                                     |  |                           |         |      |   |         |  
|Cash flows from financing activities                                                                 |  |                           |         |      |   |         |  
|Contributions from shareholders                                                                      |  |                           |        |      |   | 23      |  
|Syndication costs paid                                                                               |  |                           |        |      |   | (58     | )
|Distributions                                                                                        |  |                           | (4,019  | )    |   |        |  
|                                                                                                     |  |                           |         |      |   |         |  
|Net cash used in financing activities                                                                |  |                           | (4,019  | )    |   | (35     | )
|                                                                                                     |  |                           |         |      |   |         |  
|                                                                                                     |  |                           |         |      |   |         |  
|Net decrease in cash and cash
equivalents                                                            |  |                           | (9,050  | )    |   | (33,888 | )
|Cash and cash equivalents, beginning of
  period                                                     |  |                           | 15,696  |      |   | 63,416  |  
|                                                                                                     |  |                           |         |      |   |         |  
|Cash and cash equivalents, end of period                                                             |  | $                         | 6,646   |      | $ | 29,528  |  
|                                                                                                     |  |                           |         |      |   |         |  
|                                                                                                     |  |                           |         |      |   |         |  
|Supplemental schedule of non-cash investing
  activities                                             |  |                           |         |      |   |         |  
|                                                                                                    
|Advances used for capital expenditures in
  oil and gas properties reclassified to proved properties |  | $                         | 1,068   |      | $ |        |  
|                                                                                                     |  |                           |         |      |   |         |  

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

4

---



RIDGEWOOD
ENERGY T FUND, LLCNOTES 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, 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. During 2007, the Fund began earning revenue and was determined to no
longer be an exploratory stage enterprise.

The Manager performs, or
arranges for the performance of, the management and administrative services
required for Fund operations. Such services include, without limitation, the
administration of shareholder accounts, shareholder relations and the
preparation, review and dissemination of tax and other financial information.
In addition, the Manager provides office space, equipment and facilities and
other services necessary for Fund operations. The Manager also engages and
manages the contractual relations with unaffiliated broker-dealers,
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 annual financial statements and the notes thereto for
the year ended December 31, 2007 included in the Funds Annual Report on Form
10-K (Form 10-K) filed with the Securities and Exchange Commission (the
SEC).

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.

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 June 30, 2008 and December 31, 2007, bank
balances, inclusive of the salvage fund, exceeded federally insured limits by
$6.5 million and $13.5 million, respectively. The Fund maintains bank deposits
with accredited financial institutions.

Investments in
Marketable Securities

At times the Fund may invest
in United States Treasury Bills and Notes. These investments are considered
short-term when their maturities are greater than three months and one year or
less, and long-term when their maturities are in excess of twelve months. The
Fund currently has short-term investments that are classified as
held-to-maturity. Held-to-maturity securities are those investments that the
Fund has the ability and intent to hold until maturity, and are recorded at
cost plus accrued income, adjusted for the amortization of premiums and
discounts, which approximates fair value. At June 30, 2008 and December 31,
2007, the Fund had held-to-maturity investments totaling $15.3 million and
$15.0 million, respectively. The held-to-maturity investments held at June 30,
2008 mature in December 2008.

5

---



The Fund currently has
long-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 long-term, available-for-sale
investments at June 30, 2008 and December 31, 2007:

|                     |  |           |        |                |   |       |  |   |        | 
|-------------------- |  | --------- | ------ | -------------- | - | ----- |  | - | ------ | 
|                     |  |           |        | Gross          |   |       | 
|                     |  | Amortized |        | Unrealized     |   | Fair  | 
|                     |  | Cost      |        | Gains          |   | Value | 
|                     |  |           |        |                |   |       | 
|                     |  |           |        | (in thousands) |   |       | 
|Available-for-Sale   |  |           |        |                |   |       | 
|                     |  |           |        |                |   |       | 
|U.S Treasury
  notes |  |           |        |                |   |       |  |   |        | 
|June 30, 2008        |  | $         | 19,597 |                | $ | 203   |  | $ | 19,800 | 
|                     |  |           |        |                |   |       |  |   |        | 
|                     |  |           |        |                |   |       |  |   |        | 
|December 31, 2007    |  | $         | 19,634 |                | $ | 22    |  | $ | 19,656 | 
|                     |  |           |        |                |   |       |  |   |        | 

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

Salvage Fund

Pursuant to the
Funds LLC Agreement, the Fund deposits in a separate interest-bearing account,
or a salvage fund, money to provide for dismantling production platforms and
facilities, plugging and abandoning the wells and removing the platforms,
facilities and wells after their useful lives, in accordance with applicable
federal and state laws and regulations. At June 30, 2008, the Fund had
held-to-maturity investments within its salvage fund totaling $1.0 million. The
held-to-maturity investments held within the salvage fund at June 30, 2008
mature in December 2012.

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

Investments in
oil and 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, 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.            The
Manager does not currently intend to sell any of the Funds property interests.

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

At June 30, 2008, amounts
recorded in due to operators totaling $5.7 million related to capital
expenditures for oil and gas property. These amounts were paid during the third
quarter of 2008.

6

---



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.

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 table below presents
changes in asset retirement obligations
for the six months ended June 30, 2008 and the year ended December 31,
2007.

|                                |  |                |     |                   |   |      |  
|------------------------------- |  | -------------- | --- | ----------------- | - | ---- | -
|                                |  | June 30, 2008  |     | December 31, 2007 |  
|                                |  |                |     |                   |  
|                                |  | (in thousands) |    
|Balance -
  Beginning of period |  | $              | 65  |                   | $ |     |  
|Liabilities
  incurred          |  |                | 336 |                   |   | 814  |  
|Liabilities
  settled           |  |                |    |                   |   | (749 | )
|Accretion
  expense             |  |                | 2   |                   |   |     |  
|                                |  |                |     |                   |   |      |  
|Balance -
  End of period       |  | $              | 403 |                   | $ | 65   |  
|                                |  |                |     |                   |   |      |  

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

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 Imbalances

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

The Fund uses the sales
method of accounting for gas production imbalances. The volumes of gas sold may
differ from the volumes to which the Fund is entitled based on its interests in
the properties. These differences create imbalances that are recognized as a
liability only when the properties estimated remaining reserves net to the
Fund will not be sufficient to enable the underproduced owner to recoup its
entitled share through production. The Funds recorded liability, if any, would
be reflected in other non-current liabilities. No receivables are recorded for
those wells where the Fund has taken less than its share of production.
Gas imbalances are reflected as adjustments to estimates of proved gas reserves
and future cash flows in the unaudited supplemental oil and gas disclosures. At
June 30, 2008 and December 31, 2007, there were no oil or natural gas balancing
arrangements between the Fund and other working interest owners.

Impairment of
Long-Lived Assets

In accordance
with the provisions of Financial Accounting Standards (SFAS) No. 144,
Accounting for the Impairment of Long-Lived Assets, long-lived assets,
such as oil and natural gas properties, are evaluated when events or changes in
circumstances indicate the carrying value of such assets may not be
recoverable. The determination of whether impairment has occurred is made by
comparing the carrying values of long-lived assets to the estimated future
undiscounted cash flows attributable to the asset. The impairment loss
recognized is the excess of the carrying value over the future discounted cash
flows attributable to the asset or the estimated fair value of the
asset. During the three and six months ended June 30, 2008 and 2007, no
impairments were recorded.

7

---



Depletion and
AmortizationDepletion 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.

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

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.Recent Accounting Standards

In May 2008, the Financial
Accounting Standards Board (FASB) issued SFAS No. 162, The Hierarchy of
Generally Accepted Accounting Principles, (SFAS No.162), which identifies
the sources of accounting principles and the framework for selecting the
principles used in the preparation of financial statements that are presented
in conformity with U.S. generally accepted accounting principles (GAAP). SFAS
No. 162 will be effective sixty days following the Securities and Exchange
Commissions approval of the Public Company Accounting Oversight Board
amendments to AU Section 411. The Fund does not expect the adoption of SFAS No.
162 will have a material impact on its financial condition or results of
operation.

In September 2006, the FASB
issued SFAS No. 157, Fair Value Measurements, (SFAS No.157), which applies
under most other accounting pronouncements that require or permit fair value
measurements. SFAS No. 157 provides a common definition of fair value as the
price that would be received to sell an asset or paid to transfer a liability
in a transaction between market participants. The new standard also provides
guidance on the methods used to measure fair value and requires expanded
disclosures related to fair value measurements. SFAS No. 157 had originally been
effective for financial statements issued for fiscal years beginning after
November 15, 2007, however the FASB has agreed on a one year deferral for all
non-financial assets and liabilities.            On
January 1, 2008, the Fund adopted SFAS No. 157 for financial assets and
liabilities. See Note 7 for related disclosure.

4.     Unproved Properties -
Capitalized Exploratory Well Costs

Leasehold acquisition and
exploratory drilling costs are capitalized pending determination of whether the
well has found proved reserves. Unproved properties are assessed on a quarterly
basis by evaluating and monitoring if sufficient progress is made on assessing
the reserves.

The following table reflects
the net changes in unproved properties for the six months ended June 30, 2008
and the year ended December 31, 2007. As of June 30, 2008, the Fund had no
capitalized exploratory well costs greater than one year.

|                                                                                               |  |                |         |                   |   |         |  
|---------------------------------------------------------------------------------------------- |  | -------------- | ------- | ----------------- | - | ------- | -
|                                                                                               |  | June 30, 2008  |         | December 31, 2007 |  
|                                                                                               |  |                |         |                   |  
|                                                                                               |  | (in thousands) |        
|Balance - Beginning of the period                                                              |  | $              | 4,202   |                   | $ |        |  
|Additions to capitalized exploratory well
  costs pending the determination of proved reserves |  |                | 8,626   |                   |   | 25,060  |  
|Reclassifications to proved properties
  based on the determination of proved reserves         |  |                | (12,828 | )                 |   | (20,858 | )
|Capitalized exploratory well costs charged to dry-hole costs                                   |  |                |        |                   |   |        |  
|                                                                                               |  |                |         |                   |   |         |  
|                                                                                               |  |                |         |                   |   |         |  
|Balance - End of the period                                                                    |  | $              |        |                   | $ | 4,202   |  
|                                                                                               |  |                |         |                   |   |         |  

8

---



Capitalization costs are
expensed as dry-hole costs in the event that reserves are not found or are not
in sufficient quantities to complete the well and develop the field. Dry-hole
costs are detailed in the table below.

|                                  |  |                             |     |                           |   |      |   |      |       |  |   |       | 
|--------------------------------- |  | --------------------------- | --- | ------------------------- | - | ---- | - | ---- | ----- |  | - | ----- | 
|                                  |  | Three months ended June 30, |     | Six months ended June 30, |  
|Lease Block                       |  | 2008                        |     | 2007                      |   | 2008 |   | 2007 |      
|                                  |  |                             |     |                           |   |      |   |      |      
|                                  |  | (in thousands)              |    
|                                  |  |                             |     |                           |   |      |   |      |       |  |   |       | 
|West Cameron 109                  |  | $                           |    |                           | $ | (15  | ) | $    | 599   |  | $ | 74    | 
|Mississippi Canyon 489/490        |  |                             | 7   |                           |   |     |   |      | 316   |  |   |      | 
|Green Canyon 246                  |  |                             | (12 | )                         |   | 120  |   |      |      |  |   | 9,172 | 
|Eugene Island 346/347 Sapphire #3 |  |                             | 550 |                           |   |     |   |      | 550   |  |   |      | 
|                                  |  |                             |     |                           |   |      |   |      |       |  |   |       | 
|                                  |  | $                           | 545 |                           | $ | 105  |   | $    | 1,465 |  | $ | 9,246 | 
|                                  |  |                             |     |                           |   |      |   |      |       |  |   |       | 

5.     Distributions

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

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

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

The Fund began making
distributions in March 2008. During the six months ended June 30, 2008, Manager
and shareholder distributions totaled $0.6 million and $3.4 million,
respectively.

6.     Related Parties

The Funds LLC Agreement
provides that the Manager render management, administrative and advisory
services. For such services, the Manager receives an annual management fee,
payable monthly, of 2.5% of total capital contributions, net of cumulative
dry-hole and related well costs incurred by the Fund. Management fees, included
in fees to affiliates, were approximately $0.6 million and $1.2 million for the
three and six months ended June 30, 2008, compared to approximately $0.7
million and $1.3 million for the three and six months ended June 30, 2007,
respectively.

From time to time,
short-term payables and receivables, which do not bear interest, arise from
transactions with affiliates in the ordinary course of business. At June 30,
2008 and December 31, 2007, there were no such amounts payable or receivable.

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 and Measurements

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

In accordance with SFAS No.
157, the Funds available-for-sale investments are measured utilizing Level 1
inputs, which include quoted
prices in active markets.

9

---



8.     Commitments and Contingencies

Capital
Commitments

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 vary depending on the stage of development on
a property-by-property basis. As of June 30, 2008, the Fund had committed to
spend an additional $0.7 million related to the 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 the
Operators are continually taking action they believe appropriate to satisfy
applicable federal, state and local environmental regulations and do not
currently anticipate that compliance with federal, state and local
environmental regulations will have a material adverse effect upon capital
expenditures, results of operations or the competitive position of the Fund in
the oil and natural gas industry. However, due to the significant public and
governmental interest in environmental matters related to those activities, the
Manager cannot predict the effects of possible future legislation, rule
changes, or governmental or private claims. At June 30, 2008 and December 31,
2007, there were no known environmental contingencies that required the Fund to
record a liability.

Insurance
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. Moreover, insurance is obtained as a package covering all of the
Managers investment programs. Claims made by other such programs can reduce or
eliminate insurance for the Fund.

Suspension of MMS
Royalty Relief

Under Mineral
Management Services (MMS) rules, the Fund is eligible for royalty relief
provided that the average New York Mercantile Exchange (NYMEX) sales
price for shallow water, deep natural gas (Average NYMEX Price) does not
exceed price thresholds established by the MMS, which will be published during
the first quarter of 2009. The Average NYMEX Price during the six months ended
June 30, 2008 was $10.10. Based upon current estimations of the 2008 price
threshold by the MMS, in the event the Average NYMEX Price exceeds $10.68 for
the second half of 2008, royalty relief would be suspended and the Fund would
be obligated to pay its previously relieved MMS royalties. In addition, the
Funds future reserve estimates report for natural gas would be reduced by
16.67%. The reduction in revenues resulting from an obligation to pay these
royalties and subsequent reduction of proved reserves could have a material
adverse effect on the Funds results of operations. If the Average NYMEX Price
is below the threshold established by the MMS, the Fund would not have an
obligation to pay royalties for those properties which qualify for royalty
relief and the reserve balances would not be reduced. With regard to the
shallow water, deep natural gas properties, there was no reduction in reserves
for potential future royalties as of December 31, 2007 as a result of the
average 2007 NYMEX price for gas being below the price threshold.

The Funds natural gas
revenues for the six months ended June 30, 2008 would be reduced by $1.6
million if the 2008 annual Average NYMEX Price ultimately exceeds the price
threshold established by the MMS.
At June 30, 2008, the Fund has not recorded a liability associated with this contingency,
based upon the Managers assessment of its probability; however, the Fund has excluded this
amount from its available cash for distribution.

10

---



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

Cautionary Statement Regarding
Forward-Looking Statements

Certain statements in this
quarterly report on Form 10-Q (Quarterly Report) and the documents
Ridgewood Energy 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 within the
meaning of the Private Securities Litigation Reform Act of 1995,
Section 27A of the Securities Act of 1933, as amended (the Securities
Act) and Section 21E of the Securities Exchange Act of 1934 (the
Exchange Act). These forward-looking statements generally are identified by
the words believe, project, expect, anticipate, estimate,
intend,
strategy, plan, target, pursue, may, will, would,
will be, will
continue, will likely result, and similar expressions. Forward-looking
statements are based on current expectations and assumptions that are subject
to risks and uncertainties which may cause actual results to differ materially
from the forward-looking statements. Examples of such events that could cause
actual results to differ materially from historical results or those
anticipated include weather conditions, such as hurricanes, changes in market
conditions affecting the pricing of oil and natural gas, the cost and
availability of equipment, and changes in governmental regulations. The Fund
undertakes no obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events or otherwise.

Critical Accounting Policies and
Estimates

The following discussion and
analysis of the Funds financial condition and operating results is based on
its financial statements. The preparation of this Quarterly Report requires the
Fund to make estimates and assumptions that affect the reported amount of
assets and liabilities, disclosure of contingent assets and liabilities at the
date of the Funds financial statements, and the reported amount of revenue and
expenses during the reporting period. Actual results may differ from those
estimates and assumptions. See Notes to Unaudited Condensed Financial
Statements in Part I of this Quarterly Report 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 disclosed in its 2007 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
primarily in oil and natural gas projects located in the U.S. waters of the
Gulf of Mexico. Ridgewood Energy Corporation (Ridgewood Energy or the
Manager) a Delaware corporation, is the Manager. As the Manager, Ridgewood
Energy has direct and exclusive control over the management and control of Fund
operations. The Fund is an independent oil and natural gas producer. The Funds
primary investment objective is to generate cash flow for distribution to the
Funds shareholders through participation in oil and natural gas exploration
and development projects in the Gulf of Mexico.

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

Business Update

The Fund owns working
interests and has participated in the drilling of nine wells, five of which
have been determined to be dry holes and four that have been determined to be
successful.

11

---



Successful Projects

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. The well was completed and production commenced in mid-December
2007. The Fund has spent $22.7 million related to this property.

West Cameron 76
Well #12

In April 2007,
the Fund acquired an 11.24% working interest in the West Cameron 76 well #12
project from BHP Billiton Petroleum (Americas) Inc. (BHP), the operator. The
project began drilling in February 2008, and in April 2008, BHP notified the
Fund that the property was deemed to be a commercial discovery. The well was
completed in May 2008. An upper zone re-completion is currently underway at a
cost of approximately $0.4 million. Production from this re-completion is
expected in September 2008. Through June 30, 2008, the Fund has spent $4.7
million related to this property, for which the total estimated budget is $5.1
million.

Eugene Island
346/347

Well #1In 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.
The well was completed and production commenced in June 2008. The Fund has
spent $7.0 million related to this well.

Well #2 and Well #3

As a result of
the drilling success of the first exploratory well for Eugene Island 346/347,
the second and third wells commenced drilling in May 2008.              In late-May 2008, Eugene Island
346/347 well #2 was determined to be commercially successful and production
commenced in July 2008. Through June 30, 2008,
the Fund has spent $1.2 million related to this well.

In June 2008, the Fund was
informed by McMoRan that Eugene Island 346/347 well #3 did not have
commercially productive quantities of either natural gas or oil and had been
deemed an unsuccessful well, or dry hole. As a result of this dry hole, the Fund recorded dry-hole costs of $0.6
million during the six months ended June 30, 2008.

12

---



Results of Operations

The following review of
operations for the three and six months ended June 30, 2008 and 2007 should be
read in conjunction with the Funds financial statements and the notes thereto.

|                                                  |  |                             |       |                           |   |        |   |      |        |  |   |         |  
|------------------------------------------------- |  | --------------------------- | ----- | ------------------------- | - | ------ | - | ---- | ------ |  | - | ------- | -
|                                                  |  | Three months ended June 30, |       | Six months ended June 30, |  
|                                                  |  | 2008                        |       | 2007                      |   | 2008   |   | 2007 |       
|                                                  |  |                             |       |                           |   |        |   |      |       
|                                                  |  | (in thousands)              |      
|                                                  |  |                             |       |                           |   |        |   |      |        |  |   |         |  
|Revenue                                           |  |                             |       |                           |   |        |   |      |        |  |   |         |  
|Oil and gas revenue                               |  | $                           | 5,891 |                           | $ |       |   | $    | 10,028 |  | $ |        |  
|                                                  |  |                             |       |                           |   |        |   |      |        |  |   |         |  
|Expenses                                          |  |                             |       |                           |   |        |   |      |        |  |   |         |  
|Depletion and amortization                        |  |                             | 1,091 |                           |   |       |   |      | 1,870  |  |   |        |  
|Dry-hole costs                                    |  |                             | 545   |                           |   | 105    |   |      | 1,465  |  |   | 9,246   |  
|Fees to affiliate                                 |  |                             | 600   |                           |   | 650    |   |      | 1,205  |  |   | 1,283   |  
|Operating expenses                                |  |                             | 115   |                           |   |       |   |      | 429    |  |   |        |  
|General and administrative expenses               |  |                             | 176   |                           |   | 256    |   |      | 326    |  |   | 583     |  
|                                                  |  |                             |       |                           |   |        |   |      |        |  |   |         |  
|Total expenses                                    |  |                             | 2,527 |                           |   | 1,011  |   |      | 5,295  |  |   | 11,112  |  
|                                                  |  |                             |       |                           |   |        |   |      |        |  |   |         |  
|Income (loss) from operations                     |  |                             | 3,364 |                           |   | (1,011 | ) |      | 4,733  |  |   | (11,112 | )
|Other income                                      |  |                             |       |                           |   |        |   |      |        |  |   |         |  
|Interest income                                   |  |                             | 314   |                           |   | 948    |   |      | 685    |  |   | 2,101   |  
|                                                  |  |                             |       |                           |   |        |   |      |        |  |   |         |  
|Net income (loss)                                 |  |                             | 3,678 |                           |   | (63    | ) |      | 5,418  |  |   | (9,011  | )
|Other comprehensive (loss) income                 |  |                             |       |                           |   |        |   |      |        |  |   |         |  
|Unrealized (loss) gain on marketable
  securities |  |                             | (297  | )                         |   |       |   |      | 181    |  |   |        |  
|                                                  |  |                             |       |                           |   |        |   |      |        |  |   |         |  
|                                                  |  |                             |       |                           |   |        |   |      |        |  |   |         |  
|Total comprehensive income (loss)                 |  | $                           | 3,381 |                           | $ | (63    | ) | $    | 5,599  |  | $ | (9,011  | )
|                                                  |  |                             |       |                           |   |        |   |      |        |  |   |         |  

Oil and Gas
Revenue. Since
inception, the Fund has had three wells come onto production: West Cameron 75
in December 2007, West Cameron 76 well #12 in May 2008 and Eugene Island
346/347 well #1 in June 2008. Prior to December 2007, the Fund had no operating
revenue and was considered an exploratory stage enterprise. Oil and gas revenue
for the three and six months ended June 30, 2008 was $5.9 million and $10.0
million, respectively.

During the three months
ended June 30, 2008, West Cameron 75 produced approximately 770 barrels of oil
and approximately 494 thousand mcf of natural gas, West Cameron 76 well #12
produced approximately 1 thousand mcf of natural gas and Eugene Island 346/347
well #1 produced approximately 1,881 barrels of oil and approximately 18
thousand mcf of natural gas.

During the three months
ended June 30, 2008, the Funds oil prices have averaged $127 per barrel and natural gas
prices have averaged $10.55 per mcf.

During the six months ended
June 30, 2008, the West Cameron 75 produced 1,112 barrels of oil and
approximately 995 thousand mcf of natural gas, West Cameron 76 well #12
produced approximately 1 thousand mcf of natural gas and Eugene Island 346/347
well #1 produced approximately 1,881 barrels of oil and approximately 18
thousand mcf of natural gas.

During the six months ended
June 30, 2008, the Funds oil prices have averaged $123 per barrel and natural gas prices
have averaged $8.67 per mcf.

Depletion and
Amortization.
For the three and six months ended June 30, 2008, depletion and amortization was $1.1
million and $1.9 million, respectively. Prior to December 2007, the Fund did not have
production and therefore did not record any depletion or amortization. West Cameron 75 and
Eugene Island 346/347 well #1 began production in December 2007 and June 2008, respectively.

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.

13

---



|                                         |  |                             |     |                           |   |      |   |      |       |  |   |       | 
|---------------------------------------- |  | --------------------------- | --- | ------------------------- | - | ---- | - | ---- | ----- |  | - | ----- | 
|                                         |  | Three months ended June 30, |     | Six months ended June 30, |  
|Lease Block                              |  | 2008                        |     | 2007                      |   | 2008 |   | 2007 |      
|                                         |  |                             |     |                           |   |      |   |      |      
|                                         |  | (in thousands)              |    
|West Cameron
  109                       |  | $                           |    |                           | $ | (15  | ) | $    | 599   |  | $ | 74    | 
|Mississippi
  Canyon 489/490             |  |                             | 7   |                           |   |     |   |      | 316   |  |   |      | 
|Green Canyon
  246                       |  |                             | (12 | )                         |   | 120  |   |      |      |  |   | 9,172 | 
|Eugene
  Island 346/347 Sapphire well #3 |  |                             | 550 |                           |   |     |   |      | 550   |  |   |      | 
|                                         |  |                             |     |                           |   |      |   |      |       |  |   |       | 
|                                         |  | $                           | 545 |                           | $ | 105  |   | $    | 1,465 |  | $ | 9,246 | 
|                                         |  |                             |     |                           |   |      |   |      |       |  |   |       | 

Fees
to Affiliates. For the three months ended June 30, 2008
and 2007, the Fund incurred management fees of $0.6 million and $0.7 million,
respectively, representing 2.5% of total capital contributions, net of
cumulative dry-hole and related well costs incurred by the Fund. The Fund
incurred $1.2 million and $1.3 million for the six months ended June 30, 2008
and 2007, respectively. The management fee, payable monthly to the Manager, is
for expenses associated with overhead incurred by the Manager for its ongoing
management, administrative and advisory services. Such overhead expenses
include but are not limited to rent, payroll and benefits for employees of the
Manager, and other administrative costs.

Operating
Expenses.
Operating expenses represent the costs of operating and maintaining wells and related
facilities, geological costs and accretion expense. Operating expenses for the three months
and six months ended June 30, 2008 were $0.1 million and $0.4 million, respectively, and
were primarily related to the onset of production of West Cameron 75 and Eugene Island
346/347 well #1 and geological surveys for West Cameron 76 well #12.

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

|                       |  |                             |     |                           |   |      |  |      |     |  |   |     | 
|---------------------- |  | --------------------------- | --- | ------------------------- | - | ---- |  | ---- | --- |  | - | --- | 
|                       |  | Three months ended June 30, |     | Six months ended June 30, |  
|                       |  | 2008                        |     | 2007                      |   | 2008 |  | 2007 |    
|                       |  |                             |     |                           |   |      |  |      |    
|                       |  | (in thousands)              |    
|Insurance              |  | $                           | 53  |                           | $ | 172  |  | $    | 132 |  | $ | 418 | 
|Accounting fees        |  |                             | 102 |                           |   | 47   |  |      | 152 |  |   | 89  | 
|Trust fees
  and other |  |                             | 21  |                           |   | 37   |  |      | 42  |  |   | 76  | 
|                       |  |                             |     |                           |   |      |  |      |     |  |   |     | 
|                       |  | $                           | 176 |                           | $ | 256  |  | $    | 326 |  | $ | 583 | 
|                       |  |                             |     |                           |   |      |  |      |     |  |   |     | 

Insurance
expense represents premiums related to well control insurance, which varies
dependent upon drilling activity, and directors and officers liability policy,
which is allocated by the Manager to the Fund based on capital raised by the
Fund to total capital raised by all oil and natural gas funds managed by the
Manager. Accounting fees represent annual audit and tax preparation
fees, quarterly reviews and filing fees of the Fund. Trust fees represent bank
fees associated with the management of the Funds cash accounts.

Interest
Income. Interest income is comprised of interest
earned on money market accounts and short-term and long-term investments in
U.S. Treasury securities. For the three months ended June 30, 2008, interest
income was $0.3 million, a $0.6 million decrease from $0.9 million for the
three months ended June 30, 2007. Interest income for the six months ended June
30, 2008 and 2007 was $0.7 million and $2.1 million, respectively, a decrease
of $1.4 million. The decreases for the three and six month periods were
attributable to a decrease in average outstanding balances earning interest due
to property expenditures during the period coupled with a reduction in interest
rates.

Unrealized
(Loss) Gain on Marketable Securities. During
2007, the Fund purchased long-term 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 an unrealized loss of $0.3 million during the
three months ended June 30, 2008 and unrealized gains of $0.2 million for the
six months ended June 30, 2008. For the three and six months ended June 30,
2007 there was no unrealized gain or loss on marketable securities.

14

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Capital Resources and Liquidity

Operating Cash Flows

Cash flows
provided by operating activities for the six months ended June 30, 2008 were
$4.8 million, principally attributable to revenue receipts of $6.1 million,
interest income received of $0.5 million and favorable working capital of $0.1
million. These amounts were partially offset by management fees of $1.2
million, operating expenses of $0.4 million, and general and administrative
expenses of $0.3 million.

Cash flows
used in operating activities for the six months ended June 30, 2007 were $0.7
million, primarily related to management fees of $1.3 million, and general and
administrative fees of $0.6 million, offset by interest income received of $0.8
million and favorable working capital of $0.3 million, primarily from an
increase in accrued expenses related to control of well insurance premiums.

Investing Cash Flows

Cash flows
used in investing activities for the six months ended June 30, 2008 were $9.9
million and were principally related to capital expenditures for oil and
natural gas properties. The Fund received proceeds from the sale of marketable
securities of $15.2 million all of which were reinvested in marketable
securities. Additionally, in the six months ended June 30, 2008, the Fund
increased its salvage fund investments by $18 thousand, which consisted of the
interest earned on this fund.

Cash flows
used in investing activities for the six months ended June 30, 2007 were $33.1
million and were principally related to capital expenditures of $39.4 million
for oil and natural gas properties. The Fund received proceeds from the sale of
marketable securities of $51.3 million and invested $45.0 million in marketable
securities. Additionally, in the six months ended June 30, 2007, the Fund
increased its salvage fund investments by $23 thousand, which consisted of the
interest earned on this account.

Financing Cash Flows

Cash flows
used in financing activities for the six months ended June 30, 2008 were $4.0
million related to the payment of Manager and Shareholder distributions.

Cash flows
used in financing activities for the six months ended June 30, 2007 were $35
thousand related to the payment of $58 thousand of syndication costs partially
offset by collection of $23 thousand of subscriptions receivable.

Estimated Capital Expenditures

The Fund has
entered into multiple offshore operating agreements for the drilling and
development of its investment properties. The estimated capital expenditures
associated with these agreements can vary depending on the stage of development
on a property-by-property basis. As of June 30, 2008, the Fund had commitments
related to participation agreements totaling $0.7 million for properties.

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

Liquidity Needs

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

15

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

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

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

Suspension
of MMS Royalty Relief

Under Mineral
Management Services (MMS) rules, the Fund is eligible for royalty relief provided
that the average New York Mercantile Exchange (NYMEX) sales price for
shallow water, deep natural gas (Average NYMEX Price) does not exceed price
thresholds established by the MMS, which will be published during the first
quarter of 2009. The Average NYMEX Price during the six months ended June 30,
2008 was $10.10. Based upon current estimations of the 2008 price threshold by
the MMS, in the event the Average NYMEX Price exceeds $10.68 for the second
half of 2008, royalty relief would be suspended and the Fund would be obligated
to pay its previously relieved MMS royalties. In addition, the Funds future
reserve estimates report for natural gas would be reduced by 16.67%. The
reduction in revenues resulting from an obligation to pay these royalties and
subsequent reduction of proved reserves could have a material adverse effect on
the Funds results of operations. If the Average NYMEX Price is below the
threshold established by the MMS, the Fund would not have an obligation to pay
royalties for those properties which qualify for royalty relief and the reserve
balances would not be reduced. With regard to the shallow water, deep natural
gas properties, there was no reduction in reserves for potential future
royalties as of December 31, 2007 as a result of the average 2007 NYMEX
price for gas being below the price threshold.

The Funds
natural gas revenues for the six months ended June 30, 2008 would be reduced by
$1.6 million if the 2008 annual Average NYMEX Price ultimately exceeds the
price threshold established by the MMS.
At June 30, 2008, the Fund has not recorded a liability associated with this contingency,
based upon the Managers assessment of its probability; however, the Fund has excluded this
amount from its available cash for distribution.

Off-Balance Sheet Arrangements

The Fund had
no off-balance sheet arrangements as of June 30, 2008 and December 31, 2007 and
does not anticipate the use of such arrangements in the future.

Contractual Obligations

The Fund
enters into operating agreements with operators. On behalf of the Fund, an
operator enters into various contractual commitments pertaining to exploration,
development and production activities. The Fund does not discuss or negotiate
any such contracts. No contractual obligations exist at June 30, 2008 and
December 31, 2007 other than those discussed in Estimated Capital
Expenditures above.

ITEM 3. QUANTITATIVE AND QUALITATIVE
DISCLOSURES ABOUT MARKET RISK

Not required.

16

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ITEM 4. CONTROLS AND PROCEDURES

In accordance
with Exchange Act Rules 13a-15 and 15d-15, the Fund carried out an
evaluation, under the supervision and with the participation of management,
including its Chief Executive Officer and Chief Financial Officer, of the
effectiveness of our disclosure controls and procedures as of the end of the
period covered by this report. Based on that evaluation, our Chief Executive
Officer and Chief Financial Officer concluded that the Funds disclosure
controls and procedures were effective as of June 30, 2008.

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

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None.

ITEM 1A. RISK FACTORS

Not required.

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

None.

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                                                                                                                                                                                                                                                
|        |  |                                                                                                                                                                                                                                                                 
|        |  |                                                                                                                                                                                                                                                                 
|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.

17

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SIGNATURES

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

|       |                 |  |     |        |                                                       
|------ | --------------- |  | --- | ------ | ------------------------------------------------------
|       |                 |  |     |        | RIDGEWOOD
  ENERGY T FUND, LLC                        
|Dated: | July 25,
  2008 |  |     |        |                                                       
|       |                 |  |     |        |                                                       
|       |                 |  | By: | /s/    | ROBERT E.
  SWANSON                                   
|       |                 |  |     |        |                                                       
|       |                 |  |     | Name:  | Robert E.
  Swanson                                   
|       |                 |  |     | Title: | President
  and Chief Executive Officer               
|       |                 |  |     |        | (Principal
  Executive Officer)                       
|       |                 |  |     |        |                                                       
|Dated: | July 25,
  2008 |  |     |        |                                                       
|       |                 |  | By: | /s/    | KATHLEEN P.
  MCSHERRY                                
|       |                 |  |     |        |                                                       
|       |                 |  |     | Name:  | Kathleen P.
  McSherry                                
|       |                 |  |     | Title: | Executive
  Vice President and Chief Financial Officer
|       |                 |  |     |        | (Principal
  Financial and Accounting Officer)        

18

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