RIPPER OIL AND GAS INC. RELEASES YEAR-END RESULTS ENDED MARCH 31, 2011

TSX VENTURE STOCK SYMBOL: RIP

CALGARY, June 3, 2011 /CNW/ - Ripper Oil and Gas Inc. (TSX: RIP) ("Ripper" or the "Corporation") its 2010/2011 financial results for the year ended March 31, 2011.

Corporate highlights include:

  • effective March 1, 2011 the corporation completed the sale of it's remaining assets to an arm's length purchaser in consideration for $3.0 million dollars.

  • total assets sales from August 1, 2010 to March 1, 2011 was $17.3 million.

  • during the year the directors of Ripper declared an eligible dividend of $0.40 per Common Share of Ripper. Payment was made on November 15, 2010, to shareholders of record on November 10, 2010.

Outlook

The Corporation intends to use the cash on hand to satisfy tax, and other corporate obligations. To the extent that it deems it advisable and to the extent that it has the estimated excess cash, Ripper's Board may declare a dividend on its common shares.

The company has been advised that the TSX Venture Exchange may require Ripper to move to another exchange as the company does not meet the TSX Venture Exchange Minimum Listing Requirements as the company has disposed of all its assets.

Selected Quarterly Information

The following table sets forth certain quarterly financial information of the Corporation for the eight most recent quarters:

    2011       2010    
  Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
FINANCIAL HIGHLIGHTS ($000)                
Gross Revenue 237.4 350.8 1,013.8 1,139.8 1,281.1 1,223.6 922.0 976.7
Less:                
  Royalties 28.5 3.2 121.0 78.5 187.4 85.7 92.5 44.2
  Production costs 130.4 105.4 402.0 437.6 474.5 444.8 400.8 371.3
  Transportation costs 11.1 13.8 45.5 46.0 51.7 48.8 42.4 51.2
Operating Netback 67.4 228.4 445.3 577.8 567.6 644.2 386.3 510.0
Less (add):                
  Other income/gain on hedge (8.0) (17.4) (74.5) (62.7) (25.0) (8.3) (1.3) (0.1)
  G&A 576.1 168.2 184.0 186.2 221.9 226.1 190.5 214.2
  Interest expense 0.9 0.3 34.3 35.7 36.0 40.4 29.7 29.0
  Asset retirement expenditures 0.0 0.0 0.0 0.0 (19.3) 0.8 3.1 0.0
  Current taxes 610.4 509.1 1,307.1 18.3 (314.8) (6.0) 0 (6.8)
Funds Flow from Operations (1,111.7) (431.8) (1,005.5) 400.3 668.8 391.2 164.3 273.8
  Per share, basic and diluted (0.05) (0.02) (0.05) 0.02 0.03 0.02 0.01 0.01
Add:                
  Change in non-cash working capital 461.0 (68.4) 169.6 45.8 (661.1) 260.4 (43.9) (315.1)
Cash Flow from Operating Activities (650.7) (500.3) (835.9) 446.0 7.7 651.6 120.4 (41.3)
                 
Net Income (loss) (4,205.4) (141.3) 1,268.8 (146.9) (53.3) (210.5) (374.7) (294.0)
  Per share, basic and diluted (0.20) (0.01) 0.06 (0.01) (0.00) (0.01) (0.02) (0.01)
                 
OPERATIONAL HIGHLIGHTS                
Daily Average Production                
  Oil (bbl) 29 42 61 64 64 60 59 60
  NGL (bbl) 6 (8) 21 20 13 14 20 12
  Gas (mcf) 43 299 1,540 1,723 1,708 1,861 1,795 1,877
  Boe (6:1) 42 84 339 370 362 384 378 385
Sales Price                
  Oil ($/bbl) 73.32 74.44 69.32 70.83 68.00 72.70 65.74 58.17
  NGL ($/bbl) 62.36 68.35 54.46 51.24 75.60 59.67 24.03 44.06
  Gas ($/mcf) 3.11 4.11 3.66 4.07 5.19 4.36 3.14 3.57
Average Realized Price ($/boe) 62.51 45.48 32.53 33.81 39.29 34.63 26.49 27.88
Less:                
  Royalties ($/boe) 7.51 0.42 3.88 2.33 5.75 2.43 2.66 1.26
  Production costs ($/boe) 34.35 13.66 12.90 12.98 14.55 12.59 11.51 10.60
  Transportation costs ($/boe) 2.91 1.79 1.46 1.36 1.59 1.38 1.22 1.46
Operating Netback ($/boe) 17.74 29.61 14.29 17.14 17.41 18.23 11.10 14.56

          Note: columns may not add due to rounding

Ripper Oil and Gas Inc. ("RIP") is a publicly traded company on The TSX Venture Exchange. Further information is available on SEDAR at www.sedar.com.

BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.

 

SOURCE Ripper Oil and Gas Inc.

For further information:

For further information, please contact

Mr. R.G. (Jerry) Ball, President and Chief Executive Officer

at (403) 662-2020 or Fax (403) 662-2029

RIPPER OIL AND GAS INC.

Suite 1150, 606 - 4 Street S.W.

Calgary, Alberta T2P 1T1

Profil de l'entreprise

Ripper Oil and Gas Inc.

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