Ripper Oil and Gas Inc.



    TSX VENTURE STOCK SYMBOL: RIP

    CALGARY, Jan. 3 /CNW/ - RIPPER OIL AND GAS INC. ("RIP") announces that it
has executed an Agreement of Purchase and Sale, dated December 18, 2007 and
effective December 1, 2007, to acquire various interests in properties in core
areas where the corporation or its wholly owned subsidiary holds pre-existing
interests. This acquisition was made in exchange for 350,000 common Ripper
shares at a deemed price of $0.305 per share and $130,000 cash, subject to a
four month hold period, and is an arm's length transaction.
    The completion of the transaction is subject to regulatory approval.

    Ripper Oil and Gas Inc. ("RIP") is a publicly traded company on The TSX
Venture Exchange.

    The TSX Venture Exchange has in no way passed on the merits of the
    proposed transaction and has neither approved nor disapproved of the
    information contained herein.

    %SEDAR: 00015775E




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 710, Bow Valley Square III, 255 - 5th Avenue S.W.,
Calgary, Alberta, T2P 3G6

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RIPPER OIL AND GAS INC.

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