Ripper Oil and Gas Inc. announces year-end reserves



    TSX VENTURE STOCK SYMBOL: RIP

    CALGARY, June 6 /CNW/ - RIPPER OIL AND GAS INC. ("TSXV - RIP") (Ripper or
the Corporation) hereby reports on the results of its independent reserve
evaluations conducted by GLJ Petroleum Consultants Ltd. ("GLJ"). The report
was prepared in accordance with National Instrument 51-101 (NI 51-101) for the
year ended March 31, 2007. GLJ has evaluated 100% of the Corporation's
reserves.

    Overview

    The Corporation's proved plus probable working interest reserves
decreased to 1,621 thousand barrels of oil equivalent ("mboe") from 2,854 mboe
last year, while net present value discounted at 10% decreased to $23,505,000
from $35,261,000.
    Alberta proved plus probable reserves increased to 1,678 mboe from
1,116 mboe last year, while the net present value discounted at 10% increased
to $22,852,000 from $20,653,000 last year.
    The Corporation shifted its reserve evaluation for southwest Saskatchewan
to GLJ for the year ended March 31, 2007 in order to consolidate its
evaluation and enhance the consistency of the presentation of its reserves.
Southwest Saskatchewan proved plus probable reserves decreased to 84 mboe from
1,847 mboe last year, while the net present value discounted at 10% decreased
to $653,000 from $14,609,000 last year. Technical reserve revisions caused by
new information from offsetting wells, poorer than forecast initial reservoir
performance and substantially higher operating costs on the Corporation's
southwest Saskatchewan shallow natural gas properties accounted for all of the
Corporation's decline in reserves and their net present values.
    The Corporation's reserve life index is 7.6 years on a proved basis and
10.5 years on a proved plus probable basis.

    Reserves

    The year end reserves presented herein include the Corporation's interest
before deductions for royalties and use forecast and constant price and cost
assumptions. Where volumes are expressed on a barrel of oil equivalent ("boe")
basis, gas volumes have been converted to boe at 6,000 cubic feet per barrel
(6 mcf/bbl). BOE's may be misleading, particularly if used in isolation. The
BOE conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalent
conversion method primarily applicable at the burner tip and does not
represent a value equivalency at the wellhead.
    The reserve data provided in this release only represents a portion of
the disclosure required under NI 51-101. Additional disclosure will be
provided at www.sedar.com on or before June 29, 2007.
    Ripper's board members review the qualifications and appointment of the
independent reserve evaluators and the processes and technical data used to
determine the reserves booked.

    Note: Due to rounding, some columns may not add precisely.

    
    RESERVES SUMMARY TABLE - FORECAST PRICES AND COSTS

    As at March 31                                   2007               2006

                                            Oil &              Oil      Oil
                                             NGL      Gas     Equiv.   Equiv.
                                           (mbbls)   (mmcf)   (mboe)   (mboe)
    Proved
      Producing                               252    1,895      568      679
      Developed Non-producing                  12      483       92       47
      Undeveloped                              56    1,917      375      629
                                          -----------------------------------
    Total Proved                              319    4,295    1,035    1,355
    Probable                                   88    2,982      585    1,499
                                          -----------------------------------
    Proved plus Probable                      407    7,276    1,621    2,854
                                          -----------------------------------
                                          -----------------------------------
    

    Approximately 31% of Ripper's proved reserves are crude oil and natural
gas liquids and 69% are natural gas. On a proved plus probable basis Ripper's
reserves are 25% crude oil and liquids and 75% natural gas.

    NET PRESENT VALUE OF RESERVES - FORECAST PRICES AND COSTS

    Ripper's reserves were evaluated using GLJ's Price Forecast effective
April 1, 2007 for all properties and are prior to provisions for income taxes,
interest, debt service charges and general and administrative expenses. It
should not be assumed that the discounted future net production revenues
estimated herein represent the fair market value of the reserves.

    
    NET PRESENT VALUE OF RESERVES - FORECAST PRICES AND COSTS

    As at March 31, 2007(1)                       Discounted at
                                     0%       5%      10%      12%      15%
                                  ($000s)  ($000s)  ($000s)  ($000s)  ($000s)
    Proved
      Producing                   17,683   14,182   11,912   11,217   10,333
      Developed Non-producing      2,392    2,059    1,811    1,728    1,619
      Undeveloped                  7,513    5,311    3,836    3,382    2,806
                                 --------------------------------------------
    Total Proved                  27,588   21,552   17,559   16,327   14,758
    Probable                      14,406    8,889    5,946    5,147    4,203
                                 --------------------------------------------
    Proved plus Probable          41,995   30,441   23,505   21,474   18,961
                                 --------------------------------------------
                                 --------------------------------------------
    (1) As required by NI 51-101, undiscounted well abandonment costs of
        $1.00 million for proved reserves and $1.41 million for proved plus
        probable reserves are included in the net present value
        determination.
    

    At a 10% discount, the proved producing reserves make up 68% of the total
proved value while total proved reserves account for 75% of the proved plus
probable reserve value.

    FORECAST PRICES

    The product price forecasts used by GLJ in the Corporation's March 31,
2007 Evaluation are summarized for the next 6 years below:

    
                                              Edmonton        Spot
                                 WTI Oil      Light Oil   Natural Gas
                                 USD/bbl       $C/bbl      $C/mmbtu
    ------------------------------------------------------------------
    2007                          61.00         68.75         7.30
    2008                          60.00         68.00         7.65
    2009                          58.00         65.75         7.75
    2010                          57.00         64.50         7.80
    2011                          57.00         64.50         7.85
    2012                          57.50         65.00         8.15


    RESERVE SUMMARY TABLE - CONSTANT PRICES AND COSTS

    As at March 31                                   2007               2006

                                            Oil &              Oil      Oil
                                             NGL      Gas     Equiv.   Equiv.
                                           (mbbls)   (mmcf)   (mboe)   (mboe)
    Proved
      Producing                               253    1,898      569      680
      Developed Non-producing                  12      482       92       47
      Undeveloped                              56    1,920      376      628
                                          -----------------------------------
    Total Proved                              320    4,300    1,037    1,355
    Probable                                   90    2,984      587    1,501
                                          -----------------------------------
    Proved plus Probable                      410    7,284    1,624    2,857
                                          -----------------------------------
                                          -----------------------------------

    NET PRESENT VALUE OF RESERVES - CONSTANT PRICES AND COSTS

    As at March 31, 2007(1)                       Discounted at
                                     0%       5%      10%      12%      15%
                                  ($000s)  ($000s)  ($000s)  ($000s)  ($000s)
    Proved
      Producing                   19,937   16,045   13,494   12,708   11,707
      Developed Non-producing      2,387    2,065    1,822    1,741    1,634
      Undeveloped                  7,890    5,605    4,084    3,615    3,022
                                 --------------------------------------------
    Total Proved                  30,214   23,715   19,400   18,065   16,362
    Probable                      13,617    8,561    5,820    5,068    4,172
                                 --------------------------------------------
    Proved plus Probable          43,831   32,276   25,221   23,133   20,535
                                 --------------------------------------------
                                 --------------------------------------------
    (1) As required by NI 51-101, undiscounted well abandonment costs of
        $0.79 million for proved reserves and $1.01 million for proved plus
        probable reserves are included in the net present value
        determination.
    

    The constant net present value case used the GLJ posted constant price of
CDN $71.90/bbl for Edmonton Par and CDN $7.60/mmbtu for Alberta Spot natural
gas at AECO-C and is prior to provisions for income taxes, interest, debt
service charges and general and administrative expenses.
    A more detailed summary of reserves and future cash flows based on the
GLJ Evaluation dated March 31, 2007 will be found on www.sedar.com on or
before June 29, 2007.
    Ripper's current production is approximately 325 boe/day with 86 boe/day
awaiting tie in.

    Forward-looking statements: This press release may contain
forward-looking statements including expectations of future production, cash
flow and earnings. These statements are based on current expectations that
involve a number of risks and uncertainties, which could cause actual results
to differ materially from those anticipated. These risks include, but are not
limited to: the risks associated with the oil and gas industry (e.g.
operational risks in development, exploration and production delays or changes
in plans with respect to exploration or development projects or capital
expenditures; the uncertainty of reserve estimates; the uncertainty of
estimates and projections relating to production, costs and expenses and
health, safety and environmental risks), commodity price and exchange
fluctuation and uncertainties resulting from potential delays or changes in
plans with respect to exploration or development projects or capital
expenditures. Ripper assumes no obligation to publicly update or revise any
forward-looking information except as required by law. Additional information
on these and other factors that could affect Ripper's operations or financial
results are included in Ripper's reports on file with Canadian securities
regulatory authorities.

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

    %SEDAR: 00015775E




For further information:

For further information: Mr. R.G. (Jerry) Ball, President and Chief
Executive Officer, Ripper Oil and Gas Inc., Telephone (403) 662-2020, Fax
(403) 662-2029

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RIPPER OIL AND GAS INC.

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