Ripper Oil and Gas Inc. announces year-end reserves



    TSX VENTURE STOCK SYMBOL: RIP

    CALGARY, June 12 /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, 2008. GLJ has evaluated 100% of the Corporation's
reserves.
    Ripper's Statement of Reserves Data and Other Oil and Gas Information
Form NI 51-101 F1; Report on Reserves Data by Independent Evaluator Form
51-101 F2 and Report of Management and Directors on Reserves Data and Other
Information Form 51-101 F3 are now accessible on www.sedar.com or by
contacting the president and chief executive officer at Ripper as outlined
below.

    Overview

    The Corporation's gross proved plus probable working interest reserves
increased 44% to 2,326 thousand barrels of oil equivalent ("mboe") from
1,621 mboe last year, while net present value discounted at 10% increased 55%
to $36,308,000 from $23,505,000.
    The Corporation's reserve life index is 8.1 years on a proved basis and
11.3 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 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.
    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.

    
    Gross Reserves Summary Table - Forecast Prices and Costs
    Note: Due to rounding, some columns may not add precisely.

                                           ----------------------------------
    As at March 31                                    2008              2007
                                            Oil &              Oil      Oil
                                             NGL      Gas     Equiv.   Equiv.
                                           (mbbls)   (mmcf)   (mboe)   (mboe)
                                           ----------------------------------
    Proved
      Producing                               236    3,298      786      568
      Developed Non-producing                   5      197       38       92
      Undeveloped                              79    4,013      748      375
                                           ----------------------------------
    Total Proved                              320    7,509    1,572    1,035
    Probable                                  106    3,892      755      585
                                           ----------------------------------
    Proved plus Probable                      426   11,400    2,326    1,621
                                           ----------------------------------
    

    Approximately 20% of Ripper's proved reserves are crude oil and natural
gas liquids and 80% are natural gas. On a proved plus probable basis Ripper's
reserves are 18% crude oil and liquids and 82% natural gas.

    Net Present Value of Reserves - Forecast Prices and Costs

    Ripper's reserves were evaluated using GLJ's Price Forecast effective
April 1, 2008 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 of March 31,                  Before Tax                   Unit Value
     2008(1)                        Discounted at                   Before
                                                                  Income Tax
                                                                  Discounted
                                                                  at 10% per
                         0%       5%      10%      15%      20%   year $/boe
                     --------------------------------------------------------
    Proved Producing 26,249   21,614   18,533   16,336   14,686        26.11
    Proved Developed
     Non-Producing    1,238      941      748      615      519        16.39
    Proved
     Undeveloped     14,611   10,759    8,105    6,211    4,816        12.50
                     --------------------------------------------------------
    Total Proved     42,099   33,313   27,386   23,161   20,020        19.50
    Probable         20,813   13,100    8,922    6,442    4,857        12.89
                     --------------------------------------------------------
    Proved and
     Probable        62,912   46,413   36,308   29,603   24,877        17.32
                     --------------------------------------------------------

    1.  As required by NI 51-101, undiscounted well abandonment costs of
        $1.63 million for proved reserves and $2.06 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,
2008 Evaluation are summarized below:

    
    -------------------------------------------------------------------------
                       Historical and Forecast Prices
    -------------------------------------------------------------------------
                          Lloyd            Natural Gas Liquids
                Edmonton  Blend           ---------------------
            WTI  Light    Stream  Natural                      Currency
          Crude  Crude   Quality   Gas at                      Exchange
            Oil    Oil      at     AECO-C                        Rate  Infla-
           ($US  ($CDN   Hardisty  ($CDN/   Edm     Edm    Edm   $US/   tion
    Year   /bbl)  /bbl) (CDN/bbl)  mmbtu) Propane Butane  C(5+)  $CDN   Rate
    -------------------------------------------------------------------------
    2008  97.41  96.93    69.17    8.11    60.41   78.42  98.65  0.998  2.0%
    -------------------------------------------------------------------------
    2009  90.00  89.10    62.37    8.20    56.13   71.28  90.88  1.000  2.0%
    -------------------------------------------------------------------------
    2010  86.00  85.10    59.57    8.10    53.61   68.08  86.80  1.000  2.0%
    -------------------------------------------------------------------------
    2011  85.00  84.10    58.87    7.95    52.98   67.28  85.78  1.000  2.0%
    -------------------------------------------------------------------------
    2012  85.00  84.10    58.87    8.01    52.98   67.28  85.78  1.000  2.0%
    -------------------------------------------------------------------------
    2013  85.00  84.10    59.71    8.18    52.98   67.28  85.78  1.000  2.0%
    -------------------------------------------------------------------------
    2014  85.00  84.10    60.55    8.36    52.98   67.28  85.78  1.000  2.0%
    -------------------------------------------------------------------------
    2015  86.15  85.25    62.23    8.54    53.71   68.20  86.96  1.000  2.0%
    -------------------------------------------------------------------------
    2016  87.87  86.97    64.36    8.72    54.79   69.58  88.71  1.000  2.0%
    -------------------------------------------------------------------------
    2017  89.63  88.73    65.66    8.91    55.90   70.98  90.51  1.000  2.0%
    -------------------------------------------------------------------------
    thereafter                   Escalated at 2.0% per year
    -------------------------------------------------------------------------
    

    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; RIPPER OIL AND GAS INC., Suite 1150, 606 - 4 Street S.W.,
Calgary, Alberta, T2P 1T1

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RIPPER OIL AND GAS INC.

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