TSX VENTURE STOCK SYMBOL: RIP
CALGARY, Nov. 29 /CNW/ - RIPPER OIL AND GAS INC. ("RIP") reports that for
the six-month period ended September 30, 2007, oil and gas revenue, net of
royalties, was $2,432,302 compared to $2,642,457 last year due to lower
natural gas prices and higher royalties. Six month cash flow from operations
was $953,896 ($0.06 per share) compared to $1,504,437 ($0.10 per share) for
the same period last year due to decreased natural gas prices and increased
production and general and administrative expenses. Net income for the period
decreased to $207,170 ($0.01 per share), from $445,687 ($0.03 per share) for
the first half last year.
Production for the six months averaged 348 barrels of oil equivalent per
day (boepd) (6 mcf = 1 barrel of oil) comprised of average daily production of
104 barrels of oil and natural gas liquids and 1,463 mcf of gas. This compares
to 339 boepd for the first half last year. The current years' six months
production includes production from the date of acquisition of a company
acquired at the end of July. Exit production at the end of the quarter was
approximately 390 boepd. Current production capability before production
behind pipe is in excess of 450 boepd.
The Corporation has 19,993,909 shares outstanding.
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.
For further information:
For further information: Mr. R.G. (Jerry) Ball, President and Chief
Executive Officer at (403) 662-2020 or Fax (403) 662-2029