Ripper Oil and Gas Inc. releases first quarter results



    TSX VENTURE STOCK SYMBOL: RIP

    CALGARY, Aug. 25 /CNW/ - RIPPER OIL AND GAS INC. ("RIP") reports its
first quarter oil and gas revenue net of royalties was $2,555,524, a 20%
increase compared to $2,123,809 in the fourth quarter ending March 31, 2008,
due to increased commodity prices. Cash flow from operations for the first
quarter increased 33% to $1,172,415 ($0.06 per share), as compared to $876,653
($0.04 per share) for the fourth quarter of the previous year. Net income
improved 60% for the three months ended June 30, 2008 to $606,468
($0.03 per share) as compared to $378,302 ($0.02 per share) in the three
months ended March 31, 2008. The average sales price for natural gas increased
to $10.40/mcf in the first quarter, a 30% increase over $7.99/mcf for the
fourth quarter of the previous year. The average sale price for oil and
natural gas liquids increased to $114.41/barrel in the first quarter, a 31%
increase over $87.02/barrel for the fourth quarter.
    Production for the three months averaged 446 barrels of oil equivalent
per day (boepd) (6 mcf = 1 barrel of oil) comprised of average daily
production of 101 barrels of oil and natural gas liquids and 2,070 mcf per day
of gas. Production was down an average of 23 boepd for the first quarter as
compared to the fourth quarter, due to a large number of high working interest
wells at Halkirk being shut-in for a plant turnaround.
    For the three month period ended June 30, 2008, oil and natural gas
revenue net of royalties was $2,552,524 compared to $1,204,912 for the first
quarter ending June 30, 2007, due to higher commodity prices and production
volumes. Cash flow from operations was $1,172,415 ($0.06 per share) compared
to $601,783 ($0.04 per share) in the previous year's first quarter. Net income
for the three month period in 2008 was $606,468 ($0.03 per share) compared to
$152,659 ($0.01 per share) for the first quarter last year. Production was
446 boepd for the first quarter ending June 30, 2008 as compared to 319 boepd
for the first quarter ending June 30, 2007.
    The Corporation has curtailed large capital expenditures until late in
the third quarter, resulting in more free funds to apply against the bank
debt. The bank debt decreased by 29% in the first quarter to $3,300,000 as
compared to $4,661,980 at the fourth quarter ending March 31, 2008.
    The Corporation currently has 20,768,909 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.
    

    %SEDAR: 00015775E




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

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RIPPER OIL AND GAS INC.

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