Ripper Oil and Gas Inc. releases third quarter results



    TSX VENTURE STOCK SYMBOL: RIP

    CALGARY, Feb. 26 /CNW/ - RIPPER OIL AND GAS INC. ("RIP") reports its
third quarter oil and gas revenue, net of royalties, was $1,653,977 compared
to $1,227,390 in the second quarter. Third quarter cash flow from operations
was $917,585 ($0.04 per share), a 161% increase over $352,113 ($0.02 per
share) for the second quarter. Net income for the third quarter remained level
at $58,612, compared to $54,511 in the second quarter of this year. Average
sales price for natural gas increased to $6.29/mcf in the third quarter from
$5.25/mcf in the second quarter.
    Production for the third quarter averaged 445 barrels of oil equivalent
per day (boepd) (6 mcf = 1 barrel of oil), comprised of average daily
production of 105 barrels of oil and natural gas liquids and 2,038 mcf of gas,
an 18% increase compared to 376 boepd for the second quarter. December's exit
average production was 463 boepd.
    For the nine month period ended December 31, 2007, oil and gas revenue,
net of royalties, was $4,086,279 compared to $3,663,890 last year due to
higher oil prices and increased natural gas production. Nine month cash flow
from operations was $1,871,481 ($0.10 per share) compared to $2,047,022 ($0.13
per share) in the previous year. The reduced cash flow was mostly due to
acquisition costs incurred in the current nine month period Net income for the
nine month period stayed relatively constant at $265,782 ($0.01 per share),
from $248,219 ($0.02 per share) last year.
    Production for the nine months averaged 380 boepd, comprised of average
daily production of 104 barrels of oil and natural gas liquids and 1,656 mcf
of gas. This compares to 320 boepd for the three quarters last year.
    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., 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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