Ripper Oil and Gas Inc. releases third quarter results



    TSX VENTURE STOCK SYMBOL: RIP

    CALGARY, Feb. 24 /CNW/ - Ripper Oil and Gas Inc. ("RIP") reports that for
the nine months ended December 31, 2008, oil and natural gas revenue net of
royalties was $6,022,424 compared to $4,086,279 for the nine months ending
December 31, 2007 due to higher average commodity prices and production
volumes over the period. Nine month cash flow from operations was $2,946,674
($0.14 per share) compared to $1,874,481 ($0.10 per share) in the previous
year's nine month period. Net income for the nine month period ending December
31, 2008 was $970,307 ($0.05 per share) compared to $265,782 ($0.01 per share)
for the same period last year. The average sales price for natural gas
increased 38% to $8.54/mcf in the nine month period, compared to $6.17/mcf for
the same period last year. The average sales price for oil and natural gas
liquids increased to $94.54/barrel in the nine month period, an increase of
37% compared to $68.89/barrel for the same period in 2007. Production was 429
boepd for the nine months ending December 31, 2008 as compared to 380 boepd
for the nine months ending December 31, 2007.
    During the quarter, the Corporation drilled and tied in three 100%
working interest Coalbed Methane ("CBM") wells at Halkirk. The wells came on
production in December at a restricted rate of 300 mcf/d as the Corporation's
wholly owned compression facility is at capacity.
    At Mikwan, the Corporation participated in three (1.5 net) CBM wells
during the quarter. Completion and tie in of these wells is not expected until
early summer.
    In our core Halkirk/Chigwell/Mikwan area, the Corporation planned to
drill an additional 11 gross (6.9 net) operated CBM wells in the third and
fourth quarters. With the recent economic turmoil and sharp commodity price
declines, the Corporation has deferred these capital expenditures. Other than
routine maintenance and preservation of expiring petroleum and natural gas
leases, free cash flow will be used primarily to reduce debt until the
economic environment improves.
    The corporation is in good financial shape and maintains a large
inventory of drilling locations. The corporation will review its capital
budget when the Province of Alberta releases its oil and gas "incentive
program" subsequent to quarter end.
    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 1150, 606 - 4 Street S.W., Calgary, Alberta, T2P 1T1

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RIPPER OIL AND GAS INC.

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