/C O R R E C T I O N from Source -- Ripper Oil and Gas Inc./

In c7455 transmitted at 16:04e today, an error occurred in the second paragraph. The sentence "The directors of Ripper have declared a special dividend per Common Share of Ripper." should have read "The directors of Ripper have declared a special dividend of $0.115 per Common Share of Ripper." Corrected copy follows:

Ripper Oil and Gas Inc. Releases First Quarter Results and Declares a Special Dividend

NEX BOARD OF THE TSX VENTURE EXCHANGE STOCK SYMBOL: RIP.H

CALGARY, Sept. 28, 2011 /CNW/ - Ripper Oil and Gas Inc. (TSX: RIP) ("Ripper" or the "Corporation") first quarter results for the three months ended June 30, 2011 have been filed on Sedar.

The directors of Ripper have declared a special dividend of $0.115 per Common Share of Ripper.  The Special Dividend is an eligible dividend.  Payment will occur on or about October 15^th, 2011 to share holders of record on October 7^th, 2011. Following the payment of this dividend Ripper will have approximately $250,000 cash ($.01 per share) which it intends to use to satisfy any unforeseen additional obligations.  Ripper does not intend to actively pursue the oil and gas business and intends to apply to delist its shares from the NEX Board of the TSX Venture Exchange.

Ripper Oil and Gas Inc. ("RIP") is a publicly traded company on the NEX Board of the TSX Venture Exchange.  Further information is available on SEDAR at www.sedar.com.

The NEX Board of the TSX Venture Exchange has neither approved nor disapproved of the information contained herein.

SOURCE Ripper Oil and Gas Inc.

For further information:

Mr. R.G. (Jerry) Ball, President and Chief Executive Officer 
at (403) 662-2020
RIPPER OIL AND GAS INC.
Suite 2800, 715 - 5 Avenue S.W.
Calgary, Alberta  T2P 2X6