Ripper Oil and Gas Inc. - Disposition Closes September 22, 2010

TSX VENTURE STOCK SYMBOL: RIP

CALGARY, Sept. 22 /CNW/ - RIPPER OIL AND GAS INC. ("RIP") is pleased to announce that it has completed its previously announced sale of its conventional and coal bed methane assets at the Halkirk, Chigwell, Mikwan and Twining areas of Alberta to an arm's length purchaser in consideration for $13.2 million effective August 1, 2010.

Ripper intends to use the cash it expects to receive from the disposition of these assets to pay off its bank indebtedness. To the extent that it deems it advisable and to the extent that it has excess cash, Ripper's Board may also declare a dividend on its common shares.

The Corporation currently has 20,565,409 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.

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

%SEDAR: 00015775E

For further information: Mr. R.G. (Jerry) Ball, President and Chief Executive Officer, at [phone], or Fax [phone]; RIPPER OIL AND GAS INC., Suite 1150, 606 - 4 Street S.W., Calgary, Alberta, T2P 1T1