Ripper Oil and Gas Inc.


    CALGARY, June 14 /CNW/ - RIPPER OIL AND GAS INC. ("RIP") announces that
it has executed a letter of intent on June 14, 2007 to acquire all of the
issued and outstanding shares of a private junior oil and gas company. The
company has high working interest operated assets in Alberta with current
production capability of approximately 135 boe/day. Ripper has agreed to pay
cash of $3,600,000, adjusted for debt, and to issue approximately 4,350,903
shares for all the issued and outstanding shares of the company. The company's
proved plus probable reserves as at May 1, 2007 as prepared by GLJ Petroleum
Consultants were 800 thousand barrels of oil equivalent while net present
value of these reserves using forecast pricing, discounted at 10% was
$9,826,000. The transaction is an arm's length transaction subject to
execution of binding agreements and completion of customary due diligence.

    Ripper Oil and Gas Inc. ("RIP") is a publicly traded company on The TSX
Venture Exchange.

    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 in no way passed on the merits of the
    proposed transaction and has neither approved nor disapproved of the
    information contained herein.

    %SEDAR: 00015775E

For further information:

For further information: please contact Mr. R.G. (Jerry) Ball, President
and Chief Executive Officer or Mr. John McPherson, Vice President and Chief
Financial Officer at (403) 662-2020 or Fax (403) 662-2029

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