Ripper Oil and Gas Inc.


    CALGARY, June 28 /CNW/ - RIPPER OIL AND GAS INC. ("RIP") announces that
it has executed an acquisition agreement dated June 27, 2007 whereby it has
agreed to offer to acquire all of the shares of a private company. The company
is a junior oil and gas exploration and production company whose assets are
located primarily in Alberta. Its current production is approximately 130
boe/day with approximately another 20 boe/day behind pipe. Ripper has agreed
to pay cash of $4,000,000 and to issue 4,404,971 Ripper common shares for the
shares of this private company. Holders of 69.4% of the company's shares have
agreed to tender to Ripper's offer and have executed lock-up agreements. The
company's proved plus probable reserves as at April 30, 2007 as prepared by
GLJ Petroleum Consultants ("GLJ") were 800 thousand barrels of oil equivalent
while the net present value of these reserves, discounted at 10%, was
$9,826,000 using GLJ's 2007-04 price forecast. The transaction is an arm's
length transaction subject to 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.

    Forward-looking statements: This press release may contain
forward-looking statements including expectations of future production, cash
flow and earnings. These statements are based on current expectations that
involve a number of risks and uncertainties, which could cause actual results
to differ materially from those anticipated. These risks include, but are not
limited to: the risks associated with the oil and gas industry (e.g.
operational risks in development, exploration and production delays or changes
in plans with respect to exploration or development projects or capital
expenditures; the uncertainty of reserve estimates; the uncertainty of
estimates and projections relating to production, costs and expenses and
health, safety and environmental risks), commodity price and exchange
fluctuation and uncertainties resulting from potential delays or changes in
plans with respect to exploration or development projects or capital
expenditures. Ripper assumes no obligation to publicly update or revise any
forward-looking information except as required by law. Additional information
on these and other factors that could affect Ripper's operations or financial
results are included in Ripper's reports on file with Canadian securities
regulatory authorities.

    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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