Ripper Oil and Gas Inc. releases first quarter results


    CALGARY, Aug. 29 /CNW/ - RIPPER OIL AND GAS INC. ("RIP") reports that for
the three-month period ended June 30, 2007, oil and gas revenue, net of
royalties, was $1,204,912 compared to $1,319,988 last year. Cash flow from
operations was $601,783 ($0.04 per share) compared to $709,046 ($0.05 per
share) for the same period last year. Net income decreased to $152,659
($0.01 per share), from $251,359 ($0.02 per share) for the first quarter last
year, due to a decrease in the recovery of future income taxes.
    Production for the quarter averaged 319 barrels of oil equivalent per day
(6 mcf = 1 boe) consisting of 104 bbls of oil and 1,292 mcf of natural gas per
day compared to 334 boepd last year. Including a corporate acquisition
completed subsequent to quarter end we are currently producing approximately
430 boepd with another 120 boepd awaiting tie-in.
    The Corporation has 19,993,909 shares outstanding.
    On July 20, 2007, Encana Corporation filed a Statement of Claim against
the Corporation and two senior oil and gas companies. The amount of the claim
has not been determined. The claim relates to a one section mineral lease on
which Ripper has an overriding royalty interest and to events which took place
ten and twelve years ago. Ripper acquired its interest in the lands well after
the events giving rise to the claim and at the time had no notice of the
potential claim. The claim has yet to be served. Ripper will vigorously defend
its position when or if the claim is served.

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

    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 or Mr. John McPherson, Vice President and Chief Financial
Officer at (403) 662-2020 or Fax (403) 662-2029; RIPPER OIL AND GAS INC.,
Suite 710, Bow Valley Square III 255 - 5th Avenue S.W., Calgary, Alberta, T2P

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