TSX VENTURE STOCK SYMBOL: RIP
CALGARY, Nov. 23 /CNW/ - Ripper Oil and Gas Inc. ("RIP") reports its second quarter results. For the six month period ended September 30, 2009, oil and natural gas revenue net of royalties was $1,761,986 compared to $4,660,593 for the six months ending September 30, 2008. Revenues decreased due to depressed natural gas prices and lower production volumes. Cash flow from operations for the six months was $438,057 ($0.02 per share) compared to $2,240,035 ($0.11 per share) in the previous year's six month period. Net loss for the six month period in 2009 was $668,728 ($0.03 per share) compared to net income of $989,283 ($0.05 per share) for the same period last year. The average sales price for natural gas decreased 64% to $3.36/mcf in the six month period, compared to $9.33/mcf for the same period last year. The average sales price for oil and natural gas liquids decreased to $55.53/barrel in the six month period, a decrease of 51% compared to $112.52/barrel for the same period in 2008. Production was 382 boepd for the six months ending September 30, 2009 as compared to 440 boepd for the six months ending September 30, 2008.
The Corporation currently has 20,737,409 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.
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.
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information contained herein.
SOURCE RIPPER OIL AND GAS INC.
For further information: For further information: Mr. R.G. (Jerry) Ball, President and Chief Executive Officer, at (403) 662-2020 or Fax (403) 662-2029; RIPPER OIL AND GAS INC., Suite 1150, 606 - 4 Street S.W., Calgary, Alberta, T2P 1T1