RIPPER OIL AND GAS INC. RELEASES SECOND QUARTER RESULTS

TSX VENTURE STOCK SYMBOL: RIP

CALGARY, Nov. 25 /CNW/ - Ripper Oil and Gas Inc. (TSX: RIP) ("Ripper" or the "Corporation") presents its second quarter 2010/2011 financial results for the nine months ended September 30, 2010, and operational activities to date.  Corporate highlights include:

• the Corporation closed its previous divestiture of assets at Halkirk, Mikwan, Chigwell and Twining to an arm's length party in consideration for $13.2 million, effective August 1, 2010. Ripper's net production from these assets averaged 244 boe/day. 
• one minor asset sale closed in the quarter for a consideration of $166,000 and two assets sales closed subsequent to quarter end to arm's length parties for aggregate consideration of $747,400.  Ripper's net production from the three assets averaged approximately 26 boe/day.
• part of the proceeds from property divestitures were directed to pay off bank indebtedness in the second quarter.  The company is now debt free and has no bank line in place at this time.
• subsequent to September 30, 2010, the Corporation entered into an agreement to sell its Wildmere assets to an arm's length party, effective October 1, 2010.  The agreement is conditional on negotiation of a binding purchase and sale agreement, and upon completion of due diligence.  Presently all wells associated with the property are shut in.
• subsequent to quarter end, the directors of Ripper declared a dividend of $0.40 per Common Share of Ripper. The dividend is an eligible dividend.  Payment was on November 15, 2010, to shareholders of record on November 10, 2010.
• average production for the second quarter was 339 boe/day, down from 370 boe/day in the first quarter, due to the divestitures in the second quarter.  Second quarter operating netbacks were $14.29/boe on an average realized price of $32.53/boe, down from the first quarter due to higher royalties and a decrease in the price of natural gas.
• natural gas prices averaged $3.66/mcf for the quarter, down 10% over the first quarter price of $4.07/mcf, and up 17% from the price of $3.14/mcf in the second quarter of last year.
• funds from operations were a deficit of $1,005,498 for the second quarter as compared to a gain of $400,256 for the previous quarter.  The sharp decline is due to the current taxes payable as result of the property sales.
• the Corporation drilled a 750m well prospective for Belly River and Horseshoe Canyon/Coalbed Methane (CBM), to earn 100% working interest in 640 acres of P&NG rights subject to a non convertible gross overriding royalty.  The well and earned land were part of the Halkirk divesture that closed in the second quarter.
• subsequent to the sale of the fore mentioned assets the Corporation will have approximately 80 boepd of production, of which 60% is oil.  The Provost oil property represents 49% of the Corporation's remaining 340 Mboe of proved plus probable reserves as at March 31, 2010, and 49% of the Corporation's current production.  Property revenue and production will be generated from eight working interest properties and gross overriding royalty income.
• the Corporation has set aside $1.9 million to pay potential taxes owing at year end for property divestures closed to date.  Approximately $700,000 free cash remains after closing all the previously mentioned property sales, and after payment of the dividend.

The following table sets forth certain quarterly financial information of the Corporation for the eight most recent quarters:

	2011			2010			2009
	Q2	Q1	Q4	Q3	Q2	Q1	Q4	Q3
FINANCIAL HIGHLIGHTS ($000)
Gross Revenue	1013.8	1,139.8	1,281.1	1,223.6	922.0	976.7	1,288.1	1,646.6
Less:
Royalties	121.0	78.5	187.4	85.7	92.5	44.2	141.0	284.8
Production costs	402.0	437.6	474.5	444.8	400.8	371.3	478.8	529.5
Transportation costs	45.5	46.0	51.7	48.8	42.4	51.2	52.3	46.8
Operating Netback	445.3	577.8	567.6	644.2	386.3	510.0	616.0	785.5
Less (add):
Other income/gain on hedge	(74.5)	(62.7)	(25.0)	(8.3)	(1.3)	(0.1)	0	(0.1)
G&A	184.0	186.2	221.9	226.1	190.5	214.2	198.2	211.2
Interest expense	34.3	35.7	36.0	40.4	29.7	29.0	29.9	37.0
Asset retirement expenditures	0	0	(19.3)	0.8	3.1	0	21.0	17.8
Current taxes	1,307.1	18.3	(314.8)	(6.0)	0	(6.8)	(78.9)	(186.9)
Funds Flow from Operations	(1,005.5)	400.3	668.8	391.2	164.3	273.8	445.8	706.6
Per share, basic	(0.05)	0.02	0.03	0.02	0.01	0.01	0.02	0.03
Per share, diluted	(0.05)	0.02	0.03	0.02	0.01	0.01	0.02	0.03
Add:
Change in non-cash working capital	169.6	45.8	(661.1)	260.4	(43.9)	(315.1)	174.2	(323.6)
Cash Flow from Operating Activities	(835.9)	446.0	7.7	651.6	120.4	(41.3)	620.0	383.0
Net Income (loss)	1,268.8	(146.9)	(53.3)	(210.5)	(374.7)	(294.0)	(341.7)	(19.0)
Per share, basic	0.06	(0.01)	(0.00)	(0.01)	(0.02)	(0.01)	(0.02)	(0.00)
Per share, diluted	0.06	(0.01)	(0.00)	(0.01)	(0.02)	(0.01)	(0.02)	(0.00)
OPERATIONAL HIGHLIGHTS
Daily Average Production
Oil (bbl)	61	64	64	60	59	60	66	73
NGL (bbl)	21	20	13	14	20	12	18	16
Gas (mcf)	1,540	1,723	1,708	1,861	1,795	1,877	1,972	1,903
Boe (6:1)	339	370	362	384	378	385	413	407
Sales Price
Oil ($/bbl)	69.32	70.83	68.00	72.70	65.74	58.17	44.23	55.14
NGL ($/bbl)	54.46	51.24	75.60	59.67	24.03	44.06	41.90	47.25
Gas ($/mcf)	3.66	4.07	5.19	4.36	3.14	3.57	5.18	6.87
Average Realized Price ($/boe)	32.53	33.81	39.29	34.63	26.49	27.88	34.29	43.97
Less:
Royalties ($/boe)	3.88	2.33	5.75	2.43	2.66	1.26	3.75	7.60
Production costs ($/boe)	12.90	12.98	14.55	12.59	11.51	10.60	12.75	14.14
Transportation costs ($/boe)	1.46	1.36	1.59	1.38	1.22	1.46	1.39	1.25
Operating Netback ($/boe)	14.29	17.14	17.41	18.23	11.10	14.56	16.40	20.98
Note:  columns may not add due to rounding

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.

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