RIP Releases First Quarter Results

RIPPER OIL AND GAS INC. reports its first quarter oil and gas revenue net of royalties was $2,555,524, a 20% increase compared to $2,123,809 in the fourth quarter ending March 31, 2008, due to increased commodity prices. Cash flow from operations for the first quarter increased 33% to $1,172,415 ($0.06 per share), as compared to $876,653 ($0.04 per share) for the fourth quarter of the previous year.

Net income improved 60% for the three months ended June 30, 2008 to $606,468 ($0.03 per share) as compared to $378,302 ($0.02 per share) in the three months ended March 31, 2008. The average sales price for natural gas increased to $10.40/mcf in the first quarter, a 30% increase over $7.99/mcf for the fourth quarter of the previous year. The average sale price for oil and natural gas liquids increased to $114.41/barrel in the first quarter, a 31% increase over $87.02/barrel for the fourth quarter.

Production for the three months averaged 446 barrels of oil equivalent per day (boepd) (6 mcf = 1 barrel of oil) comprised of average daily production of 101 barrels of oil and natural gas liquids and 2,070 mcf per day of gas. Production was down an average of 23 boepd for the first quarter as compared to the fourth quarter, due to a large number of high working interest wells at Halkirk being shut-in for a plant turnaround.

For the three month period ended June 30, 2008, oil and natural gas revenue net of royalties was $2,552,524 compared to $1,204,912 for the first quarter ending June 30, 2007, due to higher commodity prices and production volumes. Cash flow from operations was $1,172,415 ($0.06 per share) compared to $601,783 ($0.04 per share) in the previous year's first quarter. Net income for the three month period in 2008 was $606,468 ($0.03 per share) compared to $152,659 ($0.01 per share) for the first quarter last year. Production was 446 boepd for the first quarter ending June 30, 2008 as compared to 319 boepd for the first quarter ending June 30, 2007.

The Corporation has curtailed large capital expenditures until late in the third quarter, resulting in more free funds to apply against the bank debt. The bank debt decreased by 29% in the first quarter to $3,300,000 as compared to $4,661,980 at the fourth quarter ending March 31, 2008. -- www.cnxmarketlink.com

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