Ripper Oil and Gas Inc. announces year-end reserves

About this update from Nevada King Gold Corp

[{"type":"text","content":"\n\n\n\nTSX VENTURE STOCK SYMBOL: RIP\n\n\nCALGARY, June 12 /CNW/ - RIPPER OIL AND GAS INC. ("TSXV - RIP") (Ripper\nor the Corporation) hereby reports on the results of its independent reserve\nevaluations conducted by GLJ Petroleum Consultants Ltd. ("GLJ"). The report\nwas prepared in accordance with National Instrument 51-101 (NI 51-101) for the\nyear ended March 31, 2008. GLJ has evaluated 100% of the Corporation's\nreserves.\n\n\nRipper's Statement of Reserves Data and Other Oil and Gas Information\nForm NI 51-101 F1; Report on Reserves Data by Independent Evaluator Form\n51-101 F2 and Report of Management and Directors on Reserves Data and Other\nInformation Form 51-101 F3 are now accessible on www.sedar.com or by\ncontacting the president and chief executive officer at Ripper as outlined\nbelow.\n\n\nOverview\n\n\nThe Corporation's gross proved plus probable working interest reserves\nincreased 44% to 2,326 thousand barrels of oil equivalent ("mboe") from\n1,621 mboe last year, while net present value discounted at 10% increased 55%\nto $36,308,000 from $23,505,000.\n\n\nThe Corporation's reserve life index is 8.1 years on a proved basis and\n11.3 years on a proved plus probable basis.\n\n\nReserves\n\n\nThe year end reserves presented herein include the Corporation's interest\nbefore deductions for royalties and use forecast and cost assumptions. Where\nvolumes are expressed on a barrel of oil equivalent ("boe") basis, gas volumes\nhave been converted to boe at 6,000 cubic feet per barrel (6 mcf/bbl). BOE's\nmay be misleading, particularly if used in isolation. The BOE conversion ratio\nof 6 Mcf: 1 bbl is based on an energy equivalent conversion method primarily\napplicable at the burner tip and does not represent a value equivalency at the\nwellhead.\n\n\nThe reserve data provided in this release only represents a portion of\nthe disclosure required under NI 51-101.\n\n\nRipper's board members review the qualifications and appointment of the\nindependent reserve evaluators and the processes and technical data used to\ndetermine the reserves booked.\n\n\nGross Reserves Summary Table - Forecast Prices and Costs\nNote: Due to rounding, some columns may not add precisely.\n\n ----------------------------------\nAs at March 31 2008 2007\n Oil & Oil Oil\n NGL Gas Equiv. Equiv.\n (mbb...

More updates from Nevada King Gold Corp