Mar. 3, 2011 (Canada NewsWire Group) --
TSX VENTURE STOCK SYMBOL: RIP
CALGARY, March 3 /CNW/ - RIPPER OIL AND GAS INC. ("RIP") is pleased to announce that it has completed its previously announced sale of its remaining assets to an arm's length purchaser in consideration for $3.0 million effective March 1, 2011.
Ripper intends to use the cash from the disposition of these assets as well as current cash on hand to satisfy tax, severance and other obligations of Ripper. To the extent that it deems it advisable and to the extent that it has excess cash, Ripper's Board may also declare a dividend on its common shares.
The Corporation currently has 20,850,409 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.
The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.
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