Jun. 3, 2011 (Canada NewsWire Group) --
TSX VENTURE STOCK SYMBOL: RIP
CALGARY, June 3, 2011 /CNW/ - Ripper Oil and Gas Inc. (TSX: RIP) ("Ripper" or the "Corporation") its 2010/2011 financial results for the year ended March 31, 2011.
Corporate highlights include:
-
effective March 1, 2011 the corporation completed the sale of it's
remaining assets to an arm's length purchaser in consideration for $3.0
million dollars.
-
total assets sales from August 1, 2010 to March 1, 2011 was $17.3
million.
- during the year the directors of Ripper declared an eligible dividend of $0.40 per Common Share of Ripper. Payment was made on November 15, 2010, to shareholders of record on November 10, 2010.
Outlook
The Corporation intends to use the cash on hand to satisfy tax, and other corporate obligations. To the extent that it deems it advisable and to the extent that it has the estimated excess cash, Ripper's Board may declare a dividend on its common shares.
The company has been advised that the TSX Venture Exchange may require Ripper to move to another exchange as the company does not meet the TSX Venture Exchange Minimum Listing Requirements as the company has disposed of all its assets.
Selected Quarterly Information
The following table sets forth certain quarterly financial information of the Corporation for the eight most recent quarters:
| 2011 | 2010 | ||||||||
| Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | ||
| FINANCIAL HIGHLIGHTS ($000) | |||||||||
| Gross Revenue | 237.4 | 350.8 | 1,013.8 | 1,139.8 | 1,281.1 | 1,223.6 | 922.0 | 976.7 | |
| Less: | |||||||||
| Royalties | 28.5 | 3.2 | 121.0 | 78.5 | 187.4 | 85.7 | 92.5 | 44.2 | |
| Production costs | 130.4 | 105.4 | 402.0 | 437.6 | 474.5 | 444.8 | 400.8 | 371.3 | |
| Transportation costs | 11.1 | 13.8 | 45.5 | 46.0 | 51.7 | 48.8 | 42.4 | 51.2 | |
| Operating Netback | 67.4 | 228.4 | 445.3 | 577.8 | 567.6 | 644.2 | 386.3 | 510.0 | |
| Less (add): | |||||||||
| Other income/gain on hedge | (8.0) | (17.4) | (74.5) | (62.7) | (25.0) | (8.3) | (1.3) | (0.1) | |
| G&A | 576.1 | 168.2 | 184.0 | 186.2 | 221.9 | 226.1 | 190.5 | 214.2 | |
| Interest expense | 0.9 | 0.3 | 34.3 | 35.7 | 36.0 | 40.4 | 29.7 | 29.0 | |
| Asset retirement expenditures | 0.0 | 0.0 | 0.0 | 0.0 | (19.3) | 0.8 | 3.1 | 0.0 | |
| Current taxes | 610.4 | 509.1 | 1,307.1 | 18.3 | (314.8) | (6.0) | 0 | (6.8) | |
| Funds Flow from Operations | (1,111.7) | (431.8) | (1,005.5) | 400.3 | 668.8 | 391.2 | 164.3 | 273.8 | |
| Per share, basic and diluted | (0.05) | (0.02) | (0.05) | 0.02 | 0.03 | 0.02 | 0.01 | 0.01 | |
| Add: | |||||||||
| Change in non-cash working capital | 461.0 | (68.4) | 169.6 | 45.8 | (661.1) | 260.4 | (43.9) | (315.1) | |
| Cash Flow from Operating Activities | (650.7) | (500.3) | (835.9) | 446.0 | 7.7 | 651.6 | 120.4 | (41.3) | |
| Net Income (loss) | (4,205.4) | (141.3) | 1,268.8 | (146.9) | (53.3) | (210.5) | (374.7) | (294.0) | |
| Per share, basic and diluted | (0.20) | (0.01) | 0.06 | (0.01) | (0.00) | (0.01) | (0.02) | (0.01) | |
| OPERATIONAL HIGHLIGHTS | |||||||||
| Daily Average Production | |||||||||
| Oil (bbl) | 29 | 42 | 61 | 64 | 64 | 60 | 59 | 60 | |
| NGL (bbl) | 6 | (8) | 21 | 20 | 13 | 14 | 20 | 12 | |
| Gas (mcf) | 43 | 299 | 1,540 | 1,723 | 1,708 | 1,861 | 1,795 | 1,877 | |
| Boe (6:1) | 42 | 84 | 339 | 370 | 362 | 384 | 378 | 385 | |
| Sales Price | |||||||||
| Oil ($/bbl) | 73.32 | 74.44 | 69.32 | 70.83 | 68.00 | 72.70 | 65.74 | 58.17 | |
| NGL ($/bbl) | 62.36 | 68.35 | 54.46 | 51.24 | 75.60 | 59.67 | 24.03 | 44.06 | |
| Gas ($/mcf) | 3.11 | 4.11 | 3.66 | 4.07 | 5.19 | 4.36 | 3.14 | 3.57 | |
| Average Realized Price ($/boe) | 62.51 | 45.48 | 32.53 | 33.81 | 39.29 | 34.63 | 26.49 | 27.88 | |
| Less: | |||||||||
| Royalties ($/boe) | 7.51 | 0.42 | 3.88 | 2.33 | 5.75 | 2.43 | 2.66 | 1.26 | |
| Production costs ($/boe) | 34.35 | 13.66 | 12.90 | 12.98 | 14.55 | 12.59 | 11.51 | 10.60 | |
| Transportation costs ($/boe) | 2.91 | 1.79 | 1.46 | 1.36 | 1.59 | 1.38 | 1.22 | 1.46 | |
| Operating Netback ($/boe) | 17.74 | 29.61 | 14.29 | 17.14 | 17.41 | 18.23 | 11.10 | 14.56 | |
| 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.
For further information, please contact
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