TSX Venture Stock Symbol: RIP
CALGARY, June 24 /CNW/ - Ripper Oil and Gas Inc. ("RIP") reports that for the year ended March 31, 2009 oil and gas revenue, net of royalties, was $7,169,522 compared $6,210,088 to last year. Net income was $628,632 ($0.03 per share), as compared to $644,084 ($0.03 per share) for the same period last year. Cash flow from operations was $3,392,520 ($0.16 per share) compared to $2,748,134 ($0.15 per share) for the same period last year.
Production for the year averaged 426 barrels of oil equivalent per day (6 mcf (equal sign) 1 boe) consisting of 95 bbls of oil and NGL's, and 1,987 mcf of natural gas per day compared to 402 boepd last year
In 2009 the corporation reduced its capital budget due to low natural gas prices. The corporation participated in 9 gross (4.74 net) Coal Bed Methane wells in the year ended March 31, 2009. At year end 3 gross (1.5 net) CBM wells were waiting on tie in.
Fourth quarter oil and gas revenue net of royalties was $1,147,097 compared to $1,361,832 in the third quarter ending December 31, 2008. Cash flow from operations for the fourth quarter was $445,846 ($0.02 per share), as compared to $706,639 $0.03 per share) for the third quarter. The average sales price for natural gas decreased by 25% to $5.18 mcf in the fourth quarter.
The Corporation currently has 20,768,909 shares outstanding.
Ripper Oil and Gas Inc. ("RIP") is a publicly traded company on The TSX Venture Exchange. Further information on the Corporation can be found 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