Signature Resources Ltd. press release
Ripper Oil and Gas Inc. year end results
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TSX VENTURE STOCK SYMBOL: RIP
CALGARY, June 27 /CNW/ - RIPPER OIL AND GAS INC. ("RIP") reports that for the year ended March 31, 2008 oil and gas revenue, net of royalties, was $6,210,088 compared to $4,971,232 last year. Net income was $644,084 ($0.03 per share), as compared to $637,853 ($0.02 per share) for the same period last year. Cash flow from operations was $2,748,134 ($0.15 per share) compared to $2,816,009 ($0.18 per share) for the same period last year.
Production for the year averaged 402 barrels of oil equivalent per day (6 mcf (equal sign) 1 boe) consisting of 105 bbls of oil and NGL's, and 1,785 mcf of natural gas per day compared to 321 boepd last year. The increase is due mainly to the acquisition of a private company, and to the participation in the tie-in of thirteen gross (4.7 net) Coalbed Methane wells.
Fourth quarter oil and gas revenue net of royalties was $2,123,809, a 28% increase compared to $1,653,977 in the third quarter ending December 31, 2007. Cash flow from operations for the fourth quarter was $876,653 ($0.04 per share), as compared to $917,585 ($0.05 per share) for the third quarter. Net income for the fourth quarter was $378,302 as compared to $58,612 in the third quarter. The average sales price for natural gas increased to $7.99/mcf in the fourth quarter.
Production for the fourth quarter averaged 469 barrels of oil equivalent per day (boepd; 6 mcf (equal sign) 1 barrel of oil), comprised of average daily production of 106 barrels of oil and natural gas liquids, and 2,177 mcf of gas, compared to 445 boepd for the third 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