Ripper Oil and Gas Inc.

CALGARY, Jan. 3 /CNW/ - RIPPER OIL AND GAS INC. ("RIP") announces that it has executed an Agreement of Purchase and Sale, dated December 18, 2007 and effective December 1, 2007, to acquire various interests in properties in core areas where the corporation or its wholly owned subsidiary holds pre-existing interests. This acquisition was made in exchange for 350,000 common Ripper shares at a deemed price of $0.305 per share and $130,000 cash, subject to a four month hold period, and is an arm's length transaction.

The completion of the transaction is subject to regulatory approval.

Ripper Oil and Gas Inc. ("RIP") is a publicly traded company on The TSX Venture Exchange.