Ripper Acquires Stake in Milk River Prospect

Ripper Oil & Gas has purchased a 25% working interest the Milk River prospect in the Shackleton area of Saskatchewan, located 80 miles Northwest of Swift Current. The purchase increases the Company's total acreage position in this shallow gas play to 118.5 sections (75,840 acres) including a 25% working interest in four existing wells, three of which have been production tested and are awaiting tie-in.

Ripper will immediately participate in drilling 18 wells in the area. If successful an additional 40-60 wells will be drilled and production could commence by October 2003.

Ripper will fund its development and exploration drilling budget by utilizing the Company's cash flow, available credit facilities and divestitures of non-core properties.