Ripper Oil and Gas Announces Closing of Private Placement

RIPPER OIL AND GAS INC.

Suite 1600, 609 Granville Street Vancouver, BC V7Y 1C3

NEWS RELEASE

RIPPER OIL AND GAS ANNOUNCES CLOSING OF PRIVATE PLACEMENT

Vancouver, BC, Canada – October 03, 2016 – Ripper Oil and Gas Inc. (the "Company") (TSX-V: RYP.H) announces that it has closed the non-brokered private placement (the “Offering”) that was previously announced on September 19, 2016. Pursuant to the Offering, the Company raised $500,000 through the issuance of 10,000,000 units at a price of five cents per unit. Each unit consists of one common share and one share purchase warrant, with each share purchase warrant entitling the holder to acquire one additional common share at a price of six cents per share until October 2, 2017.

The securities issued in connection with the private placement were issued subsequent to the Company’s recently completed 2:1 share consolidation and are subject to a hold period expiring on February 4, 2017. The Company intends to use the proceeds of the financing for general working capital purposes.

The Emprise Special Opportunities Fund (2013) Limited Partnership ("Emprise LP") subscribed for and acquired ownership and control of 1,650,000 units of the Company pursuant to the Offering.

As a result of Emprise LP's subscription, Emprise LP has ownership, and direction or control over 3,762,500 common shares, representing 22.27% of the issued and outstanding common shares of the Company (or 5,412,500 common shares and 29.18%, assuming exercise of all share purchase warrants held by Emprise LP).

The Company has been advised that Emprise LP has acquired these securities for investment purposes and has no present intention to acquire further securities of the Company, although it may in the future acquire or dispose of securities of the Company, through the market, privately or otherwise, as circumstances of market conditions warrant. A copy of the Early Warning Report filed under applicable Canadian provincial securities legislation in connection with the acquisition by Emprise LP is available under the Company’s profile on SEDAR.

For more information, contact Scott Ackerman at [email protected] or (778) 331-8505.

On Behalf of the Board of Directors of

RIPPER OIL AND GAS INC.

Scott Ackerman President and CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward‐looking statements". Forward‐looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward‐looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward‐looking statements.