, the Corporation entered into a letter of intent with Xogen Technologies Inc. ("Xogen") for a proposed reverse take-over.

Ripper Oil and Gas Inc. - Press Release

NEX BOARD OF THE TSX VENTURE EXHANGE STOCK SYMBOL: RIP.H

CALGARY, Feb. 22, 2012 /CNW/ - Ripper Oil and Gas Inc. (TSX: RIP) ("Ripper" or the "Corporation") has released its third quarter financial statements for the period ending December 31, 2011. On October 24, 2011, the Corporation entered into a letter of intent with Xogen Technologies Inc. ("Xogen") for a proposed reverse take-over. While Ripper is continuing negotiations with respect to this business combination, to the extent that there is no binding agreement, Ripper intends to dissolve on or about March 31, 2012. Accordingly, Ripper has filed a Notice of Intent to Dissolve with Alberta Corporate Registry and a Certificate of Intent to Dissolve was issued by Alberta Corporate Registry on February 15, 2012.

Ripper Oil and Gas Inc. ("RIP") is a publicly traded company on the NEX Board of the TSX Venture Exchange. Further information is available on SEDAR at www.sedar.com.

The NEX Board of the TSX Venture Exchange has neither approved nor disapproved of the information contained herein.

%SEDAR: 00015775E

For further information:

Mr. R.G. (Jerry) Ball, President and Chief Executive Officer at (403) 662-2020 Ripper Oil and Gas Inc.

Suite 2800, 715 - 5 Avenue S.W.

Calgary, Alberta T2P 2X6

CO: Ripper Oil and Gas Inc.

CNW 16:08e 22-FEB-12