RIPPER COMPLETES CONSOLIDATION AND FINANCING PROCEEDS RELEASED FROM ESCROW basis. The Company continues to trade on the TSX Venture Exchange under the new trading symbol "RYP.H". The subscription receipts relating to the private placement (the "Financing") that closed on April 20, 2012

RIPPER OIL AND GAS INC.

Suite 1620, 609 Granville Street Vancouver, BC V7Y 1C3 Telephone: 1-866-824-8938

NEWS RELEASE

RIPPER COMPLETES CONSOLIDATION AND FINANCING PROCEEDS RELEASED FROM ESCROW

Vancouver, BC, Canada – May 29, 2012 – Ripper Oil and Gas Inc. (the "Company")  (TSX‐V: RYP.H) announces that it has completed the consolidation (the "Consolidation") of its common shares on a 8 for 1 basis. The Company continues to trade on the TSX Venture Exchange under the new trading symbol "RYP.H".

The subscription receipts relating to the private placement (the "Financing") that closed on April 20, 2012 have automatically converted into 10,000,000 post Consolidation common shares and 10,000,000 share purchase warrants. Each share purchase warrant is exercisable for one additional post Consolidation common share at a price of $0.10 per common share until May 29, 2013. The securities have a hold period expiring on August 21, 2012. The Financing proceeds of $600,000 have been released from escrow.

As a result of the conversion of the subscription receipts, The Emprise Special Opportunities Fund, Limited Partnership (the “Emprise LP”) has ownership and direction or control over 9,225,000 common shares of the Company, representing 73.2% of the issued and outstanding common shares of the Company (or 18,450,000 common shares and 84.5% of the Company’s then outstanding common shares of the Company, assuming exercise of the Emprise LP’s share purchase warrants). Neither the Company nor, to the knowledge of the Company after reasonable inquiry, the Emprise LP, have knowledge of any material information concerning the Company or its securities which has not been generally disclosed.

The Company has been advised that the securities were purchased by the Emprise LP for investment purposes and the Emprise LP has no present intention to acquire further securities of the Company, although the Emprise LP may, in the future, acquire or dispose of securities of the Company through the market or otherwise, as circumstances or market conditions warrant.

The Company also announces that is has appointed Robert Chisholm to the position of Chief Financial Officer.

The proceeds of the Financing will be used by the Company to settle current indebtedness and for working capital purposes. The Company is now actively investigating new business opportunities in the resource sector, with a view to graduating back to the main board of the TSX Venture Exchange.

For more information, contact Scott Ackerman at (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

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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.