RGO Range Energy Inc

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR
DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES,
AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN.


During the course of the last couple of quarters the management and board of
Range Energy Resources Inc. (the "Company") (CNSX:RGO)(FRANKFURT:YGK) have spent
considerable time and effort to gain intelligence on the activity of the
operator of the Khalakan Block in Kurdistan. Range holds an indirect 24.95%
interest in the Khalakan Block.


The operator of the Khalakan Block is New Age (Africa Global Energy) Limited
("New Age"). Range does not have a direct contractual relationship with New Age.
Instead, Range's rights in the Khalakan Block are through its minority equity
holding in New Age Al Zarooni 2 Limited ("NAAZ2"). NAAZ2 in turn owns 50% of the
equity interests in Gas Plus Khalakan Limited ("GPK"), which holds the interest
in the Khalakan Block through a Production Sharing Contract. Neither NAAZ2 nor
the joint venture partner that controls NAAZ2 has released to Range information
about the Khalakan Block that Range considers it is entitled to under the law
and the relevant agreements. Range has therefore commenced an arbitration
proceeding against NAAZ2 and its joint venture partner in London under the
Arbitration Rules of the International Chamber of Commerce to force disclosure
of that information, although it anticipates that the process may not be
resolved until sometime in 2013.


Not satisfied with the status quo, we have employed other public sources to
ascertain the progress of the well New Age is drilling in the Khalakan Block. We
are pleased to report that all ancillary evidence we have gathered indicates
that the first well in the Khalakan Block was spudded this past spring and is
approaching completion if not completed as of this date. Public information on
the Khalakan Block can be found using the following sources. Although Range
believes this information to be reliable, it cannot guarantee its accuracy:


Kerogen Announces $125 million Investment in NewAge (African Global Energy)
Limited:
(http://www.kerogencap.com/press-release/Kerogen_NewAge_announcement.pdf)


Kurdistan and Northern Iraq Operator Activity Map - May 30, 2012:
(http://www.westernzagros.com/documents/120530_operator_activity_WEBVERSION.pdf)


New Age (African Global Energy) Limited - Preliminary long form prospectus
(search for New Age using SEDAR submission form):
(http://www.sedar.com/search/search_form_pc_en.htm)


We are unsatisfied with the deficient knowledge we have regarding the Khalakan
Block, and Range will continue to exercise what rights it has in an effort to
gain this knowledge. Despite these difficulties, Range continues to meet all
relevant obligations under the NAAZ2 shareholding arrangements related to the
Khalakan Block.


Range's management continues to believe in the promise of the Khalakan Block
and, based on recent activity there by other investors,(1) in Kurdistan's oil
and gas sector generally. We will continue to seek the capital that Range
requires to meet all of its future obligations with respect to the Khalakan
Block, and we will pursue other synergistic opportunities that may arise.


For further information on Range Energy Resources Inc., please visit the
Company's web site at: www.rangeenergyresources.com. 


On Behalf of the Board of Directors:

Toufic Chahine, Chairman

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR
DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES,
AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD
IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.


This news release contains certain statements that may be deemed to include
"forward-looking information". Forward looking statements are statements that
are not historical facts and are generally, but not always, identified by the
words "expects", "plans", "anticipates", "believes", "intends", "estimates",
"projects", "potential" and similar expressions, or that events or conditions
"will", "would", "may", "could" or "should" occur. Although Range Energy
believes the expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of future
performance and actual results may differ materially from those in forward
looking statements. Forward looking statements are based on the beliefs,
estimates and opinions of Range Energy's management on the date the statements
are made. Except as required by law, Range Energy Resources Inc. undertakes no
obligation to update these forward-looking statements in the event that
management's beliefs, estimates or opinions, or other factors, should change.


(1) See, for example, Heritage Announces the Sale of an Interest in the Miran
Block (http://www.heritageoilplc.com/resource/g6tv2oe79n49x0jucn1nfqgd.pdf) and
Receipt of an Exchangeable Loan and WesternZagros Successfully Closes the Crest
Strategic Investment and the Amended Garmian
PSC(http://cnrp.marketwire.com/client/westernzagros/release.jsp?actionFor=1651873).



Range is not responsible for and assumes no liability for the accuracy of any
statements contained in any outside news release, website or any
misrepresentation or omission to include material information therein.

Range Energy (CSE:RGO)
Historical Stock Chart
From Nov 2024 to Dec 2024

Range Energy (CSE:RGO)
Historical Stock Chart
From Dec 2023 to Dec 2024