Ranger Energy Ltd. (the "Corporation") (TSX VENTURE:RGG.H) is pleased to provide
an update on the previously announced arm's length farm in arrangement. On March
31, 2010 the Corporation announced that it had signed a letter agreement to farm
in on a 100% interest in a Cardium and Viking oil project in Alberta with an
Alberta based private company, ("Privateco"). The lands total 8.75 sections
(100% working interest) and are located in the prolific light oil Pembina field
with well established Cardium and Viking production. The agreement commits
Ranger to a 5 horizontal well drilling program and will be paid for with the
issuance of 2,600,000 common shares at a deemed value of 0.20 per share,
1,000,000 performance warrants in the Corporation and the issuance of a
non-convertible promissory note to the Privateco in the amount of $7.4M. The
1,000,000 performance warrants entitles the holder to acquire one common share
at a deemed value of $0.20 per share, but at no additional cost, in the event
that production from the lands reaches 500 bbls/day or in the event of a change
of control of the Corporation or the lands within 180 days of the closing of the
transaction.


The Corporation has retained Reliance Engineering Group, who is an independent
qualified Calgary based engineering firm, to provide reserve estimates on the
Viking oil play. The report dated May 3, 2010, with an effective date of March
31, 2010; attributes 425 thousand possible (3P) barrels recoverable with an
estimated net present value of $11.357 million to the Ranger interests in the
lands. This net present value is before income taxes and is based on forecast
pricing with a 10% discount. See below for the pricing assumptions utilized. The
reserve estimate is in accordance with NI 51-101 and the estimates of value in
the report do not represent fair market value for the assets. Possible reserves
are those additional reserves that are less certain to be recovered than
probable reserves. There is a 10% probability that the quantities actually
recovered will equal or exceed the sum of proved plus probable plus possible
reserves.


The Corporation will begin the planning for the first horizontal Viking well
upon completion of the farm in, the initial budget for the wells is $2.7 million
per well to drill and complete.


As well the Corporation has increased the previously announced non-brokered
private placement to 12,500,000 units to be offered at $0.20 per unit. Each unit
will consist of one common share of Ranger and one half common share purchase
warrant. Each warrant will entitle the holder thereof to purchase one common
share at any time for a period of 12 months following the closing date at a
price of $0.30 per common share. The proceeds of the private placement will be
used for evaluation and development of the Viking and Cardium plays, and for
general working capital purposes. Ranger will pay a cash commission in relation
to this placement. 


The Corporation has also applied to the TSX-V to be re-activated as a Tier II
issuer. There is no assurance that the reactivation to the TSX-V will be
completed.


The above is subject to regulatory acceptance under the policies of the TSX
Venture Exchange.


The forecast pricing, effective March 31, 2010, has been developed by Reliance
Engineering and is based on Edmonton Crude, and is as follows:




Year                     Canadian Crude
                         $CDN/BBL      
2010                     83.25         
2011                     86.40         
2012                     89.60         
2013                     92.75         
2014                     95.90         
2015                     97.85         
Prices escalated at 1.5% per year thereafter                             
40 degrees  API and 0.5 percent sulpher adjusted for gravity and
transportation.
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