Range Announces Resource Report on Khalakan Block

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 TO SELL OR A SOLICITATION OF AN OFFER TO SELL
ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES.


Range Energy Resources Inc. (CNSX:RGO)(FRANKFURT:YGK) ("Range") is pleased to
announce that Citadel Engineering Ltd. ("Citadel") has completed an independent,
initial resource assessment of the Khalakan Block, located in the Kurdistan
Region of Iraq. Citadel has estimated an unrisked "Best Estimate" of 1.642
billion barrels of petroleum in place as of March 1, 2010.


Range has an indirect 24.95% working interest in the Khalakan Block. Several
structures have been outlined using satellite mapping that will be detailed by
shooting approximately 250 kilometres of seismic scheduled to start this month.
Processing and interpretation of the seismic data and procuring tangibles for
the initial well suggests a spud date towards the end of the current year.


The table below sets out the mean estimated appraised projected resources and
working interest, as prepared by Citadel.




---------------------------------------------------------------------------
MM bbls                  A1      A2      A3      A4      A5      A6   Total
---------------------------------------------------------------------------
Projected Reserve
 Oil in Place           331     132      73     624     380     102   1,642
---------------------------------------------------------------------------
Range WI
 Oil-in-place (1)      82.6    32.9    18.2   155.7    94.8    25.4   409.6
---------------------------------------------------------------------------
Notes: (1) Working Interest ("WI") resources are based upon an indirect
           24.95 percent WI.
       (2) Reported resources were derived by deterministic methods and
           are the simple arithmetic sum of all estimates within each 
           resource category.
       (3) The volumes quoted herein represent the opinion of Citadel staff
           members, and do not necessarily represent fair-market-value.
       (4) Methods used to derive the reported resources were offset
           analogy.
       (5) A field inspection of the properties was not made during the
           past calendar year.



The resource report entitled "Petroleum Reserves, Khalakan Field, Kurdistan,
Prospective Petroleum Resources" has indicated a mean gross projected oil in
place reserve of 1.642 billion barrels. Range's indirect working interest,
oil-in-place is estimated at 409.6 million barrels. If a recovery factor of 30%
is assumed, Range's indirect working interest recoverable prospective resource
would be 122.9 million barrels.


Range believes that proximity of the Khalakan Block to other recent discoveries
in Kurdistan at Taq Taq (Addax Petroleum / Sinopec) and Miran (Heritage Oil)
make the Khalakan structures low risk prospects with the potential for the
discovery of large oil reserves.


Prospective oil resources are those resources of petroleum estimated, as of a
given date, to be potentially recoverable from undiscovered accumulations by
application of future development projects. Prospective resources have both an
associated chance of discovery and a chance of development. The chance of
commerciality is the product of these two risk components. There is no certainty
that any portion of the prospective resources will be discovered. If a discovery
is made, there is no certainty that it will be developed or, if it is developed,
there is no certainty as to the timing of such development or that it will be
commercially viable to produce any portion of the prospective oil resources.


Prospective oil resources are undiscovered resources that indicate exploration
opportunities and development potential in the event a commercial discovery is
made and should not be construed as reserves or contingent resources.


For further information on Range Energy Resources Inc.
(CNSX:RGO)(FRANKFURT:YGK), please visit the Company's web site at
www.rangeenergyresources.com.


On Behalf of the Board of Directors:

Donald R. Sheldon, Chief Executive Officer

This news release contains certain statements that may be deemed
"forward-looking statements". 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 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's management on the date the statements are made. Range
undertakes no obligation to update these forward-looking statements in the event
that management's beliefs, estimates or opinions, or other factors, should
change, except as required by law.
Western Investment Compa... (TSXV:WI)
Graphique Historique de l'Action
De Déc 2024 à Jan 2025