Rango Energy Signs Letter of Intent to Acquire Innex Energy
December 02 2013 - 8:00AM
Marketwired
Rango Energy Signs Letter of Intent to Acquire Innex Energy
Transaction Covers Approximately 50,000 Acres Of San Joaquin
Valley, Sacramento Basin and Oklahoma Oil And Gas Leases
DALLAS, TEXAS--(Marketwired - Dec 2, 2013) - Rango Energy, Inc.
(OTCBB:RAGO) ("Rango Energy" or "the Company"), an oil and gas
exploration and development company, today announced that it has
signed a definitive Letter of Intent to acquire Innex Energy, Inc.,
a Dallas-based energy company with oil and gas leases covering
approximately 50,000 acres in the San Joaquin Valley, Northern
California's Sacramento Basin and Oklahoma. The terms of the deal
were not provided and are subject to a non-disclosure agreement
until such time as a definitive agreement is signed. The
transaction is subject to mutual due diligence and completion of a
financing that will close concurrently with the acquisition.
Rango expects to be able to provide interim updates as the
transaction calls for three separate closings in order to
accommodate and not interfere with existing contracts that Innex
currently has in place with their drilling partners.
Said Rango CEO Harp Sangha, "We are elated to have the
opportunity to bring Innex's tremendous oil and gas portfolio into
the Rango Energy. Innex has spent the better part of 14 years
putting a diverse, oil and gas rich group of leases together that
have both current production and proven undeveloped reserves. We
now have the task of completing mutual diligence as well as funding
the acquisition."
Sangha added, "Further, upon the closing of this transaction, we
will be inheriting Innex's team of successful and seasoned
engineering and geological experts. These gentleman have worked in
senior positions at major oil companies and bring a wealth of
expertise and experience to our company. We will be providing more
information about their background as well as the assets in their
portfolio in the near future."
About Rango Energy
Rango Energy, Inc. is an exploration stage oil and natural gas
company with a strategy to identify, evaluate, explore, and develop
new opportunities for oil and natural gas production across North
America.
Safe Harbor Statements
Certain information contained in this news release constitutes
"forward-looking statements" as such term is used in applicable
United States and Canadian laws. Generally, these forward-looking
statements can be identified by the use of forward-looking
terminology such as "expects" or "does not expect", "is expected",
"anticipates" or "does not anticipate", "plans", "estimates",
"intends" or "believes", or that certain actions, events or results
"may", "could", "would", "might" or "will be taken", "occur", or
"be achieved".
Forward-looking statements are based on the opinions and
estimates of management as of the date such statements are made,
and are subject to known and unknown risks, uncertainties and other
factors that may cause the actual results, performance or
achievements of the Company to be materially different from those
expressed or implied by such forward-looking statements. Many of
these factors are beyond the Company's ability to control or
predict. Important factors that may cause actual results to differ
materially and that could impact the Company and the statements
contained in this news release can be found in the Company's
filings with the SEC. Such risks and other factors include, among
others, the ability to locate and acquire suitable interests in oil
and gas properties on terms acceptable to the Company, the
availability of financing on acceptable terms, accidents, labor
disputes, acts of God and other risks of the oil and gas industry
including, without limitation, risk of liability under
environmental protection legislation, delays in obtaining
governmental approvals or permits, title disputes or claims
limitations on insurance coverage. The Company believes that the
expectations reflected in the forward-looking statements included
in this news release are reasonable; however, no assurance can be
given that these expectations will prove to be correct, and such
forward-looking statements should not be unduly relied upon. The
Company assumes no obligation to update or supplement any
forward-looking statements whether as a result of new information,
future events or otherwise.
Rango Energy, Inc.Phone: 1 (888) 224-6039www.rangoenergy.comMZ
North AmericaTed HaberfieldPresidentTel: 760-755-2716Email:
thaberfield@mzgroup.usWeb: www.mzgroup.us
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