Rango Energy Signs Definitive Agreement with INNEX California Inc.
January 17 2014 - 09:00AM
Marketwired
Rango Energy Signs Definitive Agreement with INNEX California Inc.
Deal Includes the Innex California Inc Oil and Gas Projects
Covering Approximately 40,000 Gross Acres of Projects focused in
California's Prolific San Joaquin, Ventura, and Eel River Basins
and Oklahoma Oil And Gas Leases; Projects include joint ventures
with Occidental Petroleum and Hess Corp.
DALLAS, TEXAS--(Marketwired - Jan 17, 2014) - Rango Energy, Inc.
(OTCBB:RAGO) ("Rango Energy" or "the Company"), an oil and gas
exploration and development company, announced today that it has
signed a definitive Joint Venture, Operating and Acquisition
Agreement with INNEX California, Inc., a Dallas-based energy
company with oil and gas leases covering approximately 40,000 gross
acres in the San Joaquin, Ventura, and Eel River Basins in
California and an additional project in Oklahoma. INNEX is the
originator of most of these ongoing projects and has retained from
10% to 100% ownership. All projects have significant oil,
condensate, and gas potential.
Highlights of the INNEX portfolio include:
- Joint development of approximately 10,000 acres of the
Kreyenhagen Formation in San Joaquin Valley with partners including
Occidental Petroleum.
- Joint development of approximately 35,000 acres of the San
Joaquin Basin with Hess Corporation.
- Joint Development of 2,300 acres with PUD and Potential oil and
gas reserves in the South Goodwin Field in Oklahoma with partners
Mewbourne and Chesapeake.
Under the terms of the agreement, Rango will have the right to
fund and earn a full 50% working interest in nearly all of the
entire INNEX oil and gas portfolio. Rango will fund each well at
100% of the AFE costs submitted by INNEX or to INNEX by its
Partners and will receive 75% of cash flows from each well up and
until they recoup 125% of the AFE, at which time cash flow will
revert to 50%. After three wells are drilled at each specific
target zone, Rango and Innex will go heads up on all future
drilling.
Rango will contract INNEX's expert and experienced staff to
execute all technical work and INNEX will be the operator of the
projects, except where INNEX is partnered with another company.
Currently, within the INNEX portfolio is an approximate 35,000 acre
group of leases in the San Joaquin Valley that is being developed
in partnership with Hess Corp. and a project at the Kettleman
Middle Dome partnered with Occidental Petroleum. Under the terms of
the Joint Venture agreement with INNEX, Rango will have the ability
to fund and earn 50% of the INNEX position in the projects with
these majors.
In developing the INNEX portfolio, the INNEX - Rango 2014 work
program will focus on attaining near term production by initially
drilling low risk offset wells in Oklahoma and Kettleman Middle
Dome where discovery wells are currently producing.
In the first two years of the agreement, Rango will have the
ability to acquire 100% of INNEX California Inc., terms dependent
on the results of the initial work program.
Specifically excluded from the transaction are certain targets
zones at Kettleman Middle Dome, Elk Hills and South Tapo Canyon.
INNEX is currently under contract with another company on these
prospects, but they will be folded into the INNEX - Rango deal if
and when they become available.
Said Rango CEO Robert R. Harrell, "We believe INNEX's remarkable
land portfolio, partnerships, and the prospect for near term
production will create significant value for Rango shareholders.
The management team at INNEX are all world-class geoscientists with
an tremendous array of experience including target generation,
exploration and production. And with this agreement, we have the
ability to earn a full 50% working interest in the INNEX portfolio
with the option to acquire the entire company once we have reached
a critical level of production. After a review of the science and
analyzing the entire portfolio, there appears to be the potential
of tens of millions of BOE in the PUDs. We expect to be able to
provide an update for the first drill program in the near
future."
Mr. Harrell concluded, "We will be providing a detailed review
of the prospects in the portfolio for our shareholders in the near
future and plan on formally presenting our plan on a conference
call and on-line presentation in the coming weeks."
About Rango Energy
Rango Energy, Inc. is an exploration stage oil and 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.1 (888)
224-60391-214-441-2679www.rangoenergy.comMZ North AmericaTed
HaberfieldPresident760-755-2716thaberfield@mzgroup.uswww.mzgroup.usTorrey
Hills CapitalJim MacDonald/Clay Chase858-759-9902
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