Rango Energy to Divest All Rights to Rango-Innex Joint Venture To A New Company To Be Headed By Robert Harrell; Will Pursue N...
April 01 2014 - 1:42PM
Marketwired
Rango Energy to Divest All Rights to Rango-Innex Joint Venture To A
New Company To Be Headed By Robert Harrell; Will Pursue New
Business Strategy Away From The Oil And Gas Industry
DALLAS, TEXAS--(Marketwired - Apr 1, 2014) - Rango Energy, Inc.
(OTCBB:RAGO) ("Rango Energy" or "the Company"), an oil and gas
exploration and development company, announced that it has agreed
to divest its current joint venture agreement with Innex Energy to
a new company to be headed by Robert Harrell. Rango Energy will be
providing information to its shareholders about new business
initiatives away from the oil and gas industry. Mr. Harrell has
agreed to step down from Rango as its CEO and Chairman.
Mr. Harrell commented, "The Rango Board, after much
deliberation, has decided to pursue other business opportunities.
The Board has agreed to divest the Innex joint venture to a new
company that I will head. More information on this new company will
be provided in the near term. I plan to move ahead with Innex,
their talented technical team and their tremendous oil and gas
portfolio to develop a world class energy company and I wish the
Rango board the best of luck in pursuing its new line of
business."
Said Harp Sangha, the newly appointed CEO of Rango, "We believe
that while Bob Harrell and his team have a tremendous opportunity
to develop the Innex prospects, our board was presented with a very
rare opportunity to move into a new direction that we believe will
bring great value to shareholders. We considered putting this new
business venture into a subsidiary company, but after much
consideration, we could not fund nor properly execute on both
businesses. Rango will be giving shareholders information on its
new business very soon. We have great respect for Bob Harrell and
thank him for his time running Rango."
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. Rango has a definitive Joint Venture, Operating and
Acquisition Agreement with INNEX California, Inc.
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) 224-6039www.rangoenergy.com
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