Ranger Energy Ltd. Provides Update

Ranger Energy Ltd. ("Ranger" or the "Corporation") (TSX VENTURE:RGG.H) is
pleased to announce it has signed a definitive agreement with respect to the
acquisition of certain assets from an Alberta based private company,
("Privateco"), as described in previous news releases dated March 31, 2010 and
June 8, 2010. 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 and 1,000,000 performance warrants in the
Corporation and the issuance of a non-convertible promissory note to the
Privateco in the amount of $6.4M and cash of $1,000,000. The 1,000,000
performance warrants entitle 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 securities issued pursuant to the private placement are subject to a four
month holder period. The transactions remain subject to final documentation and
TSX Venture Exchange acceptance.


The Corporation has also applied to the TSX-V to be re-activated as a Tier II
issuer, and expects this application to be granted with final approval of the
above noted transactions. 


This news release may contain certain forward-looking information. All
statements included herein, other than statements of historical fact, is
forward-looking information and such information involves various risks and
uncertainties. There can be no assurance that such information will prove to be
accurate, and actual results and future events could differ materially from
those anticipated in such information. A description of assumptions used to
develop such forward-looking information and a description of risk factors that
may cause actual results to differ materially from forward-looking information
can be found in the Corporation's disclosure documents on the SEDAR website at
www.sedar.com. The Corporation does not undertake to update any forward-looking
information except in accordance with applicable securities laws.