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Share Name | Share Symbol | Market | Type |
---|---|---|---|
React Gaming Group Inc | TSXV:RGG.H | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
Ranger Energy Ltd. (the "Corporation") (TSX VENTURE:RGG.H) is pleased to provide an update on the previously announced arm's length farm in arrangement. On March 31, 2010 the Corporation announced that it had signed a letter agreement to farm in on a 100% interest in a Cardium and Viking oil project in Alberta with an Alberta based private company, ("Privateco"). The lands total 8.75 sections (100% working interest) and are located in the prolific light oil Pembina field with well established Cardium and Viking production. 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 $7.4M. The 1,000,000 performance warrants entitles 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 Corporation has retained Reliance Engineering Group, who is an independent qualified Calgary based engineering firm, to provide reserve estimates on the Viking oil play. The report dated May 3, 2010, with an effective date of March 31, 2010; attribute 425 million possible (3P) barrels recoverable with an estimated net present value of $11.357 million to the Ranger interests in the lands. This net present value is before income taxes and is based on forecast pricing with a 10% discount. See below for the pricing assumptions utilized. The reserve estimate is in accordance with NI 51-101 and the estimates of value in the report do not represent fair market value for the assets. Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves. The Corporation will begin the planning for the first horizontal Viking well upon completion of the farm in, the initial budget for the wells is $2.7 million per well to drill and complete. As well the Corporation has increased the previously announce non-brokered private placement to 12,500,000 units to be offered at $0.20 per unit. Each unit will consist of one common share of Ranger and one half common share purchase warrant. Each warrant will entitle the holder thereof to purchase one common share at any time for a period of 12 months following the closing date at a price of $0.30 per common share. The proceeds of the private placement will be used for evaluation and development of the Viking and Cardium plays, and for general working capital purposes. Ranger will pay a commission of cash in relation to this placement. The Corporation has also applied to the TSX-V to be re-activated as a Tier II issuer. There is no assurance that the reactivation to the TSX-V will be completed. The above is subject to regulatory acceptance under the policies of the TSX Venture Exchange. The forecast pricing, effective March 31, 2010, has been developed by Reliance Engineering and is based on Edmonton Crude, and is as follows: Year Canadian Crude $CDN/BBL ---------------------------------- 2010 83.25 2011 86.40 2012 89.60 2013 92.75 2014 95.90 2015 97.85 Prices escalated at 1.5% per year thereafter 40 degrees API and 0.5 percent sulpher adjusted for gravity and transportation.
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