Ranger Energy Increases Viking and Cardium Oil Assets and Provides Updated Reserve and Resource Assessment

Ranger Energy Ltd. ("Ranger" or the "Corporation") (TSX VENTURE:RGG) is pleased
to announce that it has signed a binding letter of intent to add to its existing
Viking and Cardium land base. The letter agreement, with an Alberta based
private company, allows the Corporation to earn a 100% interest in an additional
5 sections of land subject to a gross overriding royalty to Privateco. The
additional 5 sections are contiguous with the Corporation's existing lands. The
total combined land position held under letters of intent now consists of 27.5
sections with significant vertical well control adjacent to a highly prospective
Viking horizontal oil project. The agreement commits Ranger to issue a
non-convertible promissory note to Privateco in the amount of $1,584,848 and
100,000 shares of Ranger as payment for the acquisition. The promissory note
will be due on November 25, 2010.


Ranger retained Reliance Engineering Group Ltd. ("Reliance"), an independent
qualified Calgary based engineering firm, to provide reserve estimates on the
Viking and Cardium lands. The report dated August 20, 2010, with an effective
date of July 31, 2010; attributes 1,822 thousand possible (3P) barrels oil of
equivalent recoverable with an estimated net present value of $22.2 million to
the Ranger on unearned lands under option. This net present value is before
income taxes and is based on forecast pricing discounted at 10%. The reserve
report was prepared in accordance with National Instrument 51-101 using the
assumptions and methodology outlined in the Canadian Oil and Gas Evaluation
Handbook. See below for the summary of reserves.




 Summary of Company Interest Oil and Gas Reserves (Before Royalties)- As at 
                                July 31, 2010                               
----------------------------------------------------------------------------
                                    Oil    NGLs     Gas   Total   B-Tax 10% 
Reserves Category                 (Mbbl)  (Mbbl)  (MMcf)  (MBOE)       ($MM)
----------------------------------------------------------------------------
Total Proved                          0       0       0       0         0.0 
Probable                            444       0       0     444         4.3 
Total Proved and Probable           444       0       0     444         4.3 
Possible                          1,263      19     940   1,438        18.0 
Total Proved, Probable and                                                  
 Possible                         1,706      19     940   1,882        22.2 



As well, Ranger retained Reliance to provide a contingent resource report on the
Viking and Cardium lands. The Report was prepared in accordance with National
Instrument 51-101 using the assumptions and methodology outlined in the Canadian
Oil and Gas Evaluation Handbook. The report dated September 2, 2010, with an
effective date of July 31, 2010, is summarized below:




     Summary of Company Interest Oil and Gas Resources (Before    
                  Royalties) - As at July 31, 2010                
------------------------------------------------------------------
                                                                  
                                           Low      Best      High
                                    ------------------------------
Oil (Mstb)                                                        
Cardium                                    559       745     1,117
Viking                                   1,549     2,084     3,155
Total Oil                                2,108     2,829     4,272
                                                                  
Gas (MMcf)                                                        
Cardium                                  1,933     2,347     2,540
Viking                                   1,290     1,567     1,696
Total Gas                                3,223     3,914     4,236
                                                                  
Total (MBOE)                                                      
Cardium                                    881     1,136     1,541
Viking                                   1,764     2,345     3,437
Total                                    2,645     3,481     4,978
                                                                  



Readers' Advisory

Barrel of Oil Equivalent: Where amounts are expressed on a barrel of oil
equivalent ("boe") basis, natural gas volumes have been converted to boe at a
ratio of 6,000 cubic feet of natural gas to one barrel of oil equivalent. This
conversion ratio is based upon an energy equivalent conversion method primarily
applicable at the burner tip and does not represent value equivalence at the
wellhead. Boe figures may be misleading, particularly if used in isolation.


Reserves and contingent resources involve different risks associated with
achieving commerciality. There is no certainty that it will be commercially
viable to produce any portion of the contingent resources. Please refer to the
attached reserve and resource definitions and safe-harbour discussion of risks.
Future net revenues associated with reserves and resources do not necessarily
represent fair market value.


The forecast pricing, effective July 31, 2010, has been developed by Reliance
and is as follows:




                    ------------------------------------
                                     Oil (1)     Gas (2)
                    Year            $CDN/bbl    $CDN/Mcf
                    ------------------------------------
                    2010               83.25        4.40
                    2011               86.40        5.00
                    2012               89.60        5.70
                    2013               92.75        6.20
                    2014               95.90        6.55
                    2015 (3)           97.85        6.80
                                                                            
Notes:                                                                      
----------------------------------------------------------------------------
    (1) Based on Edmonton light crude of 40 API of 0.5% sulphur adjusted for
    gravity and transportation                                              
    (2) Adjusted for heating value and aggregator contract price            
    (3) Prices escalated at 1.5% per year thereafter                        



Definitions

"Best (P50)" means the best estimate of the quantity that will actually be
recovered. It is equally likely that the actual remaining quantities recovered
will be greater or less than the best estimate. If probabilistic methods are
used, there should be at least a 50 percent probability (P50) that the
quantities actually recovered will equal or exceed the best estimate.


"Contingent Resources" means those quantities of petroleum estimated, as of a
given date, to be potentially recoverable from known accumulations using
established technology or technology under development, but which are not
currently considered to be commercially recoverable due to one or more
contingencies. Contingencies may include factors such as economic, legal,
environmental, political, and regulatory matters or a lack of markets. It is
also appropriate to classify as contingent resources the estimated discovered
recoverable quantities associated with a project in the early evaluation stage.


"High (P10)" means an optimistic estimate of the quantity that will actually be
recovered. It is unlikely that the actual remaining quantities recovered will
exceed the high estimate. If probabilistic methods are used, there should be at
least a 10 percent probability (P10) that the quantities actually recovered will
equal or exceed the high estimate.


"Low (P90)" means a conservative estimate of the quantity that will actually be
recovered. It is likely that the actual remaining quantities recovered will
exceed the low estimate. If probabilistic methods are used, there should be at
least a 90 percent probability (P90) that the quantities actually recovered will
equal or exceed the low estimate.


"Probable reserves" means those additional reserves that are less certain to be
recovered than proved reserves. It is equally likely that the actual remaining
quantities recovered will be greater or less than the sum of the estimated
Proved plus Probable reserves.


"Possible reserves" means those additional reserves that are less certain to be
recovered than probable reserves. It is unlikely that the actual remaining
quantities recovered will exceed the sum of the estimated Proved plus Probable
plus Possible reserves.


"Proved reserves" means those reserves that can be estimated with a high degree
of certainty to be recoverable. It is likely that the actual remaining
quantities recovered will exceed the estimated Proved reserves.


Safe Harbour

Forward-Looking Information

This news release contains certain "forward-looking information" within the
meaning of applicable securities law including, but not limited to, estimates as
to: reserves, resources, recoverability, the proposed financing strategy for
Ranger and timing in connection therewith, the proposed construction, the timing
for receipt of applicable regulatory approvals necessary to proceed with
development, the timing of construction, future production, planned drilling
activities on the lands and the Company's future strategy.


Forward-looking information is frequently characterized by words such as "plan",
"expect", "project", "intend", "believe", "anticipate", "estimate", "may",
"will", "potential", "proposed" and other similar words, or statements that
certain events or conditions "may" or "will" occur. These statements are only
predictions. Forward-looking information is based on the opinions and estimates
of management with respect to results of operations, production, future
commodity prices and exchange rates, future capital and other expenditures,
business prospects and future economic conditions as at the date the statements
are made. Forward- looking information is subject to a variety of risks and
uncertainties and other factors that could cause actual events or results to
differ materially from those projected in the forward-looking statements. These
factors include, but are not limited to the inherent risks involved in the
exploration and development of conventional oil and gas properties, difficulties
or delays in securing required regulatory approvals and in the construction,
commissioning and start-up operations, the uncertainties involved in
interpreting drilling results and other geological data, fluctuating commodity
prices, the possibility of unanticipated costs and expenses, uncertainties
relating to the availability and costs of financing needed for construction in
the future and risks and uncertainties associated with the impact of general
economic conditions and other factors including unforeseen delays. As an oil and
gas enterprise in the early stage of development with conventional production,
Ranger faces risks including those associated with exploration, development,
start-up, approvals and the continuing ability to access sufficient capital from
external sources as required. Actual timelines associated with receipt of
regulatory approvals, completion of construction and start-up of development and
the drilling and production on the lands may vary from those anticipated in this
news release and such variations may be material. Industry related risks could
include, but are not limited to, operational risks in exploration, development
and production, delays or changes in plans and the timing of capital
expenditures, risks associated to the uncertainty of reserve estimates, health
and safety risks and the uncertainty of estimates and projections of production,
costs and expenses. For a description of the risks and uncertainties facing
Ranger and its business and affairs, readers should refer to Ranger's most
recent fiscal year end Management Discussion and Analysis. Ranger undertakes no
obligation to update forward-looking statements if circumstances or management's
estimates or opinions should change, unless required by law. 


Due to the risks and uncertainties associated with forward-looking information,
the reader is cautioned not to place undue reliance on this forward-looking
information.