Ranger Energy Ltd. and Blackhawk Resource Corp. Announce Termination of Arrangement Agreement and Related Transactions

RANGER ENERGY LTD. ("Ranger") (TSX VENTURE:RGG) and BLACKHAWK RESOURCE CORP.
("Blackhawk") (TSX VENTURE:BLR) announce that they have terminated the
arrangement agreement dated October 12, 2010 (the "Arrangement Agreement")
pursuant to which Ranger and Blackhawk were to amalgamate (the "Proposed
Transaction"). The Proposed Transaction was conditional on the completion of a
financing in the amount of $15,000,000 prior to November 15, 2010 ("Financing").
The directors of each of Ranger and Blackhawk have mutually agreed to terminate
the Proposed Transaction.


The annual and special meeting of Ranger shareholders will proceed on Friday,
November 12, 2010 at 10:00 am in order to consider annual business. 


The special meeting of the Blackhawk shareholders scheduled to be held on
November 12, 2010, will not proceed and has been cancelled as the only business
to take place at the Blackhawk meeting was the Proposed Transaction. 


Statements in this joint press release contain forward-looking information
within the meaning of applicable securities law. Forward-looking information is
frequently characterized by words such as "plan", "expect", "project", "intend",
"believe", "anticipate", "estimate" and other similar words, or statements that
certain events or conditions "may" or "will" occur. In particular,
forward-looking information in this press release includes, without limitation,
the proposed Meeting, Readers are cautioned that assumptions used in the
preparation of forward-looking information may prove to be incorrect. Although
we believe that the expectations reflected in the forward-looking information
are reasonable, there can be no assurance that such expectations will prove to
be correct. We cannot guarantee future results, level of activity, performance
or achievements. Consequently, there is no representation that the actual
results achieved will be the same, in whole or in part, as those set out in the
forward-looking information.


The forward-looking information contained in this news release is expressly
qualified by this cautionary statement. Neither Ranger nor Blackhawk undertakes
any obligation to update or revise any forward-looking statements to conform
such information to actual results or to changes in our expectations except as
otherwise required by applicable securities legislation. Readers are cautioned
not to place undue reliance on forward-looking information.