Range Energy Resources Inc.: Shewashan Operations Update
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 02/08/17 -- Range Energy Resources Inc. ("Range" or the "Company") (CSE: RGO)(CSE: RGO.CN)(FRANKFURT: YGK) announced today that, Gas Plus Khalakan ("GPK"), the sole contractor of the Khalakan PSC in the Kurdistan Region of Iraq, issued an operations update regarding the Shewashan field.
The GPK Shewashan operations update provides details regarding key events and activities that have occurred as well as activities that are anticipated to occur over the near term, including;
(1) Total depth
(2) Measured depth below rotary table
Readers are encouraged to read the full GPK Operations Update which can be found at the NewAge website. .
Range Financial Update: Based on the GPK Operation Update Range will seek to raise capital to meet it''s near term capital requirements of USD $2,600,000 and to refinance its existing short term loans of CDN $5,720,000. To meet the remaining capital requirements of the Phase 1 Field Development Plan Range expects additional capital requirements of between approximately USD $4,000,000 and $5,500,000 depending on the amount of proceeds received from oil sales, oil production rate, the price per barrel of oil sold, drilling and operational expenses, and cash on hand amongst others. Range anticipates that the Phase 1 Field Development Plan capex requirements will conclude Q2 2017.
Mr. Toufic Chahine, Chairman of Range, commented: "We are pleased with GPK''s efforts to enhance the productivity of the Shewashan field and are delighted with the Shewashan -3 production rates. With three wells successfully drilled it is still early in the fields development cycle and as we learn more about the underlying reservoir geology, we look forward to additional news from the Shewashan -4 drilling results."
The Company is a 24.95% indirect shareholder of GPK through its ownership of 49.9% of the shares of New Age Alzarooni 2 Limited ("NAAZ2"). NAAZ2 owns 50% of the shares of GPK.
Production rates and quantities, reserves and resources, both projected and historical are provided in this release according to disclosures provided by GPK. Range expects GPK to utilize reporting procedures that are in compliance with the COGE Handbook standards and NI 51-101 (National Instrument Standards of Disclosure for Oil and Gas Activities).
For further information on Range Energy Resources Inc., please visit the Company''s web site at .
On Behalf of the Board of Directors:
Toufic Chahine, Chairman
This news release contains certain statements that may be deemed to include "forward-looking statements". Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Range Energy believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Range Energy''s management on the date the statements are made. Except as required by law, Range Energy Resources Inc. undertakes no obligation to update these forward-looking statements in the event that management''s beliefs, estimates or opinions, or other factors, should change.
THE CSE AND FRANKFURT STOCK EXCHANGES HAVE NOT REVIEWED AND DO NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS PRESS RELEASE.
Contacts:
Toufic Chahine
Chairman
604-688-9600
604-687-3141 (FAX)
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 08.02.2017 - 15:22 Uhr
Sprache: Deutsch
News-ID 1485577
Anzahl Zeichen: 6534
contact information:
Contact person:
Town:
VANCOUVER, BRITISH COLUMBIA
Phone:
Kategorie:
Oil & Gas
Typ of Press Release:
type of sending:
Date of sending:
Anmerkungen:
Diese Pressemitteilung wurde bisher 83 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Range Energy Resources Inc.: Shewashan Operations Update
"
steht unter der journalistisch-redaktionellen Verantwortung von
Range Energy Resources Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
