JERSEY COURT ENJOINS RELEASE OF INFORMATION TO RANGE
January 22, 2015
Vancouver, BC, Canada – Range Energy Resources Inc. (the “Company” or “Range”) (CSE: RGO) (FWB: YGK) has been informed that the Royal of Court of Jersey, at the request of Gas Plus Khalakan (“GPK”), issued an interim injunction on January 12, 2015 that enjoins New Age Alzarooni 2 Limited (“NAAZ2”) from disclosing to the Company certain Confidential Information regarding the Khalakan Block in Kurdistan. The order was issued on an ex parte basis, thus the Company was not given prior notice of the requested injunction or the opportunity to present a case before the Court. The Court did, however, require GPK to send a copy of the order to the Company so that it can consider whether to participate in further proceedings regarding the order, including proceedings seeking the discharge of the order.
As the Company has previously reported, the Company obtained in May 2014 a favorable arbitration award that confirms the Company's right to obtain material information from NAAZ2 as to its investments in the Khalakan Block, and to use such material information to produce public summaries of the status of the work at the Khalakan Block as is necessary to comply with applicable securities laws.
NAAZ2 and Black Gold Khalakan Limited, the other NAAZ2 shareholder, challenged the award before an English court. That challenge was denied in December 2014.
As the Company previously advised its shareholders, despite the Company’s success before the arbitration panel and the English court in enforcing its rights to receive and disclose material information regarding operations on the Khalakan Block, the Company may be required to pursue further legal action to enforce these rights.
Toufic Chahine, the Chairman of the Company’s Board of Directors said: “Range is disappointed that GPK, the company in which Range has invested tens of millions of dollars, and its 50% shareholder New Age continue to use any means available to deny Range access to material information regarding its investment in the Khalakan Block in Kurdistan. As it has over these last three plus years, Range will continue to pursue vigorously its rights.”
For further information on Range Energy Resources Inc., please visit the Company’s web site at www.rangeenergyresources.com.
On Behalf of the Board of Directors:
This news release contains certain statements that may be deemed to include “forward-looking information”. 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.