SHEWASHAN FIELD DEVELOPMENT PLAN APPROVED, TARGETS 10,000 BOPD IN 2016
September 1, 2015
Vancouver, BC, Canada – Range Energy Resources Inc. (the “Company”) (CSE: RGO) (FWB: YGK) announces that, on September 1, 2015, Gas Plus Khalakan (“GPK”), the sole contractor of the Khalakan Block in the Kurdistan Region of Iraq, has made public that it is about to commence development drilling to support Phase 1 of the approved Shewashan Field Development Plan and installation of an Early Production Facility with target production of 10,000 barrels of oil per day in 2016. The article includes additional important information regarding the performance of the Shewashan-1 well, Proved plus Probable Oil Reserves, and results from a 180 day production period. The article can be found here:
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.
Please note the Company’s earlier press release, September 1, 2015 “Range Energy Reaches Agreement to Temporarily Suspend Litigation Regarding Information Disclosure”.
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:
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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.