New Range Resources Ltd.

New Range Resources Ltd.

March 09, 2010 18:00 ET

New Range Announces New Officer and Director Appointments and Private Placement

CALGARY, ALBERTA--(Marketwire - March 9, 2010) - New Range Resources Ltd. ("New Range" or "the Company")(TSX VENTURE:RGE) is pleased to announce that Mr. Daniel T. Wilson has been appointed as the new President and Chief Executive Officer of New Range, replacing Hugh Thomson, who has been appointed as the new Vice-President, Finance, and Chief Financial Officer of New Range.

Mr. Wilson is a professional engineer with 24 years of oil and gas industry experience, gained in successful junior oil and gas exploration and development companies. Most recently, he was President and Chief Executive Officer of Vigilant Exploration Inc., a private oil and gas company, from October 2008 until the sale of the company in November 2009 to Tourmaline Oil Corp. Prior to joining Vigilant, he was President, Chief Executive Officer and founder of Relentless Energy Corporation from 2002 to 2005 and President and Chief Executive Officer of Chain Energy Corporation from 2000 to 2002.

Mr. Wilson and William C. Macdonald, a former director and officer of New Range, have also been appointed as directors of New Range, in part to replace the casual vacancy resulting from the resignation of Mr. Geoff Paskuski. In addition, Mr. Wilson has been appointed Chairman of the Board. Mr. Macdonald is the President of Bilmac Resources Ltd. ("Bilmac"), an oil and gas consulting firm specializing in petroleum land and private oil and gas start up financings. He has over twenty five years of petroleum land experience. Prior to Bilmac he was a co-founder and Vice President, Land, at Avalanche Energy Limited, a private oil and gas company from December 1997 to June 2000. From July 1995 until December 1997 he started Bilmac and provided consulting land services to a broad base of clientele. He was Land Manager at Hardy Oil and Gas Limited, a private subsidiary of Hardy PLC (1990-95) and a senior negotiator at Amerada Hess and prior thereto DeKalb Petroleum Corporation. He became a member of the Canadian Association of Petroleum Landmen in 1980, attained his P. Land designation in April 1989, and remains an active member of the Association. From 2005 to 2007, Mr. Macdonald served as President, Chief Executive Officer and Vice-President, Land, of the Company.

Leigh Stewart, who was replaced by Mr. Thomson as Vice-President, Finance, and Chief Financial Officer, will continue as Corporate Secretary and a director of the Company. At this time, the Board wishes to extend its thanks to outgoing director Mr. Paskuski, for his contributions to New Range. The director and officer appointments remain subject to TSX Venture Exchange approval (the "Exchange").

In connection with the re-alignment of the Company's management, an insider group, comprised of all the current directors, officers and a control person of the Company (the "Insider Group"), have agreed to sell to Mr. Wilson an aggregate of 4,307,690 common shares at $0.0325 per share, representing 18.19% of the issued and outstanding common shares of the Company, leaving the Insider Group holding 5,569,580 common shares representing 23.52% of the Company's issued and outstanding common shares.

The Company also plans to complete a non-brokered equity financing of up to 6,000,000 common shares at a price of $0.05 per share for gross proceeds of up to $300,000 (the "Private Placement"). The net proceeds of the Private Placement will be used for general working capital purposes. It is expected that both the Insider Group and Mr. Wilson will participate in the Private Placement, with the Insider Group intending to subscribe for not less than 1,800,000 common shares, and Mr. Wilson intending to subscribe for 192,310 common shares. Assuming the Private Placement is fully subscribed, Mr. Wilson will hold 4,500,000 common shares, representing 15.2% of the Company's common shares, and the Insider Group will hold not less than 7,369,580 common shares, representing 24.8% of the Company's common shares. In connection with the Private Placement, the Company may pay a finder's fee to an arm's length finder on a portion, or all, of the gross proceeds raised under the Private Placement, to be settled in cash and/or warrants, subject to the approval of the Exchange. A further news release will be issued if a finder's fee is payable.

All securities issued under the Private Placement will be subject to a four month hold period from the date of issuance in accordance with Exchange policies and applicable securities laws. The Private Placement is subject to final approval of the Exchange.

About New Range Resources Ltd.

New Range is a Calgary based emerging oil and natural gas company, engaged in the exploration, development, acquisition and production of natural gas and medium to light gravity crude oil reserves in Alberta. New Range's common shares trade on the TSX Venture Exchange under the symbol RGE.

New Range's primary corporate objective is to achieve non-dilutive growth and enhance shareholder value through internal prospect development, strategic production acquisitions and prudent financial management.

Reader Advisory

This document contains forward-looking statements. More particularly, this document contains statements concerning the proposed transactions and the completion of the proposed transactions. The forward-looking statements contained in this press release are made as of the date hereof and New Range undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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