New Range Resources Ltd.
TSX VENTURE : RGE

New Range Resources Ltd.

February 18, 2009 13:06 ET

New Range Resources Announces Issuance of ERCB Decision and Impact on Knopcik JJ Halfway Pool

CALGARY, ALBERTA--(Marketwire - Feb. 18, 2009) - New Range Resources Ltd. ("New Range" or "the Company") (TSX VENTURE:RGE) announces that the Energy Resources Conservation Board ("ERCB") has issued a decision in respect of an application for a common carrier order by an private industry applicant (the "Applicant") in respect of natural gas production from the Knopcik JJ Halfway Pool in central Alberta. The ERCB decision provides that the pipeline and sweet gas blending facilities owned by New Range and its industry partners, be declared a "common carrier" under the provisions of the Oil and Gas Conservation Act (Alberta), in respect of natural gas produced from the Knopcik JJ Halfway Pool. The full text of the ERCB's decision is available on the internet at www.ercb.ca.

Based on the data presented, the ERCB determined that two wells, a producing well located at 14-9-74-11 W6M ("14-9"), and a non-producing well located at 3-16-74-11 W6M ("3-16"), both penetrate the Knopcik JJ Halfway Pool. The ERCB further determined that the production and reserve allocation from the Knopcik JJ Halfway Pool be 34% for the 3-16 well and 66% for the 14-9 well. New Range holds a 30% working interest in natural gas production from the 14-9 well. The 3-16 well, drilled and completed in August 2007 by the Applicant and an industry partner, was tested and determined capable of production in late 2007, but is not tied into any gathering system. The Applicant sought the common carrier order from the ERCB to allow access to the pipeline and sweet gas blending facilities associated with the 14-9 well.

The impact of the ERCB's common carrier order on New Range's interests in the 14-9 well is difficult to assess at the present time; however, it is foreseeable that if the Applicant or its industry partner tie-in the 3-16 well to the pipeline and associated blending facilities, New Range may experience a decrease in production rates from the 14-9 well. Current daily production from the 14-9 well is approximately 200 boepd (60 boepd net to New Range).

About New Range

New Range Resources Ltd. 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.

Forward-looking Information

This press release includes forward-looking statements and assumptions respecting New Range's strategies, future operations, expected financial results, financial sources, commodity prices, costs of production and quantum of oil and natural gas reserves and discusses certain issues, risks and uncertainties that can be expected to impact on any of such matters. By their nature, forward-looking statements are subject to numerous risks and uncertainties that can significantly affect future results. Actual future results may differ materially from those assumed or described in such forward-looking statements as a result of the impact of issues, risks and uncertainties whether described herein or not, which New Range may not be able to control. The reader is therefore cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and New Range undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. In addition, the term BOE or BOE's may be misleading, particularly if used in isolation. A BOE (barrel of oil equivalent) conversion ratio of 6 Mcf per one (1) BOE is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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