New Range Resources Ltd.

New Range Resources Ltd.

July 12, 2007 13:24 ET

New Range Resources Ltd. Operations Update: Wells at Knopcik and Pembina On-Stream, Two New Locations Identified at Pembina

CALGARY, ALBERTA--(Marketwire - July 12, 2007) - New Range Resources Ltd. (TSX VENTURE:RGE) ("New Range" or "the Company") announces that the sour gas well at Knopcik, Alberta and the oil and gas well at Pembina, Alberta are both on continuous production.

Pembina, Alberta

New Range acquired a 5 km gas pipeline that runs adjacent to the Company's land in the Pembina area. The pipeline was acquired at a nominal cost and has enabled New Range to tie in the 2-12 well to the main sales gas pipeline in the area. On July 6, 2007 the tie-in was completed and the well was placed on production. As of today's date, the well is flowing oil at a rate of 70 Bbl/day (45 Bbl/day net) with associated gas production of 200 Mcf/day (128 Mcf/day net) through a 26/45 choke.

As a result of the pipeline acquisition and the ability to deliver gas directly to the sales pipeline, two new drilling prospects are now viable for the Company from the 2-12 location at Pembina. These new wells can be drilled directionally from the 2-12 lease, which enhances the economics of the project since additional lease, road and pipeline costs are not necessary.

New Range will produce the 2-12 well for several months to determine its long range productivity before making a decision on the new drilling prospects.

New Range is the operator of the Pembina property and has a 64% working interest.

Knopcik, Alberta

The Knopcik 14-9-74-11W6 well was placed back on production on May 24, 2007 at a restricted rate of 1.2 MMcf/day (360 Mcf/day net) and has been producing steadily at this rate since then.

In order to increase the gas rate at 14-9 the operating partner of the well is working on making the following changes and modifications in the short term:

1. Increasing the dilution gas stream available by adding compression and/or manipulating the pipeline pressures downstream of the 14-9 well.

2. Relicensing the system pipeline to a higher sour rate (from 5% to 6.5%) in order to reduce the proportional amount of dilution gas necessary and increase the production rate at 14-9.

New Range has a 30% working interest in the non-operated Knopcik well.

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.

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.

Forward-looking Information

Certain information regarding New Range in this news release including management's assessment of future plans and operations, wells to be drilled, timing of drilling of wells, production estimates and planned capital expenditures may constitute forward-looking statements under applicable securities laws and necessarily involve risks including, without limitation, risks associated with oil and gas development, production, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals, and inability to fund required capital expenditures. As a consequence, New Range's actual results, performance or achievements could differ materially from those expressed in, or be given that any events anticipated by the forward-looking statements will transpire or occur, or, if any implied by, these forward-looking statements and, accordingly no assurance can of them do so, what benefits New Range will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect New Range's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website ( and at New Range's website ( Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and New Range does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

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

Contact Information