VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 28, 2014) - Range Energy Resources Inc. (the "Company") (CSE:RGO)(FRANKFURT:YGK) is pleased to announce that, on May 27, 2014, the International Chamber of Commerce (the "ICC") notified the Company of the final award issued in the arbitration proceeding that the Company commenced against New Age Alzarooni 2 Limited ("NAAZ2") and Black Gold Khalakan Limited ("BGKL"). The Company believes that the award is favorable to the Company. The result is that the Company should have more ready access to, and certain rights to disclose, material information concerning the status of work at the Khalakan Block.
As the Company has reported, on July 20, 2012, the Company commenced arbitration proceedings against NAAZ2 and BGKL, the other shareholder in NAAZ2. The Company owns 49.9% of the shares of NAAZ2, which in turn is the owner of 50% of the shares of Gas Plus Khalakan ("GPK"), the sole contractor for the Khalakan Block. The arbitration took place before three arbitrators in London under the Arbitration Rules of the ICC. The arbitration panel held a hearing on the merits of the dispute from April 29, 2013 until May 3, 2013. The Company commenced the arbitration to compel NAAZ2 to obtain from GPK material information regarding the development of the Khalakan Block and to confirm the Company's right to disclose to the public certain material information regarding this development.
The arbitration tribunal has awarded the Company orders and declarations which support the Company's right to obtain material information as to its investments, and to use such material information (which the Company must otherwise hold confidential) to produce public summaries of the status of the work at the Khalakan Block as is necessary to comply with applicable securities laws. The tribunal awarded the Company with 100% of its costs incurred in connection with the arbitration.
The Company is not permitted under the ICC's rules to fully disclose the award.
The Company's shareholders should be advised that NAAZ2 and Black Gold each have 28 days to challenge the award before an English court. However, the basis for any such challenge is limited to a complaint that there has been a serious procedural irregularity in the arbitration or that the tribunal has exceeded its jurisdiction. The Company's shareholders also should be advised that the effectiveness of the award ultimately depends on compliance with it by NAAZ2, BGKL, and their respective directors. There can be no certainty that these parties will provide, or will cause to be provided, to the Company the information that it requests from time to time or will cooperate with the Company in its efforts to disclose material information to its shareholders.
Toufic Chahine, the Chairman of the Company's Board of Directors said: "The Company is pleased with the contents of this long-awaited arbitration award. The Company's other Directors and I believe that, because of this award, the Company will be in a better position to inform the Company's shareholders of the status of work on the Khalakan Block. The Company will continue to vigorously pursue its rights under the NAAZ2 shareholders' agreement and the remedies granted to the Company under this award."
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:
Toufic Chahine, Chairman
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.
THE CSE AND FRANKFURT STOCK EXCHANGES HAVE NOT REVIEWED AND DO NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS PRESS RELEASE.