Range Metals Inc.
FRANKFURT : YGK
CNQ : RGO

Range Metals Inc.

October 10, 2008 16:30 ET

Range Metals Inc.: Oman Block 57 Farm-In Agreements Signed

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 10, 2008) -

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES

Range Metals Inc. (CNQ:RGO)(FRANKFURT:YGK) wishes to announce that its wholly-owned subsidiary, Range Oil & Gas Inc. ("Range" or the "Company"), has executed the definitive documentation with Taqah Oil Exploration ("Taqah", a private corporation) to farm in to the exploration and development of Block 57 in the Sultanate of Oman.

Roger Bethell, geologist and director of Range Oil and Gas, believes that this area of Oman is analogous to the Mississippian sub crop play in Eastern Saskatchewan where unconformity traps contain several billion barrels of oil. The current seismic coverage with 2885 km of 2D seismic and 31 sq. km of 3D seismic over Block 57 indicates 16 prospect leads with three of them having sufficient control to elevate them to drillable prospects. In addition to stratigraphic traps, seismic analysis indicates a large structural feature with potential by-passed pay in both shallower and deeper stratigraphic reservoirs. A seismic program is planned to upgrade the other leads to drillable targets.

The three initial wells are targeting unconformity and stratigraphic traps in the Upper and Lower Khuff reservoirs. The first two wells will be drilled to approximately 1500 meters, and the third well to a projected 3,400 meters to test deeper targets. Sub crop plays of the magnitude identified by seismic in this area of Oman may, by analogy with similar geological areas, contain large reserves of hydrocarbons.

As previously announced on July 23, 2008, Range will pay 100% of the costs associated with drilling up to 3 exploration wells on Block 57 estimated to be in the order of US$ 14 million to earn a 50% interest in Block 57. After drilling the first two wells Range will earn a 50% interest in these earned production areas, and upon completion of the third well Range will earn a 50% interest in the Block. Range will be appointed operator of the project, and the transaction continues to be subject to the necessary regulatory and government consents.

Don Sheldon, Chairman of Range Metals states:

"We are delighted to have accomplished this milestone in our efforts to pursue this high quality exploration and development opportunity and we continue to expect this to be the first of a series of opportunities generated for the benefit of our shareholders."

For further information on Range Metals Inc. and Range Oil & Gas Inc. (CNQ:RGO), please visit the Company's web site at www.rangemetals.com.

On Behalf of the Board of Directors:

Donald R. Sheldon, President

This news release contains certain statements that may be deemed "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 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's management on the date the statements are made. Range undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change, except as required by law.

The CNQ and Frankfurt Stock Exchanges have not reviewed and do not accept responsibility for the adequacy or accuracy of the content of this press release.

Contact Information

  • Range Metals Inc.
    Donald R. Sheldon
    President
    (604) 681-2006
    (604) 689-1758 (FAX)
    Website: www.rangemetals.com