Ranger Canyon Energy Inc.

October 19, 2006 18:21 ET

Ranger Canyon Energy Inc. Announces the Sale of Its Saskatchewan Assets and the Westlock Alberta Acquisition

CALGARY, ALBERTA--(CCNMatthews - Oct. 19, 2006) - Ranger Canyon Energy Inc. (the "Corporation") is pleased to announce that on October 13, 2006, it has divested all of its oil and gas assets in the Province of Saskatchewan for proceeds of $3.33 million with effect from September 1st, 2006 to an active oil and gas company in Western Canada. In addition, effective September 1, 2006, the Corporation purchased, at a cost of $1.4 million, a 100% working interest in two (2) producing wells, associated facilities and 2,560 net acres of mineral rights in the Westlock Area of Central Alberta. Ranger Canyon Energy Inc. currently controls 15,577 net acres in Alberta. The proceeds from the Saskatchewan sale will be utilized to fund further drilling, recompletions and land acquisitions at Westlock and Central Alberta.

Contact Information

  • Ranger Canyon Energy Inc.
    Gary Waters
    President
    (403) 265-5115
    or
    Ranger Canyon Energy Inc.
    Terry Morey
    Vice-President
    (403) 265-5115
    (403) 265-2798 (FAX)