Ranger Canyon Energy Inc.

July 22, 2009 16:53 ET

Ranger Canyon Energy Inc.: Second Loan Extension Agreement & Sale of Assets

CALGARY, ALBERTA--(Marketwire - July 22, 2009) - Ranger Canyon Energy Inc. ("Ranger Canyon" or the "Company") announces that it entered into a Second Extension Agreement with Alberta Treasury Branches on July 9, 2009. Amongst other things the Agreement calls for the Company to sell certain non-producing lands and related tangible assets for $150,000 by July 15, 2009 and all of its remaining assets prior to the new payment date of September 30, 2009. In addition, Ranger Canyon shall pay the lender a forbearance fee of $10,000.00 on the earlier to occur of payment in full of the loan or September 30, 2009.

On July 15, 2009 the Company completed the sale of the non-producing lands and related tangible assets for $150,000 as required in the Second Extension Agreement. The sales proceeds are to be held in escrow and utilized to hold a Special and Annual General Meeting of the shareholders of Ranger Canyon to approve the sale of all its assets as required in the Second Loan Extension Agreement. As part of this process the Company will endeavor to have the Cease Trade Order issued against it by the Alberta Securities Commission removed.

Contact Information

  • Ranger Canyon Energy Inc.
    Richard W. Grayston
    Chief Executive Officer
    (403) 265-5115