Ranger Energy Ltd.

December 11, 2009 16:30 ET

Ranger Energy Ltd. Announces Rights Offering

CALGARY, ALBERTA--(Marketwire - Dec. 11, 2009) - Ranger Energy Ltd. (the "Corporation") (TSX VENTURE:RGG.H) announces that it will be offering rights to holders of its common shares of record at the close of business on December 18, 2009 (the "Record Date"), expiring January 11, 2010 (the "Expiry Date"). Shareholders of record on the Record Date will receive on right for each common share held. Four (4) rights will entitle the holder to purchase one Common Share at a price of $0.10 per Common Share. A fully subscribed rights offering will raise gross proceeds of $530,236, which will be used to fund general working capital and capital expenditures.

Shareholders who fully exercise their rights are entitled to subscribe, pro-rata, for additional Common Shares, if available, that were not subscribed for initially on or before the Expiry Date. The Common Shares are expected to commence trading on the NEX on an ex-rights basis at the opening of business on December 16, 2009. This means that Common Shares purchased on, or following, December 16 will not be entitled to receive the rights under this offering. At that time, the rights are expected to be posted for trading on a "when issued" basis and will thereafter trade under the symbol "RGG.RT". Trading of the rights is expected to continue until 12:00 noon (Toronto time) on the Expiry Date.

A rights offering circular together with rights certificates will be mailed to eligible shareholders as soon as possible after the Record Date. Registered shareholders wishing to exercise their rights must forward the completed rights certificates, along with the applicable funds to the Corporation's transfer agent, Valiant Trust Company, by the Expiry Date. Shareholders who own their shares through an intermediary, such as a bank, trust company, securities dealer or broker, will receive materials and instructions from their intermediary.

These securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state, and may not be offered or sold in the United States unless an exemption from registration is available. This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities in the United States.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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