Blackhawk Resource Corp.

Blackhawk Resource Corp.
Ranger Energy Ltd.

November 11, 2010 09:05 ET

Ranger Energy Ltd. and Blackhawk Resource Corp. Announce Termination of Arrangement Agreement and Related Transactions

CALGARY, ALBERTA--(Marketwire - Nov. 11, 2010) - RANGER ENERGY LTD. ("Ranger") (TSX VENTURE:RGG) and BLACKHAWK RESOURCE CORP. ("Blackhawk") (TSX VENTURE:BLR) announce that they have terminated the arrangement agreement dated October 12, 2010 (the "Arrangement Agreement") pursuant to which Ranger and Blackhawk were to amalgamate (the "Proposed Transaction"). The Proposed Transaction was conditional on the completion of a financing in the amount of $15,000,000 prior to November 15, 2010 ("Financing"). The directors of each of Ranger and Blackhawk have mutually agreed to terminate the Proposed Transaction.

The annual and special meeting of Ranger shareholders will proceed on Friday, November 12, 2010 at 10:00 am in order to consider annual business. 

The special meeting of the Blackhawk shareholders scheduled to be held on November 12, 2010, will not proceed and has been cancelled as the only business to take place at the Blackhawk meeting was the Proposed Transaction.

Statements in this joint press release contain forward-looking information within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, without limitation, the proposed Meeting, Readers are cautioned that assumptions used in the preparation of forward-looking information may prove to be incorrect. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, level of activity, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Neither Ranger nor Blackhawk undertakes any obligation to update or revise any forward-looking statements to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

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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