Ranger Energy Ltd.
TSX VENTURE : RGG.H

July 09, 2010 10:14 ET

Ranger Energy Ltd. Provides Update

CALGARY, ALBERTA--(Marketwire - July 9, 2010) - Ranger Energy Ltd. ("Ranger" or the "Corporation") (TSX VENTURE:RGG.H) is pleased to announce it has signed a definitive agreement with respect to the acquisition of certain assets from an Alberta based private company, ("Privateco"), as described in previous news releases dated March 31, 2010 and June 8, 2010. The agreement commits Ranger to a 5 horizontal well drilling program and will be paid for with the issuance of 2,600,000 common shares at a deemed value of 0.20 per share and 1,000,000 performance warrants in the Corporation and the issuance of a non-convertible promissory note to the Privateco in the amount of $6.4M and cash of $1,000,000. The 1,000,000 performance warrants entitle the holder to acquire one common share at a deemed value of $0.20 per share, but at no additional cost, in the event that production from the lands reaches 500 bbls/day or in the event of a change of control of the Corporation or the lands within 180 days of the closing of the transaction.

The securities issued pursuant to the private placement are subject to a four month holder period. The transactions remain subject to final documentation and TSX Venture Exchange acceptance.

The Corporation has also applied to the TSX-V to be re-activated as a Tier II issuer, and expects this application to be granted with final approval of the above noted transactions.

This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Corporation's disclosure documents on the SEDAR website at www.sedar.com. The Corporation does not undertake to update any forward-looking information except in accordance with applicable securities laws.

NEITHER 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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