Ranger Energy Ltd.
TSX VENTURE : RGG

Ranger Energy Ltd.

September 27, 2011 16:08 ET

Ranger Energy Ltd. Shareholders Approve Transaction With North Sea Energy Inc.

CALGARY, ALBERTA--(Marketwire - Sept. 27, 2011) - RANGER ENERGY LTD. ("Ranger" or the "Corporation") (TSX VENTURE:RGG) is pleased to announce that Ranger and North Sea Energy Inc. ("NSE") have each received shareholder approval for the business combination between Ranger and NSE, which was announced on July 18, 2011 (the "Transaction"). The closing of the Transaction is conditional on receipt of final approval from the TSX Venture Exchange, which is expected shortly. At that time Ranger will be renamed North Sea Energy Inc. and will begin to trade under its new symbol NUK.

Upon closing of the Transaction, the Corporation will qualify as a Tier 1 Oil & Gas Issuer on the TSX Venture Exchange. The Corporation will have 58,531,857 common shares outstanding. Dave Antony, President and CEO of Ranger, stated: "We are enthusiastic about the opportunities for NSE going forward. We believe that the growth potential for NSE is outstanding."

Craig Anderson, President and CEO of NSE, stated: "We are delighted to announce shareholder approval supporting this transaction with Ranger. NSE holds excellent opportunities to build shareholder value and we will endeavor to maximize our portfolio of assets."

NSE, along with its wholly owned UK subsidiaries, Echo Exploration Limited, North Sea Energy (UK) Limited and North Sea Energy UK (No 2) Limited, is an independent oil and gas company formed in February 2007 with a strategy of building a portfolio of exploration, appraisal and producing assets in the UK North Sea. Currently, NSE is producing light oil from the Jacky field, located in the Inner Moray Firth off the Scottish coast. NSE is evaluating the development of its Polly field located 2.5 km SE of the Beatrice field and is actively investigating other exploration and appraisal targets in the UK North Sea.

NSE's principal assets are as follows: (i) a 10% working interest in block 12/21c (the "Jacky Production"); (ii) a 20% working interest in block 12/26c (the "Polly Development"); and (iii) a 13.3% working interest in block 11/29 (the "Manuel-Terry Prospect"); all of which are governed under United Kingdom Seaward Production License P.1392. NSE also has a 50% working interest in UK Blocks 13/28b ("Bobcat Prospect"), Block 22/5c ("Bass Prospect") and Block 15/21d ("Bluebird and Blackbird Prospects") situated in the UKCS. Two further licenses are expected to be awarded in the fourth quarter of 2011, subject to DECC approval. On one license NSE UK No2 is expected to hold a 20% working interest, on the other license it is expected to hold a 50% working interest.

Reader Advisory

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information 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. Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. See "Risk Factors" disclosed in the management information circular prepared in connection with the Transaction (the "Management Information Circular").

Completion of the Transaction is subject to a number of conditions, including but not limited to, TSX-V acceptance. The Transaction cannot close until the required approvals are obtained. There can be no assurance that the Transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the Management Information Circular, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Ranger should be considered highly speculative.

The TSX Venture Exchange has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press release.

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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