DALLAS, TEXAS--(Marketwired - April 1, 2014) - Rango Energy, Inc. (OTCBB:RAGO) ("Rango Energy" or "the Company"), an oil and gas exploration and development company, announced that it has agreed to divest its current joint venture agreement with Innex Energy to a new company to be headed by Robert Harrell. Rango Energy will be providing information to its shareholders about new business initiatives away from the oil and gas industry. Mr. Harrell has agreed to step down from Rango as its CEO and Chairman.
Mr. Harrell commented, "The Rango Board, after much deliberation, has decided to pursue other business opportunities. The Board has agreed to divest the Innex joint venture to a new company that I will head. More information on this new company will be provided in the near term. I plan to move ahead with Innex, their talented technical team and their tremendous oil and gas portfolio to develop a world class energy company and I wish the Rango board the best of luck in pursuing its new line of business."
Said Harp Sangha, the newly appointed CEO of Rango, "We believe that while Bob Harrell and his team have a tremendous opportunity to develop the Innex prospects, our board was presented with a very rare opportunity to move into a new direction that we believe will bring great value to shareholders. We considered putting this new business venture into a subsidiary company, but after much consideration, we could not fund nor properly execute on both businesses. Rango will be giving shareholders information on its new business very soon. We have great respect for Bob Harrell and thank him for his time running Rango."
About Rango Energy
Rango Energy, Inc. is an exploration stage oil and gas company with a strategy to identify, evaluate, explore, and develop new opportunities for oil and natural gas production across North America. Rango has a definitive Joint Venture, Operating and Acquisition Agreement with INNEX California, Inc.
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