DALLAS, TEXAS--(Marketwired - Dec. 2, 2013) - Rango Energy, Inc. (OTCBB:RAGO) ("Rango Energy" or "the Company"), an oil and gas exploration and development company, today announced that it has signed a definitive Letter of Intent to acquire Innex Energy, Inc., a Dallas-based energy company with oil and gas leases covering approximately 50,000 acres in the San Joaquin Valley, Northern California's Sacramento Basin and Oklahoma. The terms of the deal were not provided and are subject to a non-disclosure agreement until such time as a definitive agreement is signed. The transaction is subject to mutual due diligence and completion of a financing that will close concurrently with the acquisition.
Rango expects to be able to provide interim updates as the transaction calls for three separate closings in order to accommodate and not interfere with existing contracts that Innex currently has in place with their drilling partners.
Said Rango CEO Harp Sangha, "We are elated to have the opportunity to bring Innex's tremendous oil and gas portfolio into the Rango Energy. Innex has spent the better part of 14 years putting a diverse, oil and gas rich group of leases together that have both current production and proven undeveloped reserves. We now have the task of completing mutual diligence as well as funding the acquisition."
Sangha added, "Further, upon the closing of this transaction, we will be inheriting Innex's team of successful and seasoned engineering and geological experts. These gentleman have worked in senior positions at major oil companies and bring a wealth of expertise and experience to our company. We will be providing more information about their background as well as the assets in their portfolio in the near future."
About Rango Energy
Rango Energy, Inc. is an exploration stage oil and natural gas company with a strategy to identify, evaluate, explore, and develop new opportunities for oil and natural gas production across North America.
Safe Harbor Statements
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Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. Many of these factors are beyond the Company's ability to control or predict. Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company's filings with the SEC. Such risks and other factors include, among others, the ability to locate and acquire suitable interests in oil and gas properties on terms acceptable to the Company, the availability of financing on acceptable terms, accidents, labor disputes, acts of God and other risks of the oil and gas industry including, without limitation, risk of liability under environmental protection legislation, delays in obtaining governmental approvals or permits, title disputes or claims limitations on insurance coverage. The Company believes that the expectations reflected in the forward-looking statements included in this news release are reasonable; however, no assurance can be given that these expectations will prove to be correct, and such forward-looking statements should not be unduly relied upon. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.