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Rango Energy Provides Update on the Drilling Operations on its Middle Kettleman Dome Project in California
Monterey Shale Formation Reached
Dallas, Texas June 10, 2013 - Rango Energy, Inc. (OTCBB: RAGO), an oil and gas exploration and development company, is pleased to announce that as of 6am Pacific Time, June 10th 2013, drilling has reached a depth of 5,761 feet on the planned 13,000 foot first well at the Kettleman Middle Dome ("KMD") project. The project covers over 11,300 acres of a producing oil field sandwiched directly between two giant 400+ million barrel fields in the San Joaquin Basin, Central California.
Craig Alford, PGeo and VP of Exploration of Rango Energy, currently at the drill site, stated, "We are very pleased with the progress to date. The original timeline for this well was 54 days but it looks like we may be able to complete sooner." Rango's operational partner, Hangtown feels confident on an accelerated timeline if no mechanical issues occur during drilling.
The target for well #17-18 is the oil rich McAdams sandstone formation, a 900 to 1,200 foot thick Eocene age reservoir located at a depth of approximately 12,000 feet. The McAdams sandstone has been a prolific producer in the adjacent Kettleman North Dome field, producing at an average of over 2 million barrels per well.
Other oil bearing formations that have been mapped directly at the KMD project are the Kreyenhagen Shale, the Vaqueros sandstone and the much-publicized, Monterey Shale.
Currently the well is drilling through the renowned Monterey Shale, the top of which was reached at a depth of approximately 5,500 feet. Intermediate casing was successfully set into the Monterey at a depth 5,596 feet and drilling continues within the formation.
James Melland, Hangtowns' COO, a professional Geologic Engineer on site overseeing the operations, commented, "We'll be excited to see the potential of the Monterey Formation at the KMD area. We expect the Monterey Formation to have a total thickness of roughly 2,200 feet at this location."
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.
For further information please contact:
Rango Energy Inc.
Toll Free: 1 (888) 224-6039
www.rangoenergy.com
Safe Harbor Statements
Certain information contained in this news release constitutes "forward-looking statements" as such term is used in applicable United States and Canadian laws. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates", "intends" or "believes", or that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", or "be achieved".
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.
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