Great News Out Today
As I expected Range will expand its asset base. In fact I expect a great deal of expansion in its asset base , one way or another.
This is great news today, because it confirms the start of the expansion and intent for the company.
Stay tuned to this stock.
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Range Energy to acquire Blackstairs Energy
2012-02-28 17:56 ET - News Release
Mr. Toufic Chahine reports
CORPORATE UPDATE
Range Energy Resources Inc. or its affiliate nominee is interested in pursuing a strategic equity investment transaction with Blackstairs Energy PLC. The provisions of the letter of intent (the "Letter of Intent") constitute an expression of interest only and are not intended to be a legally binding and enforceable offer on the part of either the Company or Blackstairs.
Subject to the conditions set forth in the Letter of Intent, the satisfactory completion by the Company of its due diligence review of Blackstairs and entering into a definitive agreement, the Company proposes to purchase 100% of Blackstairs' issued share capital.
The Letter of Intent does not constitute a binding agreement between the parties regarding the Proposed Transaction, and neither of the parties or any affiliate, officer, director, employee, financial advisor, agent or other representative of any party will have any liability based on the Letter of Intent as a result of any failure to agree on or enter into the Proposed Transaction.
The Letter of Intent will be automatically terminated on the date that is the earliest to occur of:
the date of execution of a definitive agreement; the date on which the Company, at its sole discretion prior to the date of execution of a definitive agreement, notifies Blackstairs in writing that it wishes to terminate the Letter of Intent; or March 30, 2012.
The Company also wishes to announce that it has granted incentive stock options to a director to purchase an aggregate 2,000,000 shares of the Company at a per share exercise price of
.20 for a term of five years (subject to earlier termination in accordance with the terms of the Company's Stock Option Incentive Plan). The options were granted to a director of the Company based on the terms of a previous oral arrangement with the prior management.
About Blackstairs Energy plc.
The Board and management team has a proven track record of finding, appraising and developing world-class exploration assets in Europe, Middle East, the Indian subcontinent and Africa with 100% working interest in near-term production (<12 months) from oil and gas assets in Romania.
The management has extensive experience in the field and were directly involved with the emergence and subsequent success of Tullow Oil.
Blackstairs' holds eight formerly producing fields which are expected to be put into production and produce positive cash flow.
Significant exploration upside is provided by Blackstairs' 50% operated interest in three blocks in Armenia. Initial exploration work has identified 8 advanced leads and 11 developing leads which could contain about 388 mmbo of gross prospective resources.
Blackstairs applied for and negotiated terms for an onshore block (Louga) in Senegal. Earlier regional 2D seismic has indicated huge potential in Paleozoic traps.
We seek Safe Harbor.