SOUTHLAKE, Texas, Dec. 28, 2016 (GLOBE NEWSWIRE) -- Rangeford Resources, Inc. (the “Company”) (OTCQB:RGFR) announced today that its wholly owned subsidiary Cherryvale Kansas, LLC, executed a purchase and sale agreement on December 26, 2016 (“Agreement”) with Dog Day, Inc., a Texas Corporation (“DDI”), headquartered in Nacogdoches, Texas for the acquisition of certain oil and gas leases covering approximately 800 gross acres of land located in Labette County, Kansas that includes DDI’s interest in approximately 53 wells that are either currently producing, permitted, proposed, and/or shut-in. The financial structure is favorable to Rangeford Resources, Inc. as the seller note is solely from oil production and is non-recourse to Rangeford Resources, Inc.
Thomas Lindholm, Chief Executive Officer, stated, “I’m proud of our management team and strategic partners who made this possible. The Cherryvale acquisition adds an oil and gas asset with considerable upside in reserves and future cash flow without significant dilution to our shareholders or debt recourse to Rangeford Resources, Inc. We believe applying today's technology of shallow horizontal drilling and nanotechnology enhanced water flooding can enhance the ultimate oil recovery in under-exploited fields. We expect to make additional acquisitions to take advantage of the opportunities in today’s oil and gas market.”
The Company’s own geological and geophysical analysis estimates ultimate recovery of up to two million barrels upon completion of a development plan. The stacked pay zones offer significant opportunities to produce low risk reserves with a combination of re-completions, drilling new wells and implementing a water flood program.
Management intends to drill horizontal wells in the shallow Dennis Sands not previously produced and drill test wells down to the Mississippi Lime formation. The drilling plan also includes a polymer water flood operation to start oil production from the Bartlesville formation.
For a full description of the transaction, see the Company’s current report on Form 8-K dated December 26, 2016.
About Rangeford Resources, Inc.: Rangeford Resources, Inc. is a Texas-based, oil and gas exploration and production company. For further information on the Company, please visit our website www.rangeford-resources.com.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" (statements which are not historical facts) made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations rather than historical facts and they are indicated by words or phrases such as "anticipate," "could," "may," "might," "potential," "predict," "should," "estimate," "expect," "project," "believe," "plan," "envision," "continue," "intend," "target," "contemplate," or "will" and similar words or phrases or comparable terminology. We have based such forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, many of which are beyond our control. These factors include, but are not limited to, the time to consummate the proposed development, completion and extraction; the timing and extent of changes in market conditions and prices for natural gas and oil; the timing and extent of the Company's success in discovering, developing, producing and estimating reserves; the economic viability of, and the Company's success in drilling, the Company's ability to fund the acquisition, development, completion and extraction of oil and gas assets and the Company's planned capital investments; the Company's future property acquisition or divestiture activities; increased competition; and any other factors listed in the reports the Company has filed and may file with the Securities and Exchange Commission. Investors are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company's expectations only as of the date they were made. The Company undertakes no obligation to update or revise any forward-looking statements to reflect new information or the occurrence of unanticipated events or otherwise.
Investors are urged to consider closely the disclosure in our most recent Annual Report on Form 10-K and in our other filings, available from our website at www.rangeford-resources.com or by written request to 556 Silicon Drive, Suite 103, Southlake, Texas 76092. These items are also available on the SEC's website at www.sec.gov.