|By Marketwired .||
|June 13, 2014 02:57 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/13/14 -- Range Energy Resources Inc. (the "Company") (CSE: RGO)(FRANKFURT: YGK) is pleased to announce that the Contractor under the Production Sharing Contract ("PSC") for the Khalakan Block exercised its right to extend the Exploration Period under the PSC for a period of one year, and that a well testing program for the second well on the Khalakan Block is being funded by the Company through its capital contributions to New Age Alzarooni 2 Limited ("NAAZ2").
Exploration, development, and production activities on the Khalakan Block in Kurdistan are governed by the PSC between Gas Plus Khalakan ("GPK") and the Kurdistan Regional Government. The Company recently learned that GPK informed the Kurdistan Regional Government that it is exercising its right to extend the Exploration Period under the PSC for another year. The Exploration Period was originally scheduled to expire on June 11, 2014. The Company owns 49.9% of the shares of NAAZ2, which in turn is the owner of 50% of the shares of GPK. The Company voted in favor of NAAZ2's signing on to a GPK shareholder resolution supporting the extension.
Additionally, as a result of a recent Authorization for Expenditure ("AFE") reflected in NAAZ2's revised annual budget, the Company can report that it is funding a testing program at the second well being drilled on the Khalakan Block, called Shewashan-1. The Company is funding this activity through the regular capital contributions it is required to make to NAAZ2. NAAZ2 in turn uses this capital to meet its own capital contribution obligations to GPK, which then uses this capital to fund exploration, development, and production activities on the Khalakan Block as the Contractor under the PSC. The Company has not been informed of the status of the testing program or its results.
The Company's ability to report on the status of work at the Khalakan Block is the result of the recent arbitration award that the Company received. As previously reported, on May 27, 2014, the International Chamber of Commerce notified the Company of the final award issued in the arbitration proceeding that the Company commenced against NAAZ2 and Black Gold Khalakan Limited ("BGKL"). The arbitration tribunal awarded the Company orders and declarations which support the Company's right to obtain material information as to its investments, and to use such material information (which the Company must otherwise hold confidential) to produce public summaries of the status of the work at the Khalakan Block as is necessary to comply with applicable securities laws.
The Company intends to report as much information as it can under the terms of the arbitration award. However, as the Company previously reported, the effectiveness of the award ultimately depends on compliance with it by NAAZ2, BGKL, and their respective directors. There can be no certainty that these parties will provide, or will cause to be provided, to the Company the information that it requests from time to time or will cooperate with the Company in its efforts to disclose material information to its shareholders. The Company intends to vigorously enforce the award.
The Company also is announcing a non-brokered private placement of up to 25,000,000 units of the Company at a price of CDN$0.05 per Unit for gross proceeds of up to $1,250,000 (the "Offering"). Each Unit will consist of one (1) common share (the "Common Share") and one (1) transferrable share purchase warrant. Each warrant will entitle the holder thereof to purchase one (1) additional Common Share for a period of five (5) years from the Closing Date of the Offering at a price of CDN$0.07 per Common Share.
The closing of the Offering is subject to receipt of all necessary regulatory and Board approvals. The securities issued pursuant to the Offering will be subject to a four month hold period in accordance with applicable Canadian securities laws. The Company anticipates that there may be insider participation in the Offering.
The capital from the Offering will be used by the Company to continue to fulfill its obligations to joint venture participants so that the development of the Khalakan Block in the Kurdistan Region of Iraq can continue as well as provide general working capital.
For further information on Range Energy Resources Inc., please visit the Company's web site at www.rangeenergyresources.com.
On Behalf of the Board of Directors:
Toufic Chahine, Chairman
This news release contains certain statements that may be deemed to include "forward-looking information". Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Range Energy believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of Range Energy's management on the date the statements are made. Except as required by law, Range Energy Resources Inc. undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
THE CSE AND FRANKFURT STOCK EXCHANGES HAVE NOT REVIEWED AND DO NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS PRESS RELEASE.
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists peeled away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud enviro...
Jan. 24, 2017 08:45 AM EST Reads: 5,087
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex softw...
Jan. 24, 2017 08:30 AM EST Reads: 2,005
Cloud Expo, Inc. has announced today that Andi Mann returns to 'DevOps at Cloud Expo 2017' as Conference Chair The @DevOpsSummit at Cloud Expo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "DevOps is set to be one of the most profound disruptions to hit IT in decades," said Andi Mann. "It is a natural extension of cloud computing, and I have seen both firsthand and in independent research the fantastic results DevOps delivers. So I am excited to help the great t...
Jan. 24, 2017 08:15 AM EST Reads: 2,506
Creating replica copies to tolerate a certain number of failures is easy, but very expensive at cloud-scale. Conventional RAID has lower overhead, but it is limited in the number of failures it can tolerate. And the management is like herding cats (overseeing capacity, rebuilds, migrations, and degraded performance). In his general session at 18th Cloud Expo, Scott Cleland, Senior Director of Product Marketing for the HGST Cloud Infrastructure Business Unit, discussed how a new approach is neces...
Jan. 24, 2017 07:45 AM EST Reads: 4,558
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Jan. 24, 2017 07:45 AM EST Reads: 3,922
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Jan. 24, 2017 06:45 AM EST Reads: 6,908
DevOps tends to focus on the relationship between Dev and Ops, putting an emphasis on the ops and application infrastructure. But that’s changing with microservices architectures. In her session at DevOps Summit, Lori MacVittie, Evangelist for F5 Networks, will focus on how microservices are changing the underlying architectures needed to scale, secure and deliver applications based on highly distributed (micro) services and why that means an expansion into “the network” for DevOps.
Jan. 24, 2017 06:45 AM EST Reads: 5,768
In his session at 19th Cloud Expo, Claude Remillard, Principal Program Manager in Developer Division at Microsoft, contrasted how his team used config as code and immutable patterns for continuous delivery of microservices and apps to the cloud. He showed how the immutable patterns helps developers do away with most of the complexity of config as code-enabling scenarios such as rollback, zero downtime upgrades with far greater simplicity. He also demoed building immutable pipelines in the cloud ...
Jan. 24, 2017 06:45 AM EST Reads: 3,635
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
Jan. 24, 2017 06:30 AM EST Reads: 3,661
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
Jan. 24, 2017 05:00 AM EST Reads: 3,114
The security needs of IoT environments require a strong, proven approach to maintain security, trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vic...
Jan. 24, 2017 04:00 AM EST Reads: 6,700
While many government agencies have embraced the idea of employing cloud computing as a tool for increasing the efficiency and flexibility of IT, many still struggle with large scale adoption. The challenge is mainly attributed to the federated structure of these agencies as well as the immaturity of brokerage and governance tools and models. Initiatives like FedRAMP are a great first step toward solving many of these challenges but there are a lot of unknowns that are yet to be tackled. In hi...
Jan. 24, 2017 02:45 AM EST Reads: 3,954
Who are you? How do you introduce yourself? Do you use a name, or do you greet a friend by the last four digits of his social security number? Assuming you don’t, why are we content to associate our identity with 10 random digits assigned by our phone company? Identity is an issue that affects everyone, but as individuals we don’t spend a lot of time thinking about it. In his session at @ThingsExpo, Ben Klang, Founder & President of Mojo Lingo, discussed the impact of technology on identity. Sho...
Jan. 24, 2017 02:30 AM EST Reads: 4,278
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet and...
Jan. 24, 2017 02:15 AM EST Reads: 6,721
What are the new priorities for the connected business? First: businesses need to think differently about the types of connections they will need to make – these span well beyond the traditional app to app into more modern forms of integration including SaaS integrations, mobile integrations, APIs, device integration and Big Data integration. It’s important these are unified together vs. doing them all piecemeal. Second, these types of connections need to be simple to design, adapt and configure...
Jan. 24, 2017 02:00 AM EST Reads: 1,959