DALLAS, TEXAS -- (Marketwired) -- 07/10/13 -- Rango Energy, Inc. (OTCBB: RAGO), an oil and gas development company, is pleased to announce drilling has reached a depth of 8,556 feet on the planned 13,000 ft. first well at the Kettleman Middle Dome (KMD) project.
Drilling is currently turning through the Temblor Sands that lay directly underneath the Monterey Shale. The drilling has recently passed through a 1,750 foot thick section of the Monterey Shale and will pass through the Temblor Sands, the Vaqueros sandstone, and the Kreyenhagen Shale before reaching the McAdams formation at approximately 12,000 feet.
The McAdams sandstone has been a prolific producer in the adjacent Coalinga and Kettleman North Dome, with over 300 wells producing at an average of over 2.7 MMBOE (million barrels equivalent) per well.
Within the North Dome both the Temblor Sands and the Vaqueros sandstones were also prolific oil and gas formations. In 1928 the first production from the Temblor within the Kettleman North Dome generated Initial Production (IP) rates of 3,670 barrels per day of oil and 80 million cubic feet of gas. The discovery well for the Vaqueros sandstone at the North Dome occurred ten years later in 1938 and had IP rates of 560 barrels per day and 880 thousand cubic feet of gas.
Currently Occidental Petroleum has targeted the Kreyenhagen Shale for production in the Kettleman Middle Dome area.
Craig Alford, PGeol., and Vice President of Rango Energy, commented, "We are amazed at the potential of the Kettleman Middle Dome. Apart from our target, the McAdams sandstone, there are a minimum of four other oil and gas bearing horizons that could be put into production by Rango at this site."
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
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.
Rango Energy Inc.
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