Range Energy Resources Inc. is a publicly listed company currently trading under the symbol "RGO" on the Canadian Securities Exchange (CSE).
Range maintains a 24.95% economic interest in the Shewashan Field, a proven oil discovery in the Kurdistan region of Northern Iraq (“KRG”). The KRG Ministry of Natural Resources has approved the Shewashan Field Development Plan which is being implemented by Range’s co-ventures in the block. The Field Development Plan includes the implementation of multiple production wells and top side processing and storage facilities for up to 10,000 bopd production and 30,000 bbl of storage.
Range has been fortunate to receive funding from several institutional shareholders through the exploration phase and is pleased to have commenced development of the infrastructure required to produce oil in the KRG domestic and international markets.
KURDISTAN REGION OF IRAQ (“KRG”)
Kurdistan has tremendous potential for a large discovery. It is one of the last multi-billion barrel areas that has not been fully exploited. Kurdistan is one of those regions because it has been closed for business for 20 years due to the geopolitical climate. The surrounding discoveries are so exciting because of the huge seismic structures.
Shewashan Field: Proven discovery of light 45° API oil in the Kurdistan Region of Iraq ("KRG"). The approved Field Development plan will continue the development of reserves and resources as well as drilling for additional oil and gas resources in lower formations. Top side processing facilities contemplate 10,000 bopd production and 30,000 bbl of storage capacity in the near term.
The KRG is internationally recognized as one of the lowest cost onshore oil production regions in the world with many producers recognizing operating expenses below US$4.00 per bbl. In a low oil price market environment this low cost operating expense distinguished oil and gas assets in the KRG from other global oil pricing regions.
Range, through its indirect ownership in the Khalakan PSC and Shewashan Field, is pleased to continue the development of the significant reserves and resources identified and audited through an independent reserve report.
For information regarding the KRG and KRG oil and gas policy, please see the KRG Ministry of Natural Resources website located at: http://mnr.krg.org/index.php/en
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Toufic Chahine - Director and Chairman, Interim President and Chief Executive Officer
Mr. Chahine is Chairman and has been a senior officer with the Crest Group and its affiliates for over 20 years. Mr. Chahine has been responsible for Crest's activities in the Eastern Mediterranean region including the evaluation of prospective investments in the oil and gas sector. Mr. Chahine is Chair of the Audit Committee.
Roger Bethell - Director
Mr. Bethell has worked as a geological consultant on a number of international projects which include offshore Vietnam, Kazakhstan, the Delta Project in Nigeria and projects in Alberta and Saskatchewan, Canada. Mr. Bethell, acting as a consultant on these projects, provided a liaison with the property owners, governments and the JV partners.
Allan Bezanson - Director
Mr. Bezanson is the Company’s Interim President. He is the Interim CEO and a director of Brilliant Resources Inc., and he is the President of Oballan Capital, a boutique advisory firm. Mr. Bezanson has a Bachelor of Commerce degree from Dalhousie University. Mr. Bezanson is a member of the Audit Committee.
Eric Stoerr - Director
Mr. Stoerr is an Investment Professional at Crest Investment Company. Mr. Stoerr has more than 19 years of experience in commodities related businesses and banking including investment and commercial banking, commodity trading and business development. He served as a Director of WesternZagros Resources Ltd. from August 2012 to February 2014. Mr. Stoerr is a member of the Audit Committee.
Michelle Upton - Director
Ms. Upton is Vice President of Crest Investment Company, a US-based consortium of companies investing in and operating global projects.