Rango Energy is an independent energy company engaged in the acquisition, exploration, exploitation, development, and production of crude oil and natural gas in the United States. Rango is actively pursuing a strategy of partnering with land and leasehold owners to earn a working interest in projects with sound geology, proven success, and near existing infrastructure to reduce the capital risk associated with oil and gas exploration.
The company recently entered into an agreement with INNEX California, Inc., a Dallas-based energy company with oil and gas leases covering approximately 40,000 gross acres in the San Joaquin, Ventura, and Eel River Basins in California, and an additional project in Oklahoma. All projects have significant oil, condensate, and gas potential.
Highlights of the INNEX portfolio include joint developments of oil and gas reserves in 10,000 acres of the Kreyenhagen Formation in San Joaquin Valley, 35,000 acres in the San Joaquin Basin, and 2,300 acres in the South Goodwin Field in Oklahoma. Rango has the right to fund and earn a full 50% working interest in nearly all the INNEX oil and gas portfolio properties. INNEX's expert and experienced staff will execute all technical work and INNEX will be the operator of the projects, except where INNEX is partnered with another company.
In developing the INNEX portfolio, the INNEX - Rango 2014 work program will focus on attaining near term production by initially drilling low risk offset wells in Oklahoma and Kettleman Middle Dome where discovery wells are currently producing. In the first two years of the agreement, Rango will have the ability to acquire 100% of INNEX California Inc., terms dependent on the results of the initial work program.