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Gold/Mining/Energy : Range Petroleum--RAN:VSE -- Ignore unavailable to you. Want to Upgrade?

To: Pete Mimmack who wrote (80)	2/7/1999 8:08:00 AM
From: D. W.	Read Replies (1) \| Respond to of 96

Update : February 2, 1999 VSE: 'RAN' FOR IMMEDIATE RELEASE Range Petroleum Corporation Closes Private Placement, Conducts Completion Operations at Lambton County and Commences Drilling at Cranberry Range Petroleum Corporation reports that it has closed its flow-through and unit private placement for gross proceeds of $2,199,783. Of the 2,749,728 securities subscribed for, 2,094,700 were flow-through shares and 655,028 were units. The units consist of one common share and one-half of one non-transferable share purchase warrant. One half of one warrant plus $0.80 is required to purchase one additional common share for one year. All shares issued are subject to a four-month hold period from closing. Range Conducts Completion Operations The Company reports that it has completed drilling a second oil well in southwestern Ontario and is now conducting completion operations on that well. Range has another well licenced in the gas prone, Bradshaw area and intends to conduct further 3-D seismic programs in the near future. Cranberry, Alberta Well Spudded In Alberta, drilling operations commenced on January 31, 1999 and on the Range et al Botha 13-14-98-3 W6M well. This exploratory well located in the Cranberry/Chinchaga area of Northern Alberta will be drilled to the Precambrian formation at a depth of 8,200 feet. Projected drilling costs are $940,000 and completed cost will be $1,200,000. The well will take approximately 25 days to drill and test. Range will retain 20% W.I. in this well and 10% to 20% W.I. in a total of 48 sections of P&NG leases and licenses controlled by it and its partners surrounding this well. This location resulted from the $3,200,000 3-D seismic program Range participated in last winter with Amoco Canada Petroleum Company Ltd. and CPC Canada Corp. The prospect is a multi-zone gas opportunity with the Slave Point as the primary target. --30-- Contact: Craig A. Steinke, Chairman & C.E.O. OR Bruce Nurse, Corporate Communications: Toll-free: (888) 326-4966 The Vancouver Stock Exchange has neither approved nor disapproved of the contents herein.