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RANGER OIL ANNOUNCES AGREEMENT TO PURCHASE OIL AND GAS INTERESTS FROM THE MUTUAL LIFE ASSURANCE COMPANY OF CANADA

 RANGER OIL ANNOUNCES AGREEMENT TO PURCHASE OIL AND GAS
 INTERESTS FROM THE MUTUAL LIFE ASSURANCE COMPANY OF CANADA
 CALGARY, July 16 /PRNewswire/ -- Ranger Oil Limited (NYSE: RGO) announces it has entered into an agreement with The Mutual Life Assurance Company of Canada to purchase the oil and gas interests of MLC Oil and Gas Ltd. for CDN $68.3 million effective July 1, 1992.
 The proved and probable reserves acquired are 7.9 million barrels of oil and natural gas liquids and 89 billion cubic feet of natural gas. This acquisition will increase Ranger's Canadian reserves by 85 percent for oil and natural gas liquids and 33 percent for natural gas.
 Current daily production will be increased by 2,300 barrels of oil and natural gas liquids and 18 million cubic feet of gas, thereby increasing Ranger's Canadian production of oil to approximately 4,900 barrels per day and natural gas to 84 million cubic feet per day.
 The acquisition includes exploratory lands of 168,000 net acres located mostly in Alberta.
 The acquisition will be financed from Ranger's current working capital and existing bank lines of credit. It is expected that the transaction will close by the end of October 1992.
 Ranger's President Fred Dyment made the following comments: "These assets fit very well with Ranger's current operations and our growth strategy for Canada. At current commodity prices the increased production will add approximately CDN $14 million to Ranger's annual funds generated from the Canadian operations.
 There is a high proportion of operated properties. Over 70 percent of production is concentrated in ten major properties.
 In addition, the exploratory acreage attached to this purchase has excellent potential.
 The purchase increases Ranger's Canadian reserves by approximately 54 percent from 28 million barrels of oil equivalent to 44 million barrels of oil equivalent."
 -0- 7/16/92
 /CONTACT: J.G. Faulds, vice president-investor relations of Ranger Oil, 403-263-1500/
 (RGO) CO: Ranger Oil Limited ST: Alberta IN: OIL SU: TNM


SM -- NY014 -- 9874 07/16/92 08:57 EDT
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Publication:PR Newswire
Date:Jul 16, 1992
Words:337
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