Rangeford Resources Corporation
5215 N. Oconnor Blvd.
Transfer Agent: Island Stock Transfer
Incorporated In: NV, USA
|The following information is provided concerning the East Texas oil field. The field has two outstanding features: it's tremendous size, and the simple nature of the geologic trap. The East Texas oil field covers over 132,000 productive acres, and at one time had over 26,000 actively producing wells. Since it's discovery in 1930, the field has produced over 5,110,339,000 barrels of oil and over 501 billion cubic feet of natural gas. The field produced 33,512,688 barrels of oil in 1991, and is expected to produce about 460,000,000 more barrels before being depleted. There are currently about 11,400 active wells, with about 8,000 of those producing.|
On November 15, 2012, Rangeford Resources, Inc. (the "Company") entered into a Purchase and Sale Agreement (the "Agreement") with Great Northern Energy, Inc. ("GNE") to acquire a substantial non-operating working interest in oil assets in East Texas in consideration for a Purchase Price of $3,900,000 ("Cash Portion") that breaks down into a deposit of $100,000; a Promissory Note in the amount of $1,100,000 bearing 8% interest per annum, which is due and payable in full, twelve months from the date of the Note, with four equal quarterly payments due beginning on closing; a Promissory Note in the amount of $2,700,000, due on June 30, 2014,with initial payment of $1,200,000 due on closing, and secured by the assets being purchased under the Agreement. Both Promissory Notes are secured by a Pledge and Security Agreement that grants a security interest in all of the working interests and options of the Company and any proceeds resulting therefrom to GNE; additional consideration consists of 6,500,000 shares of the Company's common stock, and an additional 3,500,000 shares of common stock is reserved for roll-ups and bonuses. The properties included under the Operating Agreement, described below, hold over 100 proven undeveloped oil locations and as many rework wells at depths above 3,400 feet, with lifting costs estimated at $13.00/BOE or less on the currently producing wells.
East Texas Oil Field
From Wikipedia, the free encyclopedia
The East Texas Oil Field is a large oil and gas field in east Texas. Covering 140,000 acres (570 km2) and parts of five counties, and having 30,340 historic and active oil wells, it is the second largest oil field in the United States outside of Alaska, and first in total volume of oil recovered since its discovery in 1930. It is a component of the Mid-Continent Oil Province, the huge region of petroleum deposits extending from Kansas to New Mexico to the Gulf of Mexico.
The field includes parts of Gregg, western Rusk, southern Upshur, southeastern Smith, and northeastern Cherokee counties in the northeastern part of the state. Overall the field is about 45 miles (72 km) long on the north-south axis, and five miles (8 km) across. Interstate 20 cuts across the field from east to west, and the towns of Kilgore, Overton, and Gladewater are on the field. At one time, downtown Kilgore had more than 1,000 active wells clustered in a tight area, making it the densest oil development in the world.
On November 15, 2012, the Company entered into a Premises Use Agreement (the "PUA") with Prism Corporation ("Prism") and GNE for the premises on the 18 th floor of the main building of Williams Square in Las Colinas, Irving, Texas, with an address of 5215 North O'Connor Boulevard, Suite 1820, Irving Texas 75039, for a deposit of $7,500 and first month's rent of $7,244 due in January, 2013, with increases in the rent, contingent upon the useable square footage increase due to a planned build-out, occurring each six months thereafter and until the original lease executed between GNE and Prism expires, or by September 30, 2016.
This brief description of the Premises Use Agreement is only a summary of the material terms and is qualified in its entirety by reference to the full text of the form of the Premises Use Agreement as attached to this Current Report on Form 8-K as Exhibit 10.2.
|Great Northern Energy is headquartered in the Las Colinas complex within the City of Irving, Texas at Williams Square. For more information about the company please contact us. |
5215 N. O'Connor Blvd.
Las Colinas Complex Williams Square
Irving, Texas 75039
Phone: (406) 855-3003
|Great Northern Energy (GNE) is a Dallas based oil and gas corporation with a focus on the acquisition and development of non-shale assets within the continental United States. GNE has assembled a significant base of assets and projects. Currently GNE produces over 300 gross barrels per day in oil and a large amount of natural gas from all projects combined. In 2012, the company expects to rework and drill wells which will add over 1,000 barrels per day to these total values. There are over 200 wells in the project operational base in 8 counties. GNE holds some WI and ORR in most projects it operates. |
A list of owners and principal employees is available on request. GNE fully covers land, legal, engineering, geology and field services with its central employees and staff. We have a very significant number of field services and resources to supplement all of our activity in drilling and production. Great Northern Energy is registered as an oil and gas operator with the Texas Railroad Commission.
|Harrison||Great Northern Energy||W.B. Taylor H.12A||Longwood (Goodland Lime)||Wilson, T.D./778||Oil/Gas||2,500||2 miles West of Waskom|
|Harrison||Great Northern Energy||Cornelius 4||Longwood (Goodland Lime)||White, J.L./784||Oil/Gas||2,500||2 miles West of Waskom|
|Harrison||Great Northern Energy||W.B. Taylor H. 9A||Longwood (Goodland Lime)||Wilson, T.D./778||Oil/Gas||2,500||2 miles West of Waskom|
|Harrison||Great Northern Energy||Cornelius 3||Longwood (Goodland Lime)||White, J.L./784||Oil/Gas||2,500||2 miles West of Waskom|
Longwood Oil and Gas Field (Oilfield) is located in Latex, Harrison County, TX
WASKOM LONGWOOD Oil Field