Memery Crystal Acts for Range Energy on Acquisition of Oil Interest in Kurdistan Region of Iraq

Memery Crystal LLP has acted for new client Range Energy Resources Inc. (“Range”) in connection with its acquisition of a 24.95% indirect interest in the Khalakan Block in the Kurdistan Region of Iraq, which completed on 17 November 2009.  The consideration for the acquisition was US$13,000,000 paid in cash, plus 2,000,000 common shares of Range and share purchase warrants to purchase 1,500,000 Range Shares at $0.30 each for a five year term. 

Range is focused on advancing exploration, production and partnership opportunities in oil and gas around the world and is currently developing opportunities in Oman and Kurdistan.  Its shares are listed on the Canadian National Stock Exchange.

The Memery Crystal team was led by Andrew Titmas.

Andrew Titmas commented: “We are delighted to have won Range as a new client and assisted them in making this major acquisition.”

Memery Crystal is a recognised leader for its natural resources corporate finance work, covering M&A, private equity and IPO/fundraising for UK and international companies. The firm is ranked among the upper tier of law firms for its AIM experience by both Chambers and The Legal 500, acting for smaller to medium-sized public companies and off-shore funds, as well as for their nominated advisers and brokers.