Rango said on Friday it had entered into a non-binding letter of intent to acquire 100% of the issued and outstanding shares of Nevada-based Hangtown Energy in exchange for $6 million in cash in the merged entity for working capital, and 114 million Rango shares.
Rango is already a joint venture partner with Hangtown in the San Joaquin Valley. As a result of the agreement, Rango will become the operator of the Kettleman Middle Dome, Elk Hills and Tapo Canyon projects and its current interests in the leases will increase from 25% to 50%.
Rango
