History
Rangeford Resources, a small Texas shell, lost its first lease deal, changed hands in 2012, saw its East Texas purchase collapse, and by early 2017 was trying to buy Kansas oil leases.
2009-2012: A failed lease and a change of control
Rangeford's record opens quietly. On June 12, 2009 it agreed with SNRG Corporation and Texas Gohlke Partners to acquire oil and gas leases over 232.948 acres in Victoria County, Texas, for $100,000 plus other consideration. By early July the deal was ended because of title complications, so nothing was acquired. The record then goes silent for three years.
In August 2012, RF Colorado Ventures bought 9,900,000 shares from Orphan Holdings of Texas for $300,000, giving it 98.19% of the voting stock and control. Long-time president Frederick Zeigler agreed to stay for now, and the company said it would pursue oil and gas exploration and production.
2012-2014: The Great Northern deal that never closed
In November 2012 Rangeford agreed to buy a non-operating working interest in East Texas oil assets from Great Northern Energy (GNE) for $3.9 million in cash and notes plus 6,500,000 shares. The filing said it had no firm funding commitment yet. It issued $110,000 of 60-day 6% notes with 275,000 shares as a sweetener, and moved to Irving, Texas. Shares on issue rose from 10.7 million at the end of 2012 to 19.7 million at the end of 2013.
In February 2013 the terms were loosened. The deadline moved to March 31, 2013, GNE's share entitlement rose to 7,400,000, and the minimum working capital required fell from $1.4 million to $150,000. Only $700,000 of the $1.2 million initial payment had been made. New leadership, including Dr. Steven Henson and Gregory Hadley, had been acting since December 2012, with more directors due to join.
The deal never closed. GNE tried to terminate in June 2013 and returned the share certificate without the signed paperwork needed to cancel it. In May 2014 Rangeford sought a mutual termination, on condition that GNE return the $700,000 and provide that paperwork. Those points were unresolved at that date.
2015-2017: Cicerone funding and a Kansas bid
The record is quiet for 2015 and most of 2016, apart from funding. Rangeford relied on a revolving note from Cicerone. In July 2016 the limit was raised from $1,250,000 to $1,750,000 and maturity was extended to June 30, 2018. Up to $1,000,000 could be converted into shares at $1.00 each, capped at 200,000 shares a month, which could dilute shareholders.
On December 26, 2016 its subsidiary Cherryvale Kansas, LLC agreed to buy leases on about 800 gross acres in Labette County, Kansas, with about 53 wells, from Dog Day, Inc. The $5.0 million price was 632,912 shares valued at $500,000 and a $4.5 million, 3% note that is non-recourse to Rangeford. Closing was due by February 15, 2017, and the price could fall by up to about 25% if the seller lacked required consents.
As of the latest record, in March 2017, Rangeford owned no confirmed producing assets. The Kansas deal was not yet confirmed closed, and the GNE money and shares were still in dispute.
Written from the 9 story beats below (2009 to 27 Dec 2016), which come from the company's own announcements and filings.