Ranger Canyon announces completion of private placement

    CALGARY, Dec. 31 /CNW/ - Ranger Canyon Energy Inc. ("Ranger" or the
"Corporation") is pleased to announce that it has completed a non-brokered
private placement of 2,259,000 flow-through common shares at a price of
$0.25 per share raising gross aggregate proceeds of $564,750 (the "Offering").
The Corporation is obligated to renounce Canadian exploration and Canadian
development expenses equal to the gross proceeds of the Offering to the
subscriber effective for the 2007 taxation year. The Corporation further
announces that it has completed a private placement of 1,600,000 common shares
in settlement of debt in the amount of $530,000 (the "Settlement"). Insiders
of Ranger purchased 340,000 flow-through common shares under the Offering and
received 1,000,000 common shares in exchange for debt owed by the Corporation
at a price of $0.38 per share under the Settlement. The Corporation paid a
finder's fee of $39,532.58 or 7% of the proceeds raised and issued
158,130 finder's warrants or 7% of the number of flow-through shares sold,
exercisable at $0.25 per common share within 18 months of closing to
registered dealers in connection with the private placement of flow-through
shares. All securities issued are subject to a four-month hold period. The net
proceeds from the Offering will be used to fund exploration activities and
incurred exploration and development expenses on the Corporation's central
Alberta properties. Following completion of the Offering and the Settlement,
the Corporation will have 30,352,707 common shares issued and outstanding.

For further information:

For further information: Gary Waters, President, Phone: (403) 265-5115

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