CALGARY, ALBERTA, Nov. 3, 2009 (Marketwire) -- Open Range Energy Corp. ("Open Range" or the "Company") (TSX:ONR) is pleased to announce that it has completed the issuance of 31,350,000 subscription receipts ("Subscription Receipts") at a price of $1.85 per Subscription Receipt and 3,050,000 special warrants ("Flow-Though Warrants") at a price of $2.30 per Flow-Through Warrant, resulting in gross proceeds of approximately $65 million. This bought-deal financing, previously announced on October 13, 2009, was led by Cormark Securities Inc. and included FirstEnergy Capital Corp., National Bank Financial Inc., Canaccord Capital Corp Raymond James Ltd., Dundee Securities Corp. and GMP Securities L.P.

Each Subscription Receipt entitles the holder thereof to receive, for no additional consideration and without further action, one common share ("Common Share") of the Company upon satisfaction of the Escrow Release Conditions (defined below). Open Range will use its commercially reasonable efforts to file and obtain a receipt for a final short form prospectus (the "Receipt") qualifying the Common Shares issuable pursuant to the Subscription Receipts and the Common Shares issuable upon exercise of the Flow-Through Warrants in all applicable provinces on or before the date of closing of the previously announced working-interest acquisition in the Company-operated Ansell/Sundance property in west central Alberta (the "Acquisition"). Each Flow-Through Warrant was issued on a "flow-through" basis and entitles the holder to receive, for no additional consideration and without further action, one Common Share, subject to adjustments, upon the earlier of: (i) the issuance of the Receipt; (ii) the date of closing of the Acquisition; and (iii) December 29, 2009. The Company anticipates that the Receipt will be issued and the Common Shares underlying the Flow-Through Warrants will be released on or about November 4, 2009.

The net proceeds of the financing relating to the issuance of the Flow-Through Warrants were released to Open Range upon closing and will be used to incur qualifying expenditures pursuant to the Company's ongoing exploration and development program. The gross proceeds of the sale of the Subscription Receipts (the "Escrowed Funds") have been deposited with Valiant Trust Company as escrow agent pending the satisfaction of the following conditions on or before December 18, 2009 ("Escrow Release Conditions"): (i) the closing of the Acquisition by Open Range (subject to delivery of Escrowed Funds); and (ii) the receipt by the Company of all necessary regulatory, shareholder and other approvals, including the approval of the Toronto Stock Exchange, for the Acquisition and the issuance of the Common Shares pursuant to the Subscription Receipts.