Ranger Announces Growth in Total Proved and Proved Developed Reserves

Source: www.gulfoilandgas.com 2/22/2022, Location: North America

--- PV-10 Value of Proved Developed Reserves of $2.1 Billion at Strip Pricing ---
--- Anticipates ~1.0x Leverage(1) Goal Reached by End of First Quarter 2022 ---

Ranger Oil Corporation announced its total proved reserves for year end 2021, the expected achievement of its 1.0x leverage(1) target, and the Company's fourth quarter 2021 earnings release date.

- Announced 90% growth in total proved and 82% growth in proved developed ("PD") reserves volumes from year end 2020;
- Standardized measure of future discounted cash flows for total proved and PD reserves of $3,057 million and $1,585 million, respectively;
- PV-10 value(2) of total proved and PD reserves of $3,419 million and $1,772 million respectively at SEC pricing, with corresponding values of $4,043 million and $2,088 million at strip pricing(3);
- Ranger expects to achieve its balance sheet goal of approximately 1.0x leverage(1) by the end of the first quarter 2022; and
- The Company intends to announce its free cash flow(4) strategy in its upcoming fourth quarter 2021 earnings release. Darrin Henke, President and Chief Executive Officer commented, "I'm very proud to announce our 2021 year end total proved reserves volumes grew by more than 90%. Even more exciting, since we closed our transaction with Juniper in January of last year, our PD PV-10 value(2) has increased over 210%(5). This growth was achieved with only a 15% increase in our outstanding shares of common stock(6) while simultaneously reducing our leverage ratio(7). This incredible step change in value for our equity holders highlights the premium quality of this asset base, the dedication and capabilities of the Ranger team, the successful and ongoing consolidation strategy, and the positive impact of the current commodity environment.

Due to these factors, I'm also incredibly proud to announce that, assuming current market conditions, we expect to reach our stated balance sheet goal of approximately 1.0x leverage by the end of the first quarter of 2022, ahead of initial expectations. We've focused investors on this critical milestone since early last year and are thrilled as we approach this transformational goal. Once achieved, we intend to utilize our substantial and accelerating free cash flow(4) profile for what we believe will be highly accretive opportunities for our shareholders.

Ranger continues to focus on capital discipline and strong cash-on-cash returns. We expect the Company's free cash flow profile to accelerate significantly in 2022 vs. 2021, producing over $200 million of free cash flow(4), with significant upside to that number at current strip prices. We couldn't be more excited about the year ahead and are eager to share our upcoming plans in our earnings announcement."

Total Proved Reserves
The table below sets forth the Company's Standardized Measure and SEC PV-10 value(2) (as defined below) of the Company's total proved reserves and PD reserves as of December 31, 2021:

The composition of Ranger's reserves at the end of 2021 was 68% oil, 17% NGLs and 15% natural gas, with 38% of the reserves classified as proved developed.

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