Open Range Inc
Press Release – November 23, 2010

November 23, 2010 - Open Range Inc Acquires Burke County Acreage – Chris McArthur, President of Open Range Inc, reports the company acquired a 70% operated interest in 11,000 acres of Burke County. North Dakota. We are excited about this large contiguous block of operated land and the metrics of the acquisition. The land is immediately adjacent to the Hess Avalanche area and Hess (NYSE – HES) recently drilled a two mile, dual leg Bakken and Three Forks well on a multi well pad one mile from our lands. We are also encouraged by the success of Oasis Petroleum to our south, Cornerstone Resources to our east and Legacy Oil & Gas (T- LEG) to our north. Each of the 17 sections of land in the Ranger Project is expected to eventually contain three well bores in each of the Bakken and Three Forks formations resulting in over 100 drilling locations. As Operator, we intend to achieve significant cost efficiencies from a multi well pad and well bore approach. Drilling permits are in the process of being filed and drilling is expected to commence March 2011. Please contact Open Range Inc at 701-240-7950 for further information.

OIL FUTURES: Crude Slightly Higher As OPEC Maintains Quotas

NEW YORK (Dow Jones)--Crude futures moved higher Monday after the Organization of Petroleum Exporting Countries over the weekend agreed to keep oil output steady.

Light, sweet crude for January delivery recently traded 43 cents, or 0.5%, higher at $88.22 a barrel on the New York Mercantile Exchange, falling back after a run towards $90 a barrel earlier in the session.

Brent crude on the ICE futures exchange traded 38 cents higher at $90.86 a barrel.

OPEC ministers meeting in Quito, Ecuador, over the weekend left oil-production quotas intact at 24.85 million barrels a day, though the cartel actually produces above that level, closer to 29 million barrels a day. Saudi Arabia oil minister Ali Naimi, OPEC's de facto leader, said the market is in balance.

With oil prices flirting near two-year highs, OPEC's wait-and-see approach to raising production has created concerns that the economic recovery in the U.S. and still-surging demand in China could soon push prices into triple-digits. The cartel is not planning to meet again until June.

"OPEC is just going to sit back and they are not going to act too quickly," said Dominick Chirichella, an oil analyst at the Energy Management Institute. "Unless we see prices sustained over $100 a barrel and we see inventories below the 5-year average, they aren't going to change their ceiling level."

Meanwhile, oil demand is improving. Both the International Energy Agency and OPEC revised up global oil demand Friday in separate reports. The IEA now sees global oil demand for 2011 at 88.8 million barrels a day, up 260,000 barrels a day from its previous outlook.

Oil prices also benefited Monday from China's decision to hold interest rates steady despite rising inflation. Investors were relieved that the country didn't take additional measures over the weekend to slow growth even as the country's November consumer price index rose 5.1%, the fastest pace since July 2008.

Still, after rising as high as $89.49 Monday, futures handed back some gains on worries that China will still need to take steps to bring growth in line with its targets.

"Despite frantic efforts undertaken by the authorities, China's growth is still booming," said Edward Meir, an oil analyst with MF Global, in a client note.

China, the world's second-largest oil consumer, has stepped up imports of diesel in recent months. Companies have turned to diesel generators after local governments cut electricity to meet the central government's long-term energy-management goals. And with the economy still booming, analysts say the country's thirst for oil will continue to support rising futures prices.

Front-month January reformulated gasoline blendstock, or RBOB, recently traded 0.45 cent higher at $2.3138 a gallon. January heating oil fell 0.06 cent to $2.4569 a gallon.