Rangeford Resources, Inc. (OTCBB:RGFR) entered into a purchase and sale agreement to acquire substantial non-operating working interest in oil assets in East Texas from Great Northern Energy Inc. on November 15, 2012. Under the terms of the agreement, Great Northern Energy, Inc. will purchase working interests in oil and gas leases, applied carried interests and farmout rights and certain other properties and interests in Texas for purchase price consists of $0.1 million in cash; a promissory note in the amount of $1.1 million bearing 8% interest per annum, which is due and payable in full 12 months from the date of the note, with 4 equal quarterly payments due beginning on closing; a promissory note in the amount of $2.7 million due on June 30, 2014, with initial payment of $1.2 million due on closing and issuance of 6.5 million common stock and additional 3.5 million shares of common stock is reserved for roll-ups and bonuses. The transaction is subject to the audit of the acquired assets. The deal is expected to close on December 1, 2012.

As of December 31, 2012, Rangeford Resources transferred a total of $0.6 million to GNE towards the purchase of the oil and gas properties, but the agreement had not been consummated. Rangeford Resources put forth a Letter of Addendum, dated January 25, 2013 to GNE, which modifies certain terms of the Agreement, including increasing the total amount of shares due under the Agreement to 7.4 million.

Rangeford Resources, Inc. (OTCBB:RGFR) cancelled the acquisition of substantial non-operating working interest in oil assets in East Texas from Great Northern Energy Inc. on November 15, 2013.