STA.L Regulatory News (STA)

RANGE RESOURCES LTD - Debt Financing and Trinidad License Extensions

PR Newswire

London, March 8

10 YEAR LICENSE EXTENSIONS AND US$35M DEBT FINANCING FACILITY

Range Resources Limited ("Range" or "the Company") is pleased toannounce the following update with respect to the Company's Trinidadoperations with the following highlights:

- Morne Diablo and South Quarry licenses extended for an additional

ten year period;

- 3,000 acres added to the east of the existing Morne Diablo

license, extending current Lower Forest development trend while adding

potential for other, deeper targets;

- Enhanced Royalty reduced from previous farm out agreements - net

back increased to $40 / bbl based on 1,000 bopd increasing to $50 on 2,000

bopd; and

- Finalisation of US$35m Debt Financing Facility.

US$35m Debt Financing Facility

The Company is pleased to announce that following an extensive duediligence exercise from both a technical and operational perspective, financeCompany Meridian SEZC has signed a commitment to purchase USD$35M of 5-yearMonetary Production Payment ("MPP") securities from Range Resources Limited.The MPPs have a coupon of 12% and shall be secured by future cash flows fromRange's Trinidad operations and repayable in cash on a straight line monthlyamortised basis.

Meridian's commitment is subject to final documentation and regulatoryapprovals with a targeted draw down date end of March.

Morne Diablo / South Quarry FOA Extensions Executed

Range is also pleased to announce that it has extended its existingfarm out agreements ("FOA's") for the Company's Morne Diablo and South Quarrylicenses until 31 December 2021, with the minimum work commitments for eachlicense well within the Company's current development plans.

As previously announced, the new farm out agreements (effectivefrom 1 January 2012), will also see a reduction in the enhanced royaltycurrently being paid by the Company with the revised terms seeing animprovement in the net back amount received by the Company per barrel of oilproduced. The revised royalty rates at production rates of 1,000 bopd will seenet backs increase to circa $40 / barrel before tax and circa $50 / barrelbefore tax at 2,000 bopd - assuming $90 per barrel oil and opex at similarlevels.

With the Morne Diablo and South Quarry FOA now extended untilDecember 2021, along with the Beach Marcelle license which extends to February2020, the Company now is in an excellent position to develop the multipleproducing trends in each area while systematically exploring for new reservesand effectively producing older fields such as Beach Marcelle throughsecondary recovery work.

Additional Acreage

With respect to the Morne Diablo license, the extended FOA nowincludes an additional circa 3,000 acres (Block A) to the east of the existinglicense area. Block A is an extension to the east of the current Lower Forestdevelopment trend where the Company is currently drilling. As previouslyannounced, the current Lower Forest wells that have been drilled and tested todate are showing sands which correlate to the sands encountered in the QUN16well that was drilled and tested in 1942, which is located some 3,000 ft tothe east of the current development wells, on the edge of the existing MorneDiablo license.

Inclusion of Block A in the extended Morne Diablo FOA allows theCompany to continue the Lower Forest development up to and beyond thehistorical QUN16 well utilizing the Company's shallow capacity rigs.

In addition, the previously announced reserves upgrades across theCompany's Trinidad licenses, did not include any reserves / resourcesassociated with Block A, hence the Company will look to engage its independentreserves auditor to perform an initial reserves / resource assessment acrossthe additional 3,000 acres of Block A which the Company believes will furtheradd to the 420% P1 and P2 reserve additions that the Company has booked sinceit acquired the Trinidad assets mid-2011.

Peter Landau, Range's Executive Director added, "The process ofextending the Morne Diablo and South Quarry contracts is a clear demonstrationof the Trinidad authorities and stakeholder's commitment to work with partnerssuch as Range to increase drilling activity and raise production. With the newdebt facility in place, we intend to fulfill our part of that commitment andnow have the additional time, acreage, and capital to achieve thoseobjectives. In addition to the contract extensions with their enhancedeconomics, Range has initiated third party discussions regarding additionalopportunities to expand our operating base outside of the existing contractareas and grow the Trinidad portfolio into a core producing area for theCompany for decades to come."

About Meridian SEZC

Meridian SEZC is a privately owned finance company located in theCayman Islands that focuses on resource based, commodity and derivativeinvestments.

RFC Ambrian Limited (Nominated Advisor) Old Park Lane Capital (Joint Broker)Stuart Laing

Range Resources Limited is a dual listed (ASX:RRS; AIM:RRL) oil & gasexploration company with oil & gas interests in the frontier state ofPuntland, Somalia, the Republic of Georgia, Texas, USA, Trinidad and Colombia.

- In Trinidad Range holds a 100% interest in holding companies with

three onshore production licenses and fully operational drilling subsidiary.

Independently assessed Proved (P1) reserves in place of 17.5 MMbls with 25.2

MMbls of proved, probable and possible (3P) reserves and an additional 81

MMbls of unrisked best estimate prospective resources.

- In the Republic of Georgia, Range holds a 40% farm-in interest in

onshore blocks VIa and VIb, covering approx. 7,000sq.km. Range completed a

410km 2D seismic program with independent consultants RPS Energy identifying

68 potential structures containing an estimated 2 billion barrels of

undiscovered oil-in-place (on a mean 100% basis) with the first (Mukhiani-1)

exploration well having spudded in July in 2011. The Company is focussing on a

revised development strategy that will focus on low-cost, shallow appraisal

drilling of the contingent resources around the Tkibuli-Shaori ("Tkibuli")

coal deposit, which straddles the central sections of the Company's two

blocks.

- In Puntland, Range holds a 20% working interest in two licenses

encompassing the highly prospective Dharoor and Nugaal valleys. The operator

and 60% interest holder, Horn Petroleum Corp. (TSXV:HRN) has completed two

exploration wells and will continue with a further seismic and well program

over the next 12-18 months.

- Range holds a 25% interest in the initial Smith #1 well and a 20%

interest in further wells on the North Chapman Ranch project, Texas. The

project area encompasses approximately 1,680 acres in one of the most prolific

oil and gas producing trends in the State of Texas. Independently assessed 3P

reserves in place (on a 100% basis) of 228 Bcf of natural gas, 18 mmbbls of

oil and 17 mmbbls of natural gas liquids.

- Range holds a 21.75% interest in the East Texas Cotton Valley

Prospect in Red River County, Texas, USA, where the prospect's project area

encompasses approximately 1,570 acres encompassing a recent oil discovery. The

prospect has independently assessed 3P reserves in place (on a 100% basis) of

3.3mmbbls of oil.

- Range is earning a 65% (option to move to 75%) interest in the

highly prospective PUT 6 and PUT 7 licences in Putumayo Basin in Southern

Colombia. The Company will undertake a 350km2 3D seismic program across the

two licences and drill one well per licence, as well as looking to re-enter a

previously suspended well that had a significant historical reserve estimate.

- Range has taken a strategic stake (19.9%) in Citation Resources

Limited (ASX: CTR) which holds a 70% interest in Latin American Resources

(LAR). LAR holds an 80-100% interest in two oil and gas development and

exploration blocks in Guatemala with Canadian NI 51-101 certified proved plus

probable (2P) reserves of 2.3 MMBBL (100% basis). Range also holds a 10%

interest in LAR.

Table of Reserves and Resources

Detailed below are the estimated reserves for the Range project portfolio.

* Reserves attributable to Range's interest in the North ChapmanRanch asset, which are net of government and overriding royalties as describedin the Forrest Garb report.

** The reserves estimate for the Guatemalan Blocks in which LAR(and CTR) have an interest in is as reported by CTR. CTR has not reported 1Pand 3P estimates, but Range is seeking such information from CTR for futurereporting purposes.

Detailed below are the estimated resources and oil-in-placedelineated across Range's portfolio of project interests.

All figures in MMboe Gross Oil Resources Range's Net Attributable

All of the technical information, including information in relationto reserves and resources that is contained in this document has been reviewedinternally by the Company's technical consultant, Mr Mark Patterson. MrPatterson is a geophysicist who is a suitably qualified person with over 25years' experience in assessing hydrocarbon reserves and has reviewed therelease and consents to the inclusion of the technical information.

The reserves estimate for the Guatemalan Blocks in which LAR (andCTR) have an interest in is as reported by CTR. CTR has not reported 1P and 3Pestimates, but Range is seeking such information from CTR for future reportingpurposes.

All of the technical information, including information in relationto reserves and resources that is contained in this document has been reviewedinternally by the Company's technical consultant, Mr Mark Patterson. MrPatterson is a geophysicist who is a suitably qualified person with over 25years' experience in assessing hydrocarbon reserves and has reviewed therelease and consents to the inclusion of the technical information.

The reserves estimates for the 3 Trinidad blocks and updatereserves estimates for the North Chapman Ranch Project and East Texas CottonValley referred above have been formulated by Forrest A. Garb & Associates,Inc. (FGA). FGA is an international petroleum engineering and geologicconsulting firm staffed by experienced engineers and geologists. CollectivelyFGA staff has more than a century of world–wide experience. FGA haveconsented in writing to the reference to them in this announcement and to theestimates of oil and natural gas liquids provided. The definitions for oil andgas reserves are in accordance with SEC Regulation S–X an in accordance withthe guidelines of the Society of Petroleum Engineers ("SPE"). The SPE Reservedefinitions can be found on the SPE website at spe.org.

RPS Group is an International Petroleum Consulting Firm withoffices worldwide, who specialise in the evaluation of resources, and haveconsented to the information with regards to the Company's Georgian interestsin the form and context that they appear. These estimates were formulated inaccordance with the guidelines of the Society of Petroleum Engineers ("SPE").

The prospective resource estimates for the two Dharoor Valleyprospects are internal estimates reported by Africa Oil Corp, the operator ofthe joint venture, which are based on volumetric and related assessments byGaffney, Cline & Associates.

The TSX certified 51-101 certified reserves with respect to theGuatemalan project are as reported by ASX listed Company Citation Resources(ASX: CTR).

In granting its consent to the public disclosure of this pressrelease with respect to the Company's Trinidad operations, Petrotrin makes norepresentation or warranty as to the adequacy or accuracy of its contents anddisclaims any liability that may arise because of reliance on it.

The Contingent Resource estimate for CBM gas at the Tkibuli projectis sourced from the publically available references to a report by AdvancedResources International's ("ARI") report in 2009: CMM and CBM development inthe Tkibuli-Shaori Region, Georgia. Advanced Resources International, Inc.,2009. Prepared for GIG/Saknakhshiri and U.S. Trade and Development Agency. -.globalmethane.org/documents/toolsres_coal_overview_ch13.pdf. Range'stechnical consultants have not yet reviewed the details of ARI's resourceestimate and the reliability of this estimate and its compliance with the SPEreporting guidelines or other standard is uncertain. Range and its JV partnerswill be seeking to confirm this resource estimate, and seek to definereserves, through its appraisal program and review of historical data duringthe next 12 months.

Reserve information on the Putumayo 1 Well published by Ecopetrol1987.

SPE Definitions for Proved, Probable, Possible Reserves andProspective Resources

Proved Reserves are those quantities of petroleum, which byanalysis of geoscience and engineering data, can be estimated with reasonablecertainty to be commercially recoverable, from a given date forward, fromknown reservoirs and under defined economic conditions, operating methods, andgovernment regulations.

Probable Reserves are those additional Reserves which analysis ofgeoscience and engineering data indicate are less likely to be recovered thanProved Reserves but more certain to be recovered than Possible Reserves.

Possible Reserves are those additional reserves which analysis ofgeoscience and engineering data indicate are less likely to be recoverablethan Probable Reserves.

1P refers to Proved Reserves, 2P refers to Proved plus ProbableReserves and 3P refers to Proved plus Probable plus Possible Reserves.

Prospective Resources are those quantities of petroleum estimated,as of a given date, to be potentially recoverable from undiscoveredaccumulations by application of future development projects. ProspectiveResources have both an associated chance of discovery and a chance ofdevelopment. Prospective Resources are further subdivided in accordance withthe level of certainty associated with recoverable estimates assuming theirdiscovery and development and may be sub-classified based on project maturity.

Contingent Resources are those quantities of hydrocarbons which areestimated, on a given date, to be potentially recoverable from knownaccumulations, but which are not currently considered to be commerciallyrecoverable.

Undiscovered Oil-In-Place is that quantity of oil which isestimated, on a given date, to be contained in accumulations yet to bediscovered. The estimated potentially recoverable portion of suchaccumulations is classified as Prospective Resources, as defined above.