STA.L Regulatory News (STA)

31 January 2013

QUARTERLY REPORT FOR PERIOD ENDING 31 DECEMBER 2012

Issued Capital 2,447m* ASX Code RRS Closing price $0.060*

Market Capital A$147m* AIM Code RRL Closing Price £0.035*

* as at 31 December 2012

Gross Production for the Quarter

Gas 229k Mcf Range Interest - 50k Mcf 75 (14% decrease from prior quarter)

Oil 86,021 bbl Range Interest - 75,565 bbl (15% decrease from prior quarter)

The Board of Range Resources Limited ("Range" or "the Company") provides the following commentary to be read in conjunction with the Appendix 5B (Quarterly Cash Flow Report) which is attached.

Trinidad

During the quarter, previously announced operational and supplychain difficulties resulted in fewer-than expected wells being drilled byyear-end, which subsequently resulted in a decrease in quarter on quarterproduction. Encouragingly, actual results from the current Lower Forestdevelopment program, are exceeding the Company's expectations in terms ofaverage well performance. Additionally, the Company is anticipating threewells to come into production in the coming weeks (QUN 135, 138 and 139)following receipt of approvals, as well as remedial work commencing on fourwells with a small work-over rig.

When compared to the five wells completed in Q4 (of which two ofthe wells encountered the southern extremity of the Lower Forest trend), theCompany anticipates a marked increase in activity during Q1 2013, with theCompany seeing ten to twelve wells coming into production during this quarter.

The Company continues to work to regain the drilling and completionmomentum established during Q3 2012, and having all six rigs up and running assoon as possible, which again will see another marked increase in the numberof completed wells.

The Company continued with the development of the Lower Forestformation on the Morne Diablo license area with additional success, havingcompleted five new wells during the quarter, with three wells drilling intothe New Year.

As mentioned above, of the wells completed during the quarter, twowere drilled to test the southern limit of the Forest Formation productivetrend and encountered thin Lower Forest sands. The results of these two wellshave allowed Range to define the southern extremity of the Lower Forest trend,with each well having the potential to be side tracked back into the mainproductive area within the Lower Forest trend.

The QUN 137 well was completed and encountered the Lower Forestformation with initial production rates of 100 bopd and continues to produceat 85-90 bopd.

The QUN 138 well also reached its target depth of 1,000 ft. andlogged 100 ft. of net oil sands across a number of horizons, including ahighly resistive zone between 770 and 810 ft. that is expected to yield betterthan average production rates. The Company is awaiting approvals to perforateand place the well into production.

The Company spudded the QUN 139 with an original target depth of1,000 ft. having logged 80 ft. of good quality oil sands to 945 ft. postquarter end. The well is currently being drilled to a revised target depth of1,300 ft. The QUN 139 location is contiguous to producing wells QUN 119 andQUN 129 which achieved initial production rates of 129 bopd and 138 bopd,respectively. Both wells still flow under natural pressure, with QUN 129having now produced for over 12 months since first production.

The QUN 140 well is expected to spud shortly with the Companyawaiting receipt of necessary approvals and, like the QUN 139 well, will alsobe drilled to an initial target depth of circa 1,000 ft.

During the quarter, Range's fourth drilling rig, with the deepestcapabilities of the Company's fleet continued to drill the MD 248 well whichis targeting multiple horizons; the Lower Forest formation (circa 1,000 ft.),the Upper Cruse formation (circa 2,000 ft.) and the Middle & Lower Cruseformations (circa 4,000 ft. and 6,500 ft. respectively). After reaching adepth of 4,000 ft. and having 7" casing run, the well experienced operationaldelays due to equipment shortages. Additional equipment has been acquired toimprove efficiencies and reduce downtime, with drilling continuing to thetarget depth of 6,500 ft.The MD 248 well is the first well that will target development ofthe Middle Cruse sands at 4,000 ft., as well as explore the Lower Cruseformation at 6,500 ft. Upon completion of the MD 248 well, Rig 8 is scheduledto move on to drill the first of a series of wells that will test the prolificHerrera formation as their primary objective, while testing the prolificForest and Cruse formations. Rig 8 is capable of drilling to approximately11,000 ft., a depth believed to be sufficient to test and develop the highlyprospective Herrera section.The Company also spudded the QUN 135 well during the quarter with atarget depth of 3,500 ft., being Range's first well to target the Middle Cruseformation, with the well reaching its target depth subsequent to quarter end.Following conditioning of the well bore, logging operations were initiated andmore than 80 ft. of net oil pay was identified in the Lower Forest, UpperCruse and Middle Cruse formations. Based on oil shows while drilling andinduction logs indicating that the well reached its planned total depth in thetop of a Middle Cruse oil zone, the QUN 135 well is now being deepened toconfirm what may represent a previously undiscovered reservoir in the MiddleCruse section. Following deepening of the well and evaluation of open holelogs, the Company will determine which of the multiple oil zones present isthe best candidate for initial completion.

Reserves Upgrade

During the quarter, the Company announced a 29% increase in Proved,Probable and Possible (3P) net attributable reserves across the Company'sthree onshore Trinidad licenses, following the Company's independent petroleumconsultants, Forrest A. Garb and Associates ("Forrest Garb"), having completeda review of the Trinidad reserves following the first year of Range'soperations in Trinidad.

Below is the comparison between October 2012 and December 2011 ofthe oil and gas reserves attributable to Range's (100%) interest in itsTrinidad Licenses, net of government and overriding royalties, as describedmore fully in the report from Forest Garb & Associates.

Category Oil (MMBO) Dec `11 Oct `12 %age MvmtProved (P1) 15.4 17.5 +14%Probable (P2) 2.2 2.7 +23%Possible (P3) 2.0 5.0 +150%Total 3P Reserves 19.6 25.2 +29%Prospective Resource (unrisked)Low 2.0 8.1Best 10.0 40.5High 19.9 81.0

Based on the reserve numbers shown above, Forrest Garb estimatesthe net cash flow attributable to Range's interests for Proved, Probable andPossible reserves as shown below, based on average WTI prices for 2011, andcompared to the $85 / bbl case per December 2011.

US$85 / bbl case US$94 / bbl case December 2011 October 2012Category Undiscounted PV10 Undiscounted PV10 US$M US$M US$M US$MProved 679 385 799 446Probable 133 73 142 81Possible 120 49 276 153Total 932 507 1,217 680

The valuations above are based on forecast production rates thatreflect the current drilling and development schedule, and estimatedindividual well decline profiles derived from the Company's recent operatingresults.

As reported above, the recent reserves report saw a 30.5 millionbarrels (305%) increase in total unrisked net prospective (best estimate)resources across the Company's licenses to 40.5 million barrels.

Of the 40.5 million barrels in unrisked prospective resources,circa 30.5 million barrels are associated with identified Herrera prospectsthat have been mapped on the Company's 3D seismic database and are scheduledto be drilled following completion of the MD248 well. Of the 40.5 million bestestimate unrisked net prospective resource associated with the Herreraprospects, a risk factor of 25% has been assigned, with the remainingresources risked at 45%.

Revised License Agreements

The Company has received the final revised agreements that will seean initial reduction in the enhanced royalty currently being paid by theCompany. The revised terms will see a significant improvement in the net backprice received per barrel of oil produced. The revised royalties at productionrates of 1,000 bopd will see net backs increase to circa $40 / barrel beforetax, and circa $50 / barrel before tax at 2,000 bopd - assuming $90 barrel oiland Opex at current levels. Only minor administrative items relating to marketcommunications remain to be resolved.

In addition, discussions continue with the regulatory agencies andother farm-in operators for further performance-based drilling and productionincentives. Updates will be provided upon progress when available.

Puntland

Puntland Onshore

During the quarter Range's JV partner and operator of its PuntlandProject, Horn Petroleum Corp (TSXV: HRN), demobilized the drilling rig andassociated equipment and has completed restoration of both drilling locations.

Efforts are now focused on making preparations for a seismicacquisition campaign in the Dharoor PSA which will include a regional seismicreconnaissance grid in the previously unexplored eastern portion of the basinas well as prospect specific seismic to delineate a drilling candidate in thewestern portion of the basin where an active petroleum system was confirmed bythe recent drilling at the Shabeel-1 and Shabeel North-1 locations.Based on the encouragement provided by these two Shabeel wells, theOperator (Horn Petroleum Corporation) and their partners, Range Resources andRed Emperor, have entered into the next exploration period in both the Nugaaland Dharoor Valley Production Sharing Contracts ("PSCs") which carry acommitment to drill one well on each block within an additional 3 year term.The current operational plan would be to contract a seismic crew to acquireadditional data in the Dharoor Valley block and to hold discussions with thePuntland Government to gain access regarding drill ready prospects in theNugaal Valley block. The focus of the Dharoor seismic program will be todelineate new structural prospects for the upcoming drilling campaign.

Puntland Offshore

During the June quarter, Range entered into an agreement with thePuntland Government with respect to obtaining a 100% working interest in thehighly prospective Nugaal Basin Offshore Block.

The Block is an extension of the onshore Nugaal Region which hasthe potential for deltaic deposits from the Nugaal Valley drainage system andcomprises over 10,000km.

The Company will commit to a 2D seismic program within the firstthree years, with further 3D seismic and an exploration well to follow in thesecond three year period. The agreement is subject to a formal ProductionSharing Agreement (PSA) being entered into and the receipt of all necessaryregulatory approvals. Commercial terms will be similar to the current on-shorePSAs and is scheduled to be completed this current quarter.

Georgia

During the quarter the Joint Venture announced the completion ofthe acquisition of a 200km 2D seismic program. The majority of this recentseismic was acquired over Block VIb to firm up leads identified in theprevious 410km 2D seismic program, along with targeting two gas wells, whichwere drilled and suspended in Soviet times.

Two lines were also acquired over the site of the Mukhiani well,the first exploration well drilled in Block VIa. The processing of the seismicis currently under way and results of the interpretation is expected to becompleted in Q1 2013, with the joint venture confident that it will then haveassembled the requisite amount of seismic and geological information to enablethe JV to identify revised drillable targets and attract potential farm inpartners if desired.The JV continues to work towards the development of the CBM andconventional potential around the Tkibuli†Shaori Coal Field ("Tkibuli").The Georgian Industrial Group ("GIG") has made available a significant amountof information including a detailed geological model based on 339 wellsdrilled in the region, many of which vented methane. The Joint Venture islooking to finalise agreements with GIG for the development of Tkibulishortly, with binding arrangements currently being concluded and the potentialfor third party financing being available to fund a pilot production program.It is envisaged that following completion of the current technical andeconomic analysis, between three and four pilot production well locations willbe identified with drilling expected to commence in 2H 2013.

With the majority of the seismic program completed during thequarter, coupled with the proposed third party funding for the joint venturedevelopment of the Tkibuli CBM project, Range's exploration expenditureassociated with the Georgian operations will be dramatically reduced movingforward.

TexasNorth Chapman RanchDuring the previous quarter, the Company announced a significant increase inProved (P1) and Probable (P2), reserves for the North Chapman Ranch Project,in which Range holds a 20-25% interest.

The Company engaged leading independent petroleum consultants Forrest A. Garband Associates ("Forrest Garb") to complete a review of the North ChapmanRanch reserves following the successful completion of the Smith #2 andAlbrecht wells that saw a significant reclassification of the previousPossible (P3) reserves into the Proved (P1) and Probable (P2) categories.

Set out below is a comparison of the gross reserves (100% basis)for the Company's North Chapman Ranch asset between the previous reserveupdate in December 2011 and the current gross reserves update for June 2012.Category Oil Natural Gas Natural Gas Liquid (MMBO) (Bcf) (MMBO) Dec Jun %age Dec Jun %age Dec Jun %age `11 `12 Mvmt `11 `12 Mvmt `11 `12 MvmtProved (P1) 5.1 8.4 +64% 64.3 106.0 +65% 5.0 8.0 +60%Probable (P2) 3.7 4.4 +19% 48.6 56.7 +17% 3.8 4.4 +16%Possible (P3) 9.9 5.0 -50% 129.6 64.8 -50% 10.1 5.1 -50%Total 3P 18.7 17.8 242.5 227.5 18.9 17.5Reserves

Set out below is the comparison between June 2012 and December 2011of Range's attributable interest in the net reserves on the Company's NorthChapman Ranch asset which is net of government and overriding royalties andrepresents Range's economic interests in its development and production assetsas classified in the report from Forest Garb.

Category Oil Natural Gas

Natural Gas Liquids

(MMBO) (Bcf) (MMBO) Dec `11 Jun `12 %age Dec `11 Jun `12 %age Dec `11 Jun `12 %age Mvmt Mvmt MvmtProved (P1) 0.7 1.1 +57% 7.6 11.7 +54% 0.7 1.1 +57%Probable (P2) 0.5 0.6 +20% 5.5 6.4 +16% 0.5 0.6 +16%Possible (P3) 1.3 0.7 -46% 14.6 7.3 -50% 1.3 0.7 -46%Total 3P 2.5 2.4 27.7 25.4 2.5 2.4ReservesWith the field having now been largely appraised and value demonstrated, theCompany is looking at the divestment of its North Chapman Ranch interests sothat it can focus its capital on higher value adding opportunities in itsportfolio and has engaged US based advisors to assist in the process, with anumber of interested parties having reviewed the Company's dataroom.Negotiations are currently being finalised with regards to the sale of theassets, scheduled for this quarter. As previously announced, the conditionaloffer is for US$20m up front (settlement before current quarter end) andUS$20m in royalty payments from current and future production. Range willupdate the market as soon as the transaction is finalised.

East Texas Cotton Valley Prospect

Long term production testing continues on the Ross 3H well, asRange and its partners evaluate the various options available for futuredevelopment of the shallow oil discovery. In the meantime, leases within theproject area are being extended or renewed. The intention is to sell the assetas part of the Texas deal.ColombiaAs previously announced, Range entered into an economicparticipation agreement with Petro Caribbean Resources Limited, a private oiland gas company focussed on the development of petroleum and natural gasreserves in Colombia ("PCR" the official operator of the blocks), that willsee the Company earn a 65% economic interest (option to move to 75%) in BlocksPUT-6 and PUT-7 in return for funding (on a cost recoverable basis) thecommitments under the Production Sharing Agreement ("PSA") with the NationalHydrocarbons Agency of Colombia ("ANH"). This includes a 350km2 3D seismicprogram across the two blocks followed by one exploration well in each block.

The consulta previa process is nearing completion which involvesliaison with the various indigenous communities within the license areas. Oncecompleted, the Company expects to initiate preparations for the seismicprogram, with planned mobilisation to occur early Q2 2013.

Range has received farm in interest from a number of parties forblocks PUT 6 and PUT 7, and will be considering different potential options tomaximise shareholders benefits in the short to medium term.

Corporate

During the quarter the Company entered into a US$15 million LoanAgreement ("Loan Agreement") backed by Standby Equity Distribution Agreement("SEDA") for up to GB£20 million with YA Global Master SPV Ltd, an investmentfund managed by Yorkville Advisors ("Yorkville"), with US$5 million havingbeen drawn down during the quarter. The loan can be drawn down in tranches ofUS$5 million (12 month term) at the election of the Company and carries acoupon of 10%. The tranches may be increased to US$10 million (after aninitial US$5 million drawdown †total facility US$25 million).

In addition to the above, the Company also issued AU$10 million insecured notes to Crede Capital which can be paid back in cash or equity on orbefore the 12 month term at the Company's election.

Subsequent to Quarter-End

Subsequent to quarter end, the Company secured a strategic stake(19.9%) in Citation Resources Limited ("Citation") (ASX: CTR). Citation holdsa farm in right to acquire a 70% interest in Latin American Resources Ltd("LAR"), which holds an 80-100% interest in two oil and gas development andexploration blocks in Guatemala ("Projects"). LAR is the operator of theblocks. Additionally, Range has acquired a direct 10% equity stake in LAR.

The Projects consist of Block 1-2005 and Block 6-93 in the SouthPeten Basin in Guatemala ("Guatemalan Blocks"). The Guatemalan Blocks haveCanadian NI 51-101 certified proved plus probable (2P) reserves of 2.3 MMBO(with approximately 0.45 - 0.6 MMBO attributable to Range's combined equityinterest in Citation and 10% direct interest in LAR), with significantexploration upside potential. In addition, the blocks have had significantprevious exploration with the two well appraisal drilling program currentlyunderway with the Atzam #4 well having already been successfully completed andflow testing currently underway. The Projects and drilling/operationalinfrastructure are owned by LAR together with its minority joint venturepartners in a similar set up to Range's Trinidad operations.

The strategic stake in Citation and LAR provides Range withnon-operating exposure to a project with known reserves and significant shortterm upside potential, as well as creating the potential spin off vehicle forthe company's Puntland assets.

Transaction Details

Range will acquire its 19.9% strategic interest in Citation, byconversion of existing debt funding provided by Range to Citation intoordinary Citation shares (subject to any necessary Citation shareholderapprovals) at $0.02 with a 1 for 2 free attaching listed Citation option($0.04, June 2015), which is approximately $2m for the 19.9% interest. Inaddition, Range will pay $2m for the 10% interest in LAR, which is financecarried through the first US$25m spent on the Project.

Concurrently, Range completed a placement of 40m new shares toCitation nominees at A$0.05 per share (being a premium to the current shareprice) to raise gross proceeds of $2m, along with the issue of 40,000,000unlisted options ($0.05, 31 January 2016) in facilitation, introduction andcorporate advisory fees.

Guatemala Projects Summary - Atzam and Tortugas Formations

The Projects consist of Block 1-2005 and Block 6-93 in the SouthPeten Basin in Guatemala ("Guatemalan Blocks"). As reported by Citation, theGuatemalan Blocks have Canadian NI 51-101 certified proved plus probable (2P)reserves of 2.3 MMBBL, with significant exploration upside potential. Inaddition the blocks have had significant previous exploration with the twowell appraisal drilling program currently underway with the Atzam #4 wellhaving already been successfully completed and flow testing currentlyunderway. The projects and drilling / operational infrastructure are owned byLAR together with its minority joint venture partners in a similar set up toRange's Trinidad operations.The first appraisal well Atzam #4, which successfully drilled toits target depth of 4,500 ft., is currently undergoing flow testingoperations. The intention is for the second well, Atzam #5, to spud followingcompletion of the flow testing program on the Atzam #4 well. The Atzam #4 wellis being drilled on the same structure that the Atzam #2 well tested at aninitial flow rate of up to 1,200 BOPD of 34°API oil at a depth of 3,850 ft.

Recent mapping of the Atzam structure using existing data fromprevious operators (Basic, Hispanoil) and MEM, and incorporating reservoirdata acquired since production initiated in December 2007, indicate thepossibility of a structure of comparable size and orientation to that of theexisting Rubelsanto field in Guatemala. To date, the Rubelsanto field hasproduced more than 30 MMBBL of oil since its discovery in 1976. The fieldcurrently continues to produce more than 1,000 BOPD, 36 years after itsdiscovery.

In addition to the Atzam structures on Block 1-2005, the Tortugasstructure is a suspended oil field. Originally 17 wells on Tortugas salt domewere drilled by Monsanto looking for sulphur. One well (T9B) had an oilblowout at approx 2,200 ft and most others had oil shows in multiples zones.

The Atzam and Tortugas Fields have had significant previousexploration and development with 2D seismic and previous production wells. In2012/13 the planned exit production is approximately 1,000 bbl/d based onsuccessful production from the two new appraisal wells based on the previousflow rates of wells drilled on the same structure. Appendix 5B Summary - Consolidated Statement of Cashflow Current Year to date Quarter (6 months)Cash flows related to operating ($A'000)activities $A'000 Receipts from product sales andrelated debtors 7,344 14,367

Payments for:

(a) exploration & evaluation (7,289) (12,291) (b) development (3,553) (6,154) (c) production (4,050) (7,873) (d) administration (1,951) (3,990) Dividends received - - Interest and other items of a similarnature received 5 34 Interest and other costs of financepaid (591) (591) Taxes paid (2,033) (4,084) Other (provide details if material) - 449 Net Operating Cash Flows (12,118) (20,133) Cash flows related to investingactivities Payment for purchases of: (a) prospects - - (b) equity investments - - (c) other fixed assets (571) (1,123) Proceeds from sale of: (a) prospects - - (b) equity investments 528 528 (c) other fixed assets - - Loans to other entities - - Loans repaid by other entities - 2,065 Other - net cash acquired onacquisition of subsidiary - - Net investing cash flows (43) 1,470 Total operating and investing cash flows (12,161) (18,663)

Cash flows related to financing activities

Proceeds from issues of shares,options, etc. 1,995 1,995 Proceeds from sale of forfeitedshares - - Proceeds from borrowings 14,938 14,938 Repayment of borrowings (1,399) (1,399) Dividends paid - - Other (provide details if material) - - Net financing cash flows 15,534 15,534

Net increase (decrease) in cash held 3,373 (3,129)

Cash at beginning of quarter/year todate 3,891 10,410 Exchange rate adjustments to item1.20 (60) (77) CASH AT END OF QUARTER 7,204 7,204Yours faithfullyPeter LandauExecutive DirectorContactsRange Resources LimitedPeter LandauTel : +61 (8) 9488 5220Em: plandau@rangeresources.com.auPPR (Australia)David TaskerTel: +61 (8) 9388 0944Em: david.tasker@ppr.com.auRFC Ambrian Limited (Nominated Advisor) Old Park Lane Capital (Joint Broker)Stuart Laing Michael ParnesTel: +61 (8) 9480 2500 Tel: +44 (0) 207 493 8188

Fox-Davies Capital Limited (Joint Broker) GMP Securities Europe LLP (JointBroker)Daniel Fox-Davies / Richard Hail

James Pope / Chris

Beltgens

Tel: +44 (0) 203 463 5000 Tel: +44 (0) 207 647

2800

Dahlman Rose & Company (Principal American Liaison)OTCQX International Market (U.S.)Christopher Weekes / Stephen NashTel: +1 (212)-372-5766Range Background

Range Resources Limited is a dual listed (ASX:RRS; AIM:RRL) oil &gas exploration 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 MMBO with 25.2

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

of unrisked 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 projectportfolio.All figures in Gross Oil Reserves Net AttributableMMboe Range'sProject 1P 2P 3P Interest 1P 2P 3P OperatorOil & NGLTexas - NCR * 16.4 25.2 35.3 20-25% 2.2 3.4 4.8 Western GulfTexas - ETCV 1.0 1.6 3.3 22% 0.2 0.3 0.6 Crest Resources Trinidad 17.5 20.2 25.2 100% 17.5 20.2 25.2 RangeTotal Oil & Liquids 34.9 47.0 63.8 19.9 21.3 28.9Gas ReservesTexas - NCR * 106.0 162.7 228 20-25% 11.7 18.1 25.4 Western GulfTotal Gas Reserves 106.0 162.7 228 11.7 18.1 25.4

* 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.

Detailed below are the estimated resources and oil-in-place delineated acrossRange's portfolio of project interests.

All figures in Gross Oil Resources Net AttributableMMboe Range'sProject Low Best/ High Interest Low Best/ High Operator Mean MeanProspectiveResourcesTrinidad 8.1 40.5 81.0 100% 8.1 40.5 81.0 RangeTotal Prospective 8.1 40.5 81.0 8.1 40.5 81.0ResourcesUndiscoveredOil-In-PlacePuntland - 16,000 - 20% - 3,200 - Horn PetroleumGeorgia - 2,045 - 40% - 818 - Strait Oil & GasColombia - 7.8 - 65-75% - 5.1 - 5.8 - Petro Caribbean

All of the technical information, including information in relation toreserves 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 (and CTR) have aninterest in is as reported by CTR. CTR has not reported 1P and 3P estimates,but Range is seeking such information from CTR for future reporting purposes.The reserves estimates for the 3 Trinidad blocks and update reserves estimatesfor the North Chapman Ranch Project and East Texas Cotton Valley referredabove have been formulated by Forrest A. Garb & Associates, Inc. (FGA). FGA isan international petroleum engineering and geologic consulting firm staffed byexperienced engineers and geologists. Collectively FGA staff has more than acentury of worldâ€wide experience. FGA have consented in writing to thereference to them in this announcement and to the estimates of oil and naturalgas liquids provided. The definitions for oil and gas reserves are inaccordance with SEC Regulation Sâ€X an in accordance with the guidelines ofthe Society of Petroleum Engineers ("SPE"). The SPE Reserve definitions can befound on the SPE website at spe.org.

RPS Group is an International Petroleum Consulting Firm with officesworldwide, who specialise in the evaluation of resources, and have consentedto the information with regards to the Company's Georgian interests in theform 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 Valley prospects areinternal estimates reported by Africa Oil Corp, the operator of the jointventure, which are based on volumetric and related assessments by Gaffney,Cline & Associates.

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 project is sourcedfrom the publically available references to a report by Advanced ResourcesInternational's ("ARI") report in 2009: CMM and CBM development in theTkibuli-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 Ecopetrol 1987.

SPE Definitions for Proved, Probable, Possible Reserves and ProspectiveResources

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 of geoscienceand engineering data indicate are less likely to be recoverable than ProbableReserves.

1P refers to Proved Reserves, 2P refers to Proved plus Probable Reserves and3P refers to Proved plus Probable plus Possible Reserves.

Prospective Resources are those quantities of petroleum estimated, as of agiven date, to be potentially recoverable from undiscovered accumulations byapplication of future development projects. Prospective Resources have both anassociated chance of discovery and a chance of development. ProspectiveResources are further subdivided in accordance with the level of certaintyassociated with recoverable estimates assuming their discovery and developmentand may be sub-classified based on project maturity.Contingent Resources are those quantities of hydrocarbons which are estimated,on a given date, to be potentially recoverable from known accumulations, butwhich are not currently considered to be commercially recoverable.

Undiscovered Oil-In-Place is that quantity of oil which is estimated, on agiven date, to be contained in accumulations yet to be discovered. Theestimated potentially recoverable portion of such accumulations is classifiedas Prospective Resources, as defined above.