STA.L Regulatory News (STA)

RANGE RESOURCES LTD - Quarterly Activities Report and Appendix 5B

PR Newswire

London, May 1

30 April 2013

Gross Production for the Quarter

Gas 197k Mcf Range Interest - 43k Mcf

Oil 1,725 bbl Range Interest - 64,009 bbl

The Board of Range Resources Limited ("Range" or "the Company")provides the following commentary to be read in conjunction with the Appendix5B (Quarterly Cash Flow Report) which is attached.

Trinidad

During the quarter, the Company continued to implement its revisedrig upgrade and maintenance program to regain the drilling and completionmomentum established during Q3 2012. The Company has engaged an experienceddrilling engineer and support team to complement the existing management teamin Trinidad to assist in ensuring all six rigs become operational during Q22013 to ensure that the number of completed wells increases by a minimum of100% along with the associated production increase.

In addition to ensuring all six rigs become operational in theshort-term, best practice procedures and processes are being put in place withrespect to maintenance programs / drilling inventory / spare part managementetc. that will look to ensure that operational and supply chain difficultiesare rectified and overcome.

Lower Forest Development Drilling

The Lower Forest development drilling program continued with thecompletion of the QUN 138 and 139 wells and spudding of the QUN 140 and 141wells. The QUN 138 well was successfully perforated and brought intoproduction with initial production rates of 85 bopd, whilst the QUN 139 wellwas drilled to a revised target depth of 1,300 ft. and encountered thepresence of 70 ft. of high resistive oil sands in addition to 190 ft. of lowerresistive oil sands in the Lower Forest formation. Initial production from theQUN 139 well came on at 45 bopd from the Lower Forest sands.

Subsequent to quarter end, the QUN 140 well was successfullyperforated and showed immediate pressure build up and was placed on flowthrough a 5/32" choke, experiencing initial rates of 90 bopd. The well will bestabilised early May with possible increased choke to optimize flow rates.

The QUN 141 well has reached a target depth of 1,250 ft. into theLower Forest formation. Well logging is currently being completed with theperforation of the well to follow shortly thereafter. Initial flow rates arescheduled for early May.

Approvals have also been received for a further 5 well locations onthe Morne Diablo license to continue with the Lower Forest developmentutilising the shallower capacity rigs. Following the successful completion ofQUN 140 and 141, the rigs will move to the next two locations to spud wellsQUN 142 and 143 respectively.

In addition to the wells mentioned above, the Company is alsolooking to continue with the remedial work on a number of wells that haveexperienced comingling of oil and water sands with a small workâ€over rig.This work is expected to improve the performance of these wells and furtheradd to production.

Middle Cruse Formation Drilling

During the quarter, the Company's first Middle Cruse well, QUN 135,was successfully deepened to a revised target depth of 3,800 ft., with theCompany having made an apparent discovery of a new oil reservoir in the MiddleCruse section between 3,490 - 3,540 ft. measured depth. Open hole logsindicated 50 ft. of previously unseen oil pay with porosities in the 21â€23%range, while offset well control indicated that the identified reservoirsection has significant areal extent.

Completion work continued on the QUN 135 well in 20 ft. of theMiddle Cruse section with the well having been swabbed late last weekreturning oil and displaying 600 psi casing pressure. The Company will look toperforate and test the remaining 30 ft. of the Middle Cruse section, with theCompany evaluating the applicability of formation stimulation in the well,including a possible mini-hydraulic fracturing, which has been successful inother fields in Trinidad.

If successful, this would lead to higher initial production ratesforecast from the Middle Cruse section of the well (currently forecasted at150-200 bopd). Importantly, there are also additional resistive sands whichwere encountered in both the Lower Forest and Upper Cruse formations of thewell.

Lower Cruse Formation Drilling

Following mechanical repairs, the MD 248 well has recommenceddrilling to its target depth of 6,500 ft. It is anticipated that the targetdepth will be reached early May after which the well will then be logged andevaluated for completion operations.

Upon completion of the MD 248 well, Rig 8 is expected to move tothe first of the Company's Herrera prospects. The Herrera prospects remain aprimary exploration objective for the Company, with recent Herrera discoveriesand historical production from offset fields indicating the potential forworld-class reserves and production from that section.

Morne Diablo Waterflood Project

The shallow Forest water flood project on the Morne Diablo licensesimulation / modeling project continued during the quarter which is nearingcompletion. Once completed, the Company will present and apply for approval tothe regulatory authorities, with development still forecast to commencemid-2013.

Beach Marcelle License

During the quarter, the Company finalised the Environmental ImpactAssessment (EIA) to be submitted to the Environmental Management Authority(EMA) in application for a Certificate of Environmental Clearance (CEC) todrill up to 40 wells and conduct the water flood program. It is anticipatedthat the EMA environmental approval will be received during the currentquarter and final approvals will then be sought from the regulatoryauthorities. Once all permits and approvals are in place, Range will commencedevelopment, currently forecast for mid-2013, after which the Company willlook to commence preparations for the 40 well work program and water flood.

The Company also applied for a separate CEC to deepen six wells inthe Beach Marcelle license (without EIA), with approval having been receivedsubsequent to quarter end. The Company will look to move a production rig outto the Beach Marcelle license to test and prepare the old well bores inanticipation of the deepening of these wells.

The Company also received approval during the quarter of a CEC onthe Beach Marcelle license (without EIA) to build a bio-remediation site, toaid in waste management of the proposed drilling program. These bio-sites arepresent in all Range fields and are unique in allowing Range to completeon-site control of the drilling-remediation process.

Extension of Morne Diablo and South Quarry Farm-out Agreements

During the quarter, Range announced that it had extended itsexisting farm-out agreements ("FOA's") for the Company's Morne Diablo andSouth Quarry licenses until 31 December 2021, with the minimum workcommitments for each license well within the Company's current developmentplans.

The new farm-out agreements (effective from 1 January 2012), willalso see a reduction in the enhanced royalty currently being paid by theCompany with the revised terms seeing an improvement in the net back amountreceived by the Company per barrel of oil produced. The revised royalty ratesat production rates of 1,000 bopd will see net backs increase to circa $40 /barrel before tax and circa $50 / barrel before tax at 2,000 bopd - assuming$90 per barrel oil and opex at similar levels.

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 QUN 16well 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 QUN 16 well utilizing the Company's shallow capacity rigs.

In addition, the October 2012 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.

Trinidad Reserves

During the previous quarter, the Company announced a 29% increasein Proved, Probable and Possible (3P) net attributable reserves across theCompany's three onshore Trinidad licenses following the Company's independentpetroleum consultants, Forrest A. Garb and Associates ("Forrest Garb"), havingcompleted a review of the Trinidad reserves following the first year ofRange's operations 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.

Prospective Resource (unrisked)

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.

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 October 2012 reserves report saw a 30.5million barrels (305%) increase in total unrisked net prospective (bestestimate) 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. Of the 40.5million best estimate unrisked net prospective resource associated with theHerrera prospects, a risk factor of 25% has been assigned, with the remainingresources risked at 45%.

The Company will look to provide further updates as the flowtesting on the current wells being completed stabilises along with updates onthe MD 248 well.

During the quarter Range's JV partner and operator of its PuntlandProject, Horn Petroleum Corp (TSXV: HRN), has been focused on makingpreparations for a seismic acquisition campaign in the Dharoor PSA which willinclude a regional seismic reconnaissance grid in the previously unexploredeastern portion of the basin as well as prospect specific seismic to delineatea drilling candidate in the western portion of the basin where an activepetroleum system was confirmed by the recent drilling at the Shabeel-1 andShabeel North-1 locations. The focus of the Dharoor seismic program will be todelineate new structural prospects for the upcoming drilling campaign.

Based on the encouragement provided by these two Shabeel wells, theJV has entered into the next exploration period in both the Nugaal and DharoorValley Production Sharing Contracts ("PSCs") which carry a commitment to drillone well on each block within an additional 3 year term. The currentoperational plan would be to contract a seismic crew to acquire additionaldata in the Dharoor Valley block and to hold discussions with the PuntlandGovernment to gain access regarding drill ready prospects in the Nugaal Valleyblock.

Puntland Offshore

During the June 2012 quarter, Range entered into a conditionalagreement with the Puntland Government with respect to obtaining a 100%working interest in the highly 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 agreement is subject to a formal Production Sharing Agreement(PSA) being entered into and the receipt of all necessary regulatoryapprovals. The completion process was on going during the quarter.

Georgia

During the quarter Range, along with its joint venture partners,Strait Oil and Gas UK Limited and Red Emperor (together "the Consortium")announced that it had executed a heads of agreement with the GeorgianIndustrial Group ("GIG") with respect to the joint development of the Coal BedMethane project (CBM) and conventional gas potential around theTkibuliâ€Shaori Coal Field ("Tkibuli Project") in the Republic of Georgia.

Terms of Agreement

GIG and the Consortium will jointly establish a Development Companyon a 50:50 basis. The Development Company will be commencing feasibility andtechnical studies, followed by an initial three or four well pilot project.The appraisal / pilot production wells will be drilled first to clarify flowrates and other key parameters including optimum well construction /completion strategy, well spacing and water treatment and disposalrequirements prior to full scale development. Based on a study by AdvancedResources International ("ARI") full development would involve 6 CBM wells perannum that are targeted to produce between 0.3-0.5 million cubic feet ("Mcf")per well per day (with 0.12-0.2 Mcf attributable to Range). It is anticipatedthat over the first 3 years, production will build to rates that will fundfurther expansion of the CBM project.

The initial pilot project will focus on appraising an area alreadyknown to be venting methane, thus ensuring a higher chance of success. Thework program is anticipated to commence in the second half of 2013 and will bepredominantly debt financed, resulting in limited capital commitments forRange moving forward. New wells will target horizons at depths between 500 and2,000 metres and can be drilled within approximately 45 days. The fast-trackprogram is designed for gas production and sales to begin within 18 monthsgiven the existing infrastructure and logistics.

GIG have agreed a take or pay arrangement for all gas produced bythe Development Company at a 5% discount to a regional indexed price lesstransportation, thus removing the monetization risk so often faced withprospective CBM projects in the region. Over the last few years' regionalprices have averaged between US$8 - US$10 per Mcf.

It is the intention of the Consortium to ensure that the first wellof the pilot program counts as the commitment well with respect to retainingBlock VIb.

The Tkibuli Project has been estimated by ARI to contain ContingentResources (mean) of approximately 400 billion cubic feet ("bcf") of CBM gas(with 160 bcf attributable to Range). Sand horizons have also been identifiedaround the coal beds, which could add additional, conventional hydrocarbonresources to those estimated for CBM at Tkibuli alone. Over 400 explorationand non-hydrocarbon wells have been drilled in the Tkibuli area, manyencountering hydrocarbons and one producing gas for over 35 years.

CBM has become an increasingly important source of energy aroundthe world and production is well established in the US, Australia and China.Access to market is key to commercialisation and although major pipelinestransect the country, Georgia remains almost entirely dependent on imports offoreign natural gas. CBM production from the Tkibuli Project, therefore, couldimmediately be fed into the local energy market.

Subsequent to Quarter-End

In November 2012, the Joint Venture announced the completion of a200km 2D seismic program carried out by the Geophysical Institute of Israel("GII"). Processing of the data is complete and is currently being interpretedin Tbilisi with the expectation that it will be finalised by the end of May2013.

The purpose of this survey was to further define previouslyidentified structures on Block VIb that were highlighted as prospective fromthe initial survey in 2009 and were identified as potential drilling sites.The information now obtained from the recent seismic program willsignificantly reduce the risk associated with any potential drilling programsin the future. To further assess the volume of these structures the JV iscurrently re-processing approximately 10% of the lines to further refine theinformation for interpretation and cover some prospective selected sites. Theseismic interpretation will also look to define the Shale Gas and Shale Oilareas within the two Licenses.

This new information is also being incorporated into a 3D modelinitially formed with early Seismic data from the Soviet period andsupplemented by the interpretation performed by RPS Energy from the initial2009 vibrosis survey. It is expected that this 3D modeling will be finalisedby the end of H1 2013.

CBM Joint Venture

The Company and its Joint Venture Partners, together with theGeorgian Industrial Group (GIG), are continuing to progress plans to commencea feasibility and technical study, followed by an initial three to four wellpilot project targeting coal bed methane gas. A working model has beenprepared to develop the CBM project and potential drill sites have beenidentified using the initial data from the previous 2D seismic surveysperformed on the sites. The economics of this project are being prepared inassociation with GIG and also in line with Government permitting requirements.It is expected that initial drilling will commence in Q4 2013 after theresults of the studies and the site identification process has been finalised.

Texas

During the quarter, the Company announced that agreement had beenreached with respect to the sale of the Company's Texan interest with a totalcash consideration of US$30m with US$25m payable at closing plus $US5m inroyalty payments from future production. The Company is on track to completein May with all key completion requirements signed off for payment.

Colombia

During the quarter, the consulta previa process continued whichinvolves liaison with the various indigenous communities within the licenseareas. Once completed, the Company expects to initiate preparations for theseismic program, with planned mobilisation to occur in Q2 2013.

Range has also received farm-in interest from a number of parties,and will be considering different potential options during the merger process.

Guatemala

During the quarter, the Company secured a strategic stake (19.9%)in Citation Resources Limited ("Citation") (ASX: CTR). Citation holds a farmin right to acquire a 70% interest in Latin American Resources Ltd ("LAR"),which holds an 80-100% interest in two oil and gas development and explorationblocks in Guatemala ("Projects"). LAR is the operator of the blocks.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.

Range acquired 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 A$0.02/share with a 1 for 2 free attaching listed Citationoption (A$0.04, June 2015), which is approximately A$2m for the 19.9%interest. In addition, Range paid A$2m for the 10% interest in LAR, which isfinance carried through the first US$25m spent on the Project.

During the quarter, Citation announced that following the drillingand electric logging of the Atzam #4 well, the joint venture commissioned anindependent reserves report from Ralph E Davies and Associates ("RED") whichconcluded that upon reviewing the detailed petro-physical work undertaken bySchlumberger there are up to 20 material oil shows in the Atzam #4 well, with8 zones recommended by RED to be tested for commerciality.

The report concluded that the Atzam #4 well has a Probable Reservesestimate of 2.3m bbls using a 30% recoverability factor and a 160 acredrainage area as set out in the table below, which excludes several deeperzones in the lower C-18 and C-19 which were not evaluated due to lack ofdetailed ell log data to the well bore washout encountered whilst drilling:

Details of Range's attributable interest in the reserves is set outin the Reserves and Resources section at the end of this announcement.

The report used production and well data from analogous wells inthe area to compare to the petro-physical results recorded in the Atzam #4well. Although the Lower C18 and C19 zones were not included, as these zoneswere washed out while drilling and the logging tool could not be used thoroughthis interval, RED believe that there should be hydrocarbons present and theLower C-18 and C-19 zones should be tested in the next well scheduled to bedrilled on the project.

LAR is in process of completing flow testing operations on theperforated Lower C17 / Upper C18 carbonate sections in the Atzam #4 well withan ESP to establish the commercial potential and estimate that with an ESPoperational, the perforated Lower C17 / Upper C18 carbonates could flow up to300-400 bbl / day with an 85-90% oil cut based on the results to date fromthese zones.

The Atzam #4 well produced very encouraging oil shows during thedrilling of the well through the C13 and C14 carbonates, which wascomplemented by higher than expected permeability and porosity results fromthe electronic logs. This has established these reservoir sections, the mainproducing zones in the nearby Rubelsanto Field, as the most likely appraisaltargets to be tested in the upcoming Atzam #5 appraisal well if they are nottested in the current Atzam #4 well. Both the LAR and Schlumberger are highlyencouraged by the logging results seen in the C13 and C14 carbonates and theirpotential to be a new commercially productive zone in the Atzam field to theprimary C18 and C19 carbonates sections The Rubelsanto Field has produced over30 mmbbls to date from 8 wells and is located only 17km to the north east ofthe Atzam field, along a structural fault offset.

Corporate

During the quarter, following an extensive due diligence exercisefrom both a technical and operational perspective, finance company MeridianSEZC signed a commitment to purchase US$35M of 5-year Monetary ProductionPayment ("MPP") securities from Range. The MPPs have a coupon of 12% and shallbe secured by future cash flows from Range's Trinidad operations and arerepayable in cash on a straight line monthly amortised basis.

Meridian has advised that it anticipates closing of the financingshortly.

Proposed Merger with International Petroleum

Subsequent to quarter end, the Company also announced its proposalto undertake a strategic merger with International Petroleum Limited, with themerger to create a leading ASX and AIM listed oil and gas company with astrong production growth profile from the on-going development of itssignificant reserves and resources base. For further details of the proposedmerger - please refer to the Company's announcement from 24 April 2013 and onthe Company's website.

In relation to the placement discussed within the announcementdated 24 April 2013, of the 338.983m shares to be issued, the Company wishesto advise that 67m of these have been allotted today and are expected to beadmitted to trading on AIM tomorrow, with the balance to be allotted on oraround 3 May 2013 and expected to be admitted to trading on AIM on or around 6May 2013.

activities

Payments for:

Em: plandau@rangeresources.com.au

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

Fox-Davies Capital Limited (Joint Broker) GMP Securities Europe LLP (Joint Broker)

Dahlman Rose & Company (Principal American Liaison)

OTCQX International Market (U.S.)

Christopher Weekes / Stephen Nash

Tel: +1 (212)-372-5766

Range 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 withthree onshore production licenses and fully operational drilling subsidiary.Independently assessed Proved (P1) reserves in place of 17.5 MMBO with 25.2MMBO of proved, probable and possible (3P) reserves and an additional 81 MMBOof unrisked prospective resources.

- In the Republic of Georgia, Range holds a 40% farm-in interest inonshore blocks VIa and VIb, covering approx. 7,000sq.km. Range completed a410km 2D seismic program with independent consultants RPS Energy identifying68 potential structures containing an estimated 2 billion barrels ofundiscovered 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 arevised development strategy that will focus on low-cost, shallow appraisaldrilling of the contingent resources around the Tkibuli-Shaori ("Tkibuli")coal deposit, which straddles the central sections of the Company's twoblocks.

- In Puntland, Range holds a 20% working interest in two licensesencompassing the highly prospective Dharoor and Nugaal valleys. The operatorand 60% interest holder, Horn Petroleum Corp. (TSXV:HRN) has completed twoexploration wells and will continue with a further seismic and well programover 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. Theproject area encompasses approximately 1,680 acres in one of the most prolificoil and gas producing trends in the State of Texas. Independently assessed 3Preserves in place (on a 100% basis) of 228 Bcf of natural gas, 18 mmbbls ofoil and 17 mmbbls of natural gas liquids.

- Range holds a 21.75% interest in the East Texas Cotton ValleyProspect in Red River County, Texas, USA, where the prospect's project areaencompasses approximately 1,570 acres encompassing a recent oil discovery. Theprospect has independently assessed 3P reserves in place (on a 100% basis) of3.3mmbbls of oil.

- Range is earning a 65% (option to move to 75%) interest in highlyprospective licences in the Putumayo Basin in Southern Colombia. The Companywill undertake a 3D seismic program in the near term as part of itsexploration commitments on the Company's Colombian interests.

- Range has taken a strategic stake (19.9%) in Citation ResourcesLimited (ASX: CTR) which holds a 70% interest in Latin American Resources(LAR). LAR holds an 80-100% interest in two oil and gas development andexploration blocks in Guatemala with Canadian NI 51-101 certified proved plusprobable (2P) reserves of 2.3 MMBBL (100% basis). Range also holds a 10%interest in LAR.

Table of Reserves and Resources

* 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 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.