STA.L Regulatory News (STA)

24 April 2013 The ManagerCompany AnnouncementsAustralian Securities Exchange LimitedLevel 6, 20 Bridge StreetSydney NSW 2000 By e-lodgement

RANGE RESOURCES PROPOSES TO UNDERTAKE STRATEGIC MERGER WITH

INTERNATIONAL PETROLEUM

Highlights:

- Range proposes to merge with International Petroleum on a ratio

of three Range ordinary shares for every two International Petroleum ordinary

shares (3:2 basis) subject to various conditions, including final due

diligence and regulatory approvals;

- Based on Range's current share price (on the AIM market), this

values International Petroleum at approximately A$105 million;

- International Petroleum holds highly prospective assets in

Russia, Kazakhstan, and Niger with total 3P Reserves of 233 mmbbls of oil and

best estimate prospective resources of 761 mmbbls of oil and 157 Bcf of gas;

- The merger will create a leading ASX & AIM listed oil and gas

company with a strong production growth profile from the ongoing development

of its significant reserves and resources base. The key near term focus of the

merged entity will be the expansion and development of the projects in

Trinidad, Russia and onshore Africa;

- The merged entity would hold estimated 1P, 2P and 3P reserves of

23.6 mmbbls, 100 mmbbls and 264 mmbbls of oil respectively, and best estimate

prospective resources of 802 mmbbls of oil and 156 Bcf of gas;

- Combined current production for the merged entity would be

approximately 1,000 bopde, with a target of increasing production to 10,000

bopde from conventional operations and an additional 3,000 bopde from

unconventional operations by the end of 2015;

- The company will be looking to appoint Mr Chris Hopkinson as a

Managing Director of the merged entity. Mr Hopkinson is currently CEO of

International Petroleum and has over 23 years' experience in the oil and gas

industry, including senior management positions with BG Group, TNK-BP, Yukos,

Imperial Energy Corporation PLC, and Lukoil;

- Subject to further considerations, the merger will be undertaken

by way of either an off-market takeover offer by Range to International

Petroleum shareholders or a proposed scheme of arrangement under Australian

laws;

- The board of International Petroleum have unanimously agreed to

recommend the proposed merger in the absence of a superior proposal; and

- Range has received commitments to a A$20 million placement to

major funds and institutions and agreed to provide US$15 million to

International Petroleum Limited by way of a secured loan over International

Petroleum's Russian assets.

Range Resources Limited ("Range" or "the Company") is pleased toannounce its intention to undertake a strategic merger with InternationalPetroleum Limited ("International Petroleum"), a company listed on theNational Stock Exchange ("NSX") in Australia.

Key assets for the merged entity will include:

TRINIDAD

Range Resources holds 100% in three onshore production licenses andfully operational drilling subsidiary in Trinidad. Current, independentlyassessed proved (1P) reserves in place of 17.5 MMbls, and proved, probable andpossible (3P) reserves of 25.2 MMbls and an additional 40.5 MMbls of unriskedbest estimate prospective resources. Current production across the fieldsstands at circa 800 bopd, with a number of activities currently underway(utilising Range's own drilling and workover equipment) aimed at increasingconventional production to 6,000 bopd in 2015 along with 3,000 bopd from theCompany's waterflood projects.

RUSSIA

International Petroleum holds interests in five projects in Russia,namely the Kransnoleninsky Project (75%), Yuzhno-Sardakovsky Project (100%),Zapadno-Novomolodezhny Project (100%), Yanchinsky Project (100%) and DruzhnyProject (75%). In the period from August 2012 to December 2012, InternationalPetroleum produced 25,000 barrels of oil from well number 52 at the Zapadno -Novomolodezhny Project at an average flow rate of 197 bopd, which is projectedto increase to 300 bopd with a planned pump upgrade this quarter. Following the planned completion of 16 km of pipeline during Q42013 / Q1 2014, an additional 10 wells are proposed to be put into production,which are projected to increase production by a further 4,000 bopd. Anadditional 20 well targets have been mapped, providing excellent potential tofurther increase production. NIGER In December 2012, International Petroleum was awarded ProductionSharing Contracts ("PSC") over four highly prospective licenses in the southeast of Niger: Manga 1, Manga 2, Aborak and Ténéré Ouest, covering a combinedarea of over 70,000 km2.

The Blocks are located in the highly sought-after West African RiftSubsystem, which is a component of the Western Central African Rift System andinclude parts of the Termit and N'Dgel Edgi rift basins. Recently increasedactivities by a range of international organisations have highlighted thesignificant untapped potential of this vastly underexplored region.

Further details on the assets of International Petroleum and Rangeare set out in the Appendix.

Peter Landau, Executive Director of Range Resources, commented:

"Range Resources and International Petroleum have excellent projectand management synergies, with advanced oil & gas projects across EasternEurope, Trinidad, Central Asia, Latin America and Africa. The merged entitywill have solid oil and gas production that is targeted to increasesubstantially, backed by a considerable reserve and resource base. Theproposed Managing Director, Mr Chris Hopkinson has immense technical andoperational experience which will drive the merged company's production growthin the short and medium term.

International Petroleum's production assets in Russia willcomplement our own core Trinidad assets in building a very significantproduction base to grow from. International Petroleum's recently acquiredassets in the African nation of Niger will also be a strong exploration upsidefit with our own portfolio of large potential onshore projects.

The merger will build a stronger, more robust company with greaterfinancial and technical resources, with a particular focus on applying itsonshore exploration and development expertise to growing production from itspipeline of projects. We will be able to share people and technical resourcesin order to maximise returns for our shareholders. Range will also provideInternational Petroleum shareholders with greater liquidity by our duallistings on the Australian Stock Exchange and AIM market in London. We feelconfident that our respective shareholders will be excited by the valuecreating opportunities that will be generated through this transaction."

PRINCIPAL TERMS OF THE TRANSACTION

Range has conditionally agreed with the Board of Directors ofInternational Petroleum to merge with International Petroleum utilising aratio of three (3) RRS ordinary shares for every two (2) IOP ordinary shares(3:2 basis). The merger would be undertaken by way of Range acquiring all theissued capital of International Petroleum. Subject to various conditions, thiswould be done through either an off-market scrip takeover offer toInternational Petroleum shareholders or a proposed scheme of arrangement to bevoted on by International Petroleum shareholders.

The International Petroleum board have agreed to support andrecommend the Range proposal in the absence of a superior proposal.

The merger places a value of approximately A$105 million onInternational Petroleum.

CONDITIONS OF MERGER

The merger proposal is intended to be made subject to the followingconditions:

a. If undertaken by way of an off-market takeover bid, minimum

acceptance by International Petroleum shareholders of 51% or if undertaken by

way of scheme of arrangement, the necessary approval from International

Petroleum shareholders at an Extraordinary General meeting;

b. Confirmatory due diligence by Range on International Petroleum

and its assets;

c. An acceptable Relationship Agreement being entered into with Mr

Frank Timis, a director and the major shareholder in International Petroleum,

with a current 37.7pc shareholding via Safeguard Management Limited. As a

result of the proposed merger, Mr Timis would ordinarily end up with a

shareholding of approximately 14% in the enlarged Range. The Relationship

Agreement with Mr Timis will be entered into pursuant to which (i) Mr Timis's

shareholding in Range at the time of completion of the proposed merger

transaction will be below 10% through a sell down or other arrangement, and

(ii) Mr Timis will not seek to appoint any directors to the board of Range or

otherwise influence or become involved in the management of Range. The precise

terms of such Relationship Agreement are yet to be agreed but will be

disclosed in the proposed takeover or scheme documentation.

d. All necessary consents and approvals for the Transaction (if

any) including any regulatory approvals;

e. Range maintaining its ASX and AIM listings; and

f. Range completing a capital raising of A$20 million at A$0.059

(GB£0.04) and providing US$15 million to International Petroleum Limited by

way of a secured loan over the Russian assets (see below).

PROPOSED BOARD STRUCTURE

The proposed merger would also be made on the basis that twodirectors from International Petroleum, Mr (Simon) Christopher Hopkinson andMr Pierre Godec, would be invited to join the Range board on completion of themerger. The composition of the board of the new entity would then comprise:

i. Sir Sam Jonah (current Range Non-Executive Chairman)

ii. Chris Hopkinson (current International Petroleum Director and

proposed Managing Director)

iii. Peter Landau (current Range Executive Director)

iv. Anthony Eastman (current Range Finance Director)

vi. Pierre Godec (current International Petroleum Non-Executive

Director);

vii. Marcus Edwards Jones (current Range Non-Executive Director)

The proposed Managing Director appointee, Mr Chris Hopkinson is aPetroleum Engineer with over 23 years' experience in the oil and gas industry.He is currently CEO and Executive Director of International Petroleum andpreviously worked for BG Group where he was Senior Vice President of NorthAfrica. Before that, Mr Hopkinson spent eight years working in Russia, four ofwhich as CEO of Imperial Energy Corporation PLC, which was originally listedon AIM but moved up to the London Stock Exchange main board and entered theFTSE 250 index, and in senior management positions for TNK-BP, Yukos andLukoil. Mr Hopkinson started his career with Shell working in variouslocations worldwide. The proposed Non-Executive Director appointee, Mr Pierre Godec, has40 years' experience in the international oil industry. He spent 32 years withGroupe Elf Aquitaine (`Elf'), having held senior positions at Elf in the UK,Russia, France, USA, Canada, Kazakhstan, Nigeria and Norway. Between 2000 and2004, Mr Godec worked as an independent international consultant withcompanies such as McKinsey, Accenture and Northern Oil. He was a Non-ExecutiveDirector of Imperial Energy Corporation plc from July 2004 until itsacquisition by ONGC Videsh Limited in January 2009. Currently, Mr Godec is adirector of Petrolia E&P Holdings plc and Petroresources Ltd, which are bothenergy companies controlled by the Larsen Group, and he is President of theFrench Trade Board in Cyprus. He is a Chevalier de la Legion d'Honneur,Chevalier de l'Ordre National du Merite, and a Fellow of the Energy Institutein London.

The appointments of Mr Hopkinson and Mr Godec to the Range boardwould also be subject to due diligence checks and on the agreement ofacceptable service contracts. Details of such service contracts are expectedto be agreed and disclosed in the proposed takeover or scheme documentation.

PLACEMENT

The Company has received commitments from a number of institutionalinvestors to raise approximately A$20 million through the issue of 338.983mRange ordinary shares at an issue price of £0.04 per share (A$0.059) alongwith an attaching unlisted warrant for every two shares subscribed for (£0.04,30 April 2016) with the warrants subject to shareholder approval. Applicationwill be made for the Placement shares to be admitted for trading on the ASXand AIM markets, with trading in the Placement shares to commence on AIM on oraround 29 April 2013.

Funds raised through the Placement will be used to fund a securedloan to International Petroleum (see below) and for operational and workingcapital requirements.

With respect to the placement, the Company provides the followinginformation under ASX Listing Rule 3.10.5A:

a) A total of 235,762,761 shares are to be issued pursuant to

Listing Rule 7.1A - representing 8.26% of the post placement capital;

b) The Company considered the placement as the most efficient and

expedient method for raising the funds required given that it was a condition

of moving forward with the International Petroleum deal whilst at the same

time introducing further institutional support to the share register;

c) The placement was not underwritten; and

d) A 6% fee along with 6% unlisted options (£0.04p, 30 April 2016)

is payable on the placement.

ADVANCE OF FUNDS TO IOP

Range has agreed to advance a total of US$15 million toInternational Petroleum by way of a secured loan in the coming days.International Petroleum will use these monies to repay debt and meetingworking capital requirements. Security will be provided over InternationalPetroleum's Russian assets.

The loan will bear a coupon interest rate of 8% per annum and inthe event that the proposed merger is not completed, will be repayable within12 months.

EFFECT ON THE CAPITAL AND SHAREHOLDER STRUCTURE OF RANGE

The pro forma capital structure of Range after the proposed merger is asfollows: Number of Shares Percentage

Existing International Petroleum Shares on Issue 1,176,262,031

Existing Range Shares on Issue - 2,924,900,578

62.4%

post $20m placement(see above)

New Range Shares to be issued to 1,764,393,047

37.6%

International Petroleum shareholders (on 3:2 basis)

Total Range Shares on issue post transaction 4,689,293,625

100%

INDICATIVE TIMING OF FORMAL TAKEOVER BID OR SCHEME PROPOSAL

Range anticipates that it will be in a position to provide details of thestructure of the merger proposal (i.e. takeover bid or proposed scheme ofarrangement) together with an agreed takeover bid or merger implementationagreement within approximately four weeks. This would contain an agreed targettimetable for the merger transaction. The preparation of the formal bid orscheme documentation would then be finalized as quickly as practicable forsending to International Petroleum shareholders.

EFFECT ON THE EARNINGS AND FINANCIAL POSTION OF RANGE

For the year ended 31 December 2012, International Petroleumgenerated revenue of US$0.1 million and a loss before income tax ofapproximately US$9.8 million. This compares with Range's full year revenue ofapproximately US$31 million and loss before tax of approximately US$12 millionfor the year ended 30 June 2012.

As at 31 December 2012, International Petroleum has net assets ofapproximately US$123 million and total borrowings of around US$30 million.This compares to Range's net assets of approximately US$161 million and totalborrowings of approximately US$11 million at 31 December 2012.

RESUMPTION OF TRADING IN RANGE SHARES

Trading in Range shares on both the ASX and AIM markets is expectedto resume after release of this announcement.

PROJECT UPDATE

Range will look to provide updates in the coming days with respectto Trinidad operations, drawdown on the production financing facility andcompletion of the sale of the Company's Texas interests.

Yours faithfully Peter LandauExecutive Director Contacts Range Resources LimitedPeter LandauTel: +61 (8) 9488 5220Em: plandau@rangeresources.com.au RFC 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 GMP Securities Europe LLP (Joint Broker)Daniel Fox-Davies / Richard Hail James PopeTel: +44 (0) 203 463 5000 Tel: +44 (0) 207 647 2800 PPR (Australia) - Public RelationsDavid TaskerTel: +61 (8) 9388 0944Em: david.tasker@ppr.com.au APPENDIX All figures in MMboe Gross Oil Reserves Range/ Net Attributable IOP'sProject 1P 2P 3P Interest 1P 2P 3POil & NGLRANGETexas - NCR 16.4 25.2 35.3 20-25% 2.2 3.4 4.8Texas - ETCV 1.0 1.6 3.3 22% 0.2 0.3 0.6Trinidad 17.5 20.2 25.2 100% 17.5 20.2 25.2Guatemala ** 2.3** ** 21-24% ** 0.48-0.55** **TOTAL RANGE 34.9 47.0 63.8 19.9 23.9 30.6 INTERNATIONAL PETROLEUMRussia - Krasnoleninsky Vostochno / Kamskoye Field 0.1 5.3 61.5 75%

0.1 4.0 46.1

Yanglotskoye Field 1.2 4.7 34.8 75% 0.9 3.5 26.1Russia - Yuzhno-Sardakovsky 0.4 56.7 97.7 100% 0.4 56.7 97.7Russia - Zapadno-Novomolodezhny 2.3 11.9 63.6 100% 2.3 11.9 63.6Russia - Druzhny 0.0 0.0 0.0 75% 0.0 0.0 0.0Kazakhstan - Alakol 0.0 0.0 0.0 50% 0.0 0.0 0.0TOTAL INTERNATIONAL PETROLEUM 4.0 78.6 257.6 3.7 76.1 233.5 Total Oil & Liquids 38.9 125.6 321.4 23.6 100.0 264.1Gas ReservesTexas - NCR 106.0 162.7 228.0 20-25% 11.7 18.1 25.4TOTAL RANGE 106.0 162.7 228.0 11.7 18.1 25.4 INTERNATIONAL PETROLEUM 0.0 0.0 0.0 0.0 0.0 0.0TOTAL INTERNATIONAL PETROLEUM 0.0 0.0 0.0 0.0 0.0 0.0 Total Gas Reserves 106.0 162.7 228.0 11.7 18.1 25.4

Figure 1- Combined Range and International Petroleum Oil and Gas Reserves

INTERNATIONAL PETROLEUM ASSETS OVERVIEW

RUSSIA

Kransnoleninsky Project: 75% equity interest in the explorationrights over four blocks, covering a total area of 1,467 km², located in theKhanty-Mansiysk Autonomous Region (the largest oil-producing region of Russia)in Western Siberia. During 2011, the Company drilled two exploration wells inthe Krasnoleninsky Project and discovered commercial quantities of oil in bothwells and registered these two oil fields as the Vostochno-Kamskoye field andthe Yanlotskoye field. Yuzhno-Sardakovsky Project: 100% equity interest in a licence overthe Yuzhno-Sardakovsky field for geological study of subsoil, prospecting andextraction of oil and gas in the Khanty-Mansiysk Autonomous Region in WesternSiberia.

Zapadno-Novomolodezhny Project: 100% equity interest in a licenceover the Zapadno-Novomolodezhny field for geological study of subsoil,prospecting and extraction of oil and gas in the Khanty-Mansiysk AutonomousRegion in Western Siberia.

Druzhny Project ("Tomsk Exploration Licence"): 75% equity interestin an exploration licence in the Tomsk region of Western Siberia.

KAZAKHSTAN

Alakol Project: 50% interest in an early stage project covering24,649 km² in eastern Kazakhstan, which borders the western boundary of thePeople's Republic of China.

NIGER In December 2012, International Petroleum was awarded ProductionSharing Contracts ("PSC") over four highly prospective licences in the southeast of Niger - the Manga 1: 12,900 km2, Manga 2: 11,490 km2, Aborak: 24,640km2 and Ténéré Ouest: 21,920 km2.

The Blocks are located in the West African Rift Subsystem, which isa component of the Western Central African Rift System and include parts ofthe Termit and N'Dgel Edgi rift basins. These rift basins contain continentalto marine early Cretaceous to recent clastic sediments.

The four blocks are adjacent to the blocks known as Agadem andTénéré, which are owned and operated by China National Petroleum Corporation("CNPC"). The Agadem License (CNPC 100%) is estimated to contain over 650mmbbls of discovered recoverable oil and 350 bcf of gas.

On 28 November 2011, phase one of the Agadem upstream anddownstream integrated project was completed by CNPC and became operational. Itincludes a one million tonnes per year oilfield, the one million tonnes peryear Zinder Refinery and a 462.5 km oil pipeline, which connects the oilfieldto the Zinder Refinery.

As can be seen from the map below - the oil pipeline to the ZinderRefinery crosses the Aborak block and any commercial discovery on the fourblocks has the potential (subject to negotiations) to be tied in to thispipeline and then transported to the Zinder Refinery.

The Zinder Refinery produces petroleum, diesel, fuel oil, and LPG,which will be first supplied to the domestic market of Niger and then exportedto surrounding countries. The Ténéré Block covers the northern portion of theTermit-Ténéré Rift Basin in eastern Niger. The Termit-Ténéré Rift Basin is one arm of a series of riftbasins that extend across northâ€central Africa. Similar basins in Libya,Chad and Sudan are currently in oil production. The southern half of theTermit-Ténéré Rift falls mainly into the Agadem Block, where CNPC has made aseries of oil and gas discoveries. In August 2012, United Hydrocarbon International Corp. ("UHIC"), aprivately held oil and gas company announced the acquisition of a ProductionSharing Contract (the "Contract") in the Republic of Chad. The Contractincludes 5.3 million acres across four blocks, including the Lake Chad block,which includes the southern tip of the Termitâ€Ténéré Rift Basin in Chad,with one of UHIC's blocks (Lake Chad Block) being across the border to thesouth east from International Petroleum's Magna 1 block. UHIC recentlycompleted a financing of C$102M to complete the acquisition of the Contractand for working capital to plan and commence operations on the acquiredblocks.

In October 2012, Brandenburg Energy Corp ("BEC") announced it hadentered into an MOU with a syndicate led by Labana Petroleum Ltd. (Nigeria)which had previously been awarded PSC's over four oil and gas blocks. BEC islooking to acquire a 60% interest by assuming 100% of the PSC program costsand carrying the PSC holder through to at least the first well and or inconformity with required government approvals.

The recently announced activity referred to above in the area showsthe heightened interest in the region.

RANGE RESOURCES ASSETS OVERVIEW

TRINIDAD

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 MMbls with 25.2MMbls of proved, probable and possible (3P) reserves and an additional 81MMbls of unrisked best estimate prospective resources.

PUNTLAND - SOMALIA

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.

GEORGIA

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 best estimate 100% basis) with the first(Mukhiani-1) exploration well having spudded in July in 2011. The Company isfocussing on a revised development strategy that will focus on low-cost,shallow appraisal drilling of the contingent resources around theTkibuli-Shaori ("Tkibuli") coal deposit, which straddles the central sectionsof the Company's two blocks.

TEXAS

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. COLOMBIA

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.

GUATEMALA

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

Detailed below are the estimated reserves for the Range projectportfolio. All figures in Gross Oil Reserves Range's Net AttributableMMboeProject 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 ResourcesTrinidad 17.5 20.2 25.2 100% 17.5 20.2 25.2 RangeGuatemala ** 2.3** ** 21-24% ** 0.48-0.55** ** Latin American ResourcesTotal 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.

** 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 (on an unriskedbasis). All figures in Gross Oil Resources Range's Net AttributableMMboeProject Low Best High Interest Low Best High OperatorProspectiveResourcesTrinidad 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 relationto reserves and resources for Range Resources Limited that is contained inthis document has been reviewed internally by the Company's technicalconsultant, Mr Mark Patterson. Mr Patterson is a geophysicist who is asuitably qualified person with over 25 years' experience in assessinghydrocarbon reserves and has reviewed the release and consents to theinclusion 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 worldâ€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 Sâ€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.

Reserves & Resources associated with International Petroleum'sAssets (as announced by International Petroleum)

The reserves and prospective resources estimates for InternationalPetroleum Limited which were presented in the DeGolyer and MacNaughton reporthave been prepared in accordance with the Petroleum Resources ManagementSystem ("PRMS") approved in March 2007 by the Society of Petroleum Engineers,the World Petroleum Council, the American Association of Petroleum Geologists,and the Society of Petroleum Evaluation Engineers.

"Reserves" as reported by D&M are defined as those quantities ofpetroleum anticipated to be commercially recoverable by application ofdevelopment projects to known accumulations from a given date forward underdefined conditions.

"Prospective resources" as reported by D&M are defined as thosequantities of petroleum estimated, as of a given date, to be potentiallyrecoverable from undiscovered accumulations by application of futuredevelopment projects.

Low, Best and High estimates means there is a 90%, 50% and 10%chance, respectively, that an estimated quantity of resources volume will beequalled or exceeded assuming a discovery has been made (success case).

There is no certainty that any portion of the prospective resourcesestimated by D&M on behalf of the Company will be discovered. If discovered,there is no certainty that it will be commercially viable to produce anyportion of the prospective resources evaluated.

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.