Company Update

28 May 2010

Company Announcements
Australian Securities Exchange
Exchange Plaza
2 The Esplanade
PERTH WA 6000


By E-lodgment

Texas Update - Russell Bevly #1 Appraisal Well

Range Resources Limited ("Range" or "the Company") would like to announce an
update on the Russell Bevly #1 appraisal well as part of the North Chapman
Ranch Joint Venture's multi-well program in Texas.

The appraisal well Russell Bevly #1 spudded on 9 May 2010 and is progressing as
follows:

Name of well              Russell Bevly #1                  
                                                            
Spud date                 9 May 2010                        
                                                            
Current depth of well     ~10,567 ft (3,222m)               
                                                            
Target depth of well      ~14,000 ft (4,268m)               
                                                            
RRS beneficial interest   20%                               

It is planned to halt the drilling in the coming days with well logging to be
performed followed by the setting of intermediary casing and then the
recommencement of drilling.

The projected total depth of the well is 14,000 ft. (4,268m), and located
approximately 1,900 ft. (570m) north-northwest of the Smith #1. Range holds a
20% working interest in the well, which has an estimated dry hole cost of
$US3.8m (Range share US$760,000 has been pre-paid).

Range will provide regular updates on the progress on the drilling of the
Russell-Bevly well.

Texas Update - Smith #1 Well

As previously announced by the Company, the initial production from the Smith #
1 well was from one zone under natural pressure. The joint venture will shortly
shut in the well and commence the opening of the two other zones as well as
fracture stimulation of all three zones.

Range will update on progress accordingly.

For and on behalf of the Board

Regards

Peter Landau
Executive Director

Contacts

Range Resources
Peter Landau
Tel : [phone]
Em: [e-mail]

Australia                                  London

PPR                                        Conduit PR
David Tasker                               Jonathan Charles
Tel: [phone]                     Tel: + 44 (0) 20 7429 6611
Em: [e-mail]                Em: [e-mail]

RFC Corporate Finance (Nominated Advisor)  Old Park Lane Capital (Broker)
Stuart Laing                               Michael Parnes
Tel: [phone]                     Tel: [phone]


Range Background

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

  * Range holds a 25% interest in the initial Smith #1 well and 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. Drilling of the first well has
    resulted in a commercial discovery with independently assessed gross
    recoverable reserves in place of 215 Bcf of natural gas, 16 mmbbls of oil
    and 15 mmbbls of natural gas liquids.
   
  * In Puntland, Range holds a 20% working interest in two licences
    encompassing the highly prospective Dharoor and Nugaal valleys with plans
    to drill two wells (TSXV:AOI) - 65% Operator, in 2010.
   
  * In the Republic of Georgia, Range holds a 50% farm-in interest in onshore
    blocks VIa and VIb, covering approx. 7,000sq.km. Range has recently
    completed a 410km 2D seismic program.