Company Update

16 March 2010


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


By E-lodgment

COMPANY UPDATE

Texas

Range Resources Limited ("Range" or "the Company") would like to announce an
update on the Company's US Gulf Coast interests following the successful
connection of the Smith #1 well to the sales line late last month.

After commencing production late last month, the well has been stabilised and
producing into the sales line at rates of between 2.2-2.8Mmcf / day and 200-250
bbls /day. The well remains on track to be shut in during Q2 2010, where the
remaining two zones will be fracture stimulated (if needed), comingled with the
currently producing zone, and then introduced to the sales line.

It is anticipated that completion of an independent reserves report on the
Smith #1 well will be completed in the coming weeks with the results announced
once available.

Based on the success of the Smith #1 well and the expanded acreage, the joint
venture anticipates a multi-well program across the lease area with the
spudding of a second development well scheduled to commence in April 2010.

Figure 1 - processing facilities at the Smith #1 well site - please refer to website. 

Georgia

The seismic acquisition program is nearing completion, with sign-off of the
acquisition schedule to occur before the end of the month.

Following completion of the seismic acquisition, the seismic data will be
processed and interpreted with the aim of identifying drill targets by late Q2
2010 / early Q3 2010. Assuming the successful identification of drillable
targets, the Company will elect to either:

  * progress the targets at the current 50:50 equity basis with its partner
    Strait Oil and Gas (UK) Limited; or
   
  * look to attract potential farm-in partners who could also potential act as
    operator of a drilling program.
   
The Company will continue to provide further updates on the progress of its
portfolio of assets.

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 6666
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.

  * 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. Currently, Range is
    undertaking a 350km 2D seismic program due for completion late March 2010.
   
  * Range holds a 25% interest in 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 production
    having commenced in February 2010.
   
The references to hydrocarbon flow rates have been provided by the operator of
the well, reviewed by Mark Patterson a petroleum geologist director and partner
of Texas Energy Advisers LLC (who act as consultants to Range), who has over 25
years of relevant experience in the oil & gas sector, and found to be
consistent with the SPE Guidelines.