Company Update

27 May 2011


The Manager
Company Announcements
Australian Securities Exchange Limited
Level 6, 20 Bridge Street
SYDNEY NSW 2000


By e-lodgement


COMPANY UPDATE

International oil and gas exploration, development and production company,
Range Resources Limited ("Range" or "the Company") is pleased to provide the
following updates with regards to the Company's production and development
assets in Texas and Trinidad.

Texas

Work is being completed on the North Chapman Ranch fracture stimulation
("frac") program, where results have seen a dramatic increase to oil and gas
flow rates from the Russell-Bevly #1 well. Work has now been completed on the
uppermost zone of the Russell-Bevly, where indications are that the frac was a
complete success, with 150,000 lbs. of frac sand having been pumped into the
formation. Stabilised flow rates are approximately 3.5 MMcfd and 350 Bopd from
the one zone alone, which should add substantially to the overall rate and
recovery from the well once co-mingled with the other completed zones (expected
to significantly exceed the budgeted 4 MMcfd and 350 Bopd for all the producing
zones in the well). Work will now move back to the Smith well.

In the East Clarksville field, Range and its partners await the arrival of frac
equipment and crews to begin work on the recently drilled Ross 3H horizontal
well. The well was successfully drilled and cased with a 3,400 ft. later
section, with good oils shows observed throughout the horizontal drilling
phase. Frac work is expected to begin within the next 2 weeks.

Trinidad

Following on from the recently announced agreement that sees Range acquiring
100% of SOCA Petroleum (with completion to occur in the coming days), the
Company, along with operations teams in Dallas and Trinidad, is currently
finalizing an aggressive work program that is expected to see a rapid increase
in production from the existing reserve base as it moves towards its targeted
production rate of 4,000 bopd from existing P1 and P2 reserves (currently
production is 650-700 bopd). The program will also target the deeper (and
potentially bigger) Herrera formation and untested areas not currently forming
part of the current reserve base.

The work program is expected to commence in the next 30-45 days with the first
phase being 9 shallow wells in the Upper Cruse, Lower Forest, and Shallow
Forest formations, at depths of 250-2,000 ft. Based on the shallow target
depths, individual wells are expected to take approximately one to two weeks to
drill and complete, with initial flow rates expected in the range of 40-150
bopd per well. Range's technical team will also reprocess the existing 3D
seismic to upgrade the current 10 plus Herrera targets and will provide regular
updates on progress with this work. The process will also update the Company's
current reported reserves.

Added Peter Landau, Range Executive Director "We couldn't be more pleased with
the results of the recent frac work on the Russell-Bevly #1. Initial rates from
this one zone alone have surpassed what other operators are getting from
several wells combined. We are also very excited about the imminent drilling
operations in Trinidad. In preparation for what we see as an aggressive
development program designed to immediately increase oil production from the
existing fields, the Company is taking steps to ensure that the required
equipment and drilling supplies are on hand, while addressing human resource
needs to meet the additional administrative and operational demands."

Yours faithfully



Peter Landau
Executive Director


Contacts

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

Australia                                      London
PPR                                            Tavistock Communications
David Tasker                                   Ed Portman / Paul Youens
Tel: [phone]                         Tel: [phone]
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 (on a mean 100% basis) of 240 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, with the prospect's project area encompassing
    approximately 1,570 acres including a recent oil discovery.  Independently
    assessed gross recoverable reserves in place (on a mean 100% basis) of 5.4
    Mmbbls of oil.
   
  * In Puntland, Range holds a 20% working interest in two licences
    encompassing the highly prospective Dharoor and Nugaal valleys with the
    operator and 45% interest holder, Africa Oil Corp (TSXV:AOI) planning to
    drill two wells in 2011.
   
  * In the Republic of Georgia, Range holds a 40% farm-in interest in onshore
    blocks VIa and VIb, covering approx. 7,000sq.km. Range has recently
    completed a 410km 2D seismic program with independent consultants RPS
    Energy identifying 68 potential structures containing an estimated 2.04
    billion barrels of undiscovered oil-in-place (on a mean 100% basis).
   
  * In Trinidad Range has entered into a HOA to acquire a 100% interest in
    holding companies with three onshore production licenses and a fully
    operational drilling subsidiary. Independently assessed gross recoverable
    3P reserves in place of 6.9MMbls (mean 100% basis).
   
The reserves estimate for the North Chapman Ranch Project and East Texas Cotton
Valley has been formulated by Lonquist & Co LLC who are Petroleum Consultants
based in the United States with offices in Houston and Austin. Lonquist
provides specific engineering services to the oil and gas exploration and
production industry, and consults on all aspects of petroleum geology and
engineering for both domestic and international projects and companies.
Lonquist & Co LLC have consented in writing to the reference to them in this
announcement and to the estimates of oil, natural gas and natural gas liquids
provided. These estimates were formulated in accordance with the guidelines of
the Society of Petroleum Engineers ("SPE"). The SPE Reserve definitions can be
found on the SPE website at spe.org.

The reserves estimates for the 3 Trinidad blocks referred above have been
formulated by Forrest A. Garb & Associates, Inc. (FGA). FGA is an international
petroleum engineering and geologic consulting firm staffed by experienced
engineers and geologists. Collectively FGA staff have more than a century of
world–wide experience. FGA have consented in writing to the reference to them
in this announcement and to the estimates of oil and natural gas liquids
provided. The definitions for oil and gas reserves are in accordance with SEC
Regulation S–X.

RPS Group is an International Petroleum Consulting Firm with offices worldwide,
who specialise in the evaluation of resources, and have consented to the
information with regards to the Company's Georgian interests in the form and
context that they appear. These estimates were formulated in accordance with
the guidelines of the Society of Petroleum Engineers ("SPE").

Forward Looking Statements

Certain statements contained in this announcement, including information as to
the future financial or operating performance of Range Resources Limited and
its projects, are forward–looking statements. Such forward–looking statements:

  * are necessarily based upon a number of estimates and assumptions that,
    while considered reasonable by Range Resources Limited, are inherently
    subject to significant technical, business, economic, competitive,
    political and social uncertainties and contingencies;
   
  * involve known and unknown risks and uncertainties that could cause actual
    events or results to differ materially from estimated or anticipated events
    or results reflected in such forward–looking statements; and
   
  * may include, among other things, statements regarding targets, estimates
    and assumptions in respect of production and prices operating costs
    production prices, and results, capital expenditures, reserves and
    resources and anticipated flow rates, and are or may be based on
    assumptions and estimates related to future technical, economic, market,
    political, social and other conditions.
   
Range Resources Limited disclaims any intent or obligation to update publicly
any forward–looking statements, whether as a result of new information, future
events or results or otherwise.

The words "believe", "expect", "anticipate", "indicate", "contemplate",
"target", "plan", "intends", "continue", "budget", "estimate", "may", "will",
"schedule" and similar expressions identify forward–looking statements.

All forward–looking statements made in this presentation are qualified by the
foregoing cautionary statements. Investors are cautioned that forward–looking
statements are not guarantees of future performance and accordingly investors
are cautioned not to put undue reliance on forward–looking statements due to
the inherent uncertainty therein