Confirmation of Significant Texas Reserves

ABN 88 002 522 009

Level 3, 1 Havelock Street
West Perth, WA 6005

P [phone]
F [phone]

11 May 2010

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

By E-lodgement

 Independent Reserves Report Confirms Significant Find at North Chapman Ranch  
                                     Field                                     

Highlights:

  * Independent Petroleum Engineers, Lonquist & Co LLC, have completed an 
    independent reserves and valuation report on the North Chapman Ranch Field
    in Nueces County, Texas, USA
   
  * Reserves report estimates total gross commercially recoverable Reserves (
    1P, 2P and 3P) of the North Chapman Ranch Field:
   
  * 215 Bcf of natural gas (attributable to Range - 45 Bcf)
   
  * 15.9 mmbbl of oil (attributable to Range - 3.3 mmbbls)
   
  * 15.5 mmbbl of natural gas liquids (attributable to Range - 3.2 mmbbls)
   
  * The planned multi-well program is anticipated to move Possible (P3) R
    eserves into the Probable (P2) and Proved (P1) Reserve categories
   
  * Independent PW10 DCF valuation of Range's net interest of US$226m
   
International oil and gas company Range Resources Limited (ASX: RRS) ("Range"
or "the Company") continues the development of its North Chapman Ranch Field in
Texas, USA, with independent certification by Independent Petroleum Engineers,
Lonquist & Co LLC ("Lonquist") confirming the field contains significant oil
and gas reserves.

Range holds a 25% interest in the North Chapman Ranch project's first well -
Smith #1 - and 20% in all subsequent wells assuming the exercise of certain
clawback provisions by joint venture partners based on the current success of
the Smith #1 well. 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 resulted in a commercial discovery with first
production and sales occurring in February 2010.

Range, through its technical consultants Texas Energy Advisors LLC, engaged
Lonquist to compile geological, geophysical and engineering data and provide an
Independent Reserves Report and Valuation for the project.

Lonquist's independent reserves report has estimated the following gross
commercially recoverable reserves from the North Chapman Ranch Field:

Category                   Natural Gas  Oil (mmbbls)   Natural Gas 
                              (Bcf)                      Liquids   
                                                        (mmbbls)   
                                                                   
Proved (P1)                   33.3           2.5           2.4     
                                                     
Probable (P2)                 31.8           2.4           2.3     
                                                                   
Possible (P3)                 150.4         11.1          10.8     
                                                                   
Total Reserves                215.5         16.0          15.5     

Set out below is Range's attributable interest in the gross recoverable
reserves on 25% of the Smith #1 well and on 20% of the remaining wells assuming
the exercise of certain clawback provisions by joint venture partners occurs
following the success of the Smith #1 well:

Category                   Natural Gas       Oil       Natural Gas 
                              (Bcf)        (mmbbls)      Liquids   
                                                        (mmbbls)   
                                                                   
Proved (P1)                    8.3           0.6           0.6     
                                                                   
Probable (P2)                  6.4           0.5           0.5     
                                                                   
Possible (P3)                 30.1           2.2           2.1     
                                                                   
Total Reserves                44.8           3.3           3.2     

The planned multi-well program is anticipated to move Possible (P3) Reserves
into the Probable (P2) and Proved (P1) Reserve categories. The second well on
the North Chapman Ranch Project, the Russell-Bevly Unit #1 is expected to spud
in the coming days.

Based on the reserve numbers cited above, Lonquist's estimated net undiscounted
cash flow value to Range, along with PW10 discounted cash flow (at a 10%
discount rate) based on Nymex forward strip prices reported on 31 December
2009, following reductions for royalties, opex, capex, production taxes etc are
as follows:

Reserve                                             Undiscounted    PW10 US$  
                                                         US$                  
Category                                                                      
                                                                              
Proved (P1)                                              52m          36m     
                                                                              
Probable (P2)                                            53m          37m     
                                                                              
Possible (P3)                                           258m          153m    
                                                                              
Estimated Future Cashflow (Range's net interest)        363m          226m    

A copy of Lonquist's North Chapman Prospect - Estimated Future Reserves and
Revenues for Range is on the company's website and contains further details on
the assumptions on which these valuation estimates are based.

Range Executive Director, Mr Peter Landau, commented, "Range is pleased that
from an initial investment of US$1.8m to drill, test and commercialise the
Smith #1 well, we have been able to achieve a significant uplift in shareholder
value based on independently assessed reserves and valuations reported on the
North Chapman Ranch Project."

"We feel that the upcoming development and appraisal activities will add
additional value to Range as we continue to add reserves, production and cash
flow to create a balanced portfolio of lower-risk development and production
projects in the US with high potential exploratory prospects in Puntland and
Georgia," Mr Landau added.

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
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Em: [e-mail]                                 Em: [e-mail]

RFC Corporate Finance (Nominated Advisor)                   Old Park Lane Capital (Broker)
Stuart Laing                                                Michael Parnes
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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. Currently, Range has
    recently completed a 410km 2D seismic program.
   
Lonquist & Co LLC 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 to the
reference to them in this announcement and to the estimates of oil, natural gas
and natural gas liquids and valuations provided herein. 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 www.spe.org as well as in the Lonquist report on the Range website.