Frac Operations Begin on Russell Bevly and EC

4 February 2011

Australian Securities Exchange
Level 4, 20 Bridge Street
SYDNEY NSW 2000

Via E-lodgement

COMMENCEMENT OF FRACTURE STIMULATION OPERATIONS ON RUSSELL BEVLY WELL AND
SPUDDING OF ROSS 3H WELL IN TEXAS IMMINENT

Range Resources Limited ("Range" or "the Company") is pleased to announce that
preparations have begun on site in anticipation for the arrival of the team to
perform the fracture stimulation on the Russell Bevly Well (Range 20% interest)
at the North Chapman Ranch Project in Texas. The fracture stimulation is
expected to significantly increase hydrocarbon flow rates and recoveries from
the well.

It is anticipated that the team will arrive on site on or around 10 February
2011 and will then take around a week to complete the fracture stimulation
operation. The operation will be performed in four stages consecutively, during
which the fracturing fluid and proppant (support medium) will be placed in each
of the four sand reservoir pay zones that have been previously logged in the
well. Assuming the successful completion of the fracture stimulation, it is
planned that all four sand pay zones will be brought into production
simultaneously.

It is expected that the facture stimulation will result in a significant
increase in production, given that the well is currently only producing under
natural pressure from 11ft out of a total pay across the four sand pay zones of
approximately 130ft.

It is then planned that the team will return to potentially undertake a similar
stimulation operation on the nearby Smith #1 Well in April, once the joint
venture has had a chance to observe the performance of the Russell Bevly Well
following the fracture stimulation.

On the Company's East Texas Cotton Valley play, where Range recently increased
its participating interest to 21.75%, preparations are being made to mobilize a
rig onto the drill site for the Ross 3H well. Following delays due to complex
title and regulatory work, Range and its partners expect to spud the well this
month. The Ross 3H is another milestone in the Company's history as it
represents Range's first horizontal well.

The Ross 3H and fracture stimulation of the Russell Bevly #1 demonstrate
Range's commitment to application of the best drilling and completion
technology available in order to optimize oil and gas recovery and maximize the
economic returns from its portfolio of projects.

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                                                 Tavistock Communications
David Tasker                                        Jonathan Charles
Tel: [phone]                              Tel: + 44 (0) 207 920 3150
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 240 Bcf of natural gas, 18 mmbbls of oil
    and 17 mmbbls of natural gas liquids (mean 100% basis).
   
  * 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 encompasses
    approximately 1,570 acres encompassing a recent oil discovery. The prospect
    has independently assessed gross recoverable reserves in place of 5.4
    Mmbbls of oil (mean 100% basis).
   
  * 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) - 45% Operator, 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. Currently, Range has
    recently completed a 410km 2D seismic program with independent consultants
    RPS Energy identifying 68 potential structures containing and estimated
    2.045 billion barrels of undiscovered oil-in-place (mean 100% basis).
   
  * In Trinidad Range has entered into a HOA to acquire a 10% interest in
    holding companies with three onshore production licences. The licences
    areas have independently assessed gross recoverable P2 reserves in place of
    4.8MMbls (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 has 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").

ABN 88 002 522 009
www.rangeresources.com.au


London

5th Floor, 23 King Street, St. James House, 
London SW1 6QY
t: [phone], f: [phone]

Australia

Ground Floor, 1 Havelock Street, 
West Perth WA 6005, Australia
t: [phone], f: [phone]

e: [e-mail]