Guatemala Update

20 February 2013


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


By e-lodgement

GUATEMALA UPDATE

Range Resources Limited ("Range" or the "Company") is pleased to
announce the following update with respect to its recent investment in
Citation Resources Limited ("Citation") - 19.9% interest in Citation and 10%
at project level - regarding the Atzam #4 Well update released by Citation
(ASX:CTR) today:

Highlights:

- Independent Report estimates Probable Reserves of 2.3m barrels of
  oil in the Atzam #4 well (mean 100% basis);

- Probable Reserves estimate excludes contributions from the Lower
  C18 and C19 sections due to minimal log data from this section of the well,
  with testing recommended in future wells;

- Preparations continue for flow testing the Lower C17/Upper C18
  carbonate sections with an electrical submersible pump ("ESP");

- Estimated flow rates of 300-400 bbl/day with an 85-90% oil cut
  from Lower C17/Upper C18 carbonates with an operational ESP, based on results
  to date; and

- Significant moveable oil identified in electric logs in C13 and
  C14 carbonates still untested - remain behind pipe above the current
  perforated Lower C17/Upper C18 sections.


2.3m Barrel Probable Reserve Estimate for Atzam #4 Well

Following the drilling and electric logging of the Atzam #4 well,
Citation Resources and Latin American Resources Ltd ("Operator") commissioned
an independent reserves report based on the results of the logging and the
analytical work completed by Schlumberger. The report by Ralph E Davis and
Associates ("RED") concludes that upon reviewing the detailed petrophysical
work undertaken by Schlumberger there are up to 20 material oil shows in the
Atzam #4 well, with 8 zones recommended by RED to be tested for commerciality.

The report concludes the Atzam #4 well has a Probable Reserves
estimate of 2.3m bbls using a 30% recoverability factor ("RF") and a 160 acre
drainage area as set in the table below, which excludes several deeper zones
in the lower C-18 and C-19 which were not evaluated due to lack of detailed
well log data due to the well bore washout encountered whilst drilling:

                          Gross Oil Volumes, Barrels

                                     RF 25%     RF 30%
                           C-13A    421,174    505,409
                           C-13B    202,198    242,637
                           C-14A     79,988     95,985
                           C-14B    278,715    334,458
                           C-16     157,925    189,509
                           C-17     453,143    543,772
                           C-18A    201,401    241,681
                           C-18B    132,757    159,308
                                  1,927,301  2,312,759

Details of Range's attributable interest in the reserves is set out
in the Reserves and Resources section at the end of this announcement.

The report used production and well data from analogous wells in
the area to compare to the petrophysical results recorded in the Atzam #4
well. Although the Lower C18 and C19 zones were not included, as these zones
were washed out while drilling and the logging tool could not be used through
this interval, RED believe that there should be hydrocarbons present and the
Lower C-18 and C-19 should be tested in the next well scheduled to be drilled
on the project.

The reserves estimates in the report conform to the definition of
probable reserves approved by the SPE/WPC/AAPG/SPEE Petroleum Resources
Management System (SPE-PRMS) document as co-sponsored by the Society of
Petroleum Engineers, the World Petroleum Council, the American Association of
Petroleum Geologists and the Society of Petroleum Evaluation Engineers.

Flow Testing Lower C17/Upper C18 with ESP

Preparations are continuing for the commencement of flow testing
operations on the perforated Lower C17/ Upper C18 carbonate sections in the
Atzam #4 with an ESP to establish their commercial potential. The Operator
estimates that with an ESP operational the perforated Lower C17/ Upper C18
carbonates the flow rate could be up to 300-400 bbl/ day with an 85-90% oil
cut based on the results to date from these zones. It is estimated that
approximately 50% of the total drilling and perforation fluids used in the
operations have now been recovered.

The Operator expects that the ESP should be on location and operational in 
approximately 3 weeks.

The recovery of high quality (37.0° API) oil from recent swabbing
of the perforated Upper C18 sections, with continued pressure build ups prior
to commencement of acid wash operations, is considered very encouraging by the
Operator for the potential of this section. Due to the heavy muds used whilst
drilling (10.5 lb/gallon) and high permeability of these carbonates, there
were significant mud losses into the Upper C18 section whilst drilling, which
required the acid wash establish a clear oil cut and flow rate from these
zones.

Testing Prospective C13 and C14 Carbonates in Atzam #4

The Atzam #4 well produced very encouraging oil shows during the
drilling of the well through the C13 and C14 carbonates, which was
complemented by higher than expected permeability and porosity results from
the electric logs. This has established these reservoir sections, the main
producing zones in the nearby Rubelsanto Field, as the most likely appraisal
targets to be tested in the upcoming Atzam #5 appraisal well if they are not
tested in the current Atzam #4 well.

Both Latin American Resources and Schlumberger are highly
encouraged by the logging results seen in the C13 and 14 carbonates and their
potential to be a new commercially productive zone in the Atzam Field to the
primary C18 and C19 carbonates sections.

The Rubelsanto Field has produced over 30 mmbbl to date from 8
wells and is located only 17km to the north east of the Atzam Field, along a
structural fault offset.


Yours faithfully

Peter Landau
Executive Director


Contacts

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

RFC Ambrian Limited (Nominated Advisor)    Old Park Lane Capital (Joint Broker)
Stuart Laing                               Michael Parnes
Tel: [phone]                     Tel: [phone]

Fox-Davies Capital Limited                 GMP Securities Europe LLP (Joint Broker)
Daniel Fox-Davies / Richard Hail           James Pope / Chris Beltgens
Tel: [phone]                  Tel: [phone]

PPR (Australia)
David Tasker
Tel: [phone]
Em: [e-mail]

Dahlman Rose & Company (Principal American Liaison)
OTCQX International Market (U.S.)
Christopher Weekes / Stephen Nash
Tel: [phone]


Range Background

Range Resources Limited 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, Texas, USA, Trinidad and Colombia.

- In Trinidad Range holds a 100% interest in holding companies with
three onshore production licenses and fully operational drilling subsidiary.
Independently assessed Proved (P1) reserves in place of 17.5 MMbls with 25.2
MMbls of proved, probable and possible (3P) reserves and an additional 81
MMbls of unrisked best estimate prospective resources.

- In the Republic of Georgia, Range holds a 40% farm-in interest in
onshore blocks VIa and VIb, covering approx. 7,000sq.km. Range completed a
410km 2D seismic program with independent consultants RPS Energy identifying
68 potential structures containing an estimated 2 billion barrels of
undiscovered oil-in-place (on a mean 100% basis) with the first (Mukhiani-1)
exploration well having spudded in July in 2011. The Company is focussing on a
revised development strategy that will focus on low-cost, shallow appraisal
drilling of the contingent resources around the Tkibuli-Shaori ("Tkibuli")
coal deposit, which straddles the central sections of the Company's two
blocks.

- In Puntland, Range holds a 20% working interest in two licenses
encompassing the highly prospective Dharoor and Nugaal valleys. The operator
and 60% interest holder, Horn Petroleum Corp. (TSXV:HRN) has completed two
exploration wells and will continue with a further seismic and well program
over the next 12-18 months.

- Range holds a 25% interest in the initial Smith #1 well and a 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. Independently assessed 3P
reserves in place (on a 100% basis) of 228 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, where the prospect's project area
encompasses approximately 1,570 acres encompassing a recent oil discovery. The
prospect has independently assessed 3P reserves in place (on a 100% basis) of
3.3mmbbls of oil.

- Range is earning a 65% (option to move to 75%) interest in the
highly prospective PUT 6 and PUT 7 licences in Putumayo Basin in Southern
Colombia. The Company will undertake a 350km2 3D seismic program across the
two licences and drill one well per licence, as well as looking to re-enter a
previously suspended well that had a significant historical reserve estimate.

- Range has taken a strategic stake (19.9%) in Citation Resources
Limited (ASX: CTR) which holds a 70% interest in Latin American Resources
(LAR). LAR holds an 80-100% interest in two oil and gas development and
exploration blocks in Guatemala with Canadian NI 51-101 certified proved plus
probable (2P) reserves of 2.3 MMBBL (100% basis). Range also holds a 10%
interest in LAR.

Table of Reserves and Resources

Detailed below are the estimated reserves for the Range project
portfolio.

All figures in       Gross Oil Reserves  Range's    Net Attributable
MMboe
Project               1P      2P    3P   Interest  1P      2P       3P     Operator
Oil & NGL
Texas - NCR *        16.4    25.2  35.3   20-25%  2.2      3.4     4.8   Western Gulf
Texas - ETCV          1.0    1.6    3.3    22%    0.2      0.3     0.6  Crest Resources
                                                                       
Trinidad             17.5    20.2  25.2    100%   17.5    20.2     25.2     Range
Guatemala             **    2.3**   **    21-24%   **  0.48-0.55**  **  Latin American
                                                                          Resources
Total Oil & Liquids  34.9    47.0  63.8           19.9    21.3     28.9
Gas Reserves
Texas - NCR *        106.0  162.7   228   20-25%  11.7    18.1     25.4  Western Gulf
Total Gas Reserves   106.0  162.7   228           11.7    18.1     25.4
-

* Reserves attributable to Range's interest in the North Chapman
Ranch asset, which are net of government and overriding royalties as described
in the Forrest Garb report.

** The reserves estimate for the Guatemalan Blocks in which LAR
(and CTR) have an interest in is as reported by CTR. CTR has not reported 1P
and 3P estimates, but Range is seeking such information from CTR for future
reporting purposes.

Detailed below are the estimated resources and oil-in-place
delineated across Range's portfolio of project interests.

All figures in       Gross Oil Resources  Range's    Net Attributable
MMboe
Project              Low    Best/   High  Interest  Low     Best/   High    Operator
                             Mean                           Mean
Prospective
Resources
Trinidad             8.1     40.5   81.0    100%    8.1     40.5    81.0     Range
Total Prospective    8.1     40.5   81.0            8.1     40.5    81.0
Resources
Undiscovered
Oil-In-Place
Puntland              -     16,000    -     20%      -      3,200    -   Horn Petroleum
Georgia               -     2,045     -     40%      -       818     -    Strait Oil &
                                                                              Gas
Colombia              -      7.8      -    65-75%    -    5.1 - 5.8  -       Petro
                                                                           Caribbean

All of the technical information, including information in relation to
reserves and resources that is contained in this document has been reviewed
internally by the Company's technical consultant, Mr Mark Patterson. Mr
Patterson is a geophysicist who is a suitably qualified person with over 25
years' experience in assessing hydrocarbon reserves and has reviewed the
release and consents to the inclusion of the technical information.

The reserves estimate for the Guatemalan Blocks in which LAR (and CTR) have an
interest in is as reported by CTR. CTR has not reported 1P and 3P estimates,
but Range is seeking such information from CTR for future reporting purposes.

All of the technical information, including information in relation
to reserves and resources that is contained in this document has been reviewed
internally by the Company's technical consultant, Mr Mark Patterson. Mr
Patterson is a geophysicist who is a suitably qualified person with over 25
years' experience in assessing hydrocarbon reserves and has reviewed the
release and consents to the inclusion of the technical information.

The reserves estimates for the 3 Trinidad blocks and update
reserves estimates for the North Chapman Ranch Project and East Texas Cotton
Valley 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 worldâ€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 Sâ€X an 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.

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").

The prospective resource estimates for the two Dharoor Valley
prospects are internal estimates reported by Africa Oil Corp, the operator of
the joint venture, which are based on volumetric and related assessments by
Gaffney, Cline & Associates.

The TSX certified 51-101 certified reserves with respect to the
Guatemalan project are as reported by ASX listed Company Citation Resources
(ASX: CTR).

In granting its consent to the public disclosure of this press
release with respect to the Company's Trinidad operations, Petrotrin makes no
representation or warranty as to the adequacy or accuracy of its contents and
disclaims any liability that may arise because of reliance on it.

The Contingent Resource estimate for CBM gas at the Tkibuli project is sourced
from the publically available references to a report by Advanced Resources
International's ("ARI") report in 2009: CMM and CBM development in the
Tkibuli-Shaori Region, Georgia. Advanced Resources International, Inc., 2009.
Prepared for GIG/Saknakhshiri and U.S. Trade and Development Agency. -
.globalmethane.org/documents/toolsres_coal_overview_ch13.pdf. Range's
technical consultants have not yet reviewed the details of ARI's resource
estimate and the reliability of this estimate and its compliance with the SPE
reporting guidelines or other standard is uncertain. Range and its JV partners
will be seeking to confirm this resource estimate, and seek to define
reserves, through its appraisal program and review of historical data during
the next 12 months.

Reserve information on the Putumayo 1 Well published by Ecopetrol 1987.

SPE Definitions for Proved, Probable, Possible Reserves and
Prospective Resources

Proved Reserves are those quantities of petroleum, which by
analysis of geoscience and engineering data, can be estimated with reasonable
certainty to be commercially recoverable, from a given date forward, from
known reservoirs and under defined economic conditions, operating methods, and
government regulations.

Probable Reserves are those additional Reserves which analysis of
geoscience and engineering data indicate are less likely to be recovered than
Proved Reserves but more certain to be recovered than Possible Reserves.

Possible Reserves are those additional reserves which analysis of
geoscience and engineering data indicate are less likely to be recoverable
than Probable Reserves.

1P refers to Proved Reserves, 2P refers to Proved plus Probable
Reserves and 3P refers to Proved plus Probable plus Possible Reserves.

Prospective Resources are those quantities of petroleum estimated,
as of a given date, to be potentially recoverable from undiscovered
accumulations by application of future development projects. Prospective
Resources have both an associated chance of discovery and a chance of
development. Prospective Resources are further subdivided in accordance with
the level of certainty associated with recoverable estimates assuming their
discovery and development and may be sub-classified based on project maturity.

Contingent Resources are those quantities of hydrocarbons which are
estimated, on a given date, to be potentially recoverable from known
accumulations, but which are not currently considered to be commercially
recoverable.

Undiscovered Oil-In-Place is that quantity of oil which is
estimated, on a given date, to be contained in accumulations yet to be
discovered. The estimated potentially recoverable portion of such
accumulations is classified as Prospective Resources, as defined above.