Guatemala Update

29 July 2013


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


Guatemala Update

Range Resources Limited ("Range" or "the Company") would like to
draw attention to the announcement released by Citation Resources Limited
(ASX:CTR) today with the following highlights:

- Range to hold 20% Project Interest and 19.9% Company Interest 
  (net attributable interest 32%);

- Atzam #4 continues to produce between 130-140 bopd on restricted
  8/64ths choke;

- Nearly 5,000 barrels of oil produced by Atzam #4 to date;

- Finalising operational plans for two well re-entries and 6 potential 
  new wells on the Tortugas Salt Dome structure for late 2013/ early
  2014. Re-entries expected to produce between 200-300 bopd per well;

- Updated reserve report on Atzam #4 well due shortly - expected
  upgrade to the current Probable Reserve estimate of 2.3m bbls;

- Spudding Atzam #5 development well expected in September; and

- Following success of flow testing of Atzam #4 in excess of 1,000
  bopd, decision to proceed with Atzam #5 triggers milestone share issues.


Operational Update

Atzam Oil Project

The Atzam #4 well is continuing to produce good quality 38°API oil
at rates between 130-140 bopd on a restricted 8/64ths choke, with the
production rate planned to be significantly increased once the current onsite
tank storage capacity and transport logistics are resolved through offtake
contracts. The project owner and Operator, Latin American Resources (LAR), is
in advanced negotiations with a number of oil companies on short term and long
term offtake contracts for the Atzam #4 oil production, and the Company will
advise the market as soon as contracts are in place.

Importantly this production continues from natural reservoir
pressures and without assistance from a submersible pump, which is normally
used for producing these carbonate sections.

The Operator estimates this producing C 17 carbonate section would
produce in excess of 1,000 bopd on an open choke based on the flow rates
recorded to date on various choke sizes up to 32/64ths, together with the
downhole and well head pressures data from this zone. The optimal choke size
and production rate will be determined by the Operator and reserve engineers
to maximize the flow rate but protect the integrity of the producing reservoir
section once onsite storage capacity is resolved.

Tortugas Salt Dome Project

The Company is currently advanced with operations planning with
LAR, Operator of Block 1-2005, to complete 2 well re-entries in conjunction
with potentially 6 new well locations on the the Tortugas Salt Dome structure.
The well re-entries on two Tortugas wells, 63-4 and 63-5 are expected to
produce between 200-300 bopd each of high quality 34°API oil based on
historical flow rates and production. In the mid 80's, two wells flowed oil at
initial rates over 1,500 bopd, however were subsequently suspended.

The Tortugas Salt Dome structure is a suspended oil field, with
Monsanto having drilled 17 wells on the structure including wells for both
sulphur and oil. One of the wells (T9B) experienced an oil blowout at approx.
1,500 ft., with the majority of the other wells having oil shows in multiple
zones.

Revised reserve report on Atzam #4 well

The Company is expecting an updated independent Atzam #4 well
reserve report, resulting from the successful well flow testing program and
the recent production flow rates of the well as previously reported. The
initial Atzam #4 independent reserve report stated a 2.3m barrel Probable
Reserve based on the drilling and logging data from the well, and will be
updated based on the production flow rates together with the pressure and
reservoir data from the recently completed testing program from this Upper C17
production zone during June.

Conversion of Range Resources Loans to Equity and Project Interest

Following the decision to drill the Atzam #5 development well,
Range has executed a debt conversion agreement with Citation, under which
loans and interest owed to Range will be converted into direct equity in the
Company and the transfer of a 10% working interest in LAR. Following the
conversion of the loans, which will be completed in a two stage process (based
on Citation's future capital needs), Range will hold a 19.9% shareholding in
Citation and a 20% shareholding in LAR funded through to the next stage of
development.


Yours faithfully


Peter Landau
Executive Director


Contacts
Range Resources Limited                      PPR (Australia)
Peter Landau                                 David Tasker
T: [phone]                         T: [phone]
E: [e-mail]             E: [e-mail]

GMP Securities Europe LLP                    RFC Ambrian Limited (Nominated Advisor)
(Joint Broker)                               Stuart Laing
Richard Greenfield / Rob Collins /           T: [phone] 
Alexandra Carse
T: [phone]

Fox-Davies Capital Limited (Joint Broker)    Old Park Lane Capital (Joint Broker)
Daniel Fox-Davies / Richard Hail             Michael Parnes
T: [phone]                      T: [phone]

Dahlman Rose & Company (Principal American Liaison)
OTCQX International Market (U.S.)
Christopher Weekes / Stephen Nash
T: [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 MMBO with 25.2
MMBO of proved, probable and possible (3P) reserves and an additional 81 MMBO
of unrisked 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 MMbbl of oil and 17
MMbbl 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 highly
prospective licences in the Putumayo Basin in Southern Colombia. The Company
will undertake a 3D seismic program in the near term as part of its
exploration commitments on the Company's Colombian interests.

- 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      Range's    Net Attributable
MMboe                Reserves
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 &       34.9   47.0  63.8          19.9        21.3 28.9
Liquids
Gas Reserves
Texas - NCR *    106.0  162.7   228   20-25% 11.7        18.1 25.4 Western Gulf
Total Gas        106.0  162.7   228          11.7        18.1 25.4
Reserves

* 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 MMboe  Gross Oil Reserves  Range's    Net Attributable
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.