International Petroleum Transaction and Guatema...

17 June 2013


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


INTERNATIONAL PETROLEUM TRANSACTION AND GUATEMALA UPDATE

Further to its announcement of 24 April 2013, Range Resources
Limited ("Range" or "the Company") is pleased to provide the following update
with respect to its proposed strategic merger with International Petroleum
Limited ("International Petroleum") (the "Transaction").

Since announcing the intended merger transaction, key legal,
technical, corporate and financial advisors have been appointed and the
parties have made good progress towards the completion of due diligence and
confirming the structure of the transaction, which is likely to be conducted
as an off-market takeover offer by Range to International Petroleum
shareholders. Subject to satisfactory finalisation, it is expected that the
formal offer will be made in the coming 3-4 weeks. The terms and conditions
will be in line with previously disclosed.

In conjunction with the formal merger processes, a technical team from
International Petroleum has visited the Company's Trinidad assets and reviewed
various strategies in fast tracking development of both the conventional and
waterflood programs.

Range has advanced US$8m of the US$15m secured financing to International
Petroleum as part of the merger process, with the remaining balance being
forwarded within the coming two weeks.

Range notes that Citation Resources Limited (ASX:CTR) provided an update on
the Guatemalan project today (17 June 2013) with the following highlights:

- Initial 7 foot section (2846-2853ft) perforated in the Upper C17
carbonates has continued to produce significant oil and gas to surface through
ongoing reservoir pressure testing program

- Improved oil quality recovered in production testing in past
week- samples assayed 36-37° API oil

- Strong well head pressures maintained over past week of between
300-400 psi during testing phase, with calculated natural reservoir pressure
of approximately 1300 psi

- Oil production continued between 250-600 bopd on restricted choke
sizes over the past 10 days when flowing well between shut ins for pressure
testing program

- Potential to flow the well at higher rates with a larger choke
size with optimal production flow rate to be determined on completion of the
current testing and evaluation program

- Oil cut of 100% from producing zone - no reservoir water produced
to date

- Construction of onsite production and storage facilities underway

- Negotiations advanced with a number of parties for Atzam #4 oil
production

- 13ft zone in Upper C17 with better log interpretation (than
current +600 bopd producing section in Upper C17) was not perforated due to
the high pressure oil and gas production from perforated zone- will be
perforated in future well production operations

- C13 and C14 carbonates remain untested above this C17 section,
and are the main producing zones in the nearby Rubelsanto Field- produced over
30 mmbbl to date from 8 wells, 17km from Atzam Field

- Current Probable Reserve estimate of 2.3m barrels of oil in Atzam
#4 well alone, to be revised on completion of production and pressure testing
programs in coming week

- Net backs in Guatemala approximately 50% of the WTI market price - favourable 
economics

Further details are contained in the Citation Resources announcement,
which can be accessed at:
http://www.citation.net.au/media/articles/ASX-Announcements/20130617-Atzam-4---Project-Update--211/1229717.pdf


Yours faithfully

Peter Landau
Executive Director


Contacts
Range Resources Limited                      PPR (Australia)
Peter Landau                                 David Tasker
T: 61 (8) 9488 5220                          T: [phone]
E: [e-mail]             E: [e-mail]

GMP Securities Europe LLP                    RFC Ambrian Limited (Nominated Advisor)
(Financial Advisor & Joint Broker)           Stuart Laing
Richard Greenfield/ Rob Collins/ James Pope  T: [phone]
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       Interest
Project           1P     2P    3P             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.