Quarterly Activities Report and Appendix 5B

31 July 2012


               QUARTERLY REPORT FOR PERIOD ENDING 30 JUNE 2012


Issued Capital    2,357m*           ASX Code RRS Closing price $0.100*

Market Capital    A$236m*           AIM Code RRL Closing Price £0.071*

*as at 30 June 2012


Gross Production for the Quarter

Gas 347k mcf      Range Interest - 75k mcf

Oil 80,365 bbls   Range Interest - 62,424 bbls


The Board of Range Resources Limited ("Range" or "the Company") is
pleased to provide the following commentary to be read in conjunction with the
Appendix 5B (Quarterly Cash Flow Report) which is attached.

Trinidad

During the quarter the Company continued its development drilling
program on its Morne Diablo licence's rapidly expanding the Lower Forest trend
with great success. Encountered at a depth of roughly 1,000 ft. below the
surface, wells into the Lower Forest formation are capable of adding 100-130
Bopd of initial production per well with the average initial production to
date circa 60 bopd (noting that daily rates have increased per well with the
step outs as per the diagram below).

The Lower Forest wells that have been drilled and tested to date
are showing sands congruent with the sands encountered in the QUN16 well that
was drilled and tested in 1942, which is located in the east of the Morne
Diablo licence, some 3,500 ft from the QUN127 well highlighted below (on the
edge of the red proposed drill locations per the diagram below). Given the
encouraging similarities that the recently drilled wells have had to the QUN16
well, the Company is looking at a 60+ well program for the Lower Forest
horizon, utilising the Company's shallow capacity rigs, that will look to
`bridge the gap' between the existing wells drilled to date and the QUN16
well.

Along with gains in production, the current drilling program will
also seek to add reserves to the rapidly-expanding Range portfolio in
Trinidad. Significant upward revisions to the Company's Trinidad P1 and P2
reserves are expected to be certified later this year.

Subsequent to quarter end, the Company saw production from its
three onshore Trinidad licenses exceed 1,000 bopd for the first time as the
Company continued its Morne Diablo drilling campaign, with total production
having increased by more than 120% since acquisition.

The Morne Diablo campaign saw two wells target the deeper Upper
Cruse formation (circa 2,000 ft) in addition to the shallower Lower Forest
formation (circa 1,000 ft) with extremely pleasing results.

The first well perforated three sands in the Upper Cruse formation
and has seen initial production of 170+ bopd from this well, whilst the second
well has perforated just one of three sands with initial production in excess
of 100 bopd. In addition to the Upper Cruse formation that these wells are
currently producing from, Range also has the Lower Forest sands that can be
perforated at a later date.

Given the early success of these wells in the deeper formation, the
Company is looking at the potential to focus a separate drilling program
targeting the Upper Cruse formation, seeking to replicate the early success
from the targeted approach on the Lower Forest formation.

Herrera Prospects

The Company has undertaken significant technical work to refine its
portfolio of Herrera prospects over the past 12 months, incorporating 3D
seismic data, all available subsurface control, and the known regional geology
of the Herrera, which produced over 300 million barrels in the nearby
Barrackpore/Penal complex alone.

After identifying sizeable unrisked exploratory potential, during
the quarter, Range added 40 MMbo in identified Herrera Prospective Resources
(mean) to its prospect portfolio. Depending on the thickness and oil
saturation of the Herrera prospects where encountered, it is expected that
initial rates could potentially surpass 500 Bopd per well, making an immediate
impact on Range's growing production base.

Following the initial 2 planned Herrera wells, the Company fully
expects the Herrera program to grow in the number of identified prospects and
additional reserve potential.

Secondary Recovery

As a compliment to the ongoing exploration and development of the
Morne Diablo and South Quarry Blocks, Range will move rapidly ahead with its
secondary recovery projects on Morne Diablo through the expansion of the
existing pilot program, as well as on the Beach Marcelle Block. Applications
for environmental approval, expansion of technical and visualization
infrastructure in the new San Fernando office, and utilization of in-house
reservoir modelling software are all underway in support of the enhanced oil
recovery ("EOR") projects.

As previously announced, the Company has certified more than 12
MMbo of Proved Reserves that remain to be produced from the Beach Marcelle
Field alone with further Proved Reserves anticipated following the expansion
of the existing Morne Diablo pilot EOR program. An aggressive work program is
expected to begin in each area once reservoir simulation work is completed and
all necessary approvals are in hand.

In addition to the anticipated waterflood program forecast for the
Beach Marcelle license, the Company's technical team has also identified a
number of conventional well locations covering in-fill, step out and well
deepening opportunities. Range is in the process of finalising its technical
analysis and preparing a drilling program that will commence during Q4 2012 to
pursue these conventional drilling opportunities at Beach Marcelle. This work
program will be in addition to the waterflood program planned for the Beach
Marcelle licence.

Puntland

Puntland Onshore

Following the successful spudding of the historic Shabeel-1 well on
the Dharoor Block in Puntland, Somalia in the previous quarter, the well was
successfully drilled to a total depth of 3,470 meters and had encountered
metamorphic basement at a depth of 3,430 meters. Drilling was been suspended
for future testing.

During drilling, the well encountered a 12 to 20 meter zone of
significant hydrocarbon pay in the Upper Cretaceous Jesomma Formation with an
average porosity of 18-20%. The well also encountered additional potential net
pay sands in the Jurassic Adigrat Formation shows at a depth of 3,246 to 3,430
meters, several of which exhibited oil and gas shows. Petrophysical analysis
of the well log data indicates up to 3 meters of potential hydrocarbon pay in
several thin sand units of this deeper pay which the joint venture did not
consider warranted testing at this time, however their presence further
confirmed the existence of a working petroleum system.

The rig subsequently moved to the Shabeel North location which is
3.5km north of the Shabeel location and spudded during the first week of June
2012.

Shabeel-1 Well Site

Subsequent to quarter end, the operator conducted an open hole
Drill Stem Test over a gross 50m section (circa 1,910-1,960m) at Shabeel North
which contained several oil shows in the upper Jesomma sand reservoir, which
unfortunately when tested yielded fresh water. The well continued drilling
through the entire Jesomma reservoir section and reached a depth of 2,200
meters. The section contained several additional sands with oil and gas shows
and a full set of electrical logs was run to determine if these sands
contained potential oil zones which would warrant further testing. The
analysis of these logs indicate that the most prospective looking zone in the
well was the upper Jesomma sand interval that had already been confirmed by
testing to contain fresh water and thus no further testing could be justified.

Based on the positive evidence of oil shows and the presence of good quality
reservoir in the Jesomma, the joint venture decided to deepen the well in
order to evaluate the potential of the Lower Cretaceous and Jurassic sections.
The current revised total depth will be approximately 3,400 meters. The
Jurassic section in the nearby Shabeel well had thin reservoir sands with oil
and gas shows, but this section was determined to be not thick enough to
warrant testing. These sands are expected to thicken basinward towards Shabeel
North. There was also evidence that there may have been faulting in the
Shabeel well which could have cut out a significant portion of the basal
reservoir section, which is not expected in Shabeel North.

Puntland Offshore

During the previous quarter, Range entered into an agreement with
the Puntland Government with respect to obtaining a 100% working interest in
the highly prospective Nugaal Basin Offshore Block (see below).

The Block is an extension of the onshore Nugaal Region which has
the potential for deltaic deposits from the Nugaal Valley drainage system and
comprises over 10,000km.

The Company will commit to a 2D seismic program within the first
three years, with further 3D seismic and an exploration well to follow in the
second three year period. The agreement is subject to a formal Production
Sharing Agreement (PSA) being entered into and the receipt of all necessary
regulatory approvals. Commercial terms will be similar to the current on-shore
PSAs.

As part of the entering into the Nugaal Offshore PSA, Range has
committed US$5 million, for the tarmac sealing of an Airport Runway in
Puntland at the Government's direction.

Georgia

During the quarter the Company announced that following a strategic
review of the current operations in Georgia, that the Company, along with its
partners, Strait Oil & Gas and Red Emperor Resources NL (ASX:RMP/AIM:RMP), are
to embark on a revised exploration and appraisal strategy for Blocks VIa and
VIb in Georgia.

The revised strategy will focus on low-cost, shallow appraisal
drilling of historically defined Contingent Resources around the
Tkibuli-Shaori ("Tkibuli") CBM field, which straddles the central sections of
the Company's two blocks.

Tkibuli has been estimated by Advanced Resources International to
contain Contingent Resources (mean) of approximately 0.4 trillion cubic feet
("tcf") of coal-bed methane ("CBM") gas (Range's attributable 40% interest is
0.16 tcf). Sand horizons have also been identified around the coal beds, which
could add additional, conventional hydrocarbon resources to those estimated
for CBM at Tkibuli alone.

By prioritising exploration around the productive coal seams, the
Company has the opportunity to make early discoveries, add proven reserves and
look to provide revenue potential from the Tkibuli CBM play within 18 months
from commencement of drilling, in conjunction with satisfying its Production
Sharing Agreement ("PSA") commitments.

Range and its partners have executed agreements with the Georgian
Industrial Group ("GIG") regarding the joint development of the project and
providing a commercial off take for 100% of the gas produced.

The Company is also in discussion with a number of parties that
have expressed interest in the possible unconventional shale opportunities
that exist across the two Blocks.

As a result of this change in short term strategy, preparations for
drilling the Namakhvani-1 well were postponed with the Company continuing with
the proposed seismic program across the license area.

Texas

North Chapman Ranch

During the quarter, the Company announced a significant increase in Proved
(P1) and Probable (P2), reserves for the North Chapman Ranch Project, in which
Range holds a 20-25% interest.

The Company engaged leading independent petroleum consultants Forrest A. Garb
and Associates ("Forrest Garb") to complete a review of the North Chapman
Ranch reserves following the successful completion of the Smith #2 and
Albrecht wells that saw a significant reclassification of the previous
Possible (P3) reserves into the Proved (P1) and Probable (P2) categories.

Set out below is a comparison of the gross reserves (100% basis)
for the Company's North Chapman Ranch asset between the previous reserve
update in December 2011 and the current gross reserves update for June 2012.

Category                 Oil                 Natural Gas        Natural Gas Liquids
                       (MMbbls)                (Bcf)                 (MMBbls)
                   Dec    Jun   %age      Dec    Jun   %age      Dec    Jun     %age
                   `11    `12   Mvmt      `11    `12   Mvmt      `11    `12     Mvmt

Proved (P1)         5.1   8.4   +64%     64.3   106.0  +65%      5.0     8.0    +60%
Probable (P2)       3.7   4.4   +19%     48.6    56.7  +17%      3.8     4.4    +16%
Possible (P3)       9.9   5.0   -50%     129.6   64.8  -50%     10.1     5.1    -50%
Total Reserves     18.7  17.8            242.5  227.5           18.9    17.5

Set out below is the comparison between June 2012 and December 2011
of Range's attributable interest in the net reserves on the Company's North
Chapman Ranch asset which is net of government and overriding royalties and
represents Range's economic interests in its development and production assets
as classified in the report from Forest Garb.

Category                 Oil                 Natural Gas         Natural Gas Liquids
                      (MMbbls)                  (Bcf)                 (MMBbls)
                  Dec   Jun   %age        Dec   Jun    %age      Dec    Jun    %age
                  `11   `12   Mvmt        `11   `12    Mvmt      `11    `12    Mvmt

Proved (P1)       0.7   1.1   +57%        7.6   11.7   +54%      0.7    1.1    +57%
Probable (P2)     0.5   0.6   +20%        5.5    6.4   +16%      0.5    0.6    +16%
Possible (P3)     1.3   0.7   -46%       14.6    7.3   -50%      1.3    0.7    -46%
Total Reserves    2.5   2.4              27.7   25.4             2.5    2.4

Based on the reserve numbers cited above, Forrest Garb's estimated
net undiscounted cash flow value to Range for Proved (P1), Probable (P2) and
Possible (P3), along with discounted cash flow (at a 10% discount rate)
valuation based on the Nymex forward strip prices reported on 7 March 2012
following reductions for royalties, opex, capex, production taxes etc is as
follows:

                         Nymex Forward Strip       Nymex Forward Strip
                              Price at                  Price at
                           1 October 2011             7 March 2012
Category              Undiscounted     PV10     Undiscounted     PV10
                         US$'m        US$'m        US$'m        US$'m

Proved (P1)               116           67          165           93
Probable (P2)              86           43           89           39
Possible (P3)             246           95          102           37
Total                     448          205          356          169


The Company notes that the valuation of the Company's interest in the Proved
and Probable Reserves has not increased to the same extent of the actual
percentage increase in physical volumes, which is primarily related to the
significant reduction in the futures gas price since the previous report.

With the field having now been largely appraised and value demonstrated, the
Company is looking at the divestment of its North Chapman Ranch interests so
that it can focus its capital on higher value adding opportunities in its
portfolio. Any such divestiture decision will be based on market conditions
and the ability to achieve a sales price that appropriately reflects the value
of the project interest.

East Texas Cotton Valley Prospect

During the quarter, worked continued on the Company's East Texas Cotton Valley
project area, where additional sections of the Ross 3H horizontal well were
recently fracture stimulated and are currently unloading frac fluids. With
approximately 5,000 barrels of load left to recover, the well has already
yielded early indications of oil saturation, consistent with strong oil shows
recorded during drilling.

If successful, the Ross 3H well is expected to form the basis of a new
horizontal development of the shallow oil reservoir within the Cotton Valley
formation. The project is considered to be analogous to the neighbouring
Clarksville Field, which is expected to ultimately produce more than 7 million
barrels of oil.

Colombia

During the quarter Range entered into an economic participation
agreement with Petro Caribbean Resources Limited, a private oil and gas
company focussed on the development of petroleum and natural gas reserves in
Colombia ("PCR" the official operator of the blocks), that will see the
Company earn a 65% economic interest (option to move to 75%) in Blocks PUT-6
and PUT-7 in return for funding (on a cost recoverable basis) the commitments
under the Production Sharing Agreement ("PSA") with the National Hydrocarbons
Agency of Colombia ("ANH"). This includes a 350km2 3D seismic program across
the two blocks followed by one exploration well in each block.

In addition to the completion of the PSA work commitments of the
two blocks as mentioned above, the joint venture partners will also (subject
to ANH regulatory approval) undertake an extensive review (and possible
re-entry) of a Putumayo well that was drilled and subsequently suspended in
the mid 1980's on Block PUT-7. The well had a historically reported estimate
of 7.9 million barrels of recoverable oil however, in light of the low oil
price (approximately $12-15 per barrel) and infrastructure constraints at the
time, the well was suspended and has not been re-assessed since.

The reservoir modelling and underlying data for this estimate have
not yet been reviewed in sufficient detail by Range or its consultants to
provide a reserve estimate compliant with the SPE reporting guidelines.

During the quarter the Company has significantly progressed the
Consulta Previa process, initial preparations for the 3D seismic program along
with the evaluation of the possible well re-entry/twin on the old well on
Block Put-7.

Assuming the results of the re-evaluation area are favourable, the
joint venture partner's plans to re-enter the well late 2012 / early 2013.

Putumayo Basin Blocks 6 and 7

Blocks PUT-6 and PUT-7 are located in the Putumayo Basin in
southern Colombia (see map 1), next to the border with Ecuador to the South.
This basin is an extension of the prolific hydrocarbon bearing Oriente Basin
of Ecuador. There are numerous producing oil-fields surrounding the two blocks
and many other discoveries of good quality light oil with approximately 365
MMboe having been discovered in the basin to date. Both blocks are on trend
with known discoveries and close to existing pipeline infrastructure. Typical
well productivity in the basin ranges from 1,500 to 4,000 bopd with good
pressure maintenance by water drive. Production from the Putumayo basin during
2011 averaged between 35,000 - 40,000 bopd. [1]

Most of the existing leads (6 mapped in PUT-6, 15 mapped in PUT-7)
in the two blocks are four-way structural closures, formed by reverse faults
providing good closure and minimal risk of breaching/fault leakage. The leads
have been interpreted on vintage 2D seismic data. With the new planned 3D
seismic data (commencing Q3 2012 subject to ANH approval), the imaging of the
targets will improve and the structures will become better defined allowing
the leads to be matured into firm prospects and prioritised for drill testing.

[1] Source - Ministerio de Minas y Energia. Current operators
include Ecopetrol, Pacific Rubiales, Gran Tierra and Amerisur Resources.

Source

- The oil is sourced from the thick regional Jurassic La Paz/Luna
Formation and the Cretaceous Caballos Formation; current interpretations
suggest that oil migrated early on from West to East into paleo-structures
that form the main targets in these blocks.

Reservoirs

- The main reservoirs in the Putumayo Basin are the good-quality
sandstones found in the Lower Cretaceous Caballos Formation, with an average
thickness of 300ft. Porosities range from 10% to 16%, with good permeability.

- Oil recovery rates for the reservoirs vary, but range from 16% to
35%. There is significant aquifer support that typically sustains production
and reservoir pressure over the long term.

- Secondary targets exist above the Caballos in the U and T
sandstones (Middle to Upper Cretaceous Villeta Formation). Recent results by
other operators in adjacent blocks indicate significant upside potential in
the shallower Villeta N Sand.

Seal

- An excellent seal is provided by the Cretaceous plastic shales of
the Villeta Formation. Rumiyaco and Orteguaza shales are also potential seals.

Traps

- The main targets are structural traps associated with thrusts and
sub-thrusts in the western side of the basin, and up-thrusts forming
reverse-faulted anticlines in the foreland basin.

- Oil fields in the basin are related to structural traps, mainly
contractional fault related folds, and reverse faulting.

- Leads show four-way closures at multiple intervals, from the
Lower Cretaceous Caballos to the Villeta N Sand.

Development of the blocks will be funded through existing funds and
cashflow.

Reserves and Valuation - Trinidad and Texas

At the end of 2011, the Company announced the results of Forest
Garb's Independent Reserves, Resources and Valuation Report, which was an
analysis of the estimated reserves, prospective resources and future net
revenue attributable to the Company's portfolio of producing and development
assets onshore Trinidad and Texas which was subsequently updated for the
Company's North Chapman Ranch interests in June 2012 as highlighted above.

Set out below is the total estimated Gross Reserves across split
between Trinidad and Texas as classified in the reports from Forest Garb.

Category               Oil          Natural Gas       Natural Gas
                     (MMbbls)           (Bcf)            Liquids
                                                        (MMBbls)
                  Trinidad Texas   Trinidad Texas   Trinidad   Texas

Proved (P1)         16.2     9.3     3.2    106.0      -         8.0
Probable (P2)        3.0     5.1       -     56.7      -         4.4
Possible (P3)        2.9     6.7       -     64.8      -         5.1
Total Reserves      22.1    21.1     3.2    227.5      -        17.5

Set out below is Range's attributable interest in the net
recoverable reserves split between the Company's Texas and Trinidad assets
which is net of government and overriding royalties and represents Range's
economic interests in its development and production assets as classified in
the two reports from Forest Garb.

Category                Oil          Natural Gas       Natural Gas
                      (MMbbls)          (Bcf)            Liquids
                                                        (MMBbls)
                   Trinidad Texas   Trinidad Texas   Trinidad   Texas

Proved (P1)          15.4    1.1      3.2     11.7      -        1.1
Probable (P2)         2.2    0.7       -       6.4      -        0.6
Possible (P3)         2.0    1.1       -       7.3      -        0.7
Total Reserves       19.6    2.9      3.2     25.4      -        2.4

Corporate

During the quarter, Range advanced discussions with a number of
parties with respect to obtaining debt packages into the Company used
primarily for the development of the Trinidad asset with indicative terms
sheets being received subsequent to quarter-end. The Company is looking at
finalising the terms of a $15-40m debt facility in the coming quarter along
with progressing the sale of the Company's Texas interests.

Appointment of Broker

During the quarter Range announced the appointment of GMP Securities Europe 
LLP as Joint Broker to the Company.


Appendix 5B Summary - Consolidated Statement of Cashflow

                                          Current Quarter Year to date
                                                           (12 months)
Cash flows related to operating                    $A'000     ($A'000)
activities
 
Receipts from product sales and related            12,855       30,595
debtors
 
Payments for: 
(a)exploration & evaluation                      (11,214)     (37,437)
(b)development                                    (4,488)     (11,397)
(c)production                                     (5,817)     (17,848)
(d) administration                                (3,914)     (13,682)
 
Dividends received                                      -            -
 
Interest and other items of a similar                  87          316
nature received
 
Interest and other costs of finance paid                -            -
 
Taxes paid                                        (2,443)      (6,770)
 
Other (provide details if material)                     -            -
 
                 Net Operating Cash Flows        (14,934)     (56,223)
 
Cash flows related to investing
activities
 
Payment for purchases of:
(a) prospects                                           -      (6,040)
(b) equity investments                                  -      (2,424)
(c) other fixed assets                                  -        (337)
 
Proceeds from sale of:
(a) prospects                                           -            -
(b) equity investments                              2,519        2,519
(c) other fixed assets                                  -            -
 
Loans to other entities                                 -      (2,949)
 
Loans repaid by other entities                          -            -
 
Other - net cash acquired on acquisition                -          628
of subsidiary
 
                 Net investing cash flows           2,519      (8,603)
 
Total operating and investing cash flows         (12,415)     (64,826)
 
Cash flows related to financing
activities
 
Proceeds from issues of shares, options,                -       62,786
etc.
 
Proceeds from sale of forfeited shares                  -            -
 
Proceeds from borrowings                                -            -
 
Repayment of borrowings                                 -            -
 
Dividends paid                                          -            -
 
Other (provide details if material)               (1,649)      (4,910)
 
                 Net financing cash flows         (1,649)       57,874
 
     Net increase (decrease) in cash held        (14,064)      (6,950)
 
Cash at beginning of quarter/year to date          24,474       17,360
 
Exchange rate adjustments to item 1.20                  -            -
 
CASH AT END OF QUARTER                             10,410       10,410



Yours faithfully


Peter Landau
Executive Director


Contacts

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

PPR (Australia)                               Tavistock Communications (London)
David Tasker                                  Ed Portman
Tel: [phone]                        Tel: + 44 (0) 20 7920 3150
Em: [e-mail]                   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 Hails             Chris Beltgens
Tel: [phone]                     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 and Trinidad.

- In Trinidad Range recently completed the acquisition of a 100%
interest in holding companies with three onshore production licenses and fully
operational drilling subsidiary. Independently assessed Proved (1P) reserves
in place of 15.4 MMbls with 19.6 MMbls of proved, probable and possible (3P)
reserves and an additional 20 MMbls (mean) of 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)
of two exploration wells 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 licences
encompassing the highly prospective Dharoor and Nugaal valleys. The operator
and 60% interest holder, Horn Petroleum Corp. (TSXV: HRN) has completed the
first exploration well (Shabeel-1) to a final depth of 3,470m having
encountered a 12-20m zone of significant hydrocarbon pay in the Upper
Cretaceous Jesomma Formation. The second well spud in early June 2012 with an
original target depth of 2,400m with the Joint Venture now deciding to deepen
the well in order to evaluate the potential of the Lower Cretaceous and
Jurassic sections. Final results of the well scheduled for end of August.

- 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 Putamayo 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.

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.

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.