Reserves and Valuation at East Cotton Valley

ABN 88 002 522 009

Level 3, 1 Havelock Street
West Perth, WA 6005
P [phone]
F [phone]

29 June 2010

Company Announcements
Australian Securities Exchange
Exchange Plaza
2 The Esplanade
PERTH WA 6000

By E-lodgement

Independent valuation of Range's Interest in East Texas Cotton Valley Prospect,
                             Texas, USA, at US$18M                             

Highlights:

Independent Petroleum Engineers, Lonquist & Co LLC, have completed an 
independent reserves and valuation report on East Texas Cotton Valley Prospect
in Red River County, Texas, USA

  * Reserves report estimates total gross commercially recoverable Reserves (
    1P, 2P and 3P) of the East Texas Cotton Valley Prospect as 5.4 mmbbl of oil
    (attributable to Range - 0.7 mmbbls)
   
  * The planned multi-well program is anticipated to move Possible (P3) R
    eserves into the Probable (P2) and Proved (P1) Reserve categories
   
  * Independent PW10 DCF valuation of Range's net interest of US$18m
   
International oil and gas company Range Resources Limited (ASX: RRS) ("Range"
or "the Company") is pleased to announce the results of independent
certification by Independent Petroleum Engineers, Lonquist & Co LLC ("Lonquist
") of the Company's interest in the East Texas Cotton Valley Prospect in Red
River County, Texas, USA.

Range holds a 13.56% interest in East Texas Cotton Valley Prospect, with Crest
Resources Inc. as operator (refer ASX Announcement dated 17 June 2010), with
the prospect's project area covering approximately 1,570 acres, encompassing a
recent oil discovery.

Development of the shallow oil reservoir (which is a combination trap type) in
the Cotton Valley formation is expected to begin in 3Q 2010, with the drilling
of a horizontal appraisal well in the field.

Range, through its technical consultants Texas Energy Advisors LLC, engaged
Lonquist to compile geological, geophysical and engineering data and provide an
Independent Reserves Report and Valuation for the prospect.

Lonquist's independent reserves report has estimated the following gross
commercially recoverable reserves from the East Texas Cotton Valley Prospect:

Category                                   Oil (mmbbls) 
                                                        
Proved (P1)                                    1.5      
                                                        
Probable (P2)                                  1.2      
                                                        
Possible (P3)                                  2.7      
                                                        
Total Reserves                                 5.4      

Set out below is Range's attributable interest in the gross recoverable
reserves on 13.56% of the East Texas Cotton Valley Prospect:

Category                                   Oil (mmbbls) 
                                                        
Proved (P1)                                    0.20     
                                                        
Probable (P2)                                  0.16     
                                                        
Possible (P3)                                  0.36     
                                                        
Total Reserves                                 0.72     

The planned multi-well program is anticipated to move Possible (P3) Reserves
into the Probable (P2) and Proved (P1) Reserve categories, with the drilling of
a horizontal appraisal well in the field scheduled for Q3 2010.

Based on the reserve numbers cited above, Lonquist's estimated net undiscounted
cash flow value to Range, along with PW10 discounted cash flow (at a 10%
discount rate) based on Nymex forward strip prices reported on 31 December
2009, following reductions for royalties, opex, capex, production taxes etc are
as follows:

Reserve                                             Undiscounted    PW10 US$  
                                                         US$                  
Category                                                                      
                                                                              
Proved (P1)                                             8.5m          5.4m    
                                                                              
Probable (P2)                                           7.0m          4.4m    
                                                                              
Possible (P3)                                           14.7m         8.1m    
                                                                              
Estimated Future Cashflow (Range's net interest)        30.2m        17.9m    

A copy of Lonquist's East Texas Cotton Valley Prospect - Estimated Future
Reserves and Revenues for Range is on the company's website and contains
further details on the assumptions on which these valuation estimates are
based.

Range Executive Director, Mr Peter Landau, commented, "Range is pleased that
from an initial investment of US$256k for leasehold acquisition costs, plus an
estimated US$220k (Range's net share) to drill and develop the first well
scheduled for 3Q 2010, we have been able to achieve a significant uplift in
shareholder value, based on independently assessed reserves and valuations
reported on the East Texas Cotton Valley Prospect."

"We feel that the upcoming appraisal activities will add additional value to
Range and complement the Company's existing Texan interests, as we continue to
add reserves, production and cash flow to create a balanced portfolio of
lower-risk development and production projects in the US with high potential
exploratory prospects in Puntland and Georgia," Mr Landau added.

The Company will continue to provide further updates on the progress of its
portfolio of assets.

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                                                 Conduit PR
David Tasker                                        Jonathan Charles
Tel: [phone]                              Tel: + 44 (0) 20 7429 6611
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 215 Bcf of natural gas, 16 mmbbls of oil
    and 15 mmbbls of natural gas liquids.
   
  * Range holds a 13.56% 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.
    Independently assessed gross recoverable reserves in place of 5.4 mmbbls of
    oil.
   
  * 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) - 65% Operator, in 2010.
   
  * In the Republic of Georgia, Range holds a 50% farm-in interest in onshore
    blocks VIa and VIb, covering approx. 7,000sq.km. Currently, Range has
    recently completed a 410km 2D seismic program.
   
Lonquist & Co LLC 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 to the
reference to them in this announcement and to the estimates of oil, natural gas
and natural gas liquids and valuations provided herein. 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 as well as in the Lonquist report as attached and on the Range
website.