Rig Secured for Georgian Drilling

16 February 2011

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

By e-lodgement

RIG SECURED FOR GEORGIAN DRILLING - WELL TO SPUD IN APRIL 2011

Highlights

  * Drilling rig secured for drilling program in Georgia
   
  * Mobilisation to commence March 2011 with well to spud in April 2011
   
International oil and gas exploration, development and production company,
Range Resources Limited ("Range" or "the Company") is pleased to announce,
along with its Georgian partners, Strait Oil and Gas Ltd ("Strait") and Red
Emperor Resources NL (ASX: RMP) ("Red Emperor"), that a drilling rig has been
secured for the upcoming Georgian drilling program.

The Company has entered into agreement with Edeco Petroleum Services Limited 
("Edeco") to provide the drilling rig, with operations currently underway on
preparing and servicing the rig and associated inventory in readiness for
mobilisation, currently scheduled to commence March 2011, with spudding in
April 2011.

The Company undertook a comprehensive approach in securing the rig, engaging
highly experienced drilling project manager First Drill Limited ("First Drill")
to assist in identifying the most appropriate rig for the proposed Georgian
drilling program and to help supervise the program.

Peter Landau, Range's executive director commented, "This is a significant and
exciting milestone for the Company, as it paves the way for the Range's first
exploration well in Georgia, following the successful seismic program and
helium survey".

Background on Edeco

Founded in 1931 as a manufacturer of drilling equipment and were the first
company to provide support operations in the North Sea. They have operated in
over 35 countries and are currently operating in excess of 40 onshore drilling
and workover rigs.

Yours faithfully
Peter Landau
Executive Director

Contacts

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

Australia                                        London

PPR                                              Tavistock Communications
David Tasker                                     Jonathan Charles
Tel: [phone]                           Tel: [phone]
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 240 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, 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) - 45% Operator, in 2011.
   
  * In the Republic of Georgia, Range holds a 40% farm-in interest in onshore
    blocks VIa and VIb, covering approx. 7,000sq.km. Currently, Range has
    recently completed a 410km 2D seismic program with independent consultants
    RPS Energy identifying 68 potential structures containing and estimated
    2.045 billion barrels of oil-in-place.
   
  * In Trinidad Range has entered into a HOA to acquire a 10% interest in
    holding companies with three onshore production licenses. Independently
    assessed gross recoverable P2 reserves in place of 4.8MMbls.
   
The reserves estimate for the North Chapman Ranch Project and East Texas Cotton
Valley has been formulated by Lonquist & Co LLC who 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 in writing to the reference to them in this
announcement and to the estimates of oil, natural gas and natural gas liquids
provided. 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 www.spe.org.

The reserves estimates for the 3 Trinidad blocks 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
world–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 S–X.

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").

ABN 88 002 522 009
www.rangeresources.com.au


London

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Australia

Ground Floor, 1 Havelock Street, 
West Perth WA 6005, Australia
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