Texas Update

21 March 2011

The Manager

Company Announcements

Australian Securities Exchange Limited

Level 6, 20 Bridge Street

Sydney NSW 2000

By e-lodgement

TEXASUPDATE

NORTH CHAPMAN RANCH

International oil and gas exploration, development and production company,
Range Resources Limited ("Range" or "the Company") is pleased to announce that
the fracture stimulation program has recommenced on the North Chapman Ranch
project, with the arrival on site of leading fracture stimulation specialists -
Frac Tech.

The largest zone (second from top) on the Russell Bevly well is currently being
fracture stimulated with initial results looking promising. Once successfully
completed, Frac Tech will move across to the Smith #1 well and frac the upper
zone, which was perforated on March 18 and this zone currently flowing at more
than 1.3 MMcfd.

Frac Tech will then move off site and look to return in the comings weeks to
complete the fracture stimulation of any remaining zones in the Smith and
Russell Bevly wells.

Consistent with past fracture stimulations performed within the region, this
program is expected to add to the success of the lower two zone frac of the
Russell Bevly well and further improve flow rates and recovery, which should
significantly increase cashflow from the field.

Range will provide further updates in due course.

EAST TEXAS COTTON VALLEY

As previously announced, the Company and its partners have drilled the East
Texas Cotton Valley objective section to a depth of around 5,500 ft (1,680m) in
its Ross 3H #1 Well at the East Texas Cotton Valley Project. Electric logs and
sidewall cores confirm approximately 130 ft. of gross oil pay in the objective
section. Directional drilling operations have now commenced, with the well
currently drilling ahead at approximately 4,550 ft (1,390m) measured depth.

The well has a projected total hole length of 8,200ft (2,500m), including a
2,500ft (762m) horizontal section through the Cotton Valley oil reservoir. The
Company will continue to provide further updates as information becomes
available.

The Company would also like to announce the draw down of a further £7,255,000
of its £20,000,000 equity line facility with First Columbus LLP. Details are
set out in the attached Appendix 3B.

Issue of Shares and Options

Range Resources Ltd (the "Company") is pleased to announce the issue of the
following securities:

  * 14,304,235 Ordinary Fully Paid Shares being issued upon exercise of listed
    options (A$0.05, 31 December 2011)
   
  * 42,000,000 Ordinary Fully Paid Shares being issued upon drawdown of £
    7,255,000 on the equity line of credit facility (issued at 17.3p per share)
   
  * 1,000,000 Ordinary Fully Paid Shares being issued as part of technical
    consulting arrangements for the Texas assets
   
Following the issue of these securities the total number of securities on issue
are as follows:

1,450,724,183       Ordinary Fully Paid Shares (RRS)                           
                                                                               
219,757,426         Listed Options (RRSO) (A$0.05, 31 December 2011)           
                                                                               
855,166             Unlisted Options (£0.04, 30 June 2015)                     
                                                                               
60,000,000          Unlisted Directors Options (A$0.10, 31 Dec 2011)           
                                                                               
3,177,029           Unlisted Options (A$0.50, 30 June 2012)                    

Range has applied for admission of the new shares to trading on the ASX and AIM
markets. The shares are expected to be admitted to trading on AIM on or around
28 March 2011.

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 (on a 100% basis) 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 encompassing
    approximately 1,570 acres including a recent oil discovery. Independently
    assessed gross recoverable reserves in place (on a 100% basis) 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 the
    operator and 45% interest holder Africa Oil Corp (TSXV:AOI) planning to
    drill two wells 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. Range has recently
    completed a 410km 2D seismic program with independent consultants RPS
    Energy identifying 68 potential structures containing an estimated 2.045
    billion barrels of oil-in-place (on a mean 100% basis).
   
  * 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 2P reserves in place of 4.8MMbls (on a 100%
    basis).
   
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 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

5th Floor, 23 King Street, 
St. James House, London SW1 6QY
t: [phone], f: [phone]

Australia

Ground Floor, 1 Havelock Street, 
West Perth WA 6005, Australia
t: [phone], f: [phone]

e: [e-mail]