Trinidad Reserves Upgrade and Financing Package

11 October 2012


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


By e-lodgement

TRINIDAD RESERVES UPGRADE AND FINANCING PACKAGE

Highlights

  * Range's net attributable interest in Proved, Probable and Possible Reserves
    (3P) increased by 5.6 million barrels (29%) to 25.2 million barrels.
   
  * Range's PV10 valuation on Proved, Probable and Possible Reserves (3P) 
    increased by US$173m (34%) to US$680m
   
  * Range's net unrisked prospective resources (best estimate) increased by 
    30.5 million barrels (305%) to 40.5 million barrels (high estimate 81.0
    million barrels)
   
  * Range enters into a US$15m loan agreement with the possibility to increase
    it to US$25m based on production milestone (1,500 bopd) 
   
Range Resources Limited ("Range" or "the Company") is pleased to announce a 29%
increase in Proved (P1), Probable (P2) and Possible (P3) net attributable
reserves across the Company's three onshore Trinidad licenses, in which it
holds a 100% working interest.

The Company engaged leading independent petroleum consultants Forrest A. Garb
and Associates ("Forrest Garb") to complete a review of the Trinidad reserves
following the first year of Range's operations in Trinidad, which has seen the
Company successfully complete over 20 wells, add circa 200 employees to its
operations and brought four of the Company's six drilling rigs into operation
with the remaining two rigs due to commence operations shortly.

Below is the comparison between October 2012 and December 2011 of Range's
attributable interest in the net reserves on the Company's Trinidad Licenses
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 (MMbbls)          
                                                                
                                 Dec `11    Oct `12   %age Mvmt 
                                                                
Proved (P1)                        15.4       17.5       +14%   
Probable (P2)                       2.2        2.7       +23%                                  
Possible (P3)                       2.0        5.0      +150%                                        
                                      
Total 3P Reserves                  19.6       25.2       +29%   
                                                                
Prospective Resource                                            
                                                                
Low                                 2.0        8.1               
Best                               10.0       40.5                                                                   
High                               19.9       81.0            
                                                                

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 on a price of $94 / bbl which is based on an average WTI price for
2011, following reductions for estimated royalties, opex, capex, production
taxes etc and compared to the $85 / bbl case per December 2011 as follows:

                                 US$85 / bbl case         US$94 / bbl case    
                                  December 2011             October 2012                              
                                                         
Category                     Undiscounted PV10 US$'m  Undiscounted PV10 US$'m 
                                US$'m                    US$'m                
                                                                              
Proved (P1)                      679          385         799          446    
Probable (P2)                    133           73         142           81                                            
Possible (P3)                    120           49         276          153   
Total                            932          507        1,217         680                     
                                                                              

The valuation is based on forecast production rates which reflect the current
well drilling and development schedule, and estimated individual well decline
profiles from well modelling and current operating experience.

As reported above, the recent reserves report saw a 30.5 million barrels (305%)
increase in total unrisked net prospective (best estimate) resources across the
Company's licenses to 40.5 million barrels.

Of the 40.5 million 100% best estimate unrisked net prospective resource, circa
30.5 million barrels is associated with identified Herrera prospects that have
been mapped on the Company's 3D seismic database, which are scheduled to be
drilled after the completion of the MD248 well. Of the 40.5 million best
estimate unrisked net prospective resource associated with the Herrera
prospects, a risk factor of 25% has been assigned, with the remaining barrels a
45% risk factor having been assigned.

Range's Executive Director, Peter Landau commented, "The Company is extremely
pleased with the progress made in the first year of operations and the material
increases in reserves and resources that we have added to the existing reserves
and resource base. As development continues, so too will the increase in
reserves along with the reclassification of the prospective resources into
reserves following discoveries on our deeper exploration targets."

RANGES SECURES USD$15M TO USD$25M LOAN FACILITY

Range is also pleased to announce that it has entered into a US$15 million Loan
Agreement ("Loan Agreement") backed by Standby Equity Distribution Agreement
("SEDA") for up to £20 million with YA Global Master SPV Ltd, an investment
fund managed by Yorkville Advisors ("Yorkville").

The loan can be drawn down in tranches of US$5 million (12 month term) at the
election of the Company and carries a coupon of 10%. The tranches may be
increased to $10m (after an initial $5m drawdown - total facility $25m) upon
Range achieving 1,500 bopd from its Trinidad operations and by mutual
agreement. In addition, the Company will issue Yorkville warrants to purchase a
number of the Company's ordinary shares equal to 25% of the portion of the loan
drawn down.  The warrants will expire after three years and will have a
subscription price equal to 125% of the trading price at the time of issuance.

The loan facility and SEDA will provide flexibility over future funding, with
the Company having the option to service any outstanding loans under the Loan
agreement through cash proceeds or issue of shares using the SEDA facility at
its discretion. Use of the SEDA facility is entirely at the discretion of the
Company and there are no penalties for not requesting an advance.

The Company is extremely pleased with the facility given its flexible nature
and will utilise the funds to continue its development program in Trinidad
along with initial funding of the Colombia exploration program. Coupled with
the current sale process of Range's Texas assets (completion scheduled for this
current quarter), the Company is well placed with regards to its short and
medium term funding requirements.

The SEDA facility will be effective and available for 36 months. Under the
terms of the SEDA, any shares issued would be priced at 95% of the prevailing
market price over a pricing period of 5 to 10 days (which may be extended upon
mutual agreement) subject to any minimum price set by the Company in advance.
The number and timing of advances to be made pursuant to the SEDA shall be at
the discretion of the Company but the Company cannot make concurrent advances
without prior agreement with Yorkville. Furthermore, the advance amount
requested must not exceed, a mutually agreeable amount not greater than £
3,000,000 or 200% of the average daily trading volume of shares multiplied by
the volume weighted average price on AIM for the five trading days prior to the
drawdown request.


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) 207 920 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 Hail                  James Pope / 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, 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 MMbls with
    25.2 MMbls of proved, probable and possible (3P) reserves and an additional
    40.5 MMbls of unrisked net prospective (best estimate) 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 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 Putumayo 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 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 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.


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


London
Suite 1A, Prince's House, 38 Jermyn Street, London SW1 6DN
t: [phone], f: [phone]


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