Update on Texas Activities

25 February 2011

The Manager

Company Announcements

Australian Securities Exchange Limited

Level 6, 20 Bridge Street

Sydney NSW 2000

By e-lodgement

UPDATE ON TEXAS ACTIVITIES

Highlights

  * Commencement of Drilling at the East Cotton Valley Prospect
   
  * Successful fracture stimulation of the bottom two zones on the Russell
    Bevly Well
   
International oil and gas exploration, development and production company,
Range Resources Limited ("Range" or "the Company") is pleased to announce the
following updates with regards to its two Texas interests at East Cotton Valley
and North Chapman Ranch.

East Texas Cotton Valley Prospect

The Company would like to announce that it has commenced drilling operations at
its East Texas Cotton Valley prospect, with the arrival of the Key #66 rig to
site during the week.

The Ross 3H well will be the Company's first horizontal well and first in the
shallow oil prospect, which covers approximately 1,570 acres and encompasses a
recent oil discovery.

The well has a projected total depth of 8,200ft (2,500m), including a 2,500ft
(762m) horizontal section through the Cotton Valley oil reservoir. If
successful, the Ross 3H well would provide an immediate increase to the
Company's oil reserves, production and cash flow, with the impact to reserves
to be reported at a later date.

On 29 June 2010, the Company announced the results of leading Petroleum
Consultants, Lonquist & Co LLC's independent reserves report which has
estimated the following gross commercially recoverable oil reserves from the
East Texas Cotton Valley Prospect (operated by Range's private US partner):

                                                    Oil (Mmbls)            
                                                                           
Reserves Category                          Gross (100%)    Net Attributable
                                                               to Range    
                                                               (21.75%)    
                                                                           
Proved (1P)                                     1.5              0.33      
                                                                           
Proved + Probable (2P)                          2.7              0.59      
                                                                           
Proved + Probable + Possible (3P)               5.4              1.17      
                                                                           

If successful, the Ross 3H well will trigger a multi-well program which is
anticipated to move Possible Reserves into the Probable and Proved categories.

North Chapman Ranch - Russel Bevly Well Fracture Stimulation

The Company would also like to announce that the lower two pay zones in its
Russel Bevly #1 well have been successfully fracture stimulated The frac team
has moved to another site and will return to Russel Bevly within the next three
weeks to complete fracture stimulation of the upper two zones.

This has allowed the Company to test and clean the lower zones, with the well
currently flowing in line with expectations, based on successful frac jobs that
have been performed in the region. The Company will look to announce the
achieved flow rates from the lower two zones once production has been
stabilised.

Range's Executive Director Peter Landau commented, "The recent activities and
anticipated results in the Company's Texas interests will further strengthen
the Company's reserves, production and cashflows at the same time as the
Company embarks on its exciting exploration program in both Georgia and
Puntland."

Issue of Shares and Options

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

  * 21,744,486 Ordinary Fully Paid Shares being issued upon exercise of listed
    options (A$0.05, 31 December 2011)
   
  * 35,714,286 Ordinary Fully Paid Shares being issued upon drawdown of £
    5,000,000 on the equity line of credit facility
   
  * 3,934,511 Ordinary Fully Paid Shares being issued upon the exercise of
    unlisted options (A$0.05, 31 March 2015)
   
  * 4,565,489 Ordinary Fully Paid Shares being issued upon the exercise of
    unlisted options (£0.04, 30 June 2015)
   
Following the issue of these securities the total number of securities on issue
are as follows:

1,393,419,948       Ordinary Fully Paid Shares (RRS)                           
                                                                               
23,4061,661         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
4 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
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Australia

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