Company Update

29 October 2013

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

Via E–lodgement

                                Company Update

Today the Company has released the Notice of Meeting in respect of
various matters that need to be considered in accordance with the Corporations
Act and ASX Listing Rules.

In the context of this it is important to look back, and reflect
on, the year just gone. The board of Range Resources Limited ("Range" or "the
Company") acknowledges it has been a difficult year for all involved in the
Company, resulting largely from a delay in the timing of key events and a fall
in the value of the Company's share price. We, like all shareholders, are
disappointed by certain key events which were outside our control in addition
to delayed delivery of other events which were under our control.

The purpose of this letter is not to divert attention from the
issues but to acknowledge them and identify and highlight the range of
significant achievements, of which there has been many, we have made this
year. It has not been a year devoid of achievement.

From the board's view, Range is now positioned to fulfil its key
corporate and operational goals moving forward, namely to lift and maintain
production in Trinidad to 4,000 bopd by the end of 2014 and to 9,000 bopd by
the end of the 2015.

A key milestone in the delivery of this goal has been the
completion of a comprehensive field development plan in Trinidad, compiled by
management and independent technical experts as part of the process of
finalising a reserve-based lending facility. The development plan sets out the
geological, operational and financial parameters for the exploitation of the
Company's P1 Reserves over the next three (3) years. This represents more than
three (3) months' work by both internal and external sources and provides a
clear development framework for our initial production increase in Trinidad.

It is important to note that the development plan does not take
into account any incremental production from P2 / P3 reserves, prospective
resources or exploration success. The Management believes it sets a very
realistic benchmark to move from current production through to 4,000 bopd by
the end of 2014 and 9,000 bopd by the end of 2015, through conventional and
unconventional (waterflooding) work programmes.

In preparation for the drawdown of the reserve-based lending
facility and in conjunction with the field development plan, Range identified
the need, as previously advised, to effectively take its drilling rigs offline
and subject them to a rigorous maintenance and testing program to ensure that
the drilling

targets as part of the field development plan can be met and
previous delays and breakdowns are avoided to the maximum extent possible. To
this end Range employed an experienced Rig Maintenance Manager to oversee the
repairing and improving of all drill rigs owned by the Company, a process
that has largely been completed.

As many shareholders will be aware, the timing of the ramp up in
production and the drilling rigs all coming back on line in Trinidad is
extremely beneficial with regards to the recent changes to the fiscal regime
in Trinidad which will see significant financial benefits accrued by the
Company over the coming years.

In addition to the field development plan, Range is in advanced
stages of securing additional rigs on "Joint Venture" terms with an oil
services provider to ensure that the Company's aggressive exploration
programme continues with multiple Lower Cruse and Herrera targets, the Niko
Resources farm-in acreage and the potential of being awarded a block in the
upcoming onshore bid round.

Range is also extremely encouraged with the exploration success of
the Guatemalan project and believes that the value of Range's interest in this
project will be significantly enhanced over the coming months with the
drilling of the Atzam #5 well (due to spud in November 2013) and the re-entry
of the 2 Tortugas wells (see announcement dated 28 October 2013).

Whilst we appreciate, and share, the frustration of many
shareholders with Range being required to enter into additional equity
financial arrangements due to unexpected delays in the receipt of the Texas
sale proceeds and the draw down of the RBL, these have unfortunately been
unavoidable. Despite this, the Company believes that key milestones are close
to being resolved and once completed will provide the Company with a strong
financial footing by which to advance its development and production plans.

Our project in Georgia for many has been forgotten, largely because
other assets have taken a greater prominence in the portfolio. Despite this we
have undertaken significant work on these projects over many years and
attracted a significant partner in GIG (Georgian Industrial Group). As alluded
to in recent announcements we are very confident a strategic farm-in / joint
venture will be concluded during the current quarter to both complement and
improve the existing arrangements with GIG, which will be of substantial
benefit to Range shareholders.

Despite the delays, which we acknowledge have been significant, the
Company has received assurances in recent days from the purchasers of the
Texas asset that they are proceeding and we will advise shareholders as soon
as payment is received.

In respect of the potential merger with International Petroleum
Limited (NSX: IOP), Range is still in constructive discussions with them
regarding a range of corporate alternatives to the original merger proposal
and reminds shareholders that we do have US$8m in secured loan financing as
part of the current arrangements.

As part of the Company's move to significant operational focus and
expansion in Trinidad, a board process has commenced with the objective of
finding a suitable Managing Director to take the Company through to its 9,000+
bopd target. Range looks forward to updating shareholders in respect of the
key developments referred to above.

Yours faithfully

Peter Landau

Executive Director

Contacts

Range Resources Limited                 PPR (Australia)
Peter Landau                            David Tasker
T: [phone]                    T: [phone]
E: [e-mail]        E: [e-mail]

GMP Securities Europe LLP               RFC Ambrian Limited (Nominated Advisor)
(Joint Broker)                          Stuart Laing
Richard Greenfield / Rob Collins /      T: [phone]
Alexandra Carse
T: [phone]

Fox-Davies Capital Limited (Joint       Old Park Lane Capital (Joint Broker)
Broker)                                 Michael Parnes
Daniel Fox-Davies                       T: [phone]
T: [phone]

Dahlman Rose & Company (Principal American Liaison)
OTCQX International Market (U.S.)
Christopher Weekes / Stephen Nash
T: [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 MMBO with 25.2
MMBO of proved, probable and possible (3P) reserves and an additional 81 MMBO
of unrisked prospective resources.

- In the Republic of Georgia, Range holds a 45% farm-in interest in onshore
blocks VIa and VIb, covering approx. 7,000sq.km. 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, along with attracting potential farm-in partners across the license
areas given the recent review performed across the licenses.

- 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 is earning a 65% (option to move to 75%) interest in highly
prospective licences in the Putumayo Basin in Southern Colombia. The Company
will undertake a 3D seismic program in the near term as part of its
exploration commitments on the Company's Colombian interests.

- Range has taken a strategic stake (19.9%) in Citation Resources Limited
(ASX: CTR) which holds a 70% interest in Latin American Resources (LAR). LAR
holds an 80-100% interest in two oil and gas development and exploration
blocks in Guatemala with Canadian NI 51-101 certified proved plus probable
(2P) reserves of 2.3 MMBBL (100% basis). Range also holds a 20% interest in
LAR.

Table of Reserves and Resources

Detailed below are the estimated reserves for the Range project portfolio.

                 Gross Oil Reserves  Range's   Net Attributable
Project           1P     2P     3P   Interest   1P     2P    3P  Operator

Oil & NGL -
mmbbls

Trinidad          17.5   20.2   25.2     100%   17.5   20.2 25.2 Range

Guatemala            *   2.3*      *      32%      *  0.74*    * Latin American Resources

Total Oil &       17.5   22.5   25.2            17.5   20.9 25.2
Liquids

Gas Reserves -
Bcf

Georgia - CBM        -      -    508      45%      -      -  229 Strait Oil & Gas

Total Gas            -      -    508               -      -  203
Reserves

* The reserves estimate for the Guatemalan Blocks in which LAR (and CTR) have
an interest in is as reported by CTR. CTR has not reported 1P and 3P
estimates, but Range is seeking such information from CTR for future reporting
purposes.

Detailed below are the estimated resources and oil-in-place delineated across
Range's portfolio of project interests.

                      Gross Oil Resources  Range's    Net Attributable
Project               Low    Best/   High  Interest  Low    Best/   High Operator
                              Mean                           Mean

Contingent Oil Resources - mmbbls

Guatemala                 -     20.1     -      32%      -      6.4    - Latin American Resources
                                                                         
Total Contingent          -     20.1     -               -      6.4    -
Resources

Prospective Oil Resources - mmbbls

Trinidad                8.1     40.5  81.0     100%    8.1     40.5 81.0 Range

Total Prospective       8.1     40.5  81.0             8.1     40.5 81.0
Resources

Undiscovered Oil-In-Place - mmbbls

Puntland               -      16,000   -        20%   -       3,200  -   Horn Petroleum
                                                                         
Georgia                -         403   -        45%   -         181  -   Strait Oil & Gas
                                                                         
Colombia               -         7.8   -     65-75%   -   5.1 - 5.8  -   Petro Caribbean
                                                                      
Undiscovered Gas-In-Place - Tcf

Georgia -              -       18.44   -        45%   -        8.30  -   Strait Oil & Gas
Conventional 
                                                            
Georgia - CBM          -        3.16   -        45%   -        1.42  -   Strait Oil & Gas
                                                                         
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 estimate for the Guatemalan Blocks in which LAR (and CTR) have an
interest in is as reported by CTR. CTR has not reported 1P and 3P estimates,
but Range is seeking such information from CTR for future reporting purposes.

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.

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.

The TSX certified 51-101 certified reserves with respect to the Guatemalan
project are as reported by ASX listed Company Citation Resources (ASX: CTR).

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.

Reserve information on the Putumayo 1 Well published by Ecopetrol 1987.

The technical information included in this Announcement with respect to
Georgia was prepared by Dr. M. Arif Yukler, COO of SOG Georgia. Dr Yukler is a
geologist who is a suitably qualified person with more than 38 years of
experience in the international oil & gas industry, and in assessing
hydrocarbon reserves. Dr Yukler has advised companies and government entities
of all size from small caps to super-majors, as well as state regulatory
authorities on the management of resources and exploration areas. Dr. Yukler
has reviewed the release and consents to the inclusion of the technical
information with respect to Georgia.

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.