Quarterly Activities Report and Appendix 5B

31 January 2013


             QUARTERLY REPORT FOR PERIOD ENDING 31 DECEMBER 2012


Issued Capital 2,447m* ASX Code RRS Closing price $0.060*

Market Capital A$147m* AIM Code RRL Closing Price £0.035*

* as at 31 December 2012

Gross Production for the Quarter

Gas 229k Mcf Range Interest - 50k Mcf 75 (14% decrease from prior quarter)

Oil 86,021 bbl Range Interest - 75,565 bbl (15% decrease from prior quarter)


The Board of Range Resources Limited ("Range" or "the Company") provides the 
following commentary to be read in conjunction with the Appendix 5B (Quarterly 
Cash Flow Report) which is attached.

Trinidad

During the quarter, previously announced operational and supply
chain difficulties resulted in fewer-than expected wells being drilled by
year-end, which subsequently resulted in a decrease in quarter on quarter
production. Encouragingly, actual results from the current Lower Forest
development program, are exceeding the Company's expectations in terms of
average well performance. Additionally, the Company is anticipating three
wells to come into production in the coming weeks (QUN 135, 138 and 139)
following receipt of approvals, as well as remedial work commencing on four
wells with a small work-over rig.

When compared to the five wells completed in Q4 (of which two of
the wells encountered the southern extremity of the Lower Forest trend), the
Company anticipates a marked increase in activity during Q1 2013, with the
Company seeing ten to twelve wells coming into production during this quarter.

The Company continues to work to regain the drilling and completion
momentum established during Q3 2012, and having all six rigs up and running as
soon as possible, which again will see another marked increase in the number
of completed wells.

The Company continued with the development of the Lower Forest
formation on the Morne Diablo license area with additional success, having
completed five new wells during the quarter, with three wells drilling into
the New Year.

As mentioned above, of the wells completed during the quarter, two
were drilled to test the southern limit of the Forest Formation productive
trend and encountered thin Lower Forest sands. The results of these two wells
have allowed Range to define the southern extremity of the Lower Forest trend,
with each well having the potential to be side tracked back into the main
productive area within the Lower Forest trend.

The QUN 137 well was completed and encountered the Lower Forest
formation with initial production rates of 100 bopd and continues to produce
at 85-90 bopd.

The QUN 138 well also reached its target depth of 1,000 ft. and
logged 100 ft. of net oil sands across a number of horizons, including a
highly resistive zone between 770 and 810 ft. that is expected to yield better
than average production rates. The Company is awaiting approvals to perforate
and place the well into production.

The Company spudded the QUN 139 with an original target depth of
1,000 ft. having logged 80 ft. of good quality oil sands to 945 ft. post
quarter end. The well is currently being drilled to a revised target depth of
1,300 ft. The QUN 139 location is contiguous to producing wells QUN 119 and
QUN 129 which achieved initial production rates of 129 bopd and 138 bopd,
respectively. Both wells still flow under natural pressure, with QUN 129
having now produced for over 12 months since first production.

The QUN 140 well is expected to spud shortly with the Company
awaiting receipt of necessary approvals and, like the QUN 139 well, will also
be drilled to an initial target depth of circa 1,000 ft.

During the quarter, Range's fourth drilling rig, with the deepest
capabilities of the Company's fleet continued to drill the MD 248 well which
is targeting multiple horizons; the Lower Forest formation (circa 1,000 ft.),
the Upper Cruse formation (circa 2,000 ft.) and the Middle & Lower Cruse
formations (circa 4,000 ft. and 6,500 ft. respectively). After reaching a
depth of 4,000 ft. and having 7" casing run, the well experienced operational
delays due to equipment shortages. Additional equipment has been acquired to
improve efficiencies and reduce downtime, with drilling continuing to the
target depth of 6,500 ft.

The MD 248 well is the first well that will target development of
the Middle Cruse sands at 4,000 ft., as well as explore the Lower Cruse
formation at 6,500 ft. Upon completion of the MD 248 well, Rig 8 is scheduled
to move on to drill the first of a series of wells that will test the prolific
Herrera formation as their primary objective, while testing the prolific
Forest and Cruse formations. Rig 8 is capable of drilling to approximately
11,000 ft., a depth believed to be sufficient to test and develop the highly
prospective Herrera section.

The Company also spudded the QUN 135 well during the quarter with a
target depth of 3,500 ft., being Range's first well to target the Middle Cruse
formation, with the well reaching its target depth subsequent to quarter end.
Following conditioning of the well bore, logging operations were initiated and
more than 80 ft. of net oil pay was identified in the Lower Forest, Upper
Cruse and Middle Cruse formations. Based on oil shows while drilling and
induction logs indicating that the well reached its planned total depth in the
top of a Middle Cruse oil zone, the QUN 135 well is now being deepened to
confirm what may represent a previously undiscovered reservoir in the Middle
Cruse section. Following deepening of the well and evaluation of open hole
logs, the Company will determine which of the multiple oil zones present is
the best candidate for initial completion.

Reserves Upgrade

During the quarter, the Company announced a 29% increase in Proved,
Probable and Possible (3P) net attributable reserves across the Company's
three onshore Trinidad licenses, following the Company's independent petroleum
consultants, Forrest A. Garb and Associates ("Forrest Garb"), having completed
a review of the Trinidad reserves following the first year of Range's
operations in Trinidad.

Below is the comparison between October 2012 and December 2011 of
the oil and gas reserves attributable to Range's (100%) interest in its
Trinidad Licenses, net of government and overriding royalties, as described
more fully in the report from Forest Garb & Associates.

Category                                                  Oil
                                                         (MMBO)
                                          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 (unrisked)
Low                                         2.0           8.1
Best                                       10.0          40.5
High                                       19.9          81.0

Based on the reserve numbers shown above, Forrest Garb estimates
the net cash flow attributable to Range's interests for Proved, Probable and
Possible reserves as shown below, based on average WTI prices for 2011, and
compared to the $85 / bbl case per December 2011.

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

The valuations above are based on forecast production rates that
reflect the current drilling and development schedule, and estimated
individual well decline profiles derived from the Company's recent operating
results.

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 barrels in unrisked prospective resources,
circa 30.5 million barrels are associated with identified Herrera prospects
that have been mapped on the Company's 3D seismic database and are scheduled
to be drilled following 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
resources risked at 45%.

Revised License Agreements

The Company has received the final revised agreements that will see
an initial reduction in the enhanced royalty currently being paid by the
Company. The revised terms will see a significant improvement in the net back
price received per barrel of oil produced. The revised royalties at production
rates of 1,000 bopd will see net backs increase to circa $40 / barrel before
tax, and circa $50 / barrel before tax at 2,000 bopd - assuming $90 barrel oil
and Opex at current levels. Only minor administrative items relating to market
communications remain to be resolved.

In addition, discussions continue with the regulatory agencies and
other farm-in operators for further performance-based drilling and production
incentives. Updates will be provided upon progress when available.

Puntland

Puntland Onshore

During the quarter Range's JV partner and operator of its Puntland
Project, Horn Petroleum Corp (TSXV: HRN), demobilized the drilling rig and
associated equipment and has completed restoration of both drilling locations.

Efforts are now focused on making preparations for a seismic
acquisition campaign in the Dharoor PSA which will include a regional seismic
reconnaissance grid in the previously unexplored eastern portion of the basin
as well as prospect specific seismic to delineate a drilling candidate in the
western portion of the basin where an active petroleum system was confirmed by
the recent drilling at the Shabeel-1 and Shabeel North-1 locations.

Based on the encouragement provided by these two Shabeel wells, the
Operator (Horn Petroleum Corporation) and their partners, Range Resources and
Red Emperor, have entered into the next exploration period in both the Nugaal
and Dharoor Valley Production Sharing Contracts ("PSCs") which carry a
commitment to drill one well on each block within an additional 3 year term.
The current operational plan would be to contract a seismic crew to acquire
additional data in the Dharoor Valley block and to hold discussions with the
Puntland Government to gain access regarding drill ready prospects in the
Nugaal Valley block. The focus of the Dharoor seismic program will be to
delineate new structural prospects for the upcoming drilling campaign.

Puntland Offshore

During the June quarter, Range entered into an agreement with the
Puntland Government with respect to obtaining a 100% working interest in the
highly prospective Nugaal Basin Offshore Block.

The Block is an extension of the onshore Nugaal Region which has
the potential for deltaic deposits from the Nugaal Valley drainage system and
comprises over 10,000km.

The Company will commit to a 2D seismic program within the first
three years, with further 3D seismic and an exploration well to follow in the
second three year period. The agreement is subject to a formal Production
Sharing Agreement (PSA) being entered into and the receipt of all necessary
regulatory approvals. Commercial terms will be similar to the current on-shore
PSAs and is scheduled to be completed this current quarter.

Georgia

During the quarter the Joint Venture announced the completion of
the acquisition of a 200km 2D seismic program. The majority of this recent
seismic was acquired over Block VIb to firm up leads identified in the
previous 410km 2D seismic program, along with targeting two gas wells, which
were drilled and suspended in Soviet times.

Two lines were also acquired over the site of the Mukhiani well,
the first exploration well drilled in Block VIa. The processing of the seismic
is currently under way and results of the interpretation is expected to be
completed in Q1 2013, with the joint venture confident that it will then have
assembled the requisite amount of seismic and geological information to enable
the JV to identify revised drillable targets and attract potential farm in
partners if desired.

The JV continues to work towards the development of the CBM and
conventional potential around the Tkibuli†Shaori Coal Field ("Tkibuli").
The Georgian Industrial Group ("GIG") has made available a significant amount
of information including a detailed geological model based on 339 wells
drilled in the region, many of which vented methane. The Joint Venture is
looking to finalise agreements with GIG for the development of Tkibuli
shortly, with binding arrangements currently being concluded and the potential
for third party financing being available to fund a pilot production program.
It is envisaged that following completion of the current technical and
economic analysis, between three and four pilot production well locations will
be identified with drilling expected to commence in 2H 2013.

With the majority of the seismic program completed during the
quarter, coupled with the proposed third party funding for the joint venture
development of the Tkibuli CBM project, Range's exploration expenditure
associated with the Georgian operations will be dramatically reduced moving
forward.

Texas

North Chapman Ranch

During the previous quarter, the Company announced a significant increase in
Proved (P1) and Probable (P2), reserves for the North Chapman Ranch Project,
in which Range holds a 20-25% interest.

The Company engaged leading independent petroleum consultants Forrest A. Garb
and Associates ("Forrest Garb") to complete a review of the North Chapman
Ranch reserves following the successful completion of the Smith #2 and
Albrecht wells that saw a significant reclassification of the previous
Possible (P3) reserves into the Proved (P1) and Probable (P2) categories.

Set out below is a comparison of the gross reserves (100% basis)
for the Company's North Chapman Ranch asset between the previous reserve
update in December 2011 and the current gross reserves update for June 2012.

Category              Oil           Natural Gas       Natural Gas Liquid
                     (MMBO)            (Bcf)                (MMBO)
                 Dec  Jun  %age    Dec   Jun  %age    Dec    Jun    %age
                 `11  `12  Mvmt    `11   `12  Mvmt    `11    `12    Mvmt
Proved (P1)      5.1  8.4  +64%   64.3  106.0 +65%    5.0    8.0    +60%
Probable (P2)    3.7  4.4  +19%   48.6  56.7  +17%    3.8    4.4    +16%
Possible (P3)    9.9  5.0  -50%   129.6 64.8  -50%    10.1   5.1    -50%
Total 3P         18.7 17.8        242.5 227.5         18.9   17.5
Reserves

Set out below is the comparison between June 2012 and December 2011
of Range's attributable interest in the net reserves on the Company's North
Chapman Ranch asset 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                  Natural Gas          Natural Gas Liquids
                          (MMBO)                   (Bcf)                    (MMBO)
                 Dec `11 Jun `12   %age   Dec `11 Jun `12   %age   Dec `11 Jun `12   %age
                                   Mvmt                     Mvmt                     Mvmt
Proved (P1)        0.7     1.1     +57%     7.6    11.7     +54%     0.7     1.1     +57%
Probable (P2)      0.5     0.6     +20%     5.5     6.4     +16%     0.5     0.6     +16%
Possible (P3)      1.3     0.7     -46%    14.6     7.3     -50%     1.3     0.7     -46%
Total 3P           2.5     2.4             27.7    25.4              2.5     2.4
Reserves

With the field having now been largely appraised and value demonstrated, the
Company is looking at the divestment of its North Chapman Ranch interests so
that it can focus its capital on higher value adding opportunities in its
portfolio and has engaged US based advisors to assist in the process, with a
number of interested parties having reviewed the Company's dataroom.
Negotiations are currently being finalised with regards to the sale of the
assets, scheduled for this quarter. As previously announced, the conditional
offer is for US$20m up front (settlement before current quarter end) and
US$20m in royalty payments from current and future production. Range will
update the market as soon as the transaction is finalised.

East Texas Cotton Valley Prospect

Long term production testing continues on the Ross 3H well, as
Range and its partners evaluate the various options available for future
development of the shallow oil discovery. In the meantime, leases within the
project area are being extended or renewed. The intention is to sell the asset
as part of the Texas deal.

Colombia

As previously announced, Range entered into an economic
participation agreement with Petro Caribbean Resources Limited, a private oil
and gas company focussed on the development of petroleum and natural gas
reserves in Colombia ("PCR" the official operator of the blocks), that will
see the Company earn a 65% economic interest (option to move to 75%) in Blocks
PUT-6 and PUT-7 in return for funding (on a cost recoverable basis) the
commitments under the Production Sharing Agreement ("PSA") with the National
Hydrocarbons Agency of Colombia ("ANH"). This includes a 350km2 3D seismic
program across the two blocks followed by one exploration well in each block.

The consulta previa process is nearing completion which involves
liaison with the various indigenous communities within the license areas. Once
completed, the Company expects to initiate preparations for the seismic
program, with planned mobilisation to occur early Q2 2013.

Range has received farm in interest from a number of parties for
blocks PUT 6 and PUT 7, and will be considering different potential options to
maximise shareholders benefits in the short to medium term.

Corporate

During the quarter the Company entered into a US$15 million Loan
Agreement ("Loan Agreement") backed by Standby Equity Distribution Agreement
("SEDA") for up to GB£20 million with YA Global Master SPV Ltd, an investment
fund managed by Yorkville Advisors ("Yorkville"), with US$5 million having
been drawn down during the quarter. 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 US$10 million (after an
initial US$5 million drawdown †total facility US$25 million).

In addition to the above, the Company also issued AU$10 million in
secured notes to Crede Capital which can be paid back in cash or equity on or
before the 12 month term at the Company's election.

Subsequent to Quarter-End

Subsequent to quarter end, the Company secured a strategic stake
(19.9%) in Citation Resources Limited ("Citation") (ASX: CTR). Citation holds
a farm in right to acquire a 70% interest in Latin American Resources Ltd
("LAR"), which holds an 80-100% interest in two oil and gas development and
exploration blocks in Guatemala ("Projects"). LAR is the operator of the
blocks. Additionally, Range has acquired a direct 10% equity stake in LAR.

The Projects consist of Block 1-2005 and Block 6-93 in the South
Peten Basin in Guatemala ("Guatemalan Blocks"). The Guatemalan Blocks have
Canadian NI 51-101 certified proved plus probable (2P) reserves of 2.3 MMBO
(with approximately 0.45 - 0.6 MMBO attributable to Range's combined equity
interest in Citation and 10% direct interest in LAR), with significant
exploration upside potential. In addition, the blocks have had significant
previous exploration with the two well appraisal drilling program currently
underway with the Atzam #4 well having already been successfully completed and
flow testing currently underway. The Projects and drilling/operational
infrastructure are owned by LAR together with its minority joint venture
partners in a similar set up to Range's Trinidad operations.

The strategic stake in Citation and LAR provides Range with
non-operating exposure to a project with known reserves and significant short
term upside potential, as well as creating the potential spin off vehicle for
the company's Puntland assets.

Transaction Details

Range will acquire its 19.9% strategic interest in Citation, by
conversion of existing debt funding provided by Range to Citation into
ordinary Citation shares (subject to any necessary Citation shareholder
approvals) at $0.02 with a 1 for 2 free attaching listed Citation option
($0.04, June 2015), which is approximately $2m for the 19.9% interest. In
addition, Range will pay $2m for the 10% interest in LAR, which is finance
carried through the first US$25m spent on the Project.

Concurrently, Range completed a placement of 40m new shares to
Citation nominees at A$0.05 per share (being a premium to the current share
price) to raise gross proceeds of $2m, along with the issue of 40,000,000
unlisted options ($0.05, 31 January 2016) in facilitation, introduction and
corporate advisory fees.

Guatemala Projects Summary - Atzam and Tortugas Formations

The Projects consist of Block 1-2005 and Block 6-93 in the South
Peten Basin in Guatemala ("Guatemalan Blocks"). As reported by Citation, the
Guatemalan Blocks have Canadian NI 51-101 certified proved plus probable (2P)
reserves of 2.3 MMBBL, with significant exploration upside potential. In
addition the blocks have had significant previous exploration with the two
well appraisal drilling program currently underway with the Atzam #4 well
having already been successfully completed and flow testing currently
underway. The projects and drilling / operational infrastructure are owned by
LAR together with its minority joint venture partners in a similar set up to
Range's Trinidad operations.

The first appraisal well Atzam #4, which successfully drilled to
its target depth of 4,500 ft., is currently undergoing flow testing
operations. The intention is for the second well, Atzam #5, to spud following
completion of the flow testing program on the Atzam #4 well. The Atzam #4 well
is being drilled on the same structure that the Atzam #2 well tested at an
initial flow rate of up to 1,200 BOPD of 34°API oil at a depth of 3,850 ft.

Recent mapping of the Atzam structure using existing data from
previous operators (Basic, Hispanoil) and MEM, and incorporating reservoir
data acquired since production initiated in December 2007, indicate the
possibility of a structure of comparable size and orientation to that of the
existing Rubelsanto field in Guatemala. To date, the Rubelsanto field has
produced more than 30 MMBBL of oil since its discovery in 1976. The field
currently continues to produce more than 1,000 BOPD, 36 years after its
discovery.

In addition to the Atzam structures on Block 1-2005, the Tortugas
structure is a suspended oil field. Originally 17 wells on Tortugas salt dome
were drilled by Monsanto looking for sulphur. One well (T9B) had an oil
blowout at approx 2,200 ft and most others had oil shows in multiples zones.

The Atzam and Tortugas Fields have had significant previous
exploration and development with 2D seismic and previous production wells. In
2012/13 the planned exit production is approximately 1,000 bbl/d based on
successful production from the two new appraisal wells based on the previous
flow rates of wells drilled on the same structure.

           Appendix 5B Summary - Consolidated Statement of Cashflow

                                            Current Year to date
                                            Quarter   (6 months)
Cash flows related to operating                         ($A'000)
activities                                   $A'000
 
Receipts from product sales and
related debtors                               7,344       14,367
Payments for:
 
(a) exploration & evaluation                (7,289)     (12,291)
 
(b) development                             (3,553)      (6,154)
 
(c) production                              (4,050)      (7,873)
 
(d) administration                          (1,951)      (3,990)
 
Dividends received                                -            -
 
Interest and other items of a similar
nature received                                   5           34
 
Interest and other costs of finance
paid                                          (591)        (591)
 
Taxes paid                                  (2,033)      (4,084)
 
Other (provide details if material)               -          449
 
Net Operating Cash Flows                   (12,118)     (20,133)
 
Cash flows related to investing
activities
 
Payment for purchases of:
 
(a) prospects                                     -            -
 
(b) equity investments                            -            -
 
(c) other fixed assets                        (571)      (1,123)
 
Proceeds from sale of:
 
(a) prospects                                     -            -
 
(b) equity investments                          528          528
 
(c) other fixed assets                            -            -
 
Loans to other entities                           -            -
 
Loans repaid by other entities                    -        2,065
 
Other - net cash acquired on
acquisition of subsidiary                         -            -
 
Net investing cash flows                       (43)        1,470
 
Total operating and investing cash flows   (12,161)     (18,663)                          
 
Cash flows related to financing activities
 
Proceeds from issues of shares,
options, etc.                                 1,995        1,995
 
Proceeds from sale of forfeited
shares                                            -            -
 
Proceeds from borrowings                     14,938       14,938
 
Repayment of borrowings                     (1,399)      (1,399)
 
Dividends paid                                    -            -
 
Other (provide details if material)               -            -
 
Net financing cash flows                     15,534       15,534
 
Net increase (decrease) in cash held          3,373      (3,129)
 
Cash at beginning of quarter/year to
date                                          3,891       10,410
 
Exchange rate adjustments to item
1.20                                           (60)         (77)
 
CASH AT END OF QUARTER                        7,204        7,204


Yours faithfully


Peter Landau
Executive Director


Contacts

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

PPR (Australia)
David Tasker
Tel: [phone]
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 (Joint Broker)          GMP Securities Europe LLP (JointBroker)
Daniel Fox-Davies / Richard Hail                   James Pope / Chris Beltgens
Tel: [phone]                          Tel: [phone]

Dahlman Rose & Company (Principal American Liaison)
OTCQX International Market (U.S.)
Christopher Weekes / Stephen Nash
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 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 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.

- 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 10%
  interest in LAR.

Table of Reserves and Resources

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

All figures in       Gross Oil Reserves            Net Attributable
MMboe                                    Range's
Project               1P      2P    3P   Interest   1P     2P    3P     Operator
Oil & NGL
Texas - NCR *        16.4    25.2  35.3   20-25%   2.2    3.4   4.8      Western Gulf
Texas - ETCV          1.0    1.6    3.3    22%     0.2    0.3   0.6      Crest Resources                        
Trinidad             17.5    20.2  25.2    100%    17.5   20.2  25.2     Range
Total Oil & Liquids  34.9    47.0  63.8            19.9   21.3  28.9
Gas Reserves
Texas - NCR *        106.0  162.7   228   20-25%   11.7   18.1  25.4     Western Gulf
Total Gas Reserves   106.0  162.7   228            11.7   18.1  25.4


* Reserves attributable to Range's interest in the North Chapman
Ranch asset, which are net of government and overriding royalties as described
in the Forrest Garb report.

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


All figures in       Gross Oil Resources             Net Attributable
MMboe                                     Range's
Project              Low    Best/   High  Interest  Low     Best/   High    Operator
                             Mean                           Mean
Prospective
Resources
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
Puntland              -     16,000    -     20%      -      3,200    -       Horn Petroleum
Georgia               -     2,045     -     40%      -       818     -       Strait Oil & Gas
Colombia              -      7.8      -    65-75%    -    5.1 - 5.8  -       Petro Caribbean
                                                                           

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 worldâ€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 Sâ€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.