Quarterly Activities Report and Appendix 5B

31 July 2013


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

By E-Lodgement


               QUARTERLY REPORT FOR PERIOD ENDING 30 JUNE 2013

Issued Capital   2,874m*      ASX Code  RRS      Closing price  $0.04*

Market Capital   A$115m*      AIM Code  RRL      Closing Price  £0.03*

*as at 30 June 2013

Gross Production for the Quarter

Gas    169k Mcf       Range Interest - 37k Mcf

Oil    66,634 bbl     Range Interest - 60,963 bbls

The Board of Range Resources Limited ("Range" or "the Company")
provides the following commentary regarding its activities during the three
months ended 30 June 2013 to be read in conjunction with the Appendix 5B
(Quarterly Cash Flow Report), which is attached.

Trinidad

As previously reported, the Company has commenced the
implementation of best practice procedures and processes with respect to
maintenance programs / drilling inventory and spare part management, which
have been further strengthened through the recent recruitment of a suitably
qualified Maintenance Superintendent to manage and ensure that all rigs and
equipment are serviced and operational.

In conjunction with the maintenance and inventory management
programs mentioned above, the Company will be refining the drilling strategy
to further reduce the drilling time and an increase in wells being drilled.

To reduce drilling time and improve hole quality, the company is reviewing the
following areas:

- Drill bit selection

- Drilling parameter optimization

- Casing point depths

- Down hole tools including hole openers, logging-while-drilling, and
potentially casing-while drilling

To improve recovery rates:

- Directional (horizontal) drilling

- Fracking

These improvements will ensure minimum unscheduled equipment
downtime and mechanical safety and efficiency throughout Range Trinidad
operations, allowing the work schedule to progress smoothly and efficiently.

Additionally, with the increase in oil prices, the Company has
undertaken a program to re-evaluate all existing wells with a focus on
optimization and reactivation where warranted. These works may include
perforating by-passed oil sands pay in the existing well bores, chemical
treatment / stimulation of perforations, jet washing or cleanout of
perforations, water shut off where water break out has occurred and is
negatively affecting oil inflow, mechanical repairs to down hole equipment,
and initiation of swabbing on previously capped wells. An estimated 200-300
bopd may be added from the optimization program.

Range is currently in the process of engaging a Senior Reservoir
Engineer to assist the Exploration and Exploitation team in accurately
defining the target reservoirs, constantly updating reservoir simulation
software and datasets, ensuring efficient selection of drilling location and
targets.

Range continues to focus on Health, Safety, and Environment as STOW
procedures and process are constantly implemented and updated, moving towards
full STOW certification in early 2014.

The Lower Forest development continued to gain momentum during the
quarter with seven wells successfully drilled by the Company's shallower rigs,
Rig 1 and Rig 5. This progress was accelerated during the quarter with
production growth for the month of June increased by 20% compared to April.

Three production rigs have been placed into operation and have
completed remedial work on 5 wells, including 4 wells in South Quarry. The
Company is expecting to ramp up its activity by placing an additional 2
production swab rigs on line in the short term.

The Company will continue with the optimization work, having
scheduled the next 10 wells to be accessed by the production and work over
rigs as well as the re-entry of the QUN 16 well, which previously produced up
to 145 bopd over a one week test. The QUN 16 well was drilled and tested in
1942 and logged thick oil sands that correlate with the Lower Forest
reservoirs being developed by the Company approximately ½ mile to the west.
Re-activation of the QUN 16 well will be performed using one of the Company's
production rigs. This will add new reserves and production, while further
extending the Lower Forest trend to the east of the QUN 16 well and
establishing a large area for low-risk infill drilling between the well and
the current Lower Forest development.

Rig 6 has successfully completed annual certifications and
inspections and the Company has made a decision to use the rig for heavy work
overs of the wells in Morne Diablo as mentioned above, in order to swiftly
ramp up production prior to having it converted back to a drilling rig and
moved over to South Quarry, where a production rig is currently performing
well workovers.

Middle Cruse Formation Drilling

During the quarter, the Company perforated the Middle and Upper
Cruse sections of the QUN 135 well and is currently undergoing operations to
perforate the Lower Forest section of the well. Given the encouraging results
of the net Middle Cruse sands seen, Range will be pursuing drilling an
adjacent well, which will target the same Middle Cruse structure from a nearby
location and will have a similar profile to the QUN 135 well.

Lower Cruse Formation Drilling

The MD 248 well was drilled to 5,780 ft., encountering multiple
high pressure oil and gas pays, which indicate the presence of productive oil
sands, as well as multiple oil shows across the shakers. Shortly after
encountering these hydrocarbon shows, challenging downhole conditions were
encountered which resulted in stuck pipe and Rig 8 having to undergo temporary
maintenance work before continuing drilling to ensure the successful
completion of the well. The Company is currently completing repair of the rig,
before it will resume drilling during August to a target depth of 6,500 ft.
After completion, Rig 8 will move on to spud the Herrera well.

Positive results from the MD 248 well Lower Cruse test, would allow
Range to expedite a development program for this horizon by deepening existing
Middle Cruse wells in the Morne Diablo field to the Lower Cruse depths.
Deepening would require drilling only 2,500 feet of additional footage versus
the 6,500 feet for a new well, thus significantly reducing costs whilst
obtaining swift access to a potential highly prospective new development zone
within the Lower Cruse formation.

Other Developments

Morne Diablo Waterflood

The Company has recently presented its proposed waterflood program
to the Mininstry of Energy of Trinidad and state company Petrotrin. Written
approval is expected to be received in the coming weeks at which point the
Company will immediately commence field development in line with the work
program.

South Quarry

The Company is on track to commence further development of the
South Quarry field consisting of 4 recently approved well locations, with the
mobilisation of the drilling Rig 6 and auxiliary equipment expected this
quarter. Previous drilling campaigns have yielded higher than average rates
and recoveries due to high geopressure in the area. Given the proximity to
established production, the South Quarry program has a high probability of
boosting production, while extending the producing trends and establishing
multiple locations for future drilling.

Beach Marcelle

With 75% (12.8 MMbbls) of Range's 1P proved undeveloped reserves
belonging to the Beach Marcelle waterflood project, the focus remains on
expediting the current simulation phase in parallel with moving a rig to site
to begin well integrity and workover operations. The Company is also looking
at deepening of up to 6 wells following the receipt of environmental approvals
earlier in the year.

Within the Beach Marcelle field, successful deepening of existing
well bores is expected to recover up to 90 Mbo per well at approximately
80bopd initial production, and at costs significantly lower than drilling and
completing new wells.

Range's waterflood program in the Beach Marcelle field builds upon
3 previously successful, but prematurely halted, waterflood programs performed
by Texaco in the 1950's. With modern reservoir and waterflood simulation
software available, it is expected that Range will sweep the remaining proven
reserves a lot more efficiently than the 3 original waterflood programs. The
program will also be targeting additional fault blocks within the Beach
Marcelle license, not yet previously waterflooded, yet comprising a portion of
the 12.8 MMbbls of 1P proved undeveloped reserves.

Farm-in with Niko Resources

Subsequent to quarter end, Range announced that it has reached an
agreement in principle with leading Canadian exploration and development
company, Niko Resources Ltd. ("Niko") (TSX:NKO) regarding the Guayaguayare
Block in Trinidad. As a result of the agreement, Range will increase its gross
acreage exposure in Trinidad by over 280,000 acres across both the shallow and
deep horizons with proven oil producing trends.

Niko currently holds shallow and deep Production Sharing Contracts
for 65% of the onshore portion and 80% of the offshore portion of the license
area with the Guayaguayare Block comprising 280,170 shallow acres and 293,999
deep acres. Trinidad's State Owned petroleum company, Petrotrin, holds the
remaining balance of the interests (35% onshore and 20% offshore).

According to the agreement in principle, Range will earn 50% of
Niko's existing interests in the deep and shallow rights covering both onshore
and offshore areas, with the consortium to drill two onshore wells: one
shallow onshore well to a maximum of 5,000 ft., and one deep onshore well to a
minimum of 5,000 ft. In the event of a discovery from either of the two
initial wells, the consortium with look to drill an initial appraisal well.
The first well is targeted to spud in early 2014.

Drilling rigs and personnel from Range's operating group in
Trinidad will be used to drill the initial three wells as mentioned above.

Range will fund the two onshore wells and the potential initial
appraisal well at its sole expense, and will split costs 50/50 with Niko in
the offshore well, and any other costs going forward. Under the agreement,
certain payments will be made to Niko upon achievement of commercial
production from any discoveries.

The agreement is subject to completion of final transaction
documents and government and regulatory approval, as well as approval by the
Range and Niko boards.

Strategic Partnership with a leading International Drilling and Oilfield
Services Provider

Range also announced that in anticipation of the increased activity
in Trinidad, the Company is in advanced discussions with a leading
International Drilling and Oilfield Services Provider, with a view to maximize
the development of current acreage and potential new licenses, through
bringing in additional rigs, infrastructure and manpower to Trinidad. The
partnership will complement the Company's existing drilling fleet of 6 rigs
and over 250 employees, as the Company looks to rapidly ramp up activities in
Trinidad through expansion and organic growth.

Puntland

Puntland Onshore

During the previous quarter, Range's JV partner and operator of its
Puntland Project, Horn Petroleum Corp (TSXV: HRN), has been 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. The focus of the Dharoor seismic program will be to
delineate new structural prospects for the upcoming drilling campaign.

Based on the encouragement provided by these two Shabeel wells, the
JV has 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.

Puntland Offshore

During the June 2012 quarter, Range entered into a conditional
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 agreement is subject to a formal Production Sharing Agreement
(PSA) being entered into and the receipt of all necessary regulatory
approvals.

Guatemala

During the previous quarter, 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 acquired a direct 10% equity stake in LAR
(subsequent to quarter end, increased to 20% direct equity stake in LAR).

The Projects consist of Block 1-2005 and Block 6-93 in the South
Peten Basin in Guatemala ("Guatemalan Blocks").

During the quarter, the Operator successfully drilled Atzam #4 well
to a target depth of 4,054 ft. with the Company announcing that it had
encountered significant initial oil and gas production of a 610 bopd average
rate over a 24 hour period from a perforated 7 foot section in the Upper C17
carbonates (2,846-2,853 ft.) in the well, without acid wash or reservoir
stimulation with a submersible pump.

The Atzam #4 well is continuing to produce good quality 38°API oil at 140 bopd
on a restricted 8/64ths choke, with the production rate to be significantly
increased once the current onsite tank storage capacity and transport
logistics are resolved through offtake contracts. Importantly this production
continues from natural reservoir pressures and without assistance from a
submersible pump, which is normally used for producing these carbonate
sections. The project owner and Operator Latin American Resources (LAR) is in
advanced negotiations with a number of oil companies on short term and long
term offtake contracts for the Atzam #4 oil production.

The Operator estimates this C 17 carbonate section would produce in
excess of 1,000 bopd on an open choke based on the flow rates recorded to date
on various choke sizes up to 32/64ths, together with the downhole and well
head pressure data from this zone. The optimal choke size and production rate
will be determined by the Operator and reserve engineers to maximize the flow
rate but protect the integrity of the producing reservoir section once onsite
storage capacity is resolved.

Updated Reserve Report on Atzam #4 well

An updated independent Atzam #4 well reserve report, resulting from
the successful well flow testing program and the recent production flow rates
of the well is expected shortly. The initial Atzam #4 independent reserve
report stated a 2.3m barrel Probable Reserve based on the drilling and logging
data from the well, and will be updated based on the production flow rates
together with the pressure and reservoir data from the recently completed
testing program from this Upper C17 production zone during June.

Atzam Carbonates and Tortugas Salt Dome Projects

The Company is currently finalizing operations planning with LAR
(Operator of Block 1-2005) to complete 2 well re-entries in conjunction with
potentially 6 new well locations on the Tortugas Salt Dome structure. The well
re-entries on two Tortugas wells, 63-4 and 63-5 are expected to produce
between 200-300 bopd each of high quality 34°API oil based on historical flow
rates and production. In the mid 80's, two wells flowed oil at initial rates
over 1,500 bopd, however were subsequently suspended.

The Tortugas Salt Dome structure is a suspended oil field, with
Monsanto having drilled 17 wells on the structure including wells for both
sulphur and oil. One of the wells (T9B) experienced an oil blowout at approx.
1,500 ft., with the majority of the other wells having oil shows in multiple
zones.

Increased Holding into LAR

Subsequent to quarter-end, Range increased its holding into the
Operating Company, LAR from 10% to 20%, giving a net attributable interest in
the Guatemalan Projects of 32%.

Georgia

During the quarter, the processing and interpretation of the 200km
2D seismic program carried out by the Geophysical Institute of Israel ("GII")
was completed and the process of incorporating these results into the Company
Geological model that encompass the whole license areas commenced.

Results of the Geological Model, which also includes the early data
from the Soviet period, along with the interpretation performed by RPS Energy
from the initial 2009 vibrosis survey, will enable the Company to confirm
potential drilling locations in Block VIb that were highlighted as prospective
from the initial survey in 2009, along with allowing the Company to update the
reserve and resource potential across the two license areas.

The Company is also looking at evaluating the shale gas / oil
potential that has been identified on approximately 3,000 km2 and has
commenced the geological mapping and modelling of this potential which is
expected to be finalised in Q4 2013.

A total of 810 2D seismic data exist on blocks VI a and VI b. In addition
there is a large amount of data from early geological surveys and obtained
from many wells drilled on the Blocks in Soviet times. In 2009 - 2010, Strait
Oil and Gas acquired 410 km of 2D and in 2012, 195 km of 2D. Geochemical,
surface geological and remote sensing surveys have been performed on these
Blocks with multiple drilling targets having been identified from the
interpretation of these surveys.

Coal Bed Methane Joint Venture

The Company and its Joint Venture Partners, together with the
Georgian Industrial Group (GIG), continued with the feasibility and technical
studies on the CBM project, initially targeting a three to four well pilot
project targeting coal bed methane gas. During the quarter site planning for
the CBM project was finalized with all plans and locations of the site
assessed, mapped and initial well program agreed with GIG. Initial geological
reports together with an economic model have been submitted to the Georgian
Government for approval.

Subject to Government approvals, implementation of the Project is
being scheduled for the beginning of Q4 2013. It has been proposed to drill
three to four wells initially and connect the obtained gas to the local
pipeline infrastructure.

Joint Venture Discussions

Range and its partners have also received farm in / joint venture
interest from a number of parties with respect to both the conventional and
unconventional opportunities across the two licenses with the Company in
advanced negotiations with one of these parties. Further updates will be
provided as the Company enters into more formal agreements.

Texas

The Company is on track to complete the sale of the Company's Texan
interest with a total cash consideration of US$30m (US$25m payable at closing
plus $US5m in royalty production payments to be received from future
production). All key completion requirements have been concluded with
finalization and cash settlement expected shortly.

Colombia

During the quarter, the consulta previa process continued 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 in Q3 2013. Initial G&G
evaluation of the blocks shows 15 potential leads, with potential upside to be
imaged in greater detail with high resolution 3D seismic surveys. PUT- 6 and 7
blocks' acreage lies to the north of large proven reserves across border in
Ecuador, with production in excess of 30,000 BOPD. The blocks are surrounded
by successful producing fields (Ecopetrol, Gran Tierra, Suroco). Typical well
productivity in the Putamayo basin ranges from 1,000 to 2,000 BOPD, with oil
in producing wells being light - typically 23 API on average.

Range and the operator have received farm in interest from a number
of parties, and will be considering different potential options during the
merger process with regards to how best to finance the upcoming 350km2 of 3D
seismic program.

Corporate

Proposed Merger with International Petroleum

During the quarter, the Company announced its proposal to undertake
a strategic merger with International Petroleum Limited (NSX: IOP) to create a
leading ASX and AIM listed oil and gas Company with a strong production growth
profile from the on-going development of its significant reserves and
resources base. International Petroleum holds highly prospective assets in
Russia, Kazakhstan, and Niger with total 3P Reserves of 233 mmbbls of oil and
best net estimate prospective resources of 367 mmbbls of oil and 61 Bcf of
gas.

Range and International have excellent project and management
synergies, with advanced oil & gas projects across Eastern Europe, the
Caribbean, Central Asia, Latin America and Africa. The merger will build a
stronger, more robust company with greater financial and technical resources,
with a particular focus on applying its onshore exploration and development
expertise to growing production from its pipeline of projects.

The proposed merger would also be made on the basis Mr Chris
Hopkinson would be appointed as a Managing Director of the merged entity. Mr
Hopkinson has immense technical and operational experience which will drive
the merged company's production growth in the short and medium term. Mr
Hopkinson is currently CEO of International Petroleum and has over 23 years'
experience in the oil and gas industry, including senior management positions
with BG Group, TNKâ€BP, Yukos, Imperial Energy Corporation PLC, and Lukoil.

Mr Hopkinson and his strong technical team would complement Range's
existing team in Trinidad, to deliver the Company's aggressive production
growth plans in Trinidad, as well as developing and extracting the full
potential of the other highly prospective projects within Range's and IOP's
portfolios.

Subsequent to quarter end, the Company has been informed that
International Petroleum is in negotiations with a third party relating to the
potential sale of its Russian assets for cash consideration, which Range
understands is expected to be between US$120 - 150 million.

In the course of discussions and due diligence in connection with
the proposed merger of the two companies, Range remains committed in principle
to pursue a merger transaction pending final confirmation of the sale terms.

The proposed asset sale would provide the merged entity with a
solid financial position and balance sheet that will allow the combined group
to advance and develop its production and highly prospective exploration
projects, including Range's core, largeâ€scale production operations in
Trinidad, where the Company has significantly expanded its footprint through a
farmâ€in with Niko Resources.

In conjunction with the merger processes, a technical team from
International has visited the Company's Trinidad and Colombian assets in the
course of the last quarter, having spent over a week in Trinidad with Range's
key technical and management team. The International team has reviewed the
operations and various strategies in fast tracking development of both the
conventional and waterflood programs.

Funding Facility

Subsequent to quarter end, the Company announced that the
previously announced US$35m reserve based debt financing through Meridian SEZC
has been increased to staged amounts of up to US$100m. The Company will
announce the initial draw down on its facility anticipated shortly. As an
interim measure, an initial £3m was drawn down as a convertible financing.


           Appendix 5B Summary - Consolidated Statement of Cashflow

                                              Current Year to date
                                              Quarter  (12 months)
Cash flows related to operating                $A'000       $A'000
activities
 
Receipts from product sales and related
debtors                                         5,641       27,165
Payments for:
 
(a) exploration & evaluation                  (4,527)     (20,860)
 
(b) development                               (3,584)     (13,212)
 
(c) production                                (3,579)     (14,862)
 
(d) administration                            (1,298)      (7,037)
 
Dividends received                                  -            -
 
Interest and other items of a similar
nature received                                     2           42
 
Interest and other costs of finance
paid                                           (2,242      (3,520)
 
Taxes paid                                      (334)      (4,942)
 
Other (provide details if material)                 -            -
 
               Net Operating Cash Flows       (9,921)     (37,226)
 
Cash flows related to investing
activities
 
Payment for purchases of:
 
(a) prospects                                       -            -
 
(b) equity investments                          (139)      (1,740)
 
(c) other fixed assets                              -            -
 
Proceeds from sale of:
 
(a) prospects                                       -            -
 
(b) equity investments                              -        2,691
 
(c) other fixed assets                              -            -
 
Loans to other entities                       (7,350)      (7,350)
 
Loans repaid by other entities                  1,831        3,857
 
Other - net cash acquired on
acquisition of subsidiary                           -            -
 
               Net investing cash flows       (5,658)      (2,542)
 
     Total operating and investing cash
                                  flows      (15,579)     (39,768)
 
Cash flows related to financing
activities
 
Proceeds from issues of shares,
options, etc.                                  13,585       21,726
 
Proceeds from sale of forfeited shares              -            -
 
Proceeds from borrowings                        4,640       21,327
 
Repayment of borrowings                       (3,349)      (8,615)
 
Dividends paid                                      -            -
 
Other (provide details if material)                 -            -
 
               Net financing cash flows        14,876       34,438
 
   Net increase (decrease) in cash held         (703)      (5,330)
 
Cash at beginning of quarter/year to
date                                            5,750       10,461
 
Exchange rate adjustments to item 1.20             48         (36)
 
CASH AT END OF QUARTER                          5,095        5,095


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 Broker)    Old Park Lane Capital (Joint Broker)
Daniel Fox-Davies / Richard Hail             Michael Parnes
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 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 MMbbl of oil
and 17 MMbbl 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 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.

All figures in       Gross Oil      Range's   Net Attributable
MMboe                Reserves
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
Guatemala           **  2.3**    **      32%     ** 0.74**   ** Latin American
                                                                Resources
Total Oil &       34.9   47.0  63.8            19.9   21.3 28.9
Liquids
Gas Reserves
Texas - NCR *    106.0  162.7   228   20-25%   11.7   18.1 25.4 Western Gulf
Total Gas        106.0  162.7   228            11.7   18.1 25.4
Reserves
* 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.

** 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.

All figures in MMboe  Gross Oil Reserves  Range's    Net Attributable
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 -  -   Petro
                                                               5.8      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.

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 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.

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.

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.