Range Proposes to Undertake Strategic Merger

24 April 2013


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


By e-lodgement

         RANGE RESOURCES PROPOSES TO UNDERTAKE STRATEGIC MERGER WITH
                           INTERNATIONAL PETROLEUM

Highlights:

- Range proposes to merge with International Petroleum on a ratio
  of three Range ordinary shares for every two International Petroleum ordinary
  shares (3:2 basis) subject to various conditions, including final due
  diligence and regulatory approvals;

- Based on Range's current share price (on the AIM market), this
  values International Petroleum at approximately A$105 million;

- International Petroleum holds highly prospective assets in
  Russia, Kazakhstan, and Niger with total 3P Reserves of 233 mmbbls of oil and
  best estimate prospective resources of 761 mmbbls of oil and 157 Bcf of gas;

- The merger will create a leading ASX & AIM listed oil and gas
  company with a strong production growth profile from the ongoing development
  of its significant reserves and resources base. The key near term focus of the
  merged entity will be the expansion and development of the projects in
  Trinidad, Russia and onshore Africa;

- The merged entity would hold estimated 1P, 2P and 3P reserves of
  23.6 mmbbls, 100 mmbbls and 264 mmbbls of oil respectively, and best estimate
  prospective resources of 802 mmbbls of oil and 156 Bcf of gas;

- Combined current production for the merged entity would be
  approximately 1,000 bopde, with a target of increasing production to 10,000
  bopde from conventional operations and an additional 3,000 bopde from
  unconventional operations by the end of 2015;

- The company will be looking to appoint Mr Chris Hopkinson as a
  Managing Director of the merged entity. 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, TNK-BP, Yukos,
  Imperial Energy Corporation PLC, and Lukoil;

- Subject to further considerations, the merger will be undertaken
  by way of either an off-market takeover offer by Range to International
  Petroleum shareholders or a proposed scheme of arrangement under Australian
  laws;

- The board of International Petroleum have unanimously agreed to
  recommend the proposed merger in the absence of a superior proposal; and

- Range has received commitments to a A$20 million placement to
  major funds and institutions and agreed to provide US$15 million to
  International Petroleum Limited by way of a secured loan over International
  Petroleum's Russian assets.

Range Resources Limited ("Range" or "the Company") is pleased to
announce its intention to undertake a strategic merger with International
Petroleum Limited ("International Petroleum"), a company listed on the
National Stock Exchange ("NSX") in Australia.

Key assets for the merged entity will include:

TRINIDAD

Range Resources holds 100% in three onshore production licenses and
fully operational drilling subsidiary in Trinidad. Current, independently
assessed proved (1P) reserves in place of 17.5 MMbls, and proved, probable and
possible (3P) reserves of 25.2 MMbls and an additional 40.5 MMbls of unrisked
best estimate prospective resources. Current production across the fields
stands at circa 800 bopd, with a number of activities currently underway
(utilising Range's own drilling and workover equipment) aimed at increasing
conventional production to 6,000 bopd in 2015 along with 3,000 bopd from the
Company's waterflood projects.

RUSSIA

International Petroleum holds interests in five projects in Russia,
namely the Kransnoleninsky Project (75%), Yuzhno-Sardakovsky Project (100%),
Zapadno-Novomolodezhny Project (100%), Yanchinsky Project (100%) and Druzhny
Project (75%).

In the period from August 2012 to December 2012, International
Petroleum produced 25,000 barrels of oil from well number 52 at the Zapadno -
Novomolodezhny Project at an average flow rate of 197 bopd, which is projected
to increase to 300 bopd with a planned pump upgrade this quarter.

Following the planned completion of 16 km of pipeline during Q4
2013 / Q1 2014, an additional 10 wells are proposed to be put into production,
which are projected to increase production by a further 4,000 bopd. An
additional 20 well targets have been mapped, providing excellent potential to
further increase production.

NIGER

In December 2012, International Petroleum was awarded Production
Sharing Contracts ("PSC") over four highly prospective licenses in the south
east of Niger: Manga 1, Manga 2, Aborak and Ténéré Ouest, covering a combined
area of over 70,000 km2.

The Blocks are located in the highly sought-after West African Rift
Subsystem, which is a component of the Western Central African Rift System and
include parts of the Termit and N'Dgel Edgi rift basins. Recently increased
activities by a range of international organisations have highlighted the
significant untapped potential of this vastly underexplored region.

Further details on the assets of International Petroleum and Range
are set out in the Appendix.

Peter Landau, Executive Director of Range Resources, commented:

"Range Resources and International Petroleum have excellent project
and management synergies, with advanced oil & gas projects across Eastern
Europe, Trinidad, Central Asia, Latin America and Africa. The merged entity
will have solid oil and gas production that is targeted to increase
substantially, backed by a considerable reserve and resource base. The
proposed Managing Director, Mr Chris Hopkinson has immense technical and
operational experience which will drive the merged company's production growth
in the short and medium term.

International Petroleum's production assets in Russia will
complement our own core Trinidad assets in building a very significant
production base to grow from. International Petroleum's recently acquired
assets in the African nation of Niger will also be a strong exploration upside
fit with our own portfolio of large potential onshore projects.

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. We will be able to share people and technical resources
in order to maximise returns for our shareholders. Range will also provide
International Petroleum shareholders with greater liquidity by our dual
listings on the Australian Stock Exchange and AIM market in London. We feel
confident that our respective shareholders will be excited by the value
creating opportunities that will be generated through this transaction."

PRINCIPAL TERMS OF THE TRANSACTION

Range has conditionally agreed with the Board of Directors of
International Petroleum to merge with International Petroleum utilising a
ratio of three (3) RRS ordinary shares for every two (2) IOP ordinary shares
(3:2 basis). The merger would be undertaken by way of Range acquiring all the
issued capital of International Petroleum. Subject to various conditions, this
would be done through either an off-market scrip takeover offer to
International Petroleum shareholders or a proposed scheme of arrangement to be
voted on by International Petroleum shareholders.

The International Petroleum board have agreed to support and
recommend the Range proposal in the absence of a superior proposal.

The merger places a value of approximately A$105 million on
International Petroleum.

CONDITIONS OF MERGER

The merger proposal is intended to be made subject to the following
conditions:

a. If undertaken by way of an off-market takeover bid, minimum
   acceptance by International Petroleum shareholders of 51% or if undertaken by
   way of scheme of arrangement, the necessary approval from International
   Petroleum shareholders at an Extraordinary General meeting;

b. Confirmatory due diligence by Range on International Petroleum
   and its assets;

c. An acceptable Relationship Agreement being entered into with Mr
   Frank Timis, a director and the major shareholder in International Petroleum,
   with a current 37.7pc shareholding via Safeguard Management Limited. As a
   result of the proposed merger, Mr Timis would ordinarily end up with a
   shareholding of approximately 14% in the enlarged Range. The Relationship
   Agreement with Mr Timis will be entered into pursuant to which (i) Mr Timis's
   shareholding in Range at the time of completion of the proposed merger
   transaction will be below 10% through a sell down or other arrangement, and
   (ii) Mr Timis will not seek to appoint any directors to the board of Range or
   otherwise influence or become involved in the management of Range. The precise
   terms of such Relationship Agreement are yet to be agreed but will be
   disclosed in the proposed takeover or scheme documentation.

d. All necessary consents and approvals for the Transaction (if
   any) including any regulatory approvals;

e. Range maintaining its ASX and AIM listings; and

f. Range completing a capital raising of A$20 million at A$0.059
   (GB£0.04) and providing US$15 million to International Petroleum Limited by
   way of a secured loan over the Russian assets (see below).

PROPOSED BOARD STRUCTURE

The proposed merger would also be made on the basis that two
directors from International Petroleum, Mr (Simon) Christopher Hopkinson and
Mr Pierre Godec, would be invited to join the Range board on completion of the
merger. The composition of the board of the new entity would then comprise:

i.   Sir Sam Jonah (current Range Non-Executive Chairman)

ii.  Chris Hopkinson (current International Petroleum Director and
     proposed Managing Director)

iii. Peter Landau (current Range Executive Director)

iv.  Anthony Eastman (current Range Finance Director)

vi.  Pierre Godec (current International Petroleum Non-Executive
     Director);

vii. Marcus Edwards Jones (current Range Non-Executive Director)

The proposed Managing Director appointee, Mr Chris Hopkinson is a
Petroleum Engineer with over 23 years' experience in the oil and gas industry.
He is currently CEO and Executive Director of International Petroleum and
previously worked for BG Group where he was Senior Vice President of North
Africa. Before that, Mr Hopkinson spent eight years working in Russia, four of
which as CEO of Imperial Energy Corporation PLC, which was originally listed
on AIM but moved up to the London Stock Exchange main board and entered the
FTSE 250 index, and in senior management positions for TNK-BP, Yukos and
Lukoil. Mr Hopkinson started his career with Shell working in various
locations worldwide.

The proposed Non-Executive Director appointee, Mr Pierre Godec, has
40 years' experience in the international oil industry. He spent 32 years with
Groupe Elf Aquitaine (`Elf'), having held senior positions at Elf in the UK,
Russia, France, USA, Canada, Kazakhstan, Nigeria and Norway. Between 2000 and
2004, Mr Godec worked as an independent international consultant with
companies such as McKinsey, Accenture and Northern Oil. He was a Non-Executive
Director of Imperial Energy Corporation plc from July 2004 until its
acquisition by ONGC Videsh Limited in January 2009. Currently, Mr Godec is a
director of Petrolia E&P Holdings plc and Petroresources Ltd, which are both
energy companies controlled by the Larsen Group, and he is President of the
French Trade Board in Cyprus. He is a Chevalier de la Legion d'Honneur,
Chevalier de l'Ordre National du Merite, and a Fellow of the Energy Institute
in London.

The appointments of Mr Hopkinson and Mr Godec to the Range board
would also be subject to due diligence checks and on the agreement of
acceptable service contracts. Details of such service contracts are expected
to be agreed and disclosed in the proposed takeover or scheme documentation.

PLACEMENT

The Company has received commitments from a number of institutional
investors to raise approximately A$20 million through the issue of 338.983m
Range ordinary shares at an issue price of £0.04 per share (A$0.059) along
with an attaching unlisted warrant for every two shares subscribed for (£0.04,
30 April 2016) with the warrants subject to shareholder approval. Application
will be made for the Placement shares to be admitted for trading on the ASX
and AIM markets, with trading in the Placement shares to commence on AIM on or
around 29 April 2013.

Funds raised through the Placement will be used to fund a secured
loan to International Petroleum (see below) and for operational and working
capital requirements.

With respect to the placement, the Company provides the following
information under ASX Listing Rule 3.10.5A:

a) A total of 235,762,761 shares are to be issued pursuant to
   Listing Rule 7.1A - representing 8.26% of the post placement capital;

b) The Company considered the placement as the most efficient and
   expedient method for raising the funds required given that it was a condition
   of moving forward with the International Petroleum deal whilst at the same
   time introducing further institutional support to the share register;

c) The placement was not underwritten; and

d) A 6% fee along with 6% unlisted options (£0.04p, 30 April 2016)
   is payable on the placement.

ADVANCE OF FUNDS TO IOP

Range has agreed to advance a total of US$15 million to
International Petroleum by way of a secured loan in the coming days.
International Petroleum will use these monies to repay debt and meeting
working capital requirements. Security will be provided over International
Petroleum's Russian assets.

The loan will bear a coupon interest rate of 8% per annum and in
the event that the proposed merger is not completed, will be repayable within
12 months.

EFFECT ON THE CAPITAL AND SHAREHOLDER STRUCTURE OF RANGE

The pro forma capital structure of Range after the proposed merger is as
follows:

                                                     Number of Shares  Percentage

Existing International Petroleum Shares on Issue       1,176,262,031

Existing Range Shares on Issue -                       2,924,900,578      62.4%
post $20m placement(see above)

New Range Shares to be issued to                       1,764,393,047      37.6%
International Petroleum shareholders (on 3:2 basis)

Total Range Shares on issue post transaction           4,689,293,625      100%


INDICATIVE TIMING OF FORMAL TAKEOVER BID OR SCHEME PROPOSAL

Range anticipates that it will be in a position to provide details of the
structure of the merger proposal (i.e. takeover bid or proposed scheme of
arrangement) together with an agreed takeover bid or merger implementation
agreement within approximately four weeks. This would contain an agreed target
timetable for the merger transaction. The preparation of the formal bid or
scheme documentation would then be finalized as quickly as practicable for
sending to International Petroleum shareholders.

EFFECT ON THE EARNINGS AND FINANCIAL POSTION OF RANGE

For the year ended 31 December 2012, International Petroleum
generated revenue of US$0.1 million and a loss before income tax of
approximately US$9.8 million. This compares with Range's full year revenue of
approximately US$31 million and loss before tax of approximately US$12 million
for the year ended 30 June 2012.

As at 31 December 2012, International Petroleum has net assets of
approximately US$123 million and total borrowings of around US$30 million.
This compares to Range's net assets of approximately US$161 million and total
borrowings of approximately US$11 million at 31 December 2012.

RESUMPTION OF TRADING IN RANGE SHARES

Trading in Range shares on both the ASX and AIM markets is expected
to resume after release of this announcement.

PROJECT UPDATE

Range will look to provide updates in the coming days with respect
to Trinidad operations, drawdown on the production financing facility and
completion of the sale of the Company's Texas interests.


Yours faithfully

Peter Landau
Executive Director

Contacts

Range Resources Limited
Peter Landau
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                      GMP Securities Europe LLP (Joint Broker)
Daniel Fox-Davies / Richard Hail                James Pope
Tel: [phone]                       Tel: [phone]

PPR (Australia) - Public Relations
David Tasker
Tel: [phone]
Em: [e-mail]


APPENDIX

All figures in MMboe                         Gross Oil Reserves  Range/      Net Attributable
                                                                 IOP's
Project                                     1P     2P     3P     Interest 1P       2P       3P
Oil & NGL
RANGE
Texas - NCR                                  16.4   25.2   35.3   20-25%  2.2      3.4      4.8
Texas - ETCV                                 1.0    1.6    3.3      22%   0.2      0.3      0.6
Trinidad                                     17.5   20.2   25.2    100%   17.5    20.2     25.2
Guatemala                                     **   2.3**    **    21-24%   **  0.48-0.55**  **
TOTAL RANGE                                  34.9   47.0   63.8           19.9    23.9     30.6

INTERNATIONAL PETROLEUM
Russia - Krasnoleninsky
                 Vostochno / Kamskoye Field  0.1    5.3    61.5    75%    0.1      4.0     46.1
                 Yanglotskoye Field          1.2    4.7    34.8    75%    0.9      3.5     26.1
Russia - Yuzhno-Sardakovsky                  0.4    56.7   97.7    100%   0.4     56.7     97.7
Russia - Zapadno-Novomolodezhny              2.3    11.9   63.6    100%   2.3     11.9     63.6
Russia - Druzhny                             0.0    0.0    0.0     75%    0.0      0.0      0.0
Kazakhstan - Alakol                          0.0    0.0    0.0     50%    0.0      0.0      0.0
TOTAL INTERNATIONAL PETROLEUM                4.0    78.6  257.6           3.7     76.1     233.5
                 
Total Oil & Liquids                          38.9  125.6  321.4           23.6    100.0    264.1
Gas Reserves
Texas - NCR                                 106.0  162.7  228.0   20-25%  11.7    18.1     25.4
TOTAL RANGE                                 106.0  162.7  228.0           11.7    18.1     25.4
 
INTERNATIONAL PETROLEUM
                                             0.0    0.0    0.0            0.0      0.0      0.0
TOTAL INTERNATIONAL PETROLEUM                0.0    0.0    0.0            0.0      0.0      0.0
                 
Total Gas Reserves                          106.0  162.7  228.0           11.7    18.1     25.4

Figure 1- Combined Range and International Petroleum Oil and Gas Reserves


INTERNATIONAL PETROLEUM ASSETS OVERVIEW

RUSSIA

Kransnoleninsky Project: 75% equity interest in the exploration
rights over four blocks, covering a total area of 1,467 km², located in the
Khanty-Mansiysk Autonomous Region (the largest oil-producing region of Russia)
in Western Siberia. During 2011, the Company drilled two exploration wells in
the Krasnoleninsky Project and discovered commercial quantities of oil in both
wells and registered these two oil fields as the Vostochno-Kamskoye field and
the Yanlotskoye field.

Yuzhno-Sardakovsky Project: 100% equity interest in a licence over
the Yuzhno-Sardakovsky field for geological study of subsoil, prospecting and
extraction of oil and gas in the Khanty-Mansiysk Autonomous Region in Western
Siberia.

Zapadno-Novomolodezhny Project: 100% equity interest in a licence
over the Zapadno-Novomolodezhny field for geological study of subsoil,
prospecting and extraction of oil and gas in the Khanty-Mansiysk Autonomous
Region in Western Siberia.

Druzhny Project ("Tomsk Exploration Licence"): 75% equity interest
in an exploration licence in the Tomsk region of Western Siberia.

KAZAKHSTAN

Alakol Project: 50% interest in an early stage project covering
24,649 km² in eastern Kazakhstan, which borders the western boundary of the
People's Republic of China.

NIGER

In December 2012, International Petroleum was awarded Production
Sharing Contracts ("PSC") over four highly prospective licences in the south
east of Niger - the Manga 1: 12,900 km2, Manga 2: 11,490 km2, Aborak: 24,640
km2 and Ténéré Ouest: 21,920 km2.

The Blocks are located in the West African Rift Subsystem, which is
a component of the Western Central African Rift System and include parts of
the Termit and N'Dgel Edgi rift basins. These rift basins contain continental
to marine early Cretaceous to recent clastic sediments.

The four blocks are adjacent to the blocks known as Agadem and
Ténéré, which are owned and operated by China National Petroleum Corporation
("CNPC"). The Agadem License (CNPC 100%) is estimated to contain over 650
mmbbls of discovered recoverable oil and 350 bcf of gas.

On 28 November 2011, phase one of the Agadem upstream and
downstream integrated project was completed by CNPC and became operational. It
includes a one million tonnes per year oilfield, the one million tonnes per
year Zinder Refinery and a 462.5 km oil pipeline, which connects the oilfield
to the Zinder Refinery.

As can be seen from the map below - the oil pipeline to the Zinder
Refinery crosses the Aborak block and any commercial discovery on the four
blocks has the potential (subject to negotiations) to be tied in to this
pipeline and then transported to the Zinder Refinery.

The Zinder Refinery produces petroleum, diesel, fuel oil, and LPG,
which will be first supplied to the domestic market of Niger and then exported
to surrounding countries. The Ténéré Block covers the northern portion of the
Termit-Ténéré Rift Basin in eastern Niger.

The Termit-Ténéré Rift Basin is one arm of a series of rift
basins that extend across northâ€central Africa. Similar basins in Libya,
Chad and Sudan are currently in oil production. The southern half of the
Termit-Ténéré Rift falls mainly into the Agadem Block, where CNPC has made a
series of oil and gas discoveries.

In August 2012, United Hydrocarbon International Corp. ("UHIC"), a
privately held oil and gas company announced the acquisition of a Production
Sharing Contract (the "Contract") in the Republic of Chad. The Contract
includes 5.3 million acres across four blocks, including the Lake Chad block,
which includes the southern tip of the Termitâ€Ténéré Rift Basin in Chad,
with one of UHIC's blocks (Lake Chad Block) being across the border to the
south east from International Petroleum's Magna 1 block. UHIC recently
completed a financing of C$102M to complete the acquisition of the Contract
and for working capital to plan and commence operations on the acquired
blocks.

In October 2012, Brandenburg Energy Corp ("BEC") announced it had
entered into an MOU with a syndicate led by Labana Petroleum Ltd. (Nigeria)
which had previously been awarded PSC's over four oil and gas blocks. BEC is
looking to acquire a 60% interest by assuming 100% of the PSC program costs
and carrying the PSC holder through to at least the first well and or in
conformity with required government approvals.

The recently announced activity referred to above in the area shows
the heightened interest in the region.

RANGE RESOURCES ASSETS OVERVIEW

TRINIDAD

In Trinidad Range holds a 100% interest in holding companies with
three onshore production licenses and fully operational drilling subsidiary.
Independently assessed Proved (P1) reserves in place of 17.5 MMbls with 25.2
MMbls of proved, probable and possible (3P) reserves and an additional 81
MMbls of unrisked best estimate prospective resources.

PUNTLAND - SOMALIA

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.

GEORGIA

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 best estimate 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.

TEXAS

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.

COLOMBIA

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.

GUATEMALA

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  Range's    Net Attributable
MMboe
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**   **    21-24%   **  0.48-0.55**  **  Latin American
                                                                          Resources
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.

** 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 (on an unrisked
basis).

All figures in       Gross Oil Resources  Range's    Net Attributable
MMboe
Project              Low     Best   High  Interest  Low     Best    High    Operator
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 for Range Resources Limited 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.

Reserves & Resources associated with International Petroleum's
Assets (as announced by International Petroleum)

The reserves and prospective resources estimates for International
Petroleum Limited which were presented in the DeGolyer and MacNaughton report
have been prepared in accordance with the Petroleum Resources Management
System ("PRMS") approved in March 2007 by the Society of Petroleum Engineers,
the World Petroleum Council, the American Association of Petroleum Geologists,
and the Society of Petroleum Evaluation Engineers.

"Reserves" as reported by D&M are defined as those quantities of
petroleum anticipated to be commercially recoverable by application of
development projects to known accumulations from a given date forward under
defined conditions.

"Prospective resources" as reported by D&M are defined as those
quantities of petroleum estimated, as of a given date, to be potentially
recoverable from undiscovered accumulations by application of future
development projects.

Low, Best and High estimates means there is a 90%, 50% and 10%
chance, respectively, that an estimated quantity of resources volume will be
equalled or exceeded assuming a discovery has been made (success case).

There is no certainty that any portion of the prospective resources
estimated by D&M on behalf of the Company will be discovered. If discovered,
there is no certainty that it will be commercially viable to produce any
portion of the prospective resources evaluated.

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 undiscoveredaccumulations 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.