Range Proven (P1) Texas Reserves Up 67%

8 October 2010


Company Announcements
Australian Securities Exchange
Exchange Plaza
2 The Esplanade
PERTH WA 6000


By E-lodgement

                    RANGE PROVEN (P1) TEXAS RESERVES UP 67%                    

Highlights:

  * Updated reserves report from Independent Petroleum Engineers Lonquist and
    Co., LLC for the North Chapman Field in Nueces County, Texas;
   
  * Range's attributable commercially recoverable reserves increase of 67% on
    proved (P1) to 12.7 Bcf (natural gas) and 1.9 Mmbbls (oil and natural gas
    liquids) received;
   
  * Total commercially recoverable reserves (P1, P2, P3) attributable to Range
    of 48.1 Bcf (natural gas) and 7.2 Mmbbls (oil and natural gas liquids);
   
  * Independent (PV10) DCF Valuation of Range's net interest of US$248m; and
   
  * East Texas Cotton Valley Prospect to be spudded later this month.
   
North Chapman Ranch

Range Resources Limited ("Range" or "the Company") is pleased to announce that
it has a revised reserve report on the North Chapman Ranch field in Nueces
County, Texas, following the successful drilling and completion of the
Russell-Bevly #1 appraisal well earlier this year. As previously reported, the
Russell-Bevly well confirmed the Company's structural and stratigraphic models
and established additional Proved oil and gas reserves across the northwest
flank of the closure.

The well averaged 1.3 MMcfd and 104 Bopd during the month of September from
just 11 ft. of perforations in one of four identified pay zones totalling
roughly 130 ft in thickness. Early October results have already increased to
approximately 1.8 Mcf and 140 Bopd over the same zone following the increase of
well head pressure.

After integration of data obtained from the Russell-Bevly #1, and as shown in
the tables below, oil, natural gas, and natural gas liquids reserves net to the
Company's interest, as certified by Lonquist & Co LLC ("Lonquist"), the
Company's reserve auditor are detailed below.

Lonquist's independent reserves report has estimated the following gross
commercially recoverable reserves from the North Chapman Ranch Field:

Category                   Natural Gas  Oil (Mmbbls)   Natural Gas 
                              (Bcf)                    Liquids (M  
                                                         mbbls)    
                                                                   
Proved (P1)                   62.4           4.8           4.5     
                                                                   
Probable (P2)                 34.6           2.7           2.5     
                                                                   
Possible (P3)                 142.5         10.9          10.3     
                                                                   
Total Reserves                239.5         18.4          17.3     

Set out below is Range's attributable interest in the gross recoverable
reserves on 25% of the Smith #1 well and on 20% of the remaining wells assuming
the exercise of certain clawback provisions by joint venture partners occurs
following the success of the Smith #1 and Russell-Bevly wells:

Category                   Natural Gas  Oil (Mmbbls)   Natural Gas 
                              (Bcf)                    Liquids (M  
                                                         mbbls)    
                                                                   
Proved (P1)                   12.7           1.0           0.9     
                                                                   
Probable (P2)                  6.9           0.5           0.5     
                                                                   
Possible (P3)                 28.5           2.2           2.1     
                                                                   
Total Reserves                48.1           3.7           3.5     

Based on the reserve numbers cited above, Lonquist's estimated net undiscounted
cash flow value to Range, along with PW10 discounted cash flow (at a 10%
discount rate) using the same commodity price deck as used in the May 2010
report, following reductions for royalties, opex, capex, production taxes etc
are as follows:

Reserve Category                                    Undiscounted     PW10  
                                                         US$          US$       
                                                                      
                                                                              
Proved (P1)                                             100m          69m     
                                                                              
Probable (P2)                                            60m          37m     
                                                                              
Possible (P3)                                           252m          142m    
                                                                              
Estimated Future Cashflow (Range's net interest)        $412m        $248m    

Changes to reserve estimates at North Chapman Ranch include a significant
movement of Probable Reserves into the Proved category, as well as new reserves
established by the Russell-Bevly #1.

Plans for the next well at North Chapman Ranch are currently being finalised
with Range and its joint venture partners.

East Texas Cotton Valley Prospect

Approaching another milestone in its international exploration and development
program, the first horizontal well (Range holds 13.56% interest) in the East
Clarksville oil field will be spudded later this month. The Ross 3H horizontal
well will be drilled to 8,200 ft (2,500m). measured depth, with a horizontal
section approximately 2,500 ft (762m) in length. The well will test the Cotton
Valley formation and offset the Morris 2H well that previously found good
quality oil and reservoir rock approximately 500 ft (152m) to the west. If
successful, the Ross 3H could trigger an oil development drilling program of
20-25 wells, with estimated recoveries of between 200,000 - 300,000 Bbls per
well. The Ross 3H is expected to cost $US 2.8MM to drill and complete, or $US
380,000, net to Range's 13.56% working interest.

Commenting on the recent and upcoming events in Texas, Range's Executive
Director Peter Landau said, "As expected, the Russell Bevly #1 well has added
new reserves, production and cash flow to the Company's portfolio, while
helping to calibrate our development plans for the North Chapman Ranch field
going forward. Similarly, we are confident that the Ross 3H well will not only
add additional crude oil to Range's growing reserve base, but will give us
valuable experience in the area of horizontal drilling applications for future
upstream projects."


For and on behalf of the Board

Regards

Peter Landau
Executive Director


Contacts

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

Australia                                     London
PPR                                           Conduit PR
David Tasker                                  Jonathan Charles
Tel: [phone]                        Tel: + 44 (0) 20 7429 6611
Em: [e-mail]                   Em: [e-mail]

RFC Corporate Finance (Nominated Advisor)     Old Park Lane Capital (Broker)
Stuart Laing                                  Forbes Cutler
Tel: [phone]                        Tel: [phone]


Range Background

Range Resources is a dual listed (ASX: RRS; AIM: RRL) oil & gas exploration
company with oil & gas interests in the frontier state of Puntland, Somalia,
the Republic of Georgia and Texas, USA.

  * Range holds a 25% interest in the initial Smith #1 well and 20% interest in
    further wells on the North Chapman Ranch project, Texas. The project area
    encompasses approximately 1,680 acres in one of the most prolific oil and
    gas producing trends in the State of Texas. Drilling of the first well has
    resulted in a commercial discovery with independently assessed gross
    recoverable reserves in place of 215 Bcf of natural gas, 16 mmbbls of oil
    and 15 mmbbls of natural gas liquids.
   
  * Range holds a 13.56% interest in the East Texas Cotton Valley Prospect in
    Red River County, Texas, USA, with the prospect's project area encompasses
    approximately 1,570 acres encompassing a recent oil discovery.
    Independently assessed gross recoverable reserves in place of 5.4 Mmbbls of
    oil.
   
  * In Puntland, Range holds a 20% working interest in two licences
    encompassing the highly prospective Dharoor and Nugaal valleys with plans
    to drill two wells (TSXV:AOI) - 55% Operator, in 2010.
   
  * In the Republic of Georgia, Range holds a 50% farm-in interest in onshore
    blocks VIa and VIb, covering approx. 7,000sq.km. Currently, Range has
    recently completed a 410km 2D seismic program.
   
  * In Trinidad Range has entered into a HOA to acquire a 10% interest in
    holding companies with three onshore production licenses. Independently
    assessed gross recoverable P2 reserves in place of 4.8MMbls.
   
The reserves estimate for the North Chapman Ranch Project and East Texas Cotton
Valley has been formulated by Lonquist & Co LLC who are Petroleum Consultants
based in the United States with offices in Houston and Austin. Lonquist
provides specific engineering services to the oil and gas exploration and
production industry, and consults on all aspects of petroleum geology and
engineering for both domestic and international projects and companies.
Lonquist & Co LLC have consented in writing to the reference to them in this
announcement and to the estimates of oil, natural gas and natural gas liquids
provided. These estimates were formulated in accordance with the guidelines of
the Society of Petroleum Engineers ("SPE"). The SPE Reserve definitions can be
found on the SPE website at www.spe.org.

The reserves estimates for the 3 Trinidad blocks referred above have been
formulated by Forrest A. Garb & Associates, Inc. (FGA). FGA is an international
petroleum engineering and geologic consulting firm staffed by experienced
engineers and geologists. Collectively FGA staff has more than a century of
world–wide experience. FGA have consented in writing to the reference to them
in this announcement and to the estimates of oil and natural gas liquids
provided. The definitions for oil and gas reserves are in accordance with SEC
Regulation S–X.
   
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