Texas Drilling Update

Range Resources Ltd
 ABN 88 002 522 009

www.rangeresources.com.au

27 April 2011

RANGE SUCCESSFULLY DRILLS FIRST HORIZONTAL WELL AT EAST TEXAS COTTON VALLEY

International oil and gas exploration, development and production company,
Range Resources Limited ("Range" or "the Company") is pleased to announce that
it has reached total depth in its Ross 3H exploratory well, the Company's first
horizontal drilling venture. Located in Red River County, Texas, the well
reached a total depth of 8,900 ft (2,715m), with a horizontal section of
approximately 3,400 ft (1,040m).

Based upon open-hole logs, samples, and consistent oil shows during drilling
operations from both the vertical pilot hole and horizontal leg, Range and its
partners have successfully run and cemented in place a production liner to
target depth, with completion operations having begun. Once fraccing has been
completed, Range will be able to accurately report on flow rates and update
reserves.

Added Pete Landau, Range Executive Director, "The Ross 3H represents yet
another milestone for the Company as we and our joint venture partners continue
to apply the most cost-effective oil field technology available to our
exploration and development programs. Consistent with our recently announced
acquisitions in Trinidad, the East Texas Cotton Valley play represents a
low-cost opportunity to build our portfolio of crude oil reserves in a period
of strong commodity prices."


Yours faithfully

Peter Landau
Executive Director


Contacts

Range Resources

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

Australia 

PPR
David Tasker 
Tel: [phone] 
Em: [e-mail]

RFC Corporate Finance (Nominated Advisor) 
Stuart Laing 
Tel: [phone] 

London

Tavistock Communications
Ed Portman / Paul Youens
Tel: [phone]
Em: [e-mail]

Old Park Lane Capital (Broker)
Michael Parnes
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 240 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, 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) - 45% Operator, in 2011.
   
  * In the Republic of Georgia, Range holds a 40% farm-in interest in onshore
    blocks VIa and VIb, covering approx. 7,000sq.km. Currently, Range has
    recently completed a 410km 2D seismic program with independent consultants
    RPS Energy identifying 68 potential structures containing and estimated
    2.045 billion barrels of oil-in-place.
   
  * In Trinidad Range has entered into a HOA to acquire a 100% interest in
    holding companies with three onshore production licenses and fully
    operational drilling subsidiary. Independently assessed gross recoverable
    3P reserves in place of 6.9MMbls.
   
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 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 have 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.

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").

Forward Looking Statements

Certain statements contained in this announcement, including information as to
the future financial or operating performance of Range Resources Limited and
its projects, are forward–looking statements. Such forward–looking statements:

  * are necessarily based upon a number of estimates and assumptions that,
    while considered reasonable by Range Resources Limited, are inherently
    subject to significant technical, business, economic, competitive,
    political and social uncertainties and contingencies;
   
  * involve known and unknown risks and uncertainties that could cause actual
    events or results to differ materially from estimated or anticipated events
    or results reflected in such forward–looking statements; and
   
  * may include, among other things, statements regarding targets, estimates
    and assumptions in respect of production and prices operating costs
    production prices, and results, capital expenditures, reserves and
    resources and anticipated flow rates, and are or may be based on
    assumptions and estimates related to future technical, economic, market,
    political, social and other conditions.
   
Range Resources Limited disclaims any intent or obligation to update publicly
any forward–looking statements, whether as a result of new information, future
events or results or otherwise.

The words "believe", "expect", "anticipate", "indicate", "contemplate",
"target", "plan", "intends", "continue", "budget", "estimate", "may", "will",
"schedule" and similar expressions identify forward–looking statements.

All forward–looking statements made in this presentation are qualified by the
foregoing cautionary statements. Investors are cautioned that forward–looking
statements are not guarantees of future performance and accordingly investors
are cautioned not to put undue reliance on forward–looking statements due to
the inherent uncertainty therein