Range Resources Provides Trinidad and Georgian Operations Update

TRINIDAD AND GEORGIA DRILLING UPDATE

Range Resources Limited, international oil and gas exploration, development and production company, has announced the following updates with respect to the Company's Trinidad and Georgian Operations.

Trinidad

Range announced that the first well drilled by one of its subsidiaries, Trincan Oil Limited, in the Company's initial 21 well program in the Morne Diablo Block, onshore Trinidad, has been successfully completed with a down hole pump and pump jack having been installed with the well producing high quality 36 degree gravity oil at initial water-free test rates of approx 20 bopd. Higher rates will depend on final pump selection and depletion by offset well bores.

It is important to note that this first well was a replacement in fill well to an old well, hence the Company is extremely pleased with the success of this replacement well given the higher than expected net pay zone encountered. A total of 3 of the current 21 wells in the program are replacement wells, as opposed to step out wells.

Following on from the success of the first well, Rig 1 commenced and completed a step out well targeting the Lower Forest sands at a depth of approximately 1,000 feet. Surface casing was run to 100 feet and drilling reached target depth. Open hole logs have been run with results indicating extremely attractive resistivity oil sands across 215 feet. Completion plans have been lodged for approval with local authorities with an aim to have the well completed and producing within the week.

The recently certified Rig 2 is now fully operational and has been moved to the third well location (also step out well) to commence drilling. Rig 3 is scheduled to join and accelerate the current development well program once certified over the coming week or two.

The Company is buoyed by this early success and remains confident of increasing production to between 1400 - 1800 bopd from this initial programme in Trinidad.

Georgia

Following the successful setting of casing to 700m and the installation of the blowout preventer (BOP), drilling has recommenced and is currently at 1,339m.

Drilling will continue to approximately 2,500m at which point 9 5/8" casing will be set before drilling will recommence out to a target total depth of approximately 3,500m, which is expected to be reached in late September.

The Mukhiani Well is targeting the Vani 3 prospect which has the following estimated undiscovered stock tank oil-in-place ("STOIIP"):

Vani 3 Prospect - STOIIP (MMbbls)

P90 P50 P10 Mean

Gross (100%) 41.7 92.7 178.2 115.2

Net Attributable to Range (40%) 16.7 37.1 71.3 46.1

The recently completed geochemical helium survey undertaken by Range confirmed the suitability of the first drill location with oil exploration and development prospectivity complementing the earlier seismic work completed on the target.

Corporate Update

The Company has also announced that it has extended its equity line of credit facility for an extra £30m with First Columbus / Duchess.

The Company is fully funded for its exploration activities with existing cash reserves and circa $15m still due from the exercise of 'in-the-money' options due to expire before the end of 2011, however in the event of a discovery on any of the Company's high impact exploration wells being drilled in the coming months, with this extension of the equity line of credit in place, the Company will have immediate access to funds for any appraisal operations that would be necessary should these exploration wells result in a discovery.

Issue of Shares and Options

The Company has also announced the issue of the following securities:

• 6,299,740 Ordinary Fully Paid Shares being issued upon exercise of listed options ($0.05, 31 December 2011)
• 5,000,000 Ordinary Fully Paid Shares being issued in lieu of corporate advisory, consultancy and facilitation fees
• 17,921,146 Class A Performance Shares as approved by shareholders at the General Meeting - 23 June 2011
• 17,921,146 Class B Performance Shares as approved by shareholders at the General Meeting - 23 June 2011

Following the issue of these securities the total number of securities in the Company on issue are as follows:

1,718,195,675 Ordinary Fully Paid Shares (RRS)

191,478,121 Listed Options (RRSO) (A$0.05, 31 December 2011)

855,166 Unlisted Options (£0.04, 30 June 2015)

7,058,824 Unlisted Options (£0.17, 30 April 2016)

60,000,000 Unlisted Directors Options (A$0.10, 31 Dec 2011)

3,177,029 Unlisted Options (A$0.50, 30 June 2012)

17,921,146 Class A Performance Shares

17,921,146 Class B Performance Shares

Range has applied for admission of the new shares to trading on the ASX and AIM markets. All of the shares are expected to be admitted to trading on AIM on or around 16 September 2011.