Range Resources Reports $15 Million Investment By Socius Capital

OPERATIONAL UPDATE AND STRATEGIC PLACEMENT

Operations Continue to Meet Expectations; Socius Capital Group Invests $15 million in Company at Premium to Market.

International oil and gas exploration, development and production company, Range Resources Limited has announced the
following updates with respect to the Company's operations, as well as details of a strategic placement.

Trinidad

Range today announced its operations in Trinidad continue to meet expectations. The Company is buoyed by the early success of the first 3 wells and, with 3 rigs now operating and continues to target an increase in production to between 1400 - 1800 bopd by the end of year from this initial programme.

Texas

Range announced that the second well location in the Company's anticipated two well program on the North Chapman Ranch project has been selected by the Operator with spudding scheduled for early October. The Smith#2 well will be an offset to the existing Smith #1 well and has been categorised as a proved undeveloped location. The Smith #2 is classed as low risk and is anticipated to provide immediate cashflow once successfully completed.

The second well is the Albrecht appraisal well which will commence immediately after completion of the Smith #2 (December 2011). The Albrecht Well is anticipated to move most of the P3 reserves to P1 and P2 categories and test two new objectives over and above the existing producing zones. The joint venture has successfully contracted the drilling rig to not only complete these two proposed wells but also has the option to use the rig to continue the drilling of additional wells for as long as the joint venture decides.

In addition, the operator is back on site at the East Cotton Valley Ross 3H well to test new intervals.

Georgia

Drilling was hampered over the past 10-12 days due to the loss of a drill collar in the hole. The drill collar has been successfully recovered from the hole with new drill collars having been sourced and delivered to site late last week. Drilling recommenced over the weekend and is currently at 1,452m with a target depth of 3,500m.

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

Puntland, Somalia

Africa Oil Corp's recent corporate spin out, Horn Petroleum Corp. has continued to progress with key drilling logistics in country (including drill site and ingress route construction) with spudding on track for Q4 this year.

Strategic Placement

The Company is pleased to announce that it has completed a US$15 million strategic placement to Socius CG II, an established and highly successful United States based investment group and a wholly-owned subsidiary of Socius Capital Group. The placement consisted of 83,563,829 Shares at A$0.1815 together with 41,781,915 unlisted 5 year options with an exercise price of A$0.1898. The share placement price represented a 10% premium to the Company's current share price. Following the placement Socius will hold approximately 4.6% of the Company's issued share capital (on an undiluted basis).

With Range soon to complete the reprocessing of 3D seismic over its deeper Herrera formations in Trinidad, the placement proceeds will allow the Company to fast track plans to commence a proposed 4 well drilling programme to test identified Herrera prospects with undiscovered oil-in-place of circa 50MMbbl using the existing Rig #8 owned by the Company.