Appointment of CEO and Non Executive Directors

3 February 2014


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

Via E-lodgement


                               Range Resources

                          ("Range" or "the Company")

                Appointment of CEO and Non-Executive Directors

The Board of Range is pleased to announce with immediate effect,
the appointment of Mr. Rory Scott Russell as the Company's new Chief Executive
Officer and the appointment of two new Non-Executive Directors, Mr. Graham
Lyon and Dr. Christian Bukovics. Together these appointments bring a wealth of
technical, operational and financial experience onto the Board, to fully
support the Company's future growth and development.

Range also announces that Mr. Peter Landau, will step down from his
position as Executive Director with immediate effect. Mr. Landau will continue
to support the business by remaining on the Board as a Non-Executive Director.

Further to the above, the Range Board has initiated a recruitment
process for a full-time Chief Operating Officer and will provide an update in
due course.

Brief biographies of the new Directors are provided below:

Mr. Rory George Scott Russell, Chief Executive Officer

Mr. Rory Scott Russell (aged 34) has over ten years of
international experience in upstream positions at Shell. Most recently he was
Finance Manager for Exploration in Europe and Russia based in London. In this
role he oversaw all financial aspects of the business, corporate governance
and control, treasury management and sat on regional investment committees
covering the North Sea, onshore Netherlands and Germany, Italy, Russia and
Kazakhstan. He was involved in country entries and project start-ups in
Greenland, Albania, Spain, Ukraine and Russia. Prior to this he was Finance
and Commercial Manager for exploration in Russia based in The Hague and Moscow
and has also worked in the strategic planning unit for Shell's global upstream
business, based in The Hague. Rory has a BSc (Hons) from the University of
Edinburgh.

Mr. Graham Victor Lyon, Non-Executive Director

Mr. Graham Lyon (aged 56) has over 30 years of experience in the
oil and gas industry, working for a wide range of listed and private
companies. Graham has a BSc Eng (Hons) in Petroleum Engineering from Imperial
College London. He started his career with Chevron before moving to Shell as
sub surface team leader and as project petroleum engineer. Graham then spent
14 years with Deminex in a series of technical leadership roles in the UK,
Germany and Egypt, and its successor, Veba Oil and Gas, including Regional
Manager for the Caspian and Middle East, thereafter he was heavily involved
with the sale of the company to Petro-Canada. Graham remained with
Petro-Canada for a further 7 years holding roles culminating in Vice President
Strategy and Business Development, International and Offshore. Within the last
5 years Graham has held the position of President and Chief Executive Officer
of Mena Hydrocarbons Inc, a TSX-V listed energy company, with assets in Egypt
and Syria and is currently a Non-Executive Director at Hawkley Oil and Gas Ltd
an ASX listed energy company, and a Director at Tarbagatay Munay LLP a private
Kazakhstani oil and gas company and Soncer Ltd.

Dr. Christian Eduard Wilhelm Johann Bukovics, Non-Executive
Director

Dr. Christian Bukovics (aged 62) has 33 years' experience in
exploration and has held executive positions at Shell. Until end of 2012,
Christian was Vice President for exploration in Russia and the Former Soviet
Union and a member of the global exploration leadership team. Prior to this he
held the exploration manager position for the European Atlantic Margin, was
General Manager for Shell businesses in Iran and Kazakhstan and Vice President
for the Commercial division of Shell Global Exploration. Over his career
Christian participated in and managed the discovery of over three billion
barrel equivalents of oil and gas, pioneered the application of new technology
(notably 3D seismic) in Shell and spearheaded entries into new territories
with over fifty thousand square kilometers of acreage acquired. Christian has
a PhD in experimental physics from the University of Vienna. He is a member of
Petroleum Exploration Society of Great Britain (PESGB) and of the European
Association of Geoscientists and Engineers (EAGE). In addition to his Board
position, Christian is a partner in an exploration-focused venture fund.

See appendix for further information in accordance with Rule 17, Schedule Two
(g) of the AIM Rules for Companies.

After the appointments, the Board will comprise seven Directors:

Non-Executive Directors

Sir Sam Jonah, Non-Executive Chairman (appointed 2006)
Graham Lyon, Non-Executive Director (appointed February 2014)
Christian Bukovics, Non-Executive Director (appointed February 2014)
Marcus Edwards-Jones, Non-Executive Director (appointed 2006)
Peter Landau, Non-Executive Director (appointed 2005)

Executive Directors (and therefore not deemed independent)
Rory Scott Russell, Chief Executive Officer (appointed February 2014)
Anthony Eastman, Executive Director (appointed 2009)

Commenting on today's announcement, Sir Samuel Jonah, Non-Executive
Chairman, said:

"I am delighted with today's appointments, which represent a
significant strengthening of the Board at this important time in the Company's
development. The new Directors' extensive knowledge and experience in the
international oil and gas and financial sectors will provide the necessary
skills and support to ensure that Range is well equipped for future growth.

At the same time, on behalf of the Board I would like to thank
Peter for his invaluable contribution in developing Range and its exciting
portfolio of assets over the past 9 years. We are pleased that we can retain
his experience and expertise as we take the Company through a busy pipeline of
corporate and operational activity."

Rory Scott Russell, CEO, commented:

"I am excited to be joining Range Resources as CEO, with the
opportunity to take the Company into its next phase of development. It has
been a difficult journey in recent months, however Range continues to hold an
underlying portfolio of fundamentally strong assets.

In the short term, we will continue to seek to rationalise the
portfolio and realize value for Rangethrough divestments and farm-outs,
focusing our efforts on the Company's key Trinidadian assets.

We will also continue the work started by the Board to appoint an
executive team with the technical and management skills required to fulfil
Range's future growth ambitions."


Yours faithfully


Rory Scott Russell
Chief Executive Officer


Contacts
Range Resources Limited                    Buchanan (Financial PR - UK)
Rory Scott Russell                         Tim Thompson
                                           T: [phone]
                                           E: [e-mail]

GMP Securities Europe LLP                  RFC Ambrian Limited (Nominated Advisor)
(Joint Broker)                             Stuart Laing
Richard Greenfield / Rob Collins /         T: [phone]
Alexandra Carse
T: [phone]

Fox-Davies Capital Limited (Joint Broker)  Old Park Lane Capital (Joint Broker)
Daniel Fox-Davies                          Michael Parnes
T: [phone]                    T: [phone]

PPR (Financial PR - Australia)             Dahlman Rose & Company (Principal
                                           American Liaison)
David Tasker                               OTCQX International Market (U.S.)
T: [phone]                       Christopher Weekes / Stephen Nash
E: [e-mail]                 T: [phone]


Appendix - AIM Rule 17
 
Mr. Rory Scott Russell
 
Directorships and partnerships in the last five years: None
 
Mr. Rory Scott Russell does not hold any interest in the share capital of
the Company.

Mr. Graham Lyon

Directorships and partnerships in the last five years are as follows:

Name                             Status
Soncer Ltd                       Current
Hawkley Oil and Gas Ltd          Current
Tarbagatay Munay LLP             Current
Soncer Bel BvBa                  Current
Soncer Cyp Ltd                   Current
MENA Hydrocarbons Inc            Previous
MENA Hydrocarbons UK Services    Previous
Ltd
VAL Energy Management Ltd        Previous

Mr. Graham Lyon does not hold any interest in the share capital of
the Company.

Dr. Christian Bukovics

Directorships and partnerships in the last five years are as follows:

Name                             Status
Adamant Ventures LLP             Current
Caspi Meruerty Operating Company Previous
B.V.

Dr. Christian Bukovics is directly interested in 280,000 Ordinary
Shares in the capital of the Company ("Shares").

There are no other matters in relation to the new directors that require
disclosure under the AIM Rules.

Range Background

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

- 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 MMBO with 25.2
MMBO of proved, probable and possible (3P) reserves and an additional 81 MMBO
of unrisked prospective resources. Range also has a farm in with Niko
Resources giving it exposure to circa 280,000 acres of prospective onshore and
offshore acreage.

- In the Republic of Georgia, Range holds a 45% farm-in interest in onshore
blocks VIa and VIb, covering approx. 7,000sq.km. 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, along with attracting potential farm-in partners across the license
areas given the recent review performed across the licenses.

- 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.

- Range is earning a 65% (option to move to 75%) interest in highly
prospective licences in the Putumayo Basin in Southern Colombia. Farm–in
interest from a number of parties has been received and preparations for the
seismic programme will be initiated subject to further financing becoming
available.

- Range has taken a strategic stake (19.9%) in Citation Resources Limited
(ASX: CTR) which holds a 60% 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 20% interest in
LAR.

Table of Reserves and Resources

Detailed below are the estimated reserves for the Range project portfolio.

                 Gross Oil Reserves  Range's   Net Attributable
Project           1P     2P     3P   Interest   1P     2P    3P  Operator
Oil & NGL -
mmbbls
Trinidad          17.5   20.2   25.2     100%   17.5   20.2 25.2 Range
Guatemala            *   2.3*      *      32%      *  0.74*    * Latin American
                                                                 Resources
Total Oil &       17.5   22.5   25.2            17.5   20.9 25.2
Liquids
Gas Reserves -
Bcf
Georgia - CBM        -      -    508      45%      -      -  229 Strait Oil & Gas
Total Gas            -      -    508               -      -  203
Reserves
* 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.

                      Gross Oil Resources  Range's    Net Attributable
Project               Low    Best/   High  Interest  Low    Best/   High  Operator
                             Mean                            Mean
Contingent Oil Resources - mmbbls
Guatemala                 -    20.1      -      32%      -      6.4     - Latin
                                                                          American
                                                                          Resources
Total Contingent          -    20.1      -               -      6.4     -
Resources
Prospective Oil Resources - mmbbls
Trinidad (BM & MD)      8.1    40.5   81.0     100%    8.1     40.5  81.0 Range
Trinidad - Niko JV     20.3   101.5  203.0     40%*    8.1     40.6  81.2 Range
onshore
Trinidad - Niko JV      6.6    33.0   66.0   32.5%*    2.1     10.7  21.5 Range
offshore
Total Prospective      35.0   175.0  350.0            18.3     91.8 183.7
Resources
Undiscovered Oil-In-Place - mmbbls
Puntland               -     16,000   -         20%   -       3,200   -   Horn
                                                                          Petroleum
Georgia                -        403   -         45%   -         181   -   Strait Oil &
                                                                          Gas
Colombia               -        7.8   -      65-75%   -       5.1 -   -   Petro
                                                                5.8       Caribbean
Undiscovered Gas-In-Place - Tcf
Georgia -              -      18.44   -         45%   -        8.30   -   Strait Oil &
Conventional                                                              Gas
Georgia - CBM          -       3.16   -         45%   -        1.42   -   Strait Oil &
                                                                          Gas
*Range's interest in the Niko JV resources are subject to completing its
earn-in obligations.

With the exception of Guatemala, 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 advisor, Mr
Mark Patterson. Mr Patterson is a petroleum geologist and geophysicist who is
a suitably qualified person with over 30 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 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 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.

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 TSX certified 51-101 certified reserves with respect to the Guatemalan
project are as reported by ASX listed Company Citation Resources (ASX: CTR).
CTR has not reported 1P and 3P estimates, but Range is seeking such
information from CTR for future reporting purposes.

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 technical information included in this Announcement with respect to
Georgia was prepared by Dr. M. Arif Yukler, COO of SOG Georgia. Dr Yukler is a
geologist who is a suitably qualified person with more than 38 years of
experience in the international oil & gas industry, and in assessing
hydrocarbon reserves. Dr Yukler has advised companies and government entities
of all size from small caps to super-majors, as well as state regulatory
authorities on the management of resources and exploration areas. Dr. Yukler
has reviewed the release and consents to the inclusion of the technical
information with respect to Georgia.

Reserve information on the Putumayo 1 Well published by Ecopetrol 1987.

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 undiscovered accumulations 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.