Colombia Update and Issue of Shares

9 May 2014

                                               ASX Code: RRS and AIM Code: RRL

                           Range Resources Limited
                          ("Range" or "the Company")

                     Colombia Update and Issue of Shares

Colombia Update

Range announces that, given its focus on Trinidad, it has made a
strategic decision for a partial withdrawal from Colombia and has relinquished
its investment obligations on PUT-7 block in the Putumayo Basin in Colombia.
Therefore, Range will not be pursuing the option to earn into this block.

Range's exit from PUT-7 block doesn't affect its position with
regards to the farm-in arrangements in relation to PUT-6 block or to the $3.48
million performance bond that it holds over PUT-6. The Company is currently
reviewing its options with regards to PUT-6 and will update the market
accordingly in due course.

Issue of shares

Range announces the issue of 25,000,000 Ordinary Fully Paid Shares
pursuant to the conversion of debt at $0.01 per share; 7,500,000 Unlisted
Options issued for debt conversion as per agreement (£0.005, 31 May 2017).
These shares and options have been issued following receipt of notice of
conversion of convertible notes from Hudson Bay.

Application will be made for the 25,000,000 new shares to be
admitted to trading on the ASX and AIM. Trading in the new shares is expected
to commence on or around 14 May 2014.

Following the issue of these securities the total number of
securities on issue is as follows:

3,875,401,796  Ordinary Fully Paid Shares
 
   80,508,341  Options ($0.05, 31 January 2016)

      855,166  Unlisted Options (£0.04, 30 June 2015)
 
    7,058,824  Unlisted Options (£0.17, 30 April 2016)
 
   17,921,146  Class B Performance Shares
 
    5,180,000  Unlisted Options (£0.075, 31 January 2017)
 
    9,000,000  Unlisted Options (£0.125, 31 March 2015)
 
   15,708,801  Unlisted Options (£0.0615, 19 October 2015)
 
   32,275,862  Unlisted Options (£0.05075, 30 November 2015)
 
    5,000,000  Unlisted Options ($0.10, 31 January 2016)
 
    5,000,000  Unlisted Options ($0.06, 10 February 2016)
 
  146,533,850  Unlisted Options (£0.04, 30 April 2016)
 
    5,000,000  Unlisted Options (£0.037, 11 July 2016)
 
      476,190  Unlisted Options (£0.021, 25 July 2016)
 
      952,381  Unlisted Options (£0.021, 29 July 2016)
 
    6,714,284  Unlisted Options (£0.021, 31 August 2016)
 
    9,000,000  Unlisted Options (£0.02, 31 August 2016)
 
    3,947,369  Unlisted Options (£0.19, 30 September 2016)
 
    8,666,670  Unlisted Options (£0.18, 30 September 2016)
 
      694,445  Unlisted Options (£0.018, 31 October 2016)
 
    2,205,885  Unlisted Options (£0.017, 31 October 2016)
 
    1,250,000  Unlisted Options (£0.016, 31 October 2016)
 
   17,333,336  Unlisted Options (£0.015, 31 October 2016)
 
    3,000,000  Unlisted Options (£0.015, 30 November 2016)
 
    1,428,571  Unlisted Options (£0.014, 30 November 2016)
 
    3,923,077  Unlisted Options (£0.013, 30 November 2016)
 
    2,000,000  Unlisted Options ($0.0321, 11 December 2016)
 
    4,083,334  Unlisted Options (£0.012, 31 December 2016)
 
   20,545,457  Unlisted Options (£0.011, 31 December 2016)
 
   21,136,365  Unlisted Options (£0.011, 31 January 2017)
 
    1,450,690  Unlisted Options (£0.010, 28 February 2017)
 
    7,500,000  Unlisted Options (£0.012, 1 March 2017)
 
    3,125,000  Unlisted Options (£0.008, 31 March 2017)
 
    6,250,000  Unlisted Options (£0.006, 31 March 2017)
 
   14,583,334  Unlisted Options (£0.006, 30 April 2017)
 
    7,500,000  Unlisted Options (£0.005, 30 April 2017)
 
    7,500,000 Unlisted Options (£0.005, 31 May 2017)
 

Yours faithfully

Rory Scott Russell
Chief Executive Officer



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

GMP Securities Europe LLP (Broker) RFC Ambrian Limited (Nominated Advisor)
Rob Collins / Liz Williamson       Samantha Harrison / Trinity McIntyre
T: [phone]            T: [phone] / [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]



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 a 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 has the option to earn a 65% (option to move to 75%) interest in PUT-6
block in Putumayo Basin in Southern Colombia, which the Company is currently
reviewing.

- Range has taken a strategic stake in Citation Resources Limited (ASX: CTR)
and Latin American Resources (LAR) which hold 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
has a direct and indirect 32% interest in the Guatemalan Project.

Table of Reserves

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             0.4    2.3     -      32%     0.1    0.7    -     Latin American Resources
Total Oil & Liquids   17.9   22.5   25.2            17.6   20.9  25.2
Gas Reserves - Tcf
Georgia - CBM          -      -     0.6     45%      -      -    0.2   Strait Oil & Gas
Total Gas              -      -     0.6              -      -    0.2
Reserves

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 three 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 worldâ€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 Sâ€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).

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.

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.