Commencement of Texas Frac/Stimulation Program

15 February 2011

The Manager

Company Announcements

Australian Securities Exchange Limited

Level 6, 20 Bridge Street

Sydney NSW 2000

By e-lodgement

COMMENCEMENT OF TEXAS FRACTURE STIMULATION PROGRAM

Further to last week's announcements, Range Resources Limited ("Range" or "the
Company") is pleased to announce that the fracture stimulation program of the
Russell-Bevly #1 well commenced on Sunday, February 13th, as equipment was
moved in and set up at the well site, with the initial stage of the multi-stage
stimulation program beginning early this week. Consistent with past fracture
stimulations performed within the region, the Russell-Bevly #1 program is
expected to yield greatly improved flow rates and recovery, which should
significantly increase cash flow from the field.

The Company also confirms that the Ross 3H horizontal well in Texas (East
Cotton Valley) is expected to spud later this month.

As per Range's announcement on 27 January 2011, the Company has drawn down £
3,000,000 of its £20,000,000 facility.

Range also announces the issue of the following securities:

  * 22,145,815 Ordinary Fully Paid Shares being issued upon exercise of listed
    options (A$0.05, 31 December 2011);
   
  * 38,022,814 Ordinary Fully Paid Shares being issued at 7.89p per share upon
    the drawdown of its equity line of credit facility over past two weeks (27
    Jan - 10 Feb) (as above); and
   
  * 4,250,000 Ordinary Fully Paid Shares being issued as part of technical
    consulting arrangements for the Texas projects.
   
Range will apply for admission of the new shares to trading on both the ASX and
AIM markets, with an expected admission date on AIM of 22 February 2011.

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

1,327,461,176       Ordinary Fully Paid Shares (RRS)                           
                                                                               
255,806,147         Listed Options (RRSO) (A$0.05, 31 December 2011)           
                                                                               
3,934,511           Unlisted Options (A$0.05, 31 Mar 2015)                     
                                                                               
5,420,655           Unlisted Options (£0.04, 30 June 2015)                     
                                                                               
60,000,000          Unlisted Directors Options (A$0.10, 31 Dec 2011)           
                                                                               
3,177,029           Unlisted Options (A$0.50, 30 June 2012)                    

Yours faithfully


Peter Landau

Executive Director

Contacts

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

Australia                                              London

PPR                                                    Tavistock Communications
David Tasker                                           Jonathan Charles
Tel: [phone]                                 Tel: [phone]
Em: [e-mail]                            Em: [e-mail]

RFC Corporate Finance (Nominated Advisor)              Old Park Lane Capital (Broker)
Stuart Laing                                           Michael Parnes
Tel: [phone]                                 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 50% 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 10% interest in
    holding companies with three onshore production licenses. Independently
    assessed gross recoverable P2 reserves in place of 4.8MMbls.
   
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 www.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 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.

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").

ABN 88 002 522 009
www.rangeresources.com.au


London

5th Floor, 23 King Street, 
St. James House, London SW1 6QY
t: [phone], f: [phone]

Australia

Ground Floor, 1 Havelock Street, 
West Perth WA 6005, Australia
t: [phone], f: [phone]

e: [e-mail]