Debt Financing and Trinidad License Extensions

8 March 2013


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


By e-lodgement

10 YEAR LICENSE EXTENSIONS AND US$35M DEBT FINANCING FACILITY

Range Resources Limited ("Range" or "the Company") is pleased to
announce the following update with respect to the Company's Trinidad
operations with the following highlights:

- Morne Diablo and South Quarry licenses extended for an additional
  ten year period;

- 3,000 acres added to the east of the existing Morne Diablo
  license, extending current Lower Forest development trend while adding
  potential for other, deeper targets;

- Enhanced Royalty reduced from previous farm out agreements - net
  back increased to $40 / bbl based on 1,000 bopd increasing to $50 on 2,000
  bopd; and

- Finalisation of US$35m Debt Financing Facility.


US$35m Debt Financing Facility

The Company is pleased to announce that following an extensive due
diligence exercise from both a technical and operational perspective, finance
Company Meridian SEZC has signed a commitment to purchase USD$35M of 5-year
Monetary Production Payment ("MPP") securities from Range Resources Limited.
The MPPs have a coupon of 12% and shall be secured by future cash flows from
Range's Trinidad operations and repayable in cash on a straight line monthly
amortised basis.

Meridian's commitment is subject to final documentation and regulatory
approvals with a targeted draw down date end of March.

Morne Diablo / South Quarry FOA Extensions Executed

Range is also pleased to announce that it has extended its existing
farm out agreements ("FOA's") for the Company's Morne Diablo and South Quarry
licenses until 31 December 2021, with the minimum work commitments for each
license well within the Company's current development plans.

As previously announced, the new farm out agreements (effective
from 1 January 2012), will also see a reduction in the enhanced royalty
currently being paid by the Company with the revised terms seeing an
improvement in the net back amount received by the Company per barrel of oil
produced. The revised royalty rates at production rates of 1,000 bopd will see
net backs increase to circa $40 / barrel before tax and circa $50 / barrel
before tax at 2,000 bopd - assuming $90 per barrel oil and opex at similar
levels.

With the Morne Diablo and South Quarry FOA now extended until
December 2021, along with the Beach Marcelle license which extends to February
2020, the Company now is in an excellent position to develop the multiple
producing trends in each area while systematically exploring for new reserves
and effectively producing older fields such as Beach Marcelle through
secondary recovery work.

Additional Acreage

With respect to the Morne Diablo license, the extended FOA now
includes an additional circa 3,000 acres (Block A) to the east of the existing
license area. Block A is an extension to the east of the current Lower Forest
development trend where the Company is currently drilling. As previously
announced, the current Lower Forest wells that have been drilled and tested to
date are showing sands which correlate to the sands encountered in the QUN16
well that was drilled and tested in 1942, which is located some 3,000 ft to
the east of the current development wells, on the edge of the existing Morne
Diablo license.

Inclusion of Block A in the extended Morne Diablo FOA allows the
Company to continue the Lower Forest development up to and beyond the
historical QUN16 well utilizing the Company's shallow capacity rigs.

In addition, the previously announced reserves upgrades across the
Company's Trinidad licenses, did not include any reserves / resources
associated with Block A, hence the Company will look to engage its independent
reserves auditor to perform an initial reserves / resource assessment across
the additional 3,000 acres of Block A which the Company believes will further
add to the 420% P1 and P2 reserve additions that the Company has booked since
it acquired the Trinidad assets mid-2011.

Peter Landau, Range's Executive Director added, "The process of
extending the Morne Diablo and South Quarry contracts is a clear demonstration
of the Trinidad authorities and stakeholder's commitment to work with partners
such as Range to increase drilling activity and raise production. With the new
debt facility in place, we intend to fulfill our part of that commitment and
now have the additional time, acreage, and capital to achieve those
objectives. In addition to the contract extensions with their enhanced
economics, Range has initiated third party discussions regarding additional
opportunities to expand our operating base outside of the existing contract
areas and grow the Trinidad portfolio into a core producing area for the
Company for decades to come."

About Meridian SEZC

Meridian SEZC is a privately owned finance company located in the
Cayman Islands that focuses on resource based, commodity and derivative
investments.


Yours faithfully


Peter Landau
Executive Director
 

Contacts

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

RFC Ambrian Limited (Nominated Advisor)      Old Park Lane Capital (Joint Broker)
Stuart Laing                                 Michael Parnes
Tel: [phone]                       Tel: [phone]

Fox-Davies Capital Limited                   GMP Securities Europe LLP (Joint Broker)
Daniel Fox-Davies / Richard Hail             James Pope / Chris Beltgens
Tel: [phone]                    Tel: [phone]

PPR (Australia)
David Tasker
Tel: [phone]
Em: [e-mail]


Range Background

Range Resources Limited 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, Texas, USA, Trinidad 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 MMbls with 25.2
  MMbls of proved, probable and possible (3P) reserves and an additional 81
  MMbls of unrisked best estimate prospective resources.

- In the Republic of Georgia, Range holds a 40% farm-in interest in
  onshore blocks VIa and VIb, covering approx. 7,000sq.km. Range completed a
  410km 2D seismic program with independent consultants RPS Energy identifying
  68 potential structures containing an estimated 2 billion barrels of
  undiscovered oil-in-place (on a mean 100% basis) with the first (Mukhiani-1)
  exploration well having spudded in July in 2011. 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.

- 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 holds a 25% interest in the initial Smith #1 well and a 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. Independently assessed 3P
  reserves in place (on a 100% basis) of 228 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, where the prospect's project area
  encompasses approximately 1,570 acres encompassing a recent oil discovery. The
  prospect has independently assessed 3P reserves in place (on a 100% basis) of
  3.3mmbbls of oil.

- Range is earning a 65% (option to move to 75%) interest in the
  highly prospective PUT 6 and PUT 7 licences in Putumayo Basin in Southern
  Colombia. The Company will undertake a 350km2 3D seismic program across the
  two licences and drill one well per licence, as well as looking to re-enter a
  previously suspended well that had a significant historical reserve estimate.

- Range has taken a strategic stake (19.9%) in Citation Resources
  Limited (ASX: CTR) which holds a 70% 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 10%
  interest in LAR.


Table of Reserves and Resources

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

All figures in MMboe  Gross Oil Reserves  Range's    Net Attributable

Project                1P      2P    3P   Interest  1P      2P       3P     Operator
Oil & NGL
Texas - NCR *         16.4    25.2  35.3   20-25%  2.2      3.4     4.8   Western Gulf
Texas - ETCV           1.0    1.6    3.3    22%    0.2      0.3     0.6  Crest Resources
Trinidad              17.5    20.2  25.2    100%   17.5    20.2     25.2     Range
Guatemala              **    2.3**   **    21-24%   **  0.48-0.55**  **  Latin American
                                                                          Resources
Total Oil & Liquids   34.9    47.0  63.8           19.9    21.3     28.9
Gas Reserves
Texas - NCR *         106.0  162.7   228   20-25%  11.7    18.1     25.4  Western Gulf
Total Gas Reserves    106.0  162.7   228           11.7    18.1     25.4

* Reserves attributable to Range's interest in the North Chapman
Ranch asset, which are net of government and overriding royalties as described
in the Forrest Garb report.

** 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.

All figures in MMboe  Gross Oil Resources  Range's    Net Attributable

Project               Low   Best/Mean High Interest  Low     Best/   High    Operator
                                                             Mean
Prospective
Resources
Trinidad              8.1     40.5    81.0   100%    8.1     40.5    81.0     Range
Total Prospective     8.1     40.5    81.0           8.1     40.5    81.0
Resources
Undiscovered
Oil-In-Place
Puntland               -     16,000    -     20%      -      3,200    -   Horn Petroleum
Georgia                -      2,045    -     40%      -       818     -    Strait Oil &
                                                                               Gas
Colombia               -       7.8     -    65-75%    -    5.1 - 5.8  -       Petro
                                                                            Caribbean

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 consultant, Mr Mark Patterson. Mr
Patterson is a geophysicist who is a suitably qualified person with over 25
years' experience in assessing hydrocarbon reserves and has reviewed the
release and consents to the inclusion of the technical information.

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.

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 consultant, Mr Mark Patterson. Mr
Patterson is a geophysicist who is a suitably qualified person with over 25
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 and update
reserves estimates for the North Chapman Ranch Project and East Texas Cotton
Valley 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 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.

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").

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 TSX certified 51-101 certified reserves with respect to the
Guatemalan project are as reported by ASX listed Company Citation Resources
(ASX: CTR).

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 Contingent Resource estimate for CBM gas at the Tkibuli project
is sourced from the publically available references to a report by Advanced
Resources International's ("ARI") report in 2009: CMM and CBM development in
the Tkibuli-Shaori Region, Georgia. Advanced Resources International, Inc.,
2009. Prepared for GIG/Saknakhshiri and U.S. Trade and Development Agency. -
.globalmethane.org/documents/toolsres_coal_overview_ch13.pdf. Range's
technical consultants have not yet reviewed the details of ARI's resource
estimate and the reliability of this estimate and its compliance with the SPE
reporting guidelines or other standard is uncertain. Range and its JV partners
will be seeking to confirm this resource estimate, and seek to define
reserves, through its appraisal program and review of historical data during
the next 12 months.

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.