Drilling Update - East Texas Cotton Valley

15 March 2011

The Manager

Company Announcements

Australian Securities Exchange Limited

Level 6, 20 Bridge Street

Sydney NSW 2000

By e-lodgement

TEXAS DRILLING UPDATE-EAST TEXAS COTTON VALLEY, ROSS 3H #1 WELL

International oil and gas exploration, development and production company,
Range Resources Limited ("Range" or "the Company") is pleased to announce that
the Company and its partners have drilled the Cotton Valley objective section
to a depth of around 5,500 ft (1,680m) in its Ross 3H #1 Well at the East Texas
Cotton Valley Project. The partners will now cease drilling in order to log the
well before plugging back and initiating horizontal drilling operations. Mud
logging results have been encouraging thus far, with oil shows over an interval
more than 400 ft. thick, including oil in the mud pits while drilling.

The well has a projected total hole length of 8,200ft (2,500m), including a
2,500ft (762m) horizontal section through the Cotton Valley oil reservoir. The
Company will continue to provide further updates as information becomes
available.

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 (on a 100% basis) 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 encompassing
    approximately 1,570 acres including a recent oil discovery. Independently
    assessed gross recoverable reserves in place (on a 100% basis) 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 the
    operator and 45% interest holder Africa Oil Corp (TSXV:AOI) planning to
    drill two wells in 2011.
   
  * In the Republic of Georgia, Range holds a 40% farm-in interest in onshore
    blocks VIa and VIb, covering approx. 7,000sq.km. Range has recently
    completed a 410km 2D seismic program with independent consultants RPS
    Energy identifying 68 potential structures containing an estimated 2.045
    billion barrels of oil-in-place (on a mean 100% basis).
   
  * 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 2P reserves in place of 4.8MMbls (on a 100%
    basis).
   
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 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

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Australia

Ground Floor, 1 Havelock Street, 
West Perth WA 6005, Australia
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