Georgia and Texas Update

3 September 2013

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

Via E–lodgement

                           Georgia and Texas Update

Range Resources Limited ("Range" or "the Company") is pleased to
provide an update with respect to its Georgian and Texas projects.

Georgia

Following on from the completion of the 200 km 2D seismic program
earlier this year, the Company engaged Senior Geologist, Dr. M. Arif Yukler
and his team to perform a full review of both the conventional and
unconventional (Coal Bed Methane) hydrocarbon potential on blocks VI a and VI
b.

Dr Yukler's review incorporated the 610 km of 2D seismic acquired
across the two licences in 2009 and 2012/13, along with incorporating all of
the older Soviet data that existed across the blocks including seismic, well
logs and geochemical information.

Following the extensive review, which included pseudo 3D
quantitative basin modelling of the blocks, the targeted hydrocarbon in-place
and reserve calculations for blocks VI a and VI b were completed with the
results being highly encouraging as summarised below:

Conventional           Conventional Oil Conventional Gas
Undiscovered Oil / Gas     (mmbbls)          (Tcf)
in                     (best estimate)  (best estimate)
Place

Total Oil / Gas in           403              18.4
Place
Range Attributable           181              8.3
(45%)

* Low to high ranges of the in-place undiscovered oil and gas
volumes have not yet been estimated. Range is currently undertaking further
modelling work to provide such ranges.

CBM Reserve          Proved (1P)    Proved &      Proved &      Estimated
Estimates              Reserve    Probable (2P)  Probable &       Total
                        (Bcf)     Reserve (Bcf) Possible (3P)  Gas-in-Place
                                                Reserve(Bcf)      (Tcf)

Total Gas In Place        0             0            508           3.16
Range Attributable (45%)  0             0            229           1.42

* The reserve estimates reflect conservatively applied recovery
factors. It is noted that recovery factors for CBM range as high as 60% based
on feasibility work performed to date.

Conventional Oil and Gas

Based on the pseudo 3D quantitative basin modelling of the blocks,
conventional oil and gas generation was computed from the two primary
potential source rocks, Toarcian and Upper Bajocian. The potential amount of
undiscovered oil in place in the potential reservoir targets generated from
the Toarcian and the Upper Bajocian source rocks have been estimated as 403
mmbbls (best estimate - 100% basis). The estimated conventional undiscovered
gas in place in the potential reservoir targets generated from the Toarcian
and the Upper Bajocian source rocks is 18.4 Tcf (best estimate - 100% basis).
Based on current estimated reservoir parameters, targeted recovery factors for
the undiscovered oil and gas estimates are currently 20-30%. However, these
estimates are subject to significant uncertainty.

Coal Bed Methane

Work was also undertaken to review the coal bed methane ("CBM")
potential that existed across the licences, over and above the previously
reported Tkibuli prospect, with the total CBM resource calculated using the
isopach maps for the Upper Bathonian coaly section. The coaly section covers
368 km2 and 83 km2 in blocks VI a and VI b, respectively. A continuously thick
and high quality coal area of 36 km2 was delineated by more than 300 wells in
Block VI a. All these wells encountered gas in the Upper Bathonian coally
section. The CBM reserves in this area are computed as being at the Proved,
Probable & Possible (3P) category. The blocks are estimated to contain 3P gas
reserves of 508 Bcf (100% bais) and a total of CBM gas in place of 3.16 Tcf
(100% basis).

The results of this extensive review clearly show that both blocks
have significant gas potential and good oil potential. The compilation of all
the available data and re-evaluation of the geochemical data show the coal
present in the blocks have similar high hydrocarbon generation capabilities as
the coals in the North Sea, Indonesia and New Zealand. With the addition of
the amounts of hydrocarbon generation in the Upper Bathonian, the total
resource is anticipated to be higher than the amounts given above and will be
determined at a later date.

The Company has presented the CBM potential to the Georgian State
Agency and the Georgian Oil and Gas Corporation with both parties agreeing on
the significant potential that exists across the licence areas. The news of
the highly prospective hydrocarbon play has been conveyed to the Energy
Minister and the Prime Minister, who see this potential as an opportunity to
improve the energy outlook for the Country.

Proposed Work Program

The Company is currently evaluating the selection of a suitable
drill location and given the high quality of the seismic coverage and quality
on CBM, the Company is focussing on a high probability CBM drill location with
a number of potential locations with good coal well coverage having been
identified. The analysis shows that the average CBM content is more than 15 m3
/t of coal.

GIG Joint Venture and Farm-Out Discussions

The results are pivotal in cementing the CBM joint venture with GIG
as development plans are finalised. Further, Range continues with advanced
discussions with a number of parties with respect to potential farm-out
opportunities across both the conventional and unconventional prospects
identified on the Company's licenses.

Dr. M. Arif Yukler

Dr. Yukler has more than 38 years of experience in the
international oil & gas industry, and 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 held numerous senior executive roles at energy companies
throughout his career. He is known as the father of quantitative basin
modelling with 1-, 2- and 3-D software under his name.

Dr. Yukler's has extensive experience in Georgia and previously
worked as the General Manager of Frontera Resources and as the Senior VP of
World Wide Geosciences. He was in charge of evaluation of new ventures, PSA
and JV negotiations, economic evaluations, budgeting and carrying out
feasibility studies with main focus on the Caucasus (Azerbaijan, Dagestan,
Georgia and Krasnadar Area in Russia). Since then Dr. Yukler worked as the CEO
of Midland Oil and Gas Ltd.

Dr. Yukler has MS and PhD in Geology from the University of Kansas
as Fullbright Scholar, and BS and MSc in Petroleum Engineering from Istanbul
Technical University. He has published more than 30 research articles.

Texas

Further to its previous announcements, the Company is proceeding
with completion of its Texas asset sale having received confirmation from the
Purchaser of settlement. The Company will advise the market when the $25m
upfront cash consideration has been received.

Yours faithfully

Peter Landau
Executive Director

Contacts

Range Resources Limited                 PPR (Australia)
Peter Landau                            David Tasker
T: [phone]                    T: [phone]
E: [e-mail]        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       Old Park Lane Capital (Joint Broker)
Broker)                                 Michael Parnes
Daniel Fox-Davies                       T: [phone]
T: [phone]

Dahlman Rose & Company (Principal American Liaison)
OTCQX International Market (U.S.)
Christopher Weekes / Stephen Nash
T: [phone]


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 MMBO with 25.2
MMBO of proved, probable and possible (3P) reserves and an additional 81 MMBO
of unrisked prospective resources.

- 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. The Company
will undertake a 3D seismic program in the near term as part of its
exploration commitments on the Company's Colombian interests.

- 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 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

Prospective Oil Resources - mmbbls
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 - mmbbls
Puntland               -      16,000   -        20%   -       3,200  -   Horn Petroleum
Georgia                -         403   -        45%   -         181  -   Strait Oil & Gas
Colombia               -         7.8   -     65-75%   -       5.1 -  -   Petro Caribbean
                                                                5.8      
Undiscovered Gas-In-Place - Tcf
Georgia - Conventional -       18.44   -        45%   -        8.30  -   Strait Oil & Gas
Georgia - CBM          -        3.16   -        45%   -        1.42  -   Strait Oil & Gas
                                                                         
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.

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.

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.

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

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.