Operational Update and Strategic Placement

28 September 2011

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


By e-lodgement

OPERATIONAL UPDATE AND STRATEGIC PLACEMENT

Operations Continue to Meet Expectations; Socius Capital Group Invests $15
million in Company at Premium to Market

International oil and gas exploration, development and production company,
Range Resources Limited ("Range" or "the Company") is pleased to announce the
following updates with respect to the Company's operations, as well as details
of a strategic placement..

Trinidad

Range is pleased to announce that its operations in Trinidad continue to meet
expectations. The Company is buoyed by the early success of the first 3 wells
and, with three (3) rigs now operating and continues to target an increase in
production to between 1400 - 1800 bopd by the end of year from this initial
programme. 

A more detailed update is expected to be provided during the next week. An
updated reserve report is also scheduled to be released in the coming weeks.

Texas

Range is pleased to announce that the second well location in the Company's
anticipated two well program on the North Chapman Ranch project has been
selected by the Operator with spudding scheduled for early October. The Smith #
2 well will be an offset to the existing Smith #1 well and has been categorised
as a proved undeveloped location. The Smith #2 is classed as low risk and is
anticipated to provide immediate cashflow once successfully completed.

The second well is the Albrecht appraisal well which will commence immediately
after completion of the Smith #2 (December 2011). The Albrecht Well is
anticipated to move most of the P3 reserves to P1 and P2 categories and test
two new objectives over and above the existing producing zones. The joint
venture has successfully contracted the drilling rig to not only complete these
two proposed wells but also has the option to use the rig to continue the
drilling of additional wells for as long as the joint venture decides.

In addition, the operator is back on site at the East Cotton Valley Ross 3H
well to test new intervals.

Georgia

Drilling was hampered over the past 10-12 days due to the loss of a drill
collar in the hole. The drill collar has been successfully recovered from the
hole with new drill collars having been sourced and delivered to site late last
week. Drilling recommenced over the weekend and is currently at 1,452m with a
target depth of 3,500m.

The Mukhiani Well is targeting the Vani 3 prospect which has the following
estimated undiscovered stock tank oil-in-place ("STOIIP"):

Vani 3 Prospect - STOIIP (MMbbls)

P90 P50 P10 Mean

Gross (100%) 41.7 92.7 178.2 115.2

Net Attributable to Range (40%) 16.7 37.1 71.3 46.1

Puntland, Somalia

Africa Oil Corp's recent corporate spin out, Horn Petroleum Corp. has continued
to progress with key drilling logistics in country (including drill site and
ingress route construction) with spudding on track for Q4 this year.

Strategic Placement

The Company is pleased to announce that it has completed a US$15 million
strategic placement to Socius CG II, an established and highly successful
United States based investment group and a wholly-owned subsidiary of Socius
Capital Group ("Socius"). The placement consisted of 83,563,829 Shares at
A$0.1815 together with 41,781,915 unlisted 5 year options with an exercise
price of A$0.1898. The share placement price represented a 10% premium to the
Company's current share price. Following the placement Socius will hold
approximately 4.6% of the Company's issued share capital (on an undiluted
basis).

With Range soon to complete the reprocessing of 3D seismic over its deeper
Herrera formations in Trinidad, the placement proceeds will allow the Company
to fast track plans to commence a proposed 4 well drilling programme to test
identified Herrera prospects with undiscovered oil-in-place(??) of circa
50MMbbl using the existing Rig #8 owned by the Company.

Socius was founded in 2009 and has completed more than 40 transactions with
emerging growth companies in North America, Europe and Australia achieving
annualised returns of +100% since its inception.

Issue of Shares and Options

Range is pleased to announce the issue of the following securities:

  * 83,563,829 Ordinary Fully Paid Shares in a strategic placement to Socius at
    $0.1815 to raise $US15m;
   
  * 1,512,590 Ordinary Fully Paid Shares to be issued upon exercise of listed
    options (A$0.05, 31 December 2011); and
   
  * 41,781,915 Unlisted Options ($0.1898, 30 September 2016) as attaching
    options to the strategic placement to Socius.
   
Following the issue of these securities the total number of securities on issue
are as follows:

1,803,272,094       Ordinary Fully Paid Shares (RRS)                           
                                                                               
189,965,531         Listed Options (RRSO) (A$0.05, 31 December 2011)           
                                                                               
855,166             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)                    
                                                                               
41,781,715          Unlisted Options (A$0.1898, 30 Sep 2015)                   
                                                                               
17,921,146          Class A Performance Shares                                 
                                                                               
17,921,146          Class B Performance Shares                                 

Range has applied for admission of the new shares to trading on the ASX and AIM
markets. All of the shares are expected to be admitted to trading on AIM on or
around 5 October 2011.

For and on behalf of the Board

Regards

Peter Landau
Executive Director

Ends

Contacts

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

Australia                                                 London
PPR                                                       Tavistock Communications
David Tasker                                              Ed Portman/Paul Youens
Tel: [phone]                                    Tel: + 44 (0) 20 7920 3150
Em: [e-mail]                               Em: [e-mail]

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

                                                          Panmure Gordon (Joint Broker)
                                                          Katherine Roe / Brett Jacobs
                                                          Tel: [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 and Trinidad.

  * In Trinidad Range recently completed the acquisition of a 100% interest in
    holding companies with three onshore production licenses and fully
    operational drilling subsidiary. Independently assessed gross recoverable
    3P reserves in place of 6.9 MMbls (on a mean 100% basis) with an additional
    20 MMbls of 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. Currently, Range has
    recently completed a 410km 2D seismic program with independent consultants
    RPS Energy identifying 68 potential structures containing an estimated 2
    billion barrels of oil-in-place (on a mean 100% basis) with the first of
    two exploration wells having spudded in July in 2011.
   
  * In Puntland, Range holds a 20% working interest in two licences
    encompassing the highly prospective Dharoor and Nugaal valleys with the
    operator and 60% interest holder, Horn Petroleum Corporation (TSXV: HRN)
    planning to commence the two well programme in 2011 (targeting (on a mean
    100% basis) 300mmbls and 375mmbbls of best estimate gross recoverable oil
    in place) following the recent awarding of the rig contract.
   
  * 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 mean 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, where the prospect's project area encompasses
    approximately 1,570 acres encompassing a recent oil discovery.
    Independently assessed gross recoverable reserves in place (on a mean 100%
    basis) of 5.4 mmbbls of oil.
   
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.With respect to the Herrera targets, this was composed by Mark
Patterson who is a qualified geo-physicist and been prepared in accordance with
SPE guidelines.

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.

In granting its consent to the public disclosure of this press release with
respect to Trinidad, 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.