Quarterly Activities Report and Appendix 5B

30 April 2013

               QUARTERLY REPORT FOR PERIOD ENDING 31 MARCH 2013


Issued Capital   2,568m*   ASX Code   RRS   Closing price   $0.057*

Market Capital   A$146m*   AIM Code   RRL   Closing Price   £0.041*

* as at 31 March 2013

Gross Production for the Quarter

Gas   197k Mcf   Range Interest - 43k Mcf

Oil   1,725 bbl  Range Interest - 64,009 bbl


The Board of Range Resources Limited ("Range" or "the Company")
provides the following commentary to be read in conjunction with the Appendix
5B (Quarterly Cash Flow Report) which is attached.

Trinidad

During the quarter, the Company continued to implement its revised
rig upgrade and maintenance program to regain the drilling and completion
momentum established during Q3 2012. The Company has engaged an experienced
drilling engineer and support team to complement the existing management team
in Trinidad to assist in ensuring all six rigs become operational during Q2
2013 to ensure that the number of completed wells increases by a minimum of
100% along with the associated production increase.

In addition to ensuring all six rigs become operational in the
short-term, best practice procedures and processes are being put in place with
respect to maintenance programs / drilling inventory / spare part management
etc. that will look to ensure that operational and supply chain difficulties
are rectified and overcome.

Lower Forest Development Drilling

The Lower Forest development drilling program continued with the
completion of the QUN 138 and 139 wells and spudding of the QUN 140 and 141
wells. The QUN 138 well was successfully perforated and brought into
production with initial production rates of 85 bopd, whilst the QUN 139 well
was drilled to a revised target depth of 1,300 ft. and encountered the
presence of 70 ft. of high resistive oil sands in addition to 190 ft. of lower
resistive oil sands in the Lower Forest formation. Initial production from the
QUN 139 well came on at 45 bopd from the Lower Forest sands.

Subsequent to quarter end, the QUN 140 well was successfully
perforated and showed immediate pressure build up and was placed on flow
through a 5/32" choke, experiencing initial rates of 90 bopd. The well will be
stabilised early May with possible increased choke to optimize flow rates.

The QUN 141 well has reached a target depth of 1,250 ft. into the
Lower Forest formation. Well logging is currently being completed with the
perforation of the well to follow shortly thereafter. Initial flow rates are
scheduled for early May.

Approvals have also been received for a further 5 well locations on
the Morne Diablo license to continue with the Lower Forest development
utilising the shallower capacity rigs. Following the successful completion of
QUN 140 and 141, the rigs will move to the next two locations to spud wells
QUN 142 and 143 respectively.

In addition to the wells mentioned above, the Company is also
looking to continue with the remedial work on a number of wells that have
experienced comingling of oil and water sands with a small workâ€over rig.
This work is expected to improve the performance of these wells and further
add to production.

Middle Cruse Formation Drilling

During the quarter, the Company's first Middle Cruse well, QUN 135,
was successfully deepened to a revised target depth of 3,800 ft., with the
Company having made an apparent discovery of a new oil reservoir in the Middle
Cruse section between 3,490 - 3,540 ft. measured depth. Open hole logs
indicated 50 ft. of previously unseen oil pay with porosities in the 21â€23%
range, while offset well control indicated that the identified reservoir
section has significant areal extent.

Completion work continued on the QUN 135 well in 20 ft. of the
Middle Cruse section with the well having been swabbed late last week
returning oil and displaying 600 psi casing pressure. The Company will look to
perforate and test the remaining 30 ft. of the Middle Cruse section, with the
Company evaluating the applicability of formation stimulation in the well,
including a possible mini-hydraulic fracturing, which has been successful in
other fields in Trinidad.

If successful, this would lead to higher initial production rates
forecast from the Middle Cruse section of the well (currently forecasted at
150-200 bopd). Importantly, there are also additional resistive sands which
were encountered in both the Lower Forest and Upper Cruse formations of the
well.

Lower Cruse Formation Drilling

Following mechanical repairs, the MD 248 well has recommenced
drilling to its target depth of 6,500 ft. It is anticipated that the target
depth will be reached early May after which the well will then be logged and
evaluated for completion operations.

Upon completion of the MD 248 well, Rig 8 is expected to move to
the first of the Company's Herrera prospects. The Herrera prospects remain a
primary exploration objective for the Company, with recent Herrera discoveries
and historical production from offset fields indicating the potential for
world-class reserves and production from that section.

Morne Diablo Waterflood Project

The shallow Forest water flood project on the Morne Diablo license
simulation / modeling project continued during the quarter which is nearing
completion. Once completed, the Company will present and apply for approval to
the regulatory authorities, with development still forecast to commence
mid-2013.

Beach Marcelle License

During the quarter, the Company finalised the Environmental Impact
Assessment (EIA) to be submitted to the Environmental Management Authority
(EMA) in application for a Certificate of Environmental Clearance (CEC) to
drill up to 40 wells and conduct the water flood program. It is anticipated
that the EMA environmental approval will be received during the current
quarter and final approvals will then be sought from the regulatory
authorities. Once all permits and approvals are in place, Range will commence
development, currently forecast for mid-2013, after which the Company will
look to commence preparations for the 40 well work program and water flood.

The Company also applied for a separate CEC to deepen six wells in
the Beach Marcelle license (without EIA), with approval having been received
subsequent to quarter end. The Company will look to move a production rig out
to the Beach Marcelle license to test and prepare the old well bores in
anticipation of the deepening of these wells.

The Company also received approval during the quarter of a CEC on
the Beach Marcelle license (without EIA) to build a bio-remediation site, to
aid in waste management of the proposed drilling program. These bio-sites are
present in all Range fields and are unique in allowing Range to complete
on-site control of the drilling-remediation process.

Extension of Morne Diablo and South Quarry Farm-out Agreements

During the quarter, Range announced that it had 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.

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.

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 QUN 16
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 QUN 16 well utilizing the Company's shallow capacity rigs.

In addition, the October 2012 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.

Trinidad Reserves

During the previous quarter, the Company announced a 29% increase
in Proved, Probable and Possible (3P) net attributable reserves across the
Company's three onshore Trinidad licenses following the Company's independent
petroleum consultants, Forrest A. Garb and Associates ("Forrest Garb"), having
completed a review of the Trinidad reserves following the first year of
Range's operations in Trinidad.

Below is the comparison between October 2012 and December 2011 of
the oil and gas reserves attributable to Range's (100%) interest in its
Trinidad Licenses, net of government and overriding royalties, as described
more fully in the report from Forest Garb & Associates.

Category                                                      Oil (MMBO)
                                                  Dec `11       Oct `12      %age Mvmt

Proved (P1)                                        15.4          17.5          +14%
Probable (P2)                                       2.2           2.7          +23%
Possible (P3)                                       2.0           5.0          +150%
Total 3P Reserves                                  19.6          25.2          +29%

Prospective Resource (unrisked)

Low                                                 2.0           8.1
Best                                               10.0          40.5
High                                               19.9          81.0

Based on the reserve numbers shown above, Forrest Garb estimates
the net cash flow attributable to Range's interests for Proved, Probable and
Possible reserves as shown below, based on average WTI prices for 2011, and
compared to the $85 / bbl case per December 2011.

                         US$85 / bbl case       US$94 / bbl case
 
                          December 2011           October 2012

Category              Undiscounted PV10 US$M Undiscounted PV10 US$M
                          US$M                   US$M

Proved                    679         385        799         446
Probable                  133         73         142         81
Possible                  120         49         276         153
Total                     932         507       1,217        680

The valuations above are based on forecast production rates that
reflect the current drilling and development schedule, and estimated
individual well decline profiles derived from the Company's recent operating
results.

As reported above, the October 2012 reserves report saw a 30.5
million barrels (305%) increase in total unrisked net prospective (best
estimate) resources across the Company's licenses to 40.5 million barrels.

Of the 40.5 million barrels in unrisked prospective resources,
circa 30.5 million barrels are associated with identified Herrera prospects
that have been mapped on the Company's 3D seismic database. Of the 40.5
million best estimate unrisked net prospective resource associated with the
Herrera prospects, a risk factor of 25% has been assigned, with the remaining
resources risked at 45%.

The Company will look to provide further updates as the flow
testing on the current wells being completed stabilises along with updates on
the MD 248 well.

Puntland

Puntland Onshore

During the quarter Range's JV partner and operator of its Puntland
Project, Horn Petroleum Corp (TSXV: HRN), has been focused on making
preparations for a seismic acquisition campaign in the Dharoor PSA which will
include a regional seismic reconnaissance grid in the previously unexplored
eastern portion of the basin as well as prospect specific seismic to delineate
a drilling candidate in the western portion of the basin where an active
petroleum system was confirmed by the recent drilling at the Shabeel-1 and
Shabeel North-1 locations. The focus of the Dharoor seismic program will be to
delineate new structural prospects for the upcoming drilling campaign.

Based on the encouragement provided by these two Shabeel wells, the
JV has entered into the next exploration period in both the Nugaal and Dharoor
Valley Production Sharing Contracts ("PSCs") which carry a commitment to drill
one well on each block within an additional 3 year term. The current
operational plan would be to contract a seismic crew to acquire additional
data in the Dharoor Valley block and to hold discussions with the Puntland
Government to gain access regarding drill ready prospects in the Nugaal Valley
block.

Puntland Offshore

During the June 2012 quarter, Range entered into a conditional
agreement with the Puntland Government with respect to obtaining a 100%
working interest in the highly prospective Nugaal Basin Offshore Block.

The Block is an extension of the onshore Nugaal Region which has
the potential for deltaic deposits from the Nugaal Valley drainage system and
comprises over 10,000km.

The agreement is subject to a formal Production Sharing Agreement
(PSA) being entered into and the receipt of all necessary regulatory
approvals. The completion process was on going during the quarter.

Georgia

During the quarter Range, along with its joint venture partners,
Strait Oil and Gas UK Limited and Red Emperor (together "the Consortium")
announced that it had executed a heads of agreement with the Georgian
Industrial Group ("GIG") with respect to the joint development of the Coal Bed
Methane project (CBM) and conventional gas potential around the
Tkibuliâ€Shaori Coal Field ("Tkibuli Project") in the Republic of Georgia.

Terms of Agreement

GIG and the Consortium will jointly establish a Development Company
on a 50:50 basis. The Development Company will be commencing feasibility and
technical studies, followed by an initial three or four well pilot project.
The appraisal / pilot production wells will be drilled first to clarify flow
rates and other key parameters including optimum well construction /
completion strategy, well spacing and water treatment and disposal
requirements prior to full scale development. Based on a study by Advanced
Resources International ("ARI") full development would involve 6 CBM wells per
annum that are targeted to produce between 0.3-0.5 million cubic feet ("Mcf")
per well per day (with 0.12-0.2 Mcf attributable to Range). It is anticipated
that over the first 3 years, production will build to rates that will fund
further expansion of the CBM project.

The initial pilot project will focus on appraising an area already
known to be venting methane, thus ensuring a higher chance of success. The
work program is anticipated to commence in the second half of 2013 and will be
predominantly debt financed, resulting in limited capital commitments for
Range moving forward. New wells will target horizons at depths between 500 and
2,000 metres and can be drilled within approximately 45 days. The fast-track
program is designed for gas production and sales to begin within 18 months
given the existing infrastructure and logistics.

GIG have agreed a take or pay arrangement for all gas produced by
the Development Company at a 5% discount to a regional indexed price less
transportation, thus removing the monetization risk so often faced with
prospective CBM projects in the region. Over the last few years' regional
prices have averaged between US$8 - US$10 per Mcf.

It is the intention of the Consortium to ensure that the first well
of the pilot program counts as the commitment well with respect to retaining
Block VIb.

The Tkibuli Project has been estimated by ARI to contain Contingent
Resources (mean) of approximately 400 billion cubic feet ("bcf") of CBM gas
(with 160 bcf attributable to Range). Sand horizons have also been identified
around the coal beds, which could add additional, conventional hydrocarbon
resources to those estimated for CBM at Tkibuli alone. Over 400 exploration
and non-hydrocarbon wells have been drilled in the Tkibuli area, many
encountering hydrocarbons and one producing gas for over 35 years.

CBM has become an increasingly important source of energy around
the world and production is well established in the US, Australia and China.
Access to market is key to commercialisation and although major pipelines
transect the country, Georgia remains almost entirely dependent on imports of
foreign natural gas. CBM production from the Tkibuli Project, therefore, could
immediately be fed into the local energy market.

Subsequent to Quarter-End

In November 2012, the Joint Venture announced the completion of a
200km 2D seismic program carried out by the Geophysical Institute of Israel
("GII"). Processing of the data is complete and is currently being interpreted
in Tbilisi with the expectation that it will be finalised by the end of May
2013.

The purpose of this survey was to further define previously
identified structures on Block VIb that were highlighted as prospective from
the initial survey in 2009 and were identified as potential drilling sites.
The information now obtained from the recent seismic program will
significantly reduce the risk associated with any potential drilling programs
in the future. To further assess the volume of these structures the JV is
currently re-processing approximately 10% of the lines to further refine the
information for interpretation and cover some prospective selected sites. The
seismic interpretation will also look to define the Shale Gas and Shale Oil
areas within the two Licenses.

This new information is also being incorporated into a 3D model
initially formed with early Seismic data from the Soviet period and
supplemented by the interpretation performed by RPS Energy from the initial
2009 vibrosis survey. It is expected that this 3D modeling will be finalised
by the end of H1 2013.

CBM Joint Venture

The Company and its Joint Venture Partners, together with the
Georgian Industrial Group (GIG), are continuing to progress plans to commence
a feasibility and technical study, followed by an initial three to four well
pilot project targeting coal bed methane gas. A working model has been
prepared to develop the CBM project and potential drill sites have been
identified using the initial data from the previous 2D seismic surveys
performed on the sites. The economics of this project are being prepared in
association with GIG and also in line with Government permitting requirements.
It is expected that initial drilling will commence in Q4 2013 after the
results of the studies and the site identification process has been finalised.

Texas

During the quarter, the Company announced that agreement had been
reached with respect to the sale of the Company's Texan interest with a total
cash consideration of US$30m with US$25m payable at closing plus $US5m in
royalty payments from future production. The Company is on track to complete
in May with all key completion requirements signed off for payment.

Colombia

During the quarter, the consulta previa process continued which
involves liaison with the various indigenous communities within the license
areas. Once completed, the Company expects to initiate preparations for the
seismic program, with planned mobilisation to occur in Q2 2013.

Range has also received farm-in interest from a number of parties,
and will be considering different potential options during the merger process.

Guatemala

During the quarter, the Company secured a strategic stake (19.9%)
in Citation Resources Limited ("Citation") (ASX: CTR). Citation holds a farm
in right to acquire a 70% interest in Latin American Resources Ltd ("LAR"),
which holds an 80-100% interest in two oil and gas development and exploration
blocks in Guatemala ("Projects"). LAR is the operator of the blocks.
Additionally, Range has acquired a direct 10% equity stake in LAR.

The Projects consist of Block 1-2005 and Block 6-93 in the South
Peten Basin in Guatemala ("Guatemalan Blocks"). The Guatemalan Blocks have
Canadian NI 51-101 certified proved plus probable (2P) reserves of 2.3 MMBO
(with approximately 0.45 - 0.6 MMBO attributable to Range's combined equity
interest in Citation and 10% direct interest in LAR), with significant
exploration upside potential. In addition, the blocks have had significant
previous exploration with the two well appraisal drilling program currently
underway with the Atzam #4 well having already been successfully completed and
flow testing currently underway. The Projects and drilling/operational
infrastructure are owned by LAR together with its minority joint venture
partners in a similar set up to Range's Trinidad operations.

The strategic stake in Citation and LAR provides Range with
non-operating exposure to a project with known reserves and significant short
term upside potential, as well as creating the potential spin off vehicle for
the company's Puntland assets.

Range acquired its 19.9% strategic interest in Citation by
conversion of existing debt funding provided by Range to Citation into
ordinary Citation shares (subject to any necessary Citation shareholder
approvals) at A$0.02/share with a 1 for 2 free attaching listed Citation
option (A$0.04, June 2015), which is approximately A$2m for the 19.9%
interest. In addition, Range paid A$2m for the 10% interest in LAR, which is
finance carried through the first US$25m spent on the Project.

During the quarter, Citation announced that following the drilling
and electric logging of the Atzam #4 well, the joint venture commissioned an
independent reserves report from Ralph E Davies and Associates ("RED") which
concluded that upon reviewing the detailed petro-physical work undertaken by
Schlumberger there are up to 20 material oil shows in the Atzam #4 well, with
8 zones recommended by RED to be tested for commerciality.

The report concluded that the Atzam #4 well has a Probable Reserves
estimate of 2.3m bbls using a 30% recoverability factor and a 160 acre
drainage area as set out in the table below, which excludes several deeper
zones in the lower C-18 and C-19 which were not evaluated due to lack of
detailed ell log data to the well bore washout encountered whilst drilling:

         GROSS OIL VOLUMES - BARRELS
        Recovery - 25% Recovery - 30%

C-13A      421,174        505,409
C-13B      202,198        242,637
C-14A       79,988         95,985
C-14B      278,715        334,458
C-16       157,925        189,509
C-17       453,143        543,772
C-18A      201,401        241,681
C-18B      132,757        159,308

TOTAL     1,927,301      2,312,759
 
Details of Range's attributable interest in the reserves is set out
in the Reserves and Resources section at the end of this announcement.

The report used production and well data from analogous wells in
the area to compare to the petro-physical results recorded in the Atzam #4
well. Although the Lower C18 and C19 zones were not included, as these zones
were washed out while drilling and the logging tool could not be used thorough
this interval, RED believe that there should be hydrocarbons present and the
Lower C-18 and C-19 zones should be tested in the next well scheduled to be
drilled on the project.

LAR is in process of completing flow testing operations on the
perforated Lower C17 / Upper C18 carbonate sections in the Atzam #4 well with
an ESP to establish the commercial potential and estimate that with an ESP
operational, the perforated Lower C17 / Upper C18 carbonates could flow up to
300-400 bbl / day with an 85-90% oil cut based on the results to date from
these zones.

The Atzam #4 well produced very encouraging oil shows during the
drilling of the well through the C13 and C14 carbonates, which was
complemented by higher than expected permeability and porosity results from
the electronic logs. This has established these reservoir sections, the main
producing zones in the nearby Rubelsanto Field, as the most likely appraisal
targets to be tested in the upcoming Atzam #5 appraisal well if they are not
tested in the current Atzam #4 well. Both the LAR and Schlumberger are highly
encouraged by the logging results seen in the C13 and C14 carbonates and their
potential to be a new commercially productive zone in the Atzam field to the
primary C18 and C19 carbonates sections The Rubelsanto Field has produced over
30 mmbbls to date from 8 wells and is located only 17km to the north east of
the Atzam field, along a structural fault offset.

Corporate

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

Meridian has advised that it anticipates closing of the financing
shortly.

Proposed Merger with International Petroleum

Subsequent to quarter end, the Company also announced its proposal
to undertake a strategic merger with International Petroleum Limited, with the
merger to create a leading ASX and AIM listed oil and gas company with a
strong production growth profile from the on-going development of its
significant reserves and resources base. For further details of the proposed
merger - please refer to the Company's announcement from 24 April 2013 and on
the Company's website.

In relation to the placement discussed within the announcement
dated 24 April 2013, of the 338.983m shares to be issued, the Company wishes
to advise that 67m of these have been allotted today and are expected to be
admitted to trading on AIM tomorrow, with the balance to be allotted on or
around 3 May 2013 and expected to be admitted to trading on AIM on or around 6
May 2013.

           Appendix 5B Summary - Consolidated Statement of Cashflow

                                              Current Year to date
                                              Quarter   (9 months)
                                               $A'000       $A'000
Cash flows related to operating                             
activities
 
Receipts from product sales and related
debtors                                         6,616       21,524
Payments for:
 
(a) exploration & evaluation                  (4,138)     (16,896)
 
(b) development                               (3,230)      (9,628)
 
(c) production                                (3,114)     (11,284)
 
(d) administration                            (1,784)      (5,815)
 
Dividends received                                  -            -
 
Interest and other items of a similar
nature received                                     5           40
 
Interest and other costs of finance
paid                                            (509)      (1,105)
 
Taxes paid                                      (370)      (4,605)
 
Other (provide details if material)                 -          467
 
               Net Operating Cash Flows       (6,524)     (27,305)
 
Cash flows related to investing
activities
 
Payment for purchases of:
 
(a) prospects                                       -            -
 
(b) equity investments                          (436)      (1,601)
 
(c) other fixed assets                              -            -
 
Proceeds from sale of:
 
(a) prospects                                       -            -
 
(b) equity investments                          2,026        2,691
 
(c) other fixed assets                              -            -
 
Loans to other entities                             -            -
 
Loans repaid by other entities                      -        2,026
 
Other - net cash acquired on
acquisition of subsidiary                           -            -
 
               Net investing cash flows         1,590        3,116
 
     Total operating and investing cash
                                  flows       (4,934)     (24,189)
 
Cash flows related to financing
activities
 
Proceeds from issues of shares,
options, etc.                                   6,071        8,141
 
Proceeds from sale of forfeited shares              -            -
 
Proceeds from borrowings                        1,286       16,686
 
Repayment of borrowings                       (3,800)      (5,267)
 
Dividends paid                                      -            -
 
Other (provide details if material)                 -            -
 
               Net financing cash flows         3,557       19,560
 
   Net increase (decrease) in cash held       (1,377)      (4,629)
 
Cash at beginning of quarter/year to
date                                            7,134       10,461
 
Exchange rate adjustments to item 1.20            (8)         (83)
 
CASH AT END OF QUARTER                          5,749        5,749



Yours faithfully

Peter Landau
Executive Director



Contacts

Range Resources Limited

Peter Landau

Tel : [phone]

Em: [e-mail]



PPR (Australia)

David Tasker

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 (Joint Broker)  GMP Securities Europe LLP (Joint Broker)

Daniel Fox-Davies / Richard Hail           James Pope

Tel: [phone]                  Tel: [phone]



Dahlman Rose & Company (Principal American Liaison)

OTCQX International Market (U.S.)

Christopher Weekes / Stephen Nash

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, 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 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 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 10%
interest in LAR.

Table of Reserves and Resources

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

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

Detailed below are the estimated resources and oil-in-place delineated across
Range's portfolio of project interests.

All figures in       Gross Oil Resources             Net Attributable
MMboe
                                          Range's
Project              Low    Best/   High  Interest  Low     Best/   High    Operator
 
                             Mean                           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.

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 worldâ€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 Sâ€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.

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.