Range acquires interest in a strategic US asset

21 September 2009

Company Announcements
Australian Securities Exchange
Exchange Plaza
2 The Esplanade
PERTH WA 6000

                Range acquires interest in a strategic US asset                

Highlights:

  * Range acquires a 25% interest in well known Texas oil and gas field, with
    drilling at project already underway,
   
  * Low entry cost - To fund drilling of Smith #1 Well (AUD$1m) and in the
    event of a discovery fund costs to production (AUD$350,000),
   
  * Significant infrastructure in place and timing to first sales will be
    approximately three months upon a discovery being made, with an estimated 
    payback period of 8 - 10 months.
   
Australian based oil and gas company Range Resources Limited (ASX:RRS, AIM:
RRL) ("Range" or "the Company") continues to enhance its international oil and
gas portfolio, reaching agreement with U.S. based private oil and gas company
Crest Resources Inc ("Crest") to acquire a 25% working interest in the North
Chapman Ranch project located in Nueces County, Texas.

The project area encompasses approximately 1,280 acres in one of the most
prolific oil and gas producing trends in the State of Texas.

Smith #1 Well - Currently Drilling

Range will participate in the Smith #1 well, which has already commenced
drilling and is expected to confirm an apparent discovery made by Crest and its
partners earlier this year. The well is currently at 8,000 feet with a target
depth of 14,000 feet. Range anticipates target depth being achieved in the next
three weeks and will provide updates to the market as they are received.

North Chapman Ranch Background

North Chapman Ranch is situated within the prolific Frio producing trend just
north of the Chapman Ranch in the Mobil David and Doughty Fields.  The Mobil
David field was discovered in 1965 when Mobil drilled the Chapman #1B and
completed the well in the Laureles Sand (now the Howell Hight). Since then, an
estimated 250 billion cubic feet of natural gas and more than 10 million
barrels of oil have been produced from this field, primarily from the Anderson
sandstone. Recently, several operators in the area have been successfully
developing the deeper Howell Hight formation, with some wells exhibiting flow
rates in the 6-9 million cubic feet per day range.  The currently drilling
Smith #1 well is programmed to test the Howell Hight formation in a location
near that of the recently drilled Zdansky #1 well. Crest was unable to complete
the Zdansky well due to hole problems. 

If successful, the Smith #1 well could trigger significant oil and gas
production and development drilling with very attractive economics, at a time
when exploration and development costs in the U.S. have dropped dramatically.
In addition, the favorable operating and regulatory environment in Texas serves
to mitigate perceived political risk associated with Range's other
international exploration projects.

Benefits for Range

The cost for Range is AUD$1m which includes the cost of the current well. In
the event of a discovery, costs to production will be approximately
AUD$350,000. The low cost relates to the significant infrastructure (eg.
pipelines) already in place. Timing to first sales will be approximately three
months upon a discovery being made with an estimated payback period of 8 - 10
months. With winter approaching in the US, timing may be expedited with
increased gas prices. Range can limit its exposure to the Smith #1 well or
continue with its participation interest in an exploration area which is
targeting a minimum of 80 BCF of gas (undiscovered gas in place).

Moving Forward

With Range anticipating that Africa Oil and the Puntland Government will agree
to the proposed drilling programme on the onshore Puntland oil & gas blocks
shortly, the recently acquired Georgian blocks being prepared for a seismic
survey and the Smith #1 well about half way to target depth, the Company is
excited with its portfolio and the activity planned for the coming months.

The Company received over subscriptions with its latest placement and will
accept a further AUD$2.2m as per the attached Appendix 3B.

Range Projects: please refer to the website for diagrams. 

End

For further information please contact:

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

Australia                                    London

Professional Public Relations                Conduit PR
David Tasker                                 Jonathan Charles
Tel: [phone]      Tel: + 44 (0) 20 7429 6666
Em: [e-mail]                  Em: [e-mail]

RFC Corporate Finance (Nominated Advisor)    Fox-Davies Capital (Broker)
Stuart Laing                                 Daniel Fox-Davies
Tel: [phone]                       Tel: [phone]

*The reference to the undiscovered gas in place estimate was provided byCrest
Resources Inc., reviewed by Texas Energy Advisers LLC(Range Consultant) who
haveover 25 years of relevant experience in the oil and gas sector and found to
be consistent with the SPE Guidelines.  



                                               Rule 2.7, 3.10.3, 3.10.4, 3.10.5

                                  Appendix 3B                                  

                            New issue announcement,                            

              application for quotation of additional securities               

                                 and agreement                                 

Information or documents not available now must be given to ASX as soon as
available. Information and documents given to ASX become ASX's property and may
be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/
2001, 11/3/2002, 1/1/2003.

Name of entity                                                  
RANGE RESOURCES LIMITED                                         

ABN                       
88 002 522 009            

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough
space).

1  +Class of +securities issued    Ordinary Fully Paid Shares          
   or to be issued                                                   
                                   Listed Options ($0.05 cents, 31 December 2011)      
                                                     
                                                                     
2  Number of +securities issued    65,113,650 Ordinary Fully Paid Shares                                    
   or to be issued (if known) or      
   maximum number which may be     65,113,650 Listed Options                              
   issued                          ($0.05 cents, 31 December 2011)                               
                           
                                                                     
3  Principal terms of the                                            
   +securities (eg, if options,    65,113,650 Ordinary Fully Paid Shares     
   exercise price and expiry                                     
   date; if partly paid                                              
   +securities, the amount         65,113,650 Listed Options ($0.05 cents, 31 December 2011)    
   outstanding and due dates for             
   payment; if +convertible                                          
   securities, the conversion                                        
   price and dates for                                               
   conversion)                                                       
                                                                    
                                                                  

4   Do the +securities rank        Yes                                
    equally in all respects from                                     
    the date of allotment with an                                    
    existing +class of quoted                                        
    +securities?                                                     
                                                                     
    If the additional securities                                     
    do not rank equally, please                                      
    state:                                                           
                                                                     
      * the date from which they                                     
        do                                                           
                                                                     
      * the extent to which they                                     
        participate for the next                                     
        dividend, (in the case of                                    
        a trust, distribution) or                                    
        interest payment                                             
                                                                     
      * the extent to which they                                     
        do not rank equally,                                         
        other than in relation to                                    
        the next dividend,                                           
        distribution or interest                                     
        payment                                                      
                                                                     
5   Issue price or consideration  65,113,650 Ordinary Fully Paid     
                                  Shares to be issued in a Placement 
                                  to Sophisticated and Institutional 
                                  Investors at 3.5 cents per share   
                                  with a free attaching Listed Option
                                  (5 cents, 31 Dec 2011) raising     
                                  $2.2m to fund the acquisition of   
                                  the strategic US Oil & Gas Project,
                                  Georgian operations Puntland       
                                  operations, issue costs and working
                                  capital.                           
                                                                     
6   Purpose of the issue          65,113,650 Ordinary Fully Paid     
                                  Shares to be issued in a Placement 
    (If issued as consideration   to Sophisticated and Institutional 
    for the acquisition of        Investors at 3.5 cents per share   
    assets, clearly identify      with a free attaching Listed Option
    those assets)                 (5 cents, 31 Dec 2011) raising     
                                  $2.2m to fund the acquisition of   
                                  the strategic US Oil & Gas Project,
                                  Georgian operations Puntland       
                                  operations, issue costs and working
                                  capital.                           
                                                                     
7   Dates of entering             On or about 21 Sep 2009                    
    +securities into                                                 
    uncertificated                                                   
    holdings or despatch                                             
    of certificates                                                  

                                  Number       +Class                     
                                                                          
8     Number and +class of        563,269,409  Ordinary fully paid shares (RRS)
      all +securities quoted                                         
      on ASX (including the       64,901,186   Listed Options (RRSOA)(A$1.00, 1 October 2010)                          
      securities in clause 2                       
      if applicable)              363,822,688  Listed Attaching Options(RRSO) ($A0.05, 31 December 2011)            
                                                                     
                                                                          
                                  Number       +Class                     
                                                                        
9     Number and +class of        3,177,029    Unlisted Options (A$0.50, 30 June 2012)  
      all +securities not                                    
      quoted on ASX                                                       
      (including the                                                      
      securities in clause 2                                              
      if applicable)                                                      
                                                                          
10    Dividend policy (in the     Not applicable                              
      case of a trust,                                                    
      distribution policy) on                                             
      the increased capital                                               
      (interests)                                                         

Part 2 - Bonus issue or pro rata issue

11  Is security holder approval      N/A                           
    required?                                                      
                                                                   
12  Is the issue renounceable or     N/A                           
    non-renounceable?                                              
                                                                   
13  Ratio in which the +securities   N/A                           
    will be offered                                                
                                                                   
14  +Class of +securities to which   N/A                           
    the offer relates                                              
                                                                   
15  +Record date to determine        N/A                           
    entitlements                                                   
                                                                   
16  Will holdings on different       N/A                           
    registers (or subregisters) be                                 
    aggregated for calculating                                     
    entitlements?                                                  
                                                                   
17  Policy for deciding entitlements N/A                           
    in relation to fractions                                       
                                                                   
18  Names of countries in which the  N/A                           
    entity has +security holders who                               
    will not be sent new issue                                     
    documents                                                      
                                                                   
    Note: Security holders must be                                 
    told how their entitlements are                                
    to be dealt with.                                              
                                                                   
    Cross reference: rule 7.7.                                     
                                                                   
19  Closing date for receipt of      N/A                           
    acceptances or renunciations                                   
                                                                   
20  Names of any underwriters        N/A                           
                                                                   
21  Amount of any underwriting fee   N/A                           
    or commission                                                  
                                                                   
22  Names of any brokers to the      N/A                           
    issue                                                          
                                                                   
23  Fee or commission payable to the N/A                           
    broker to the issue                                            
                                                                   
24  Amount of any handling fee       N/A                           
    payable to brokers who lodge                                   
    acceptances or renunciations on                                
    behalf of +security holders                                    
                                                                   
25  If the issue is contingent on    N/A                           
    +security holders' approval, the                               
    date of the meeting                                            
                                                                   
26  Date entitlement and acceptance  N/A                           
    form and prospectus or Product                                 
    Disclosure Statement will be                                   
    sent to persons entitled                                       

27  If the entity has issued         N/A                           
    options, and the terms entitle                                 
    option holders to participate on                               
    exercise, the date on which                                    
    notices will be sent to option                                 
    holders                                                        
                                                                   
28  Date rights trading will begin   N/A                           
    (if applicable)                                                
                                                                   
29  Date rights trading will end (if N/A                           
    applicable)                                                    
                                                                   
30  How do +security holders sell    N/A                           
    their entitlements in full                                     
    through a broker?                                              
                                                                   
31  How do +security holders sell    N/A                           
    part of their entitlements                                     
    through a broker and accept for                                
    the balance?                                                   
                                                                   
32  How do +security holders dispose N/A                           
    of their entitlements (except by                               
    sale through a broker)?                                        
                                                                   
33  +Despatch date                   N/A                           

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of
securities

34   Type of securities                                              
                                                                     
     (tick one)                                                      
                                                                     
(a)       Securities described in Part 1                             
                                                                     

(b)  All other securities                                     
                                                              
     Example: restricted securities at the end of the escrowed
     period, partly paid securities that become fully paid,   
     employee incentive share securities when restriction     
     ends, securities issued on expiry or conversion of       
     convertible securities                                   

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing                                    
the information or documents                                          

35        If the +securities are +equity securities, the names of  
          the 20 largest holders of the additional +securities, and
          the number and percentage of additional +securities held 
          by those holders                                         
                                                                   
36        If the +securities are +equity securities, a distribution
          schedule of the additional +securities setting out the   
          number of holders in the categories                      
                                                                   
          1 - 1,000                                                
                                                                   
          1,001 - 5,000                                            
                                                                   
          5,001 - 10,000                                           
                                                                   
          10,001 - 100,000                                         
                                                                   
          100,001 and over                                         
                                                                   
37        A copy of any trust deed for the additional +securities  

Entities that have ticked box 34(b)

38   Number of securities for which                                
     +quotation is sought                                          
                                                                   
39   Class of +securities for which                                
     quotation is sought                                           
                                                                   
40   Do the +securities rank equally                               
     in all respects from the date of                              
     allotment with an existing                                    
     +class of quoted +securities?                                 
                                                                   
     If the additional securities do                               
     not rank equally, please state:                               
                                                                   
       * the date from which they do                               
                                                                   
       * the extent to which they                                  
         participate for the next                                  
         dividend, (in the case of a                               
         trust, distribution) or                                   
         interest payment                                          
                                                                   
       * the extent to which they do                               
         not rank equally, other than                              
         in relation to the next                                   
         dividend, distribution or                                 
         interest payment                                          
                                                                   
41   Reason for request for quotation                              
     now                                                           
                                                                   
     Example: In the case of                                       
     restricted securities, end of                                 
     restriction period                                            
                                                                   
     (if issued upon conversion of                                 
     another security, clearly                                     
     identify that other security)                                 
                                                                   
                                      Number  +Class               
                                                                   
42   Number and +class of all                                      
     +securities quoted on ASX                                     
     (including the securities in                                  
     clause 38)                                                    

Quotation agreement

1 +Quotation of our additional +securities is in ASX's absolute discretion. ASX
may quote the +securities on any conditions it decides.

2 We warrant the following to ASX.

• The issue of the +securities to be quoted complies with the law and is not
for an illegal purpose.

• There is no reason why those +securities should not be granted +quotation.

• An offer of the +securities for sale within 12 months after their issue will
not require disclosure under section 707(3) or section 1012C(6) of the
Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for
the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any
applications received by us in relation to any +securities to be quoted and
that no-one has any right to return any +securities to be quoted under sections
737, 738 or 1016F of the Corporations Act at the time that we request that the
+securities be quoted.

• We warrant that if confirmation is required under section 1017F of the
Corporations Act in relation to the +securities to be quoted, it has been
provided at the time that we request that the +securities be quoted.

• If we are a trust, we warrant that no person has the right to return the
+securities to be quoted under section 1019B of the Corporations Act at the
time that we request that the +securities be quoted.

3 We will indemnify ASX to the fullest extent permitted by law in respect of
any claim, action or expense arising from or connected with any breach of the
warranties in this agreement.

4 We give ASX the information and documents required by this form. If any
information or document not available now, will give it to ASX before
+quotation of the +securities begins. We acknowledge that ASX is relying on the
information and documents. We warrant that they are (will be) true and
complete.

Sign here:


Date: 21 September 2009
Print name: Jane Flegg - Company Secretary

+ See chapter 19 for defined terms.

1/1/2003 Appendix 3B Page 7