Red Emperor Offer to Range Shareholders

3 February 2011

Australian Securities Exchange
Level 4, 20 Bridge Street
SYDNEY NSW 2000

Via E-lodgement

RED EMPEROR PLACEMENT - OFFER TO RANGE SHAREHOLDERS

As previously announced by Range Resources Limited ("Range" or "the Company"),
Red Emperor Resources NL ("RMP") are offering eligible Range Shareholders the
opportunity to participate in a share placement by RMP. This follows RMP's
recent acquisition of farm-in interests in Range's Puntland and Georgian oil
and gas projects. This offer to participate in RMP's share placement is open
(due to regulatory restrictions) to:

  * All Range Australian Shareholders; and
   
  * Range UK Shareholders who satisfy the criteria as specified in the RMP
    Prospectus, (clause 1.2 Foreign Jurisdictions - United Kingdom), as
    summarised below:
   
"The Offer made under this Prospectus is only made in the United Kingdom to
Certified High Net Worth Individuals, Self–Certified Sophisticated Investors,
Investment Professionals or High Net Worth Companies in the United Kingdom as
defined in the Financial Services and Markets Act 2000 (Financial Promotion)
Order 2005 (each a "Relevant Person").

To qualify as a Certified High Net Worth Individual, an individual must have
signed, within the previous twelve months of the date of this Prospectus, a
statement which contains the information set out in Part 1 of Schedule 5 to the
Financial Services and Markets Act 2000 (Financial Promotion) Order 2005. To
qualify as a Self–Certified Sophisticated Investor, an individual must have
signed, within the previous 12 months, a statement which contains the
information set out in Part 2 of Schedule 5 to the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005."

RMP is a company listed on the Australian Securities Exchange ("ASX") and a
full copy of the Australian prospectus for the RMP share placement can be found
on the ASX website under the Red Emperor code RMP.

For Australian Range Shareholders please contact:

Matthew Lumb or Max Ludowici - Minc Stockbroking

[e-mail]

[phone]

For UK Range Shareholders, please contact your UK broker directly who will in
turn contact Minc Stockbroking

For and on behalf of the Board

Regards


Peter Landau
Executive Director

Contacts

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

Australia                                         London

PPR                                               Tavistock Communications
David Tasker                                      Jonathan Charles
Tel: [phone]                            Tel: [phone]
Em: [e-mail]                       Em: [e-mail]

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

Range Background

Range Resources is a dual listed (ASX: RRS; AIM: RRL) oil & gas exploration
company with oil & gas interests in the frontier state of Puntland, Somalia,
the Republic of Georgia and Texas, USA.

  * Range holds a 25% interest in the initial Smith #1 well and 20% interest in
    further wells on the North Chapman Ranch project, Texas. The project area
    encompasses approximately 1,680 acres in one of the most prolific oil and
    gas producing trends in the State of Texas. Drilling of the first well has
    resulted in a commercial discovery with independently assessed gross
    recoverable reserves in place of 240 Bcf of natural gas, 18 mmbbls of oil
    and 17 mmbbls of natural gas liquids.
   
  * Range holds a 21.75% interest in the East Texas Cotton Valley Prospect in
    Red River County, Texas, USA, with the prospect's project area encompasses
    approximately 1,570 acres encompassing a recent oil discovery.
    Independently assessed gross recoverable reserves in place of 5.4 Mmbbls of
    oil.
   
  * In Puntland, Range holds a 20% working interest in two licences
    encompassing the highly prospective Dharoor and Nugaal valleys with plans
    to drill two wells (TSXV:AOI) - 45% Operator, in 2011.
   
  * In the Republic of Georgia, Range holds a 50% 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 and estimated
    2.045 billion barrels of oil-in-place.
   
  * In Trinidad Range has entered into a HOA to acquire a 10% interest in
    holding companies with three onshore production licenses. Independently
    assessed gross recoverable P2 reserves in place of 4.8MMbls.
   
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 www.spe.org.

The reserves estimates for the 3 Trinidad blocks referred above have been
formulated by Forrest A. Garb & Associates, Inc. (FGA). FGA is an international
petroleum engineering and geologic consulting firm staffed by experienced
engineers and geologists. Collectively FGA staff has more than a century of
world–wide experience. FGA have consented in writing to the reference to them
in this announcement and to the estimates of oil and natural gas liquids
provided. The definitions for oil and gas reserves are in accordance with SEC
Regulation S–X.

RPS Group is an International Petroleum Consulting Firm with offices worldwide,
who specialise in the evaluation of resources, and have consented to the
information with regards to the Company's Georgian interests in the form and
context that they appear. These estimates were formulated in accordance with
the guidelines of the Society of Petroleum Engineers ("SPE").



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