Second Texan Acquisition and Company Update

ABN 88 002 522 009

Level 3, 1 Havelock Street
West Perth, WA 6005
P [phone]
F [phone]

17 June 2010

Company Announcements

Australian Securities Exchange
Exchange Plaza
2 The Esplanade
PERTH WA 6000

By E-lodgment

RANGE ACQUIRES INTEREST IN SECOND TEXAS OIL FIELD

Building on its success at North Chapman Ranch, Range Resources Limited ("Range
" or "the Company") is pleased to announce that it has acquired a 13.56%
interest in approximately 1,570 gross acres encompassing a recent oil discovery
located in Red River County, Texas, for total leasehold acquisition costs of
$US254,000.

Development of the shallow oil reservoir in the Cotton Valley formation is
expected to begin in July with the drilling of a horizontal appraisal well in
the field, where gross recoverable reserves are estimated to be between 4 and 6
million barrels of oil.

Background

The East Texas Cotton Valley oil accumulation was discovered in March of 2008
with the drilling of a vertical well to approximately 5,500 ft. The initial
well encountered more than 100 ft. of gross oil pay at approximately 5,300 ft
and was immediately placed into production. A horizontal appraisal well spudded
in December of 2008 encountered good quality reservoir in a lateral section
approximately 1,500 ft. long, but was badly damaged during completion. A second
horizontal well is expected to spud in the third quarter of this year.  If
successful, the upcoming well will trigger further development of the Cotton
Valley field that could ultimately require more than 20 additional wells, with
a targeted average recovery per well of over 220,000 barrels of oil. With
horizontal well costs estimated at $1.57MM, gross finding & development costs
are expected to be less than $7. 15/bbl.

Reserves

The recoverable reserves estimates represents the low to high range of the
volume of oil that is considered will be economically recoverable form the
reservoir. Whilst this estimate has been reviewed by the Company's technical
consultant and advisors, Texas Energy Advisors LLC, who have over 30 years of
relevant experience in the oil and gas sector, it has not yet been signed off
as being consistent with the SPE reserve and resources reporting guidelines.

In this respect, the Company has commissioned independent petroleum consultants
Lonquist & Co. LLC to certify the recoverable reserves of the Cotton Valley
formation located on the Range acreage. Results of the reserve report are
expected shortly and will be released as soon as they are available.

Russell Bevly #1 Appraisal Well UPDATE

Range would also like to announce an update on the Russell Bevly #1 appraisal
well as part of the North Chapman Ranch Joint Venture's multi-well program in
Texas.

As previously announced, the well has been drilled to the intermediate casing
depth of 11,400 ft. Following this, open hole logs were acquired and 9 5/8"
casing set and cemented. Drilling has recommenced towards the proposed target
depth of ~14,000 ft (4,268m).


Well Details

Name of well              Russell Bevly #1                  
                                                   
Spud date                 9 May 2010                        
                                                            
Current depth             ~12,671 ft (3,863m)               
                                                            
Proposed total depth      ~14,000 ft (4,268m)               
                                                            
RRS working interest      20%                               

Range will provide regular updates on the progress on the drilling of the
Russell-Bevly well.

Placement

The Company would also like to announce that it has received commitments for a
placing of A$8m from UK and Australia sophisticated and institutional investors
at $0.07 and £0.04 equivalent through the Company's AIM broker Old Park Lane
Capital Plc and Australian brokers and will potential accept up to A$10m (up to
143m shares).

Funds raised will be used to fund the Company's Puntland, Texan and Georgian
interests and to investigate further acquisitions opportunities of which Range
is in the final stages of securing an option over another oil production play
with significant exploration upside in the Americas and should be in a position
to announce shortly.

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                                             Conduit PR
David Tasker                                    Jonathan Charles
Tel: [phone]                          Tel: + 44 (0) 20 7429 6611
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 215 Bcf of natural gas, 16 mmbbls of oil
    and 15 mmbbls of natural gas liquids.
   
  * 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) - 65% Operator, in 2010.
   
  * 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.
   
The reserves estimate for the North Chapman Ranch Project 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 as well as in the full Lonquist report on the Range website.