Texas and Corporate Update

06 January 2012

The Manager

Company Announcements
Australian Securities Exchange Limited
Level 6, 20 Bridge Street
Sydney NSW 2000

By e-lodgement

TEXAS & CORPORATE UPDATE

Texas

Range Resources Limited ("Range" or "the Company") is pleased to announce that
the Albrecht #1 Appraisal well on the Company's North Chapman Ranch Project in
Texas is currently drilling ahead at a depth of 9,150 ft. with a target depth
of 14,500 ft.

The Albrecht # 1 appraisal well marks another milestone in the Company's
onshore Texas drilling program, as if successful, it is anticipated to prove up
reserves in the South East portion of the North Chapman Ranch license area, and
support a re-classification of current Possible (P3) reserves into the Probable
(P2) and Proved (P1) categories.

Following on from the Albrecht #1 well, the joint venture has the option to
continue with the development of the field with a possible four-well program in
2012 under discussion among the joint venture partners.

Corporate

The Company would also like to announce that the 189,965,535 outstanding $0.05
listed options and 60 million $0.10 Director options that expired on 31
December 2011 have all been exercised, or in respect of the listed options,
will otherwise be taken up by underwriters, Oracle Securities Pty Ltd.

The exercise of the Directors options and a portion of the listed options has
been facilitated by a funding and share placing arrangement with the Company's
brokers Old Park Lane Capital PLC ("OPL"). Pursuant to this arrangement 70
million of the new shares being issued on exercise of the options are being
placed (on behalf of the option holders) with clients of OPL at $0.115 / £
0.075. This includes 52,173,912 of the shares being issued on exercise of the
Directors options (as tabled for each director below).

This full exercise of the options will provide the Company with total gross
proceeds of approximately A$15.5 million.

Further details for each Director holdings are detailed below:

SIR SAM JONAH                                                       
                                                                    
Balance Previously Held                                             
                                                                    
    Shares                                              15,506,298  
                                                                    
    $0.05 Listed Options                                4,135,013   
                                                                    
    $0.10 Unlisted Options                              15,000,000  
                                                                    
Number Acquired / Disposed                                          
                                                                    
    Total Shares acquired through exercise of options   19,135,013  
                                                                    
    Total Shares disposed through finance arrangement @ (13,043,478)
    $0.115                                                          
                                                                    
Balance Now Held                                                    
                                                                    
    Shares                                              21,597,833  

MR PETER LANDAU                                                     
                                                                    
Balance Previously Held                                             
                                                                    
    Shares                                              6,250,000   
                                                                    
    $0.05 Listed Options                                5,000,000   
                                                                    
    $0.10 Unlisted Options                              15,000,000  
                                                                    
Number Acquired / Disposed                                          
                                                                    
    Total Shares acquired through exercise of options   20,000,000  
                                                                    
    Total Shares disposed through finance arrangement @ (13,043,478)
    $0.115                                                          
                                                                    
Balance Now Held                                                    
                                                                    
    Shares                                              13,206,522  

MR ANTHONY EASTMAN                                                  
                                                                    
Balance Previously Held                                             
                                                                    
    Shares                                              1,250,000   
                                                                    
    $0.05 Listed Options                                1,000,000   
                                                                    
    $0.10 Unlisted Options                              15,000,000  
                                                                    
Number Acquired / Disposed                                          
                                                                    
    Total Shares acquired through exercise of options   16,000,000  
                                                                    
    Total Shares disposed through finance arrangement @ (13,043,478)
    $0.115                                                          
                                                                    
Balance Now Held                                                    
                                                                    
    Shares                                              4,206,522   

MR MARCUS EDWARDS-JONES                                             
                                                                    
Balance Previously Held                                             
                                                                    
    Shares                                              1,125,000   
                                                                    
    $0.05 Listed Options                                300,000     
                                                                    
    $0.10 Unlisted Options                              15,000,000  
                                                                    
Number Acquired / Disposed                                          
                                                                    
    Total Shares acquired through exercise of options   15,300,000  
                                                                    
    Total Shares disposed through finance arrangement @ (13,043,478)
    $0.115                                                          
                                                                    
Balance Now Held                                                    
                                                                    
    Shares                                              3,381,522   

Issue of Shares

Range Resources Ltd (the "Company") is pleased to announce the issue of the
following securities:

  * 189,965,531 Ordinary Fully Paid Shares issued upon exercise of listed
    options (A$0.05, 31 December 2011)
   
  * 60,000,000 Ordinary Fully Paid Shares issued upon exercise of unlisted
    options (A$0.10, 31 December 2011)
   
  * 4,200,000 Unlisted Options to be issued for corporate advisory fees (£
    0.075, 15 January 2017)
   
Application will be made for the 249,965,531 new shares to be admitted to
trading on the ASX and AIM. Trading in the new shares is expected to commence
on or around 11 January 2012. .

Following the issue of these securities the total number of securities on issue
are as follows:

2,053,237,625       Ordinary Fully Paid Shares (RRS)                           
                                                                               
855,166             Unlisted Options (£0.04, 30 June 2015)                     
                                                                               
7,058,824           Unlisted Options (£0.17p, 30 April 2016)                   
                                                                               
3,177,029           Unlisted Options (A$0.50, 30 June 2012)                    
                                                                               
41,781,915          Unlisted Options (A$0.1898, 30 September 2016)             
                                                                               
4,200,000           Unlisted Options (£0.075p, 15 January 2017)                
                                                                               
17,921,146          Class A Performance Shares                                 
                                                                               
17,921,146          Class B Performance Shares                                 

Yours faithfully

Peter Landau

Executive Director

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 Proved (1P)
    reserves in place of 15.4 MMbls with 19.6 MMbls of proved, probable and
    possible (3P) reserves and an additional 20 MMbls (mean) 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. 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 undiscovered oil-in-place (on a mean 100% basis) with
    the first (Mukhiani-1) of two exploration wells having spudded in July in
    2011. Re-interpreted seismic supported by the Mukhiani-1 vertical seismic
    profiling has identified new fault and stratigraphic trapping potential
    with the possibility of a side track well to be drilled post additional
    seismic in 2H 2012.
   
  * In Puntland, Range holds a 20% working interest in two licences
    encompassing the highly prospective Dharoor and Nugaal valleys. The
    operator and 45% interest holder, Africa Oil Corp (TSXV: AOI) is planning
    to commence a two well programme in early 2012 targeting 300mmbls and
    375mmbbls of best estimate Prospective Resources (100% basis) following the
    recent awarding of the rig contract. Site construction is complete in
    readiness for spudding first well January 2012.
   
  * 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. Drilling of the first well
    has resulted in a commercial discovery with independently assessed 3P
    reserves in place (on a 100% basis) of 242 Bcf of natural gas, 15 mmbbls of
    oil and 19 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.
   
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 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 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.

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.

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 assumingtheir discovery and development
and may be sub-classified based on project maturity.

ABN 88 002 522 009
www.rangeresources.com.au


ABN 88 002 522 009
www.rangeresources.com.au


London

Suite 1A, Prince's House, 38 Jermyn Street, 
London SW1 6DN
t: [phone], f: [phone]

Australia

Ground Floor, 1 Havelock Street, 
West Perth WA 6005, Australia
t: [phone], f: [phone]

e: [e-mail]