Texas Asset $30M Sale Finalised

9 August 2013


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

                       TEXAS ASSET $30M SALE FINALISED

Range Resources Limited ("Range" or "the Company") is pleased to announce that
the Company has finalised all documentation for the US$30M sale of the
Company's Texan assets.

Pursuant to the sale agreements, and in line with previous disclosures, the
purchaser has agreed to pay US$25M at closing, being on or before 30 August
2013, plus up to a further $US5M in royalty payments from future production.
The purchaser has paid a US$1M non-refundable deposit to Range in recognition
of the previous delays in completing the transaction.

Peter Landau, Executive Director, commented:

"The finalisation of the documentation for the sale of the Texan asset is a
significant milestone and will significantly strengthen Range's balance sheet
and allow the Company to redeploy proceeds into our highly prospective
international assets, including Colombia and the recently announced farm‐in
with Niko Resources in Trinidad. In addition to the proceeds from the sale, we
are also in the final stages of completing the reserve based lending facility
for Trinidad, which will leave the Company well positioned for significant
operational growth."

Issue of Shares

Range Resources Limited is also pleased to announce the issue of
the following securities:

- 140,833,111 Ordinary Fully Paid Shares issued in lieu of debt
conversion, and financing costs

- 25,241,168 listed options ($0.05, 31 January 2016) in lieu of
financing costs.

- 476,190 unlisted options (£0.021, 25 July 2016) following debt
conversion as per convertible loan agreements.

- 952,381 unlisted options (£0.021, 29 July 2016) following debt
conversion as per convertible loan agreements.

- 952,380 unlisted options (£0.021, 2 August 2016) following debt
conversion as per convertible loan agreements.

- 952,380 unlisted options (£0.021, 8 August 2016) following debt
conversion as per convertible loan agreements.

Application will be made for the 140,833,111 new shares to be
admitted to trading on the ASX and AIM. Trading in the new shares is expected
to commence on or around 15 August 2013.

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

3,014,803,085    Ordinary Fully Paid Shares (RRS)

65,241,168       Listed Options ($0.05, 31 January 2016)

855,166          Unlisted Options (£0.04, 30 June 2015)

7,058,824        Unlisted Options (£0.17p, 30 April 2016)

5,180,000        Unlisted Options (£0.075p, 31 January 2017)

9,000,000        Unlisted Options (£0.125p, 31 March 2015)

17,921,146       Class B Performance Shares

15,708,801       Unlisted Options (£0.0615, 19 October 2015)

32,275,862       Unlisted Options (£0.05075, 30 November 2015)

5,000,000        Unlisted Options (A$0.10, 31 January 2016)

5,000,000        Unlisted Options (A$0.06, 10 February 2016)

146,533,850      Unlisted Options (£0.04, 30 April 2016)

5,000,000        Unlisted Options (£0.037, 11 July 2016)

476,190          Unlisted Options (£0.021, 27 July 2016)

952,381          Unlisted Options (£0.021, 29 July 2016)

952,380          Unlisted Options (£0.021, 2 August 2016)

952,380          Unlisted Options (£0.021, 8 August 2016)



Yours faithfully
Peter Landau

Executive Director



Contacts

Range Resources Limited                 PPR (Australia)
Peter Landau                            David Tasker
T: [phone]                    T: [phone]
E: [e-mail]        E: [e-mail]

GMP Securities Europe LLP               RFC Ambrian Limited (Nominated Advisor)
(Joint Broker)                          Stuart Laing
Richard Greenfield / Rob Collins /      T: [phone]
Alexandra Carse
T: [phone]
 
Fox-Davies Capital Limited (Joint       Old Park Lane Capital (Joint Broker)
Broker)                                 Michael Parnes
Daniel Fox-Davies / Richard Hail        T: [phone]
T: [phone]

Dahlman Rose & Company (Principal American Liaison)
OTCQX International Market (U.S.)
Christopher Weekes / Stephen Nash
T: [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 MMbbl of oil and 17
MMbbl 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      Range's    Net Attributable
MMboe                Reserves
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
Guatemala           **  2.3**    **   21-24%   ** 0.48-0.55**   ** Latin American
                                                                   Resources
Total Oil &       34.9   47.0  63.8          19.9        21.3 28.9
Liquids
Gas Reserves
Texas - NCR *    106.0  162.7   228   20-25% 11.7        18.1 25.4 Western Gulf
Total Gas        106.0  162.7   228          11.7        18.1 25.4
Reserves

* 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.

** 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.

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

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

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 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.

The TSX certified 51-101 certified reserves with respect to the Guatemalan
project are as reported by ASX listed Company Citation Resources (ASX: CTR).

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.