Texas Update - Russell Bevly First Production

ABN 88 002 522 009

Ground Floor, 1 Havelock Street

West Perth, WA 6005

P [phone]

F [phone]

2 September 2010

Company Announcements

Australian Securities Exchange
Exchange Plaza
2 The Esplanade

PERTH WA 6000

By E-lodgment

TEXAS UPDATE - RUSSELL BEVLY COMMENCES PRODUCTION

Range Resources Limited ("Range" or "the Company") would like to announce that
production and sales have commenced from the Company's second well at North
Chapman Ranch, the Russell Bevly Unit #1. Less than seven weeks after
production casing was set in the well and the drilling rig released, the
Russell Bevly was turned to sales at approximately 1,000 Mcf of natural gas and
90 bbl of oil per day with approximately 8,000 psi flowing tubing pressure on a
6/64" choke from just one of four identified pay zones. The first zone placed
in production represents just 11 ft. of perforated Howell Hight formation
within total net pay thickness of approximately 130 feet.

It is anticipated that, similar to the Company's first well (Smith #1), the
well will flow naturally for a number of months before it is shut in and a
completion rig moved into place. Once the completion rig is in place, the well
will be fracture stimulated and additional pay zones added to boost rate.
Hydraulically fracturing the reservoirs creates additional permeability paths
from the reservoir to the well bore, increasing production rates from the
various pay zones, which in turn accelerates payout while improving reserve
recovery and overall economics.

The Company will continue to provide further updates on the progress of its
portfolio of assets.

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.
   
  * Range holds a 13.56% 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) - 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.
   
  * 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 spe.org as well as in the full Lonquist report on
the Range website.

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.