Trinidad and Texas Update

16 September 2013
The Manager
Company Announcements
Australian Securities Exchange Limited
Level 6, 20 Bridge Street
Sydney NSW 2000

Via E–lodgement

              Trinidad Introduces New Positive Fiscal Incentives

Range Resources Limited ("Range" or "the Company") is pleased to
provide an update with respect to newly proposed budget incentives for oil and
gas companies introduced by the Minister of Finance and Economy of Trinidad
and Tobago in the 2014 Budget Statement to Parliament on 9 September 2013.
These newly proposed budget incentives, which especially reward companies with
accelerated development and exploration programs, are expected to have a
significant positive impact on Range's returns from its proposed production
expansion plans.

In the last few years, there has been a significant increase in
exploration and production activity in the oil and gas sector in Trinidad and
Tobago. This trend is expected to continue, with a key driver being the
Government's introduction of a progressive policy with regards to the fiscal
regime. The reforms are aimed at incentivising companies that invest in
exploration and production, thus ensuring that Trinidad and Tobago's upstream
sector becomes more competitive and that activity levels are increased in the
region.

The heightened level of activity is impacting positively on the
energy sector in general, and will serve to arrest the decline in oil
production in the coming years. For the month of August, oil production in
Trinidad was the highest it has been for the year of 2013 and averaged 83,300
barrels of oil per day.

The new incentives allow for further accelerated capital deductions
than the past, which are summarized in the table below with regards to the
capital allowances:

                                EXPLORATION
CURRENT                               PROPOSED (effective 1 January 2014)
Tangible Assets   Intangible Assets   2014 - 2017       2018 +
 
                                      Tangible &        Tangible &
                                      Intangible Assets Intangible Assets
- Initial         - Initial Allowance - Allowance 100%  - Allowance 50% of
Allowance 20% of  10% of cost         of cost - year 1  cost - year 1
cost
                  - Annual Allowance                    - Allowance 30% of
- Annual          20% of residual                       cost - year 2
Allowance 20% of
cost less IA                                            - Allowance 20% of
                                                        cost - year 3
                            DEVELOPMENT
CURRENT                               PROPOSED
Tangible Assets   Intangible Assets   Tangible & Intangible Assets
- Initial         - Initial Allowance - Allowance 50% of cost - year 1
Allowance 20% of  (IA) 10% of cost    
cost
                  - Annual Allowance  - Allowance 30% of cost - year 2
- Annual          20% of residual     
Allowance 20% of
cost less IA                          - Allowance 20% of cost - year 3
                                      
                WORKOVERS AND QUALIFYING SIDETRACKS
CURRENT                               PROPOSED
Tangible Assets   Intangible Assets   Tangible & Intangible Assets
- Initial         - Allowance 100% of - Allowance 100% of costs for
Allowance 20% of  costs               both tangible and intangible
costs                                 assets - year 1
 
- Annual
Allowance 20% of
cost less IA

In addition to these capital allowance proposals, the investment
tax credit (being 20% of capital expenditure) against the Special Petroleum
Tax is now able to be carried forward into the subsequent year, where
previously it was only able to be claimed in the year expenditure was
incurred.

For more information, please see the full budget statement:
http://www.finance.gov.tt/content/Budget-Statement-2014.pdf

Texas Sale Update

Further to its previous announcements, whilst the purchaser of its
Texas assets continues to indicate that it is proceeding to complete
settlement of the acquisition, Range is still awaiting receipt of the final
consideration for the sale of its Texan assets. Range has agreed to extend the
settlement deadline and will update the market when funds are received.

Peter Landau, Executive Director, commented:

"We welcome these further incentives proposed by the Minister,
which certainly encourage increased development and exploration activities for
the upstream companies operating in Trinidad, and in turn further accelerate
the production growth in Trinidad. Range will be poised to take full advantage
of these incentives, as it looks to accelerate both its development and
production activities on the existing reserves, along with its exciting
intensive exploration programme both internally and in partnership with Niko
Resources."

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)
                                        Stuart Laing
 (Joint Broker)                          T: [phone]
Richard Greenfield / Rob Collins /
Alexandra Carse
T: [phone]

Fox-Davies Capital Limited (Joint       Old Park Lane Capital (Joint Broker)
Broker)                                 Michael Parnes
Daniel Fox-Davies                       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 45% farm-in interest in onshore
blocks VIa and VIb, covering approx. 7,000sq.km. 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, along with attracting potential farm-in partners across the license
areas given the recent review performed across the licenses.

- 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 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 20% interest in
LAR.

Table of Reserves and Resources

Detailed below are the estimated reserves for the Range project portfolio.

                 Gross Oil Reserves  Range's   Net Attributable
Project           1P     2P     3P   Interest   1P     2P    3P  Operator
Oil & NGL -
mmbbls
Trinidad          17.5   20.2   25.2     100%   17.5   20.2 25.2 Range
Guatemala            *   2.3*      *      32%      *  0.74*    * Latin American
                                                                 Resources
Total Oil &       17.5   22.5   25.2            17.5   20.9 25.2
Liquids
Gas Reserves -
Bcf
Georgia - CBM        -      -    508      45%      -      -  229 Strait Oil & Gas
Total Gas            -      -    508               -      -  203
Reserves
* 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.

                      Gross Oil Resources  Range's    Net Attributable
Project               Low    Best/   High  Interest  Low    Best/   High Operator
                              Mean                           Mean
Prospective Oil Resources - mmbbls
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 - mmbbls
Puntland               -      16,000   -        20%   -       3,200  -   Horn
                                                                         Petroleum
Georgia                -         403   -        45%   -         181  -   Strait Oil &
                                                                         Gas
Colombia               -         7.8   -     65-75%   -       5.1 -  -   Petro
                                                                5.8      Caribbean
Undiscovered Gas-In-Place - Tcf
Georgia -              -       18.44   -        45%   -        8.30  -   Strait Oil &
Conventional                                                             Gas
Georgia - CBM          -        3.16   -        45%   -        1.42  -   Strait Oil &
                                                                         Gas
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.

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.

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.

Reserve information on the Putumayo 1 Well published by Ecopetrol 1987.

The technical information included in this Announcement with respect to
Georgia was prepared by Dr. M. Arif Yukler, COO of SOG Georgia. Dr Yukler is a
geologist who is a suitably qualified person with more than 38 years of
experience in the international oil & gas industry, and in assessing
hydrocarbon reserves. Dr Yukler has advised companies and government entities
of all size from small caps to super-majors, as well as state regulatory
authorities on the management of resources and exploration areas. Dr. Yukler
has reviewed the release and consents to the inclusion of the technical
information with respect to Georgia.

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.