Trinidad Operations Update and Increase in Rese...

16 June 2014

                                               ASX Code: RRS and AIM Code: RRL

                           Range Resources Limited

                          ("Range" or "the Company")

             Trinidad Operations Update and Increase in Reserves

Trinidad Operations Update

Range is pleased to provide an update on its Trinidad operations
with the following highlights:

- Operations continue without any significant Health, Safety,
Security and the Environment (HSSE) incidents.

- Production has increased by 18% from the previously reported 533
barrels of oil per day ("bopd") (see announcement on 22 April 2014) to 630
bopd.

- The increase in production is primarily due to excellent results
at the South Quarry QU 452 development well. The well is producing at a
stabilised rate of 70 bopd of very light 470 API oil on a 5/32" choke.

- The well was drilled to a depth of 1,945 ft., and a 17 ft.
section perforated between 1,702-1,730 ft.

- QU 452 is the first development well to be drilled in the South
Quarry licence since 2007. This successful outstep development well confirms
the extension of the shallow producing trend and is expected to result in
additional development drilling targets and an increase to the Company's
proved reserves (additional to the increase in proved reserves mentioned
below).

- Four of the fleet of six drilling rigs are fully operational:

- Rigs 1 and 5 are engaged in development work in the Morne Diablo licence.

- Rig 6 is engaged in workover operations also at Morne Diablo.

- Given encouraging results from South Quarry QU 452 well, the Company is
currently evaluating the possibility of moving rig 8 to South Quarry licence
to drill additional development targets and expedite the drilling programme.

- The remaining rigs 2 & 7 are undergoing maintenance.

- The Company is finalising the location of the first planned well
on the Guayaguayare block with JV Partner Niko Resources, and will update the
market on further progress via separate announcements.

Increase in Reserves

Range is pleased to announce an independently audited increase in
reserves attributed to the Company's onshore Beach Marcelle, Morne Diablo and
South Quarry licences in Trinidad.

The Company's total 2P reserves have increased by over 9% from the
previously reported 20.2 MMbbl to 22.1 MMbbl. These reserve increases are a
result of the Company's ongoing development drilling programme and consequent
update to development schemes in Trinidad during the period. During the period
the Company produced 1.2 MMbbl of oil from its three fields.

The updated independent reserves report was completed by Forrest A.
Garb & Associates, Inc. ("FGA") with the reserve volumetrics used in the
report effective January 1, 2014 and prepared in accordance with SEC
Regulation S–X and with the guidelines of the Society of Petroleum
Engineers.

The following table set outs the increase in the Company's net
reserves from FGA Report effective October 1, 2012 to the latest report
effective January 1, 2014.

Total Net Reserve Volumes:

                                 October 1, 2012 January 1, 2014 % Increase
                                   Oil (MMbbl)     Oil (MMbbl)
Proved (1P)                           17.5            19.0          8.6%
Proved plus Probable (2P)             20.2            22.1          9.4%
Proved plus Probable plus             25.2            28.2         11.9%
Possible (3P)

 Commenting on today's announcement, Rory Scott Russell, CEO, said:

"The 18% production increase is a great result for the company and
shows good progress towards meeting our production targets for the year. The
QU 452 well in particular demonstrates the untapped potential of our
development assets in Trinidad, flowing exceptionally light oil at 70 bopd and
opening up a new area for development drilling.

We are also pleased to provide the updated reserve figures for our
core producing assets in Trinidad. The increase in these reserves figures is a
result of our ongoing drilling, de-risking and development planning work. The
increase in reserves more than replaces production since the last report again
highlighting the development potential of the acreage."

Yours faithfully

Rory Scott Russell

Chief Executive Officer

Contacts
 
Range Resources Limited              Buchanan (Financial PR - UK)
 
Rory Scott Russell                   Ben Romney / Helen Chan
 
                                     T: [phone]
 
                                     E: [e-mail]
GMP Securities Europe LLP (Joint     Cantor Fitzgerald (Nominated Advisor and
Broker)                              Joint Broker)
Rob Collins / Liz Williamson         David Porter / Tom Sheldon / Julian
T: [phone]              Erleigh (Corporate finance) / Richard
                                     Redmayne (Corporate broking)
 
                                     T: [phone]
PPR (Financial PR - Australia)
 
David Tasker
 
T: [phone]
 
E: [e-mail]
Table of Reserves

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 -
MMboe
Trinidad         19.0   22.1   28.2    100%    19.0  22.1  28.2        Range
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
Guatemala        0.4    2.3     -      24%     0.1   0.5    -      Latin American
                                                                     Resources
Total Oil &      36.8   51.2   66.8            21.5  26.3  33.6
Liquids
Gas Reserves -
Tcf
Texas - NCR      0.1    0.2    0.2    20-25%   0.01  0.02  0.02     Western Gulf
Georgia - CBM     -      -     0.6     45%      -     -    0.2    Strait Oil & Gas
Total Gas        0.1    0.2    0.8             0.01  0.02  0.22
Reserves

With the exception of Guatemala, 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 Competent
Person, Dr Douglas Field. Dr Field is a petroleum / reservoir engineer who is
a suitably qualified person with over 30 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 three Trinidad blocks 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.

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

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.