announcement out

20 April 2011

Company Announcements
Australian Securities Exchange
Exchange Plaza
2 The Esplanade
PERTH WA 6000

By E-lodgment

RANGE MOVES TO ACQUIRE 100% INTEREST IN PRODUCING ONSHORE TRINIDAD OILFIELDS

Highlights

* Range has entered in to a Heads of Agreement to acquire the remaining 90%
(previously held a 10% interest) ownership interest, through SOCA Petroleum,
in holding and subsidiary companies which hold three production licences
in producing onshore oilfields in Trinidad together with an associated
local onshore drilling operation;

* The acquisition complements Range's existing portfolio of oil and gas
production and development assets in Texas and exploration projects in
Georgia and Puntland;

* Trinidad has produced over 3 billion bbls to date and currently produces
100,000 bopd with both major and smaller operators active in the country.
All locally produced onshore oil is acquired by the state owned petroleum
refinery with logistics already established;

* Independent geological and petroleum consulting experts Forrest Garb and
Associates have assessed that the producing fields contain:

+ Net Proved plus Probable Reserves (2P) of 4.8 million barrels of oil
with further Possible Reserves of 2.1 million barrels.

+ Undeveloped Prospective Resources (best estimate) of 20 million barrels
of oil.

* Current production is approximately 600 bopd with a planned work program
expected to lift production to more than 4,000 bopd within 36 months on
known reserves;

* Planned production doesn't take into account exploration upside with
significant potential from the deeper `Herrera Formations' which host
substantial producing reserves on adjacent blocks;

* 10 Herrera Formation Targets already mapped with extensive 3D Seismic
existing on SOCA's licences. The above Prospective Resources does not
include any Herrera potential;

* Acquisition comes with established drilling inventory, personnel and
operations all in place on site;

* Successful oversubscribed placement of £20m through the Company's broker,
Old Park Lane Capital to fund initial acquisition costs, with the Company
looking at accepting £5m in over subscriptions due to demand; and

* Current work programme now has Range participating for the rest of 2011 in
2 exploration wells in Puntland, 2 exploration wells in Georgia, at least 4
appraisal and development wells in Texas, and multiple production wells in
Trinidad with at least 1 exploration well targeting the highly prospective
deeper Herrera formation.

Australian-based oil and gas company Range Resources Limited ("Range" or "the
Company") has entered into a binding Heads of Agreement ("HOA") to acquire
through SOCA Petroleum ("SOCA") its right to purchase a 100% interest in a
Trinidad holding company whose two wholly owned subsidiaries hold production
licences for three blocks in producing onshore oilfields in Trinidad (see
Figure 1) together with a local drilling company.

The production acreage and operating wells cover the Morne Diablo, Beach
Marcelle and South Quarry oilfields, with the total acreage covering 16,253
gross acres on the southern coast of onshore Trinidad. Current production from
the fields is approximately 600 bopd, however Range believes a minimal work
program could potentially lift production to more than 4,000 bopd within 36
months on the known reserves.

In addition to the holding company parent of two subsidiaries holding
production licences for the onshore acreage, the proposed Range acquisition
also includes a 100% interest in a wholly owned drilling company (located in
Trinidad), which owns onshore drilling equipment and related facilities.

The Company is planning to use company-owned drilling rigs and equipment and,
with cashflow from existing production supplemented by a well advanced
financing facility (to be finalised) to fund its development and exploration
program which aims to increase the production from 600 bopd to 4,000 bopd
within 36 months from known reserves without taking into account any
exploration upside.

In addition to the known reserves, significant potential exists in the deeper
Herrera Formation (refer below). The Deeper Herrera Formation will be a primary
target of future drilling using company-owned drilling rigs, which are capable
of reaching the depth of these formations. Subject to the successful drill
testing of this formation, the Company is ultimately targeting an increase in
the production level to between 8,000 - 10,000 bopd.

Range's Executive Director, Peter Landau commented today, "With the recent
strength and growth in Range's asset base and market capitalisation, the 100%
acquisition represents an incredible opportunity to compliment Range's asset
base of good value exposure to early stage, low risk production / mature
exploration opportunities whilst retaining significant exposure to considerable
measurable exploration upside."

"Onshore Trinidad is a low cost, high operating margin environment with oil
production sold at the wellhead and transported to the Pointe-a-Pierre
Refinery, which has capacity for all additional planned production."

"The Company believes that there is significant potential for value enhancement
given the known management team and will target (subject to exploration
success) an ultimate production profile of up to 10,000 bopd over the next 2-3
years ," he added.

Consideration

Under the terms of the Agreement with SOCA Petroleum, Range will pay the
following to acquire the remaining 90% interest in SOCA that it doesn't already
own:

* US$52m upon formal completion of the acquisition (scheduled to happen
imminently upon all necessary closing actions being completed);

* The issue of 35,842,293 fully paid ordinary shares upon completion; and

* The potential issue of two parcels of a further 17,921,146 fully paid
ordinary shares upon production from the SOCA licences reaching 1,250 bopd
and 2,500 bopd respectively.

To help provide funding for the cash component of the acquisition
consideration, Range has received commitments to a placement of 117,647,059
shares at an issue price of £0.17 per share to raise £20 million. The placement
was undertaken through the Company's UK broker, Old Park Lane Capital, to a
number of sophisticated and institutional investor. The placement was well
oversubscribed and Company is looking at accepting up to £5m in over
subscriptions due to demand.

The placement is scheduled to settle on 27 April 2011, other than 4,426,271
shares which are scheduled to settle on 10 May 2011.

Technical Overview of Trinidad assets to be acquired

Historical and current oil production is from the Forest and Cruse Formations
which are shallow fluvio-deltaic reservoirs with current total estimated Proved
plus Probable plus Possible Reserves (3P) (on SOCA's and third parties'
licences) of 20 million barrels of oil (MMbo) (Forest A. Garb & Associates
report1). Current production is approximately 600 bopd from the Morne Diablo,
South Quarry and Beach Marcelle fields.

Significant potential exists in the Deeper Herrera Formation. The Deeper
Herrera Formation is a Miocene-aged deepwater turbidite. Production is
typically found in the northeast to southwest thrusted structures to the east
and north of the subject acreage, where the Penal field has produced more than
60 MMbo to date. 3D Seismic was used to identify prospective drilling locations
in the license area that have a further undiscovered oil potential of 100 MMbo.

The Deeper Herrera Formation will be a target of future drilling using
company-owned drilling rigs, which have the capability to reach these
formations.

An independent recoverable reserves assessment by Forrest A. Garb & Associates1
has provided the following certified Reserves and Resources for the 3 blocks (
note: the report does not provide an assessment of the Deeper Herrera
Formations referred to above).

Oil and Condensate
(MMbbl) (100%)

Recoverable

Proved Reserves* 2.6

Probable Reserves 2.2

Possible Reserves 2.1

Total Reserves (3P)* 6.9

Prospective Resources (Undeveloped- 20
Best Estimate)

*Net Reserves (3P) take into account payment of government royalty and
overriding revenue interests.

The planned forward development program encompasses replacement, infill and
step-out wells and deeper horizon drilling on the licences, as the current
fields exploit only 5 percent of the available area.

Geological Background

Geologically, Trinidad lies on the South American tectonic plate and falls
within the Orinoco Fold Belt which is a prolific oil producer in adjacent
Venezuela some 14km to the southwest. The area is recognised as a world-class
petroleum province with over 3 billion barrels of oil produced to date and
current production in the order of 100,000 bopd.

The Morne Diablo, South Quarry and Beach Marcelle licences are all within a
complex thrust belt, with surface expression known as the Southern Range. The
Southern Range, which contains numerous oil seeps, stretches from west to east
forming the south coast of the island. Fluvial-deltaic sediments, ranging to
tidal and wave-dominated, characterize the shallower producing zones in the
Morne Diablo and South Quarry fields.

Due to growth faulting in the Beach Marcelle area, these sands are thicker and
better developed there. The Pliocene-aged Cruse sands (orange layers in Figure
2), can be segmented into 3 different members. The Lower Cruse is productive in
the area, but largely unexplored. Just above the Lower Cruse, the Middle Cruse
is widespread, and is the main producer in this area. The Upper Cruse consists
of nicely developed sands that offer the possibility of more localized
production.

The Pliocene-aged Forest sands (pink layers) represent the shallowest targets.
Forest sands are comprised of two main oil producing members. The Lower Forest
ranges from 250 to 300 meters deep, and the Shallow Forest ranges from 100 to
150 meters deep. These sands are ubiquitous, and are the shallowest most
accessible targets. In the Beach Marcelle area, the Forest equivalent is called
the Gros Morne formation, where the company is considering reactivation and
expansion of a waterflood to increase production. The deepwater turbidite
Herrera Formation (green layers) is a prolific producer to the north, and is
the target of future exploration drilling on the existing licenses.

Most of the fields are simple four-way dip structural rollover anticlines with
significant closure to create multiple oil entrapment horizons. In some areas
these anticlines show overturned reservoirs, thereby creating repeated
reservoir intervals capable of trapping oil as shown in Figure 2.

Technical Team

The development of SOCA's Trinidad Licences will be overseen by 3 key
executives - 2 of whom already have assisted Range with its Texas interests and
a key member of the current Trinidad management team.

Greg Smith (Chairman)

Greg Smith has over 20 years of experience encompassing investigation,
analysis, conceptual planning, exploration, development, financing (equity and
debt), environmental aspects, governmental relations, high level negotiations,
acquisitions, executive management and corporate governance within the minerals
and energy sectors. He has a wide breadth of senior management and executive
experience, having been associated with natural resource companies across the
globe, including coal-bed methane in Wyoming; onshore oil and gas in Guatemala
and Colombia; underground and open pit zinc mines in Canada; and corporate
finance and advisory services throughout the world.

Mark Patterson (Chief Executive Officer)

Mr. Patterson has over 25 years of experience in the oil and gas industry in
both North and South America. During his 13 years with Maxus Energy Corporation
and its predecessor company Diamond Shamrock, he occupied positions of
increasing responsibility including Offshore Exploration Manager, Exploration &
Development Manager for North America, and General Manager for Maxus Bolivia,
Inc. Prior to joining Diamond Shamrock, Mr. Patterson worked as Offshore
Exploration Geophysicist for Getty Oil Company and was Engineering Geophysicist
for Fairfield Industries.

Texas Update

The Company is pleased to announce that drilling continues on the Ross 3H
horizontal well at the East Cotton Valley Project in Texas. The curved portion
of the well, or the "build", has been successfully drilled and cased. Drilling
within the horizontal section continues, with good evidence of oil saturation
and reservoir quality present in the cuttings. The well has reached a total
measured depth of approximately 6,800 ft (2,100m), with another 1,700 ft
(520m), or horizontal section remaining to be drilled.

If successful, the Ross 3H is expected to launch a horizontal development
drilling program that could require more than 20 additional wells to produce
the oil reserves present.

The Company is also pleased to announce that its North Chapman Ranch
Development continues with the successful fracture stimulation of the Smith #1
and Russell Bevly Unit #1 wells. Since frac jobs were initiated on the two
wells, gross combined rates from the field have increased by more than 500%,
reaching 9.3 MMcf and 800 bbl of oil per day during the month of March. Range
and its partners are also planning to spud a third well in the field. The
Albrecht #1 well is expected to spud in late Q2 / early Q3, with the
possibility of a follow-up back to back well being discussed, subject to
success with the Albrecht.

Issue of Shares and Options

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

* 12,613,801 Ordinary Fully Paid Shares being issued upon exercise of listed
options (A$0.05, 31 December 2011);

* 18,918,919 Ordinary Fully Paid Shares being issued upon drawdown of £
3,500,000 on the equity line of credit facility;

* 117,647,059 Ordinary Fully Paid Shares to be issued in a placement to
sophisticated and institutional investors at £0.17; and

* 5,000,000 Ordinary Fully Paid Shares to be issued with regards to
facilitation, corporate advisory and consultancy fees in lieu of cash
settlement.

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

1,604,916,462 Ordinary Fully Paid Shares (RRS)

207,131,125 Listed Options (RRSO) (A$0.05, 31 December 2011)

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

60,000,000 Unlisted Directors Options (A$0.10, 31 Dec 2011)

3,177,029 Unlisted Options (A$0.50, 30 June 2012)

Range has applied for admission of the new shares to trading on the ASX and AIM
markets. All of the shares are expected to be admitted to trading on AIM on or
around 27 April 2011, other than 4,426,471 of the placement shares which are
expected to be admitted to trading on AIM on or around 10 May 2011.


For and on behalf of the Board

Peter Landau
Executive Director

Ends


Contacts

Range Resources
Peter Landau
Tel : +61 (8) 8 9488 5220
Em: [email protected]

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