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PROJECTS TRANSFORM ENERGY OPPORTUNITIES
Working three projects in vastly different regions and planning at least three new wells this year, this start-up producer is spreading its risk and fast gearing up to be a diversified international operator.

OVER THE PAST YEAR,
Range Resources has ably demonstrated its capacity to transform perceptions
of a speculative explorer into gas production in a large and expanding market.
Unprecedented global financial conditions and the right contacts landed Range two substantial opportunities, both deals signed within a year of market meltdowns.While one transaction proved to be a winner just several weeks later, 2010 looks like being the year investors will be rewarded with a plethora of
data and activity expected to propel the company?s market capitalisation
higher.Range is considering additional opportunities within the Americas
and is expecting to announce at least one other acquisition by mid-year.
Whatever the year?s investment outcomes, Range has created a high-profile agenda, pioneering the resumption of oil and gas drilling in Puntland alongside two wells in Texas and potentially a fi rst well in the Republic of Georgia.
And with a team of executive consultants and directors experienced across the financial, corporate,technical, exploration and production aspects of the oil and gas industry,chances are slim that Range?s story will remain the same this time next year.
The story over the past year further highlights this year?s potential.Range acquired its Texan asset,the North Chapman Ranch project, in September 2009 and by December,was reporting a commercial find from the Smith #1 well.Smith #1 is now producing a daily 2-3 million cubic feet of gas and 200-300 barrels of oil from just one of three commercial zones. The other two zones are due for fracture stimulation by mid-year.?We are pretty confident of 7-10 million cubic feet of gas a day from this one, and 600-800 barrels of oil,? Range Resources
executive director Peter Landau told RESOURCESTOCKS.Range holds a 25% working
interest in the Smith #1 well,translating into a potential $US25,000-30,000 in daily revenue by the second half of the year.?North Chapman Ranch lies on one of Texas? most prolific oil and gas-producing trends, so the prospect of holding more land appeared very attractive indeed,? Landau said.?Other wells in the area have flowed between 6-9 million cubic feet per day and Smith #1 was a massive discovery for us for just a $US1 million outlay.? Range can only envisage upside for the 1680-acre project, with drilling of an appraisal well underway 570m from Smith #1 and an imminent reserves report expected to outline an estimated 200-250 billion cubic feet of gas and 5-10 million barrels of oil.
Range holds a 20% working interest in the second well.The Texan asset was purchased not only as an early production prospect,but to spread the risk associated with Range?s original holdings, two joint venture production-sharing
agreements covering onshore licences in Puntland?s Nugaal and Dharoor Valley regions.Range holds a 20% interest in each block. One well is planned for this
year, in the Dharoor Valley licence,where 775km of 2D seismic was acquired by Range?s partner, Africa Oil Corporation, in an eight-month program in 2008.
Despite the project development risks associated with the Horn of Africa, Range is keen on Puntland and its proximity to Yemen?s 5-10 billion barrel hydrocarbon basins.?The risk is mitigated to an extent by the recognised potential of the region,? Landau affirmed. A partner in the only registered
hydrocarbon exploration JV within Puntland, Range has made technical presentations to the autonomous Puntland government regarding a proposed offshore production-sharing agreement.Discussions are also underway with potential offshore JV seismic
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UNITED STATES RANGE RESOURCES

?North Chapman Ranch lies on one of Texas? most prolific oil and gas-producing
trends, so the prospect of holding more land appeared very attractive indeed.?
PETER LANDAU RANGE RESOURCES PROJECTS TRANSFORM ENERGY OPPORTUNITIES
Working three projects in vastly different regions and planning at least three new wells this year, this start-up producer is spreading its risk and fast gearing up to be a diversified international operator.

MAY/JUNE 2010 RESOURCESTOCKS

partners and Range is hopeful a program can be agreed with the Puntland government by mid-year.Meanwhile, Range and Africa Oil have been assisting Puntland?s Department of Minerals and Energy,previously hosting a visit to Australia to meet with similar management and regulatory bodies.Onshore, the JV anticipates drilling Puntland?s first well in 16 years in September-October,
committing to a budgeted cost of $US20-25 million. ?In Puntland you have to be pretty flexible and always keep in mind risk management, but we are confident of
progress with this development this year,? Landau said.Coincident with its Puntland negotiations and drilling plans, and expanding production in Texas, Range has been active in a third continent. The Republic of Georgia, another
established oil and gas province, also attracted Range?s interest last year.
The company subsequently signed a heads of agreement with Strait Oil
& Gas (UK) for a 50% farm-in to two blocks in July 2009, two months before picking up its Texan project. Since then, 410km of new seismic has been acquired, initial indications pointing to several potential drilling
targets. Historical data points to several structures suitable for oil-inplace
and numerous prospective gas fields, potentially hosting natural gas and coal bed methane targets. ?This is a very good deal for us,? Landau said. ?Fourteen prospects have been identified in one of the blocks alone with gross unrisked
potential estimated at 380 million barrels.?Subject to the seismic interpretation, we may well be looking to attract more partners to these blocks.?
An independent review of some 160 previously drilled gas wells within the 7000 square kilometres covered by the two contiguous central Georgian blocks is also underway, with results expected in the December quarter. Listed on both the Australian Securities Exchange and London Stock Exchange?s Alternative Investment Market, Range is able to attract support from investors appreciating the potential of at least one, if not each of the regions in which it is currently operating.However, with lots more detail to become apparent this year
? Texan reserves, another significant transaction, first Puntland drilling
and substantial new Georgia data ? Range?s prospects to realise greater financial backing appear exponential. ?Very little Puntland and Georgia value has been factored into our market capitalisation,? Landau said. ?Range offers a serious value proposition, representing one of the few start-ups with our huge potential there, backed by our Texas cash flow. How many other companies have
that? We offer a very good mix and a unique value proposition which we don?t think is offered by anyone else ...