TRINIDAD UPDATE - Rig 8 SpudHighlights: * Final inspections of...

TRINIDAD UPDATE - Rig 8 Spud

Highlights:

* Final inspections of Rig 8 complete - operations to spud the MD248
well
will now commence

* Four drill rigs, including Rig 8, now operational on the Morne
Diablo Block
targeting multiple horizons; the Lower Forest formation (circa
1,000 ft.),
the Upper Cruse formation (circa 2,000 ft.) and the Middle & Lower
Cruse
formations (circa 4,000 ft. and 6,500 ft. respectively).

* Once target depth is reached at the MD248 well (expected to take
6-8
weeks), Rig 8 will then be moved on to drill the first well
primarily
targeting the deeper Herrera formation as well as both the Forest
and Cruse
formations

Range Resources Limited ("Range" or "the Company") is pleased to
announce that
Rig 8 was inspected by the Trinidad regulatory authorities last week
with a
follow-up inspection having been completed on Tuesday 28 August. The
Company
will now commence operations to spud the MD248 well.

This is a significant achievement for the Company which now has four
drilling
rigs in operation including Rig 8. Rig 8 is Range's largest drilling
rig,
capable of drilling to approximately 11,000 ft.; a depth believed to
be
sufficient to test the highly prospective Herrera exploration targets.

The MD248 well will target the development of the Middle Cruse sands
at 4,000
ft., as well as explore the Lower Cruse formation at 6,500 ft. This
will be the
first well drilled by the Company that targets both the Middle and
Lower Cruse
formations.

Upon completion of the MD248 well, Rig 8 is scheduled to move on to
drill the
first of a series of wells that primarily target the prolific Herrera
formation
as an exploratory target. The first well in this program is designed
to test
multiple objectives and will penetrate both the Forest and the Cruse
formation
targets as well as the primary Herrera target.

The Herrera test well will be an important step forward in Range's
Trinidad
drilling campaign, as it is expected to yield critical stratigraphic
control at
the Herrera level. This in turn will help to calibrate the broader
Herrera
exploration program.

The Company is in the process of finalising the application for the
above-referenced location as part of the Company's Herrera exploration
program.
Once lodged, it is anticipated to take four to six weeks for approval.
However,
as has been experienced in the past, this is likely to be subject to
change. In
anticipation of the well's approval, construction of the location will
commence
in the next one to two weeks with the land having already been
cleared.

Peter Landau, Executive Director commented "Our active drilling fleet
in
Trinidad continues to grow with the addition of Rig 8 to the line-up.
With Rig
8 in service, the Company is now able to test all of the identified
conventional targets on its existing acreage. We are confident that as
the
drilling program progresses, Rig 8 will encounter new reservoirs in
both the
known field plays and deeper objectives. Given the existing
infrastructure, any
new reserves would be expected to be translated into additional
production and
cash flow in a very short time."