COLOMBIA FARM-IN FINALISED AND NEW JOINT BROKER...

COLOMBIA FARM-IN FINALISED AND NEW JOINT BROKER APPOINTED

Highlights

* Range to earn 65% (option to move to 75%) interest in the highly
prospective blocks PUT-6 and PUT-7 in the Putumayo Basin in return for
providing funding for the PSA work commitments (3D seismic and 2 wells)

* Additional opportunity to appraise and potentially re-enter a shut in well
on Block PUT-7 which has historically reported reserves of 7.9 million
barrels of oil

* 21 mapped leads across the 2 blocks to be the focus of 3D seismic programme

* The Putumayo Basin is an hydrocarbon producing region in Colombia with
established infrastructure

* Appointment of GMP Securities Europe LLP as Joint Broker

Range Resources Limited ("Range" or "the Company") is pleased to announce
further details on the Company's future economic participation into two highly
prospective blocks in Colombia's Putumayo Basin in southern Colombia, following
the receipt of relevant regulatory approvals.

Economic Participation Agreement

Range has entered into an economic participation agreement with Petro Caribbean
Resources Limited, a private oil and gas company focussed on the development of
petroleum and natural gas reserves in Colombia ("PCR" the official operator of
the blocks) that will see the Company earn a 65% economic interest (option to
move to 75%) in Blocks PUT-6 and PUT-7 in return for funding (on a cost
recoverable basis) the commitments under the Production Sharing Agreement ("PSA
") with the National Hydrocarbons Agency of Colombia ("ANH") which include a
350km2 3D seismic programme across the two blocks followed by one exploration
well in each block.

In addition to the completion of the PSA work commitments of the two blocks as
mentioned above, the joint venture partners will also (subject to ANH
regulatory approval) undertake an extensive review (and possible re-entry) of a
Putumayo well that was drilled and subsequently suspended in the mid 1980's on
Block PUT-7. The well had a historically reported estimate of 7.9 million
barrels of recoverable oil however, in light of the low oil price
(approximately $12-15 per barrel) and infrastructure constraints at the time,
the well was suspended and has not been re-assessed since. The reservoir modelling
and underlying data for this estimate have not yet been reviewed in sufficient
detail by Range or its consultants to provide a reserve estimate compliant with
the SPE reporting guidelines.

Assuming the results of the re-evaluation area are favourable, the joint
venture partner's plans to re-enter the well late 2012.

Putumayo Basin Blocks 6 and 7

Blocks PUT-6 and PUT-7 are located in the Putumayo Basin in southern Colombia
(see map 1), next to the border with Ecuador to the South. This basin is an
extension of the prolific hydrocarbon bearing Oriente Basin of Ecuador. There
are numerous producing oil-fields surrounding the two blocks and many other
discoveries of good quality light oil with approximately 365 MMboe having been
discovered in the basin to date. Both blocks are on trend with known
discoveries and close to existing pipeline infrastructure. Typical well
productivity in the basin ranges from 1,500 to 4,000 bopd with good pressure
maintenance by water drive. Production from the Putumayo basin during 2011
averaged between 35,000 - 40,000 bopd. 1

Most of the existing leads (6 mapped in PUT-6, 15 mapped in PUT-7) in the two
blocks are four-way structural closures, formed by reverse faults providing
good closure and minimal risk of breaching/fault leakage. The leads have been
interpreted on vintage 2D seismic data. With the new planned 3D seismic data
(commencing Q3 2012 subject to ANH approval), the imaging of the targets will
improve and the structures will become better defined allowing the leads to be
matured into firm prospects and prioritised for drill testing.

1 Source - Ministerio de Minas y Energia. Current operators include Ecopetrol,
Pacific Rubiales, Gran Tierra and Amerisur Resources.

Source

* The oil is sourced from the thick regional Jurassic La Paz/Luna Formation
and the Cretaceous Caballos Formation; current interpretations suggest that
oil migrated early on from West to East into paleo-structures that form the
main targets in these blocks.

Reservoirs

* The main reservoirs in the Putumayo Basin are the good-quality sandstones
found in the Lower Cretaceous Caballos Formation, with an average thickness
of 300ft. Porosities range from 10% to 16%, with good permeability.

* Oil recovery rates for the reservoirs vary, but range from 16% to 35%.
There is significant aquifer support that typically sustains production and
reservoir pressure over the long term.

* Secondary targets exist above the Caballos in the U and T sandstones
(Middle to Upper Cretaceous Villeta Formation). Recent results by other
operators in adjacent blocks indicate significant upside potential in the
shallower Villeta N Sand.

Seal

* An excellent seal is provided by the Cretaceous plastic shales of the
Villeta Formation. Rumiyaco and Orteguaza shales are also potential seals.

Traps

* The main targets are structural traps associated with thrusts and
sub-thrusts in the western side of the basin, and up-thrusts forming
reverse-faulted anticlines in the foreland basin.

* Oil fields in the basin are related to structural traps, mainly
contractional fault related folds, and reverse faulting.

* Leads show four-way closures at multiple intervals, from the Lower
Cretaceous Caballos to the Villeta N Sand

Development of the blocks will be funded through existing funds and cashflow.

Peter Landau commented, "the Colombian farm-in represents a great opportunity
for Range to build its exciting oil and gas portfolio with Trinidad as the
underpin. The Putumayo Basin is a proven producing region with well-established
Companies operating in the region and our 2 blocks are some of the largest
areas on trend which haven't had any genuine exploration and development work
undertaken in recent decades. Leveraging off our significant Trinidad
operations financially, technically and logistically, Colombia further
strengthens our current and future production growth profile as we head towards
10,000 bopd by 2014."

Appointment of Joint Broker

Range is also pleased to announce the appointment of GMP Securities Europe LLP
as Joint Broker to the Company with immediate effect.


Yours faithfully