RANGE RESOURCES LTD - Successful Bid for St. Mary’s Block in Trinidad

3 February 2014

By E-Lodgement                                          ASX Code: RRS and AIM Code: RRL

                               Range Resources

                          ("Range" or "the Company")

               Successful Bid for St. Mary's Block in Trinidad

The Board of Range is pleased to announce that the Company has been
successful with its bid for the St. Mary's block in Trinidad following the
submission in the Trinidad Onshore Bid Round 2013. The successful bid was
formally announced by the Ministry of Energy of Trinidad today at the Trinidad
and Tobago Energy Conference.

The St. Mary's block comprises 44,731 acres spread over 4
sub-blocks contiguous to Range's existing Morne Diablo license and the
Guayaguayare license (see Niko Resources Ltd. farm-in announcement on 17
December 2013). The main reservoir targets identified in St Mary's block are
Pliocene Deltaic sands, Miocene Herrera sands, Cretaceous sands and the source
rock itself.

The Company will make a further announcement on the future plans
for the St Mary's license in due course.

Rory Scott Russell, CEO, commented:

"I am very pleased to be able to announce the award of this
significant new acreage today, further consolidating our position and
deepening our commitment to safely exploring and developing onshore oil in
Trinidad." Yours faithfully

Rory Scott Russell
Chief Executive Officer Contacts
Range Resources Limited              Buchanan (Financial PR - UK)
Rory Scott Russell                   Tim Thompson / Helen Chan
                                     T: +44 (0) 20 7466 5000
                                     E: rangeresources@buchanan.uk.com

GMP Securities Europe LLP            RFC Ambrian Limited (Nominated Advisor)
(Joint Broker)                       Stuart Laing
Richard Greenfield / Rob Collins /   T: +61 (8) 9480 2500
Alexandra Carse
T: +44 (0) 207 647 2800

Fox-Davies Capital Limited (Joint    Old Park Lane Capital (Joint Broker)
Broker)                              Michael Parnes
Daniel Fox-Davies                    T: +44 (0) 207 493 8188
T: +44 (0) 203 463 5000

PPR (Financial PR - Australia)       Dahlman Rose & Company (Principal
David Tasker                         American Liaison)
T: +61 (8) 9388 0944                 OTCQX International Market (U.S.)
E: david.tasker@ppr.com.au           Christopher Weekes / Stephen Nash
                                     T: +1 (212)-372-5766

Range Background

Range Resources Limited is a dual listed (ASX:RRS; AIM:RRL) oil & gas
exploration company with oil & gas interests in Trinidad; Puntland, Somalia;
the Republic of Georgia; Guatemala; Texas, USA, and Colombia.

- In Trinidad Range holds a 100% interest in holding companies with three
onshore production licenses and fully operational drilling subsidiary.
Independently assessed Proved (P1) reserves in place of 17.5 MMBO with 25.2
MMBO of proved, probable and possible (3P) reserves and an additional 81 MMBO
of unrisked prospective resources. Range also has a farm in with Niko
Resources giving it exposure to circa 280,000 acres of prospective onshore and
offshore acreage.

- In the Republic of Georgia, Range holds a 45% farm-in interest in onshore
blocks VIa and VIb, covering approx. 7,000sq.km. The Company is focussing on a
revised development strategy that will focus on low-cost, shallow appraisal
drilling of the contingent resources around the Tkibuli-Shaori ("Tkibuli")
coal deposit, which straddles the central sections of the Company's two
blocks, along with attracting potential farm-in partners across the license
areas given the recent review performed across the licenses.

- In Puntland, Range holds a 20% working interest in two licenses encompassing
the highly prospective Dharoor and Nugaal valleys. The operator and 60%
interest holder, Horn Petroleum Corp. (TSXV:HRN) has completed two exploration
wells and will continue with a further seismic and well program over the next
12-18 months.

- Range is earning a 65% (option to move to 75%) interest in highly
prospective licences in the Putumayo Basin in Southern Colombia. Farm–in
interest from a number of parties has been received and preparations for the
seismic programme will be initiated subject to further financing becoming
available.

- Range has taken a strategic stake (19.9%) in Citation Resources Limited
(ASX: CTR) which holds a 60% interest in Latin American Resources (LAR). LAR
holds an 80-100% interest in two oil and gas development and exploration
blocks in Guatemala with Canadian NI 51-101 certified proved plus probable
(2P) reserves of 2.3 MMBBL (100% basis). Range also holds a 20% interest in
LAR.

Table of Reserves and Resources

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 - mmbbls
Trinidad          17.5   20.2   25.2     100%   17.5   20.2 25.2 Range
Guatemala            *   2.3*      *      32%      *  0.74*    * Latin American Resources
Total Oil &       17.5   22.5   25.2            17.5   20.9 25.2
Liquids
Gas Reserves - Bcf
Georgia - CBM        -      -    508      45%      -      -  229 Strait Oil & Gas
Total Gas Reserves   -      -    508               -      -  203

* The reserves estimate for the Guatemalan Blocks in which LAR (and CTR) have
an interest in is as reported by CTR. CTR has not reported 1P and 3P
estimates, but Range is seeking such information from CTR for future reporting
purposes.

Detailed below are the estimated resources and oil-in-place delineated across
Range's portfolio of project interests.

                      Gross Oil Resources  Range's    Net Attributable
Project               Low    Best/   High  Interest  Low    Best/   High  Operator
                             Mean                            Mean
Contingent Oil Resources - mmbbls
Guatemala                 -    20.1      -      32%      -      6.4     - Latin American Resources
Total Contingent          -    20.1      -               -      6.4     -
Resources
Prospective Oil Resources - mmbbls
Trinidad (BM & MD)      8.1    40.5   81.0     100%    8.1     40.5  81.0 Range
Trinidad - Niko JV     20.3   101.5  203.0     40%*    8.1     40.6  81.2 Range
onshore
Trinidad - Niko JV      6.6    33.0   66.0   32.5%*    2.1     10.7  21.5 Range
offshore
Total Prospective      35.0   175.0  350.0            18.3     91.8 183.7
Resources
Undiscovered Oil-In-Place - mmbbls
Puntland               -     16,000   -         20%   -       3,200   -   Horn Petroleum
Georgia                -        403   -         45%   -         181   -   Strait Oil & Gas
Colombia               -        7.8   -      65-75%   -    5.1 - 5.8  -   Petro Caribbean
Undiscovered Gas-In-Place - Tcf
Georgia -              -      18.44   -         45%   -        8.30   -   Strait Oil & Gas
Conventional
Georgia - CBM          -       3.16   -         45%   -        1.42   -   Strait Oil & Gas

*Range's interest in the Niko JV resources are subject to completing its
earn-in obligations.

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 technical advisor, Mr
Mark Patterson. Mr Patterson is a petroleum geologist and geophysicist 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 3 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).
CTR has not reported 1P and 3P estimates, but Range is seeking such
information from CTR for future reporting purposes.

The prospective resource estimates for the two Dharoor Valley prospects are
internal estimates reported by Africa Oil Corp, the operator of the joint
venture, which are based on volumetric and related assessments by Gaffney,
Cline & Associates.

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.

Reserve information on the Putumayo 1 Well published by Ecopetrol 1987.

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.

Prospective Resources are those quantities of petroleum estimated, as of a
given date, to be potentially recoverable from undiscovered accumulations by
application of future development projects. Prospective Resources have both an
associated chance of discovery and a chance of development. Prospective
Resources are further subdivided in accordance with the level of certainty
associated with recoverable estimates assuming their discovery and development
and may be sub-classified based on project maturity.

Contingent Resources are those quantities of hydrocarbons which are estimated,
on a given date, to be potentially recoverable from known accumulations, but
which are not currently considered to be commercially recoverable.

Undiscovered Oil-In-Place is that quantity of oil which is estimated, on a
given date, to be contained in accumulations yet to be discovered. The
estimated potentially recoverable portion of such accumulations is classified
as Prospective Resources, as defined above.