Quarterly Activities Report and Appendix 5B

31 July 2013 Manager of Company AnnouncementsAustralian Securities ExchangeLevel 6, 20 Bridge StreetSydney NSW 2000 By E-Lodgement QUARTERLY REPORT FOR PERIOD ENDING 30 JUNE 2013 Issued Capital 2,874m* ASX Code RRS Closing price $0.04* Market Capital A$115m* AIM Code RRL Closing Price £0.03* *as at 30 June 2013 Gross Production for the Quarter Gas 169k Mcf Range Interest - 37k Mcf Oil 66,634 bbl Range Interest - 60,963 bbls The Board of Range Resources Limited ("Range" or "the Company")provides the following commentary regarding its activities during the threemonths ended 30 June 2013 to be read in conjunction with the Appendix 5B(Quarterly Cash Flow Report), which is attached. Trinidad As previously reported, the Company has commenced theimplementation of best practice procedures and processes with respect tomaintenance programs / drilling inventory and spare part management, whichhave been further strengthened through the recent recruitment of a suitablyqualified Maintenance Superintendent to manage and ensure that all rigs andequipment are serviced and operational. In conjunction with the maintenance and inventory managementprograms mentioned above, the Company will be refining the drilling strategyto further reduce the drilling time and an increase in wells being drilled. To reduce drilling time and improve hole quality, the company is reviewing thefollowing areas: - Drill bit selection - Drilling parameter optimization - Casing point depths - Down hole tools including hole openers, logging-while-drilling, andpotentially casing-while drilling To improve recovery rates: - Directional (horizontal) drilling - Fracking These improvements will ensure minimum unscheduled equipmentdowntime and mechanical safety and efficiency throughout Range Trinidadoperations, allowing the work schedule to progress smoothly and efficiently. Additionally, with the increase in oil prices, the Company hasundertaken a program to re-evaluate all existing wells with a focus onoptimization and reactivation where warranted. These works may includeperforating by-passed oil sands pay in the existing well bores, chemicaltreatment / stimulation of perforations, jet washing or cleanout ofperforations, water shut off where water break out has occurred and isnegatively affecting oil inflow, mechanical repairs to down hole equipment,and initiation of swabbing on previously capped wells. An estimated 200-300bopd may be added from the optimization program. Range is currently in the process of engaging a Senior ReservoirEngineer to assist the Exploration and Exploitation team in accuratelydefining the target reservoirs, constantly updating reservoir simulationsoftware and datasets, ensuring efficient selection of drilling location andtargets. Range continues to focus on Health, Safety, and Environment as STOWprocedures and process are constantly implemented and updated, moving towardsfull STOW certification in early 2014. The Lower Forest development continued to gain momentum during thequarter with seven wells successfully drilled by the Company's shallower rigs,Rig 1 and Rig 5. This progress was accelerated during the quarter withproduction growth for the month of June increased by 20% compared to April. Three production rigs have been placed into operation and havecompleted remedial work on 5 wells, including 4 wells in South Quarry. TheCompany is expecting to ramp up its activity by placing an additional 2production swab rigs on line in the short term. The Company will continue with the optimization work, havingscheduled the next 10 wells to be accessed by the production and work overrigs as well as the re-entry of the QUN 16 well, which previously produced upto 145 bopd over a one week test. The QUN 16 well was drilled and tested in1942 and logged thick oil sands that correlate with the Lower Forestreservoirs being developed by the Company approximately ½ mile to the west.Re-activation of the QUN 16 well will be performed using one of the Company'sproduction rigs. This will add new reserves and production, while furtherextending the Lower Forest trend to the east of the QUN 16 well andestablishing a large area for low-risk infill drilling between the well andthe current Lower Forest development. Rig 6 has successfully completed annual certifications andinspections and the Company has made a decision to use the rig for heavy workovers of the wells in Morne Diablo as mentioned above, in order to swiftlyramp up production prior to having it converted back to a drilling rig andmoved over to South Quarry, where a production rig is currently performingwell workovers. Middle Cruse Formation Drilling During the quarter, the Company perforated the Middle and UpperCruse sections of the QUN 135 well and is currently undergoing operations toperforate the Lower Forest section of the well. Given the encouraging resultsof the net Middle Cruse sands seen, Range will be pursuing drilling anadjacent well, which will target the same Middle Cruse structure from a nearbylocation and will have a similar profile to the QUN 135 well. Lower Cruse Formation Drilling The MD 248 well was drilled to 5,780 ft., encountering multiplehigh pressure oil and gas pays, which indicate the presence of productive oilsands, as well as multiple oil shows across the shakers. Shortly afterencountering these hydrocarbon shows, challenging downhole conditions wereencountered which resulted in stuck pipe and Rig 8 having to undergo temporarymaintenance work before continuing drilling to ensure the successfulcompletion of the well. The Company is currently completing repair of the rig,before it will resume drilling during August to a target depth of 6,500 ft.After completion, Rig 8 will move on to spud the Herrera well. Positive results from the MD 248 well Lower Cruse test, would allowRange to expedite a development program for this horizon by deepening existingMiddle Cruse wells in the Morne Diablo field to the Lower Cruse depths.Deepening would require drilling only 2,500 feet of additional footage versusthe 6,500 feet for a new well, thus significantly reducing costs whilstobtaining swift access to a potential highly prospective new development zonewithin the Lower Cruse formation. Other Developments Morne Diablo Waterflood The Company has recently presented its proposed waterflood programto the Mininstry of Energy of Trinidad and state company Petrotrin. Writtenapproval is expected to be received in the coming weeks at which point theCompany will immediately commence field development in line with the workprogram. South Quarry The Company is on track to commence further development of theSouth Quarry field consisting of 4 recently approved well locations, with themobilisation of the drilling Rig 6 and auxiliary equipment expected thisquarter. Previous drilling campaigns have yielded higher than average ratesand recoveries due to high geopressure in the area. Given the proximity toestablished production, the South Quarry program has a high probability ofboosting production, while extending the producing trends and establishingmultiple locations for future drilling. Beach Marcelle With 75% (12.8 MMbbls) of Range's 1P proved undeveloped reservesbelonging to the Beach Marcelle waterflood project, the focus remains onexpediting the current simulation phase in parallel with moving a rig to siteto begin well integrity and workover operations. The Company is also lookingat deepening of up to 6 wells following the receipt of environmental approvalsearlier in the year. Within the Beach Marcelle field, successful deepening of existingwell bores is expected to recover up to 90 Mbo per well at approximately80bopd initial production, and at costs significantly lower than drilling andcompleting new wells. Range's waterflood program in the Beach Marcelle field builds upon3 previously successful, but prematurely halted, waterflood programs performedby Texaco in the 1950's. With modern reservoir and waterflood simulationsoftware available, it is expected that Range will sweep the remaining provenreserves a lot more efficiently than the 3 original waterflood programs. Theprogram will also be targeting additional fault blocks within the BeachMarcelle license, not yet previously waterflooded, yet comprising a portion ofthe 12.8 MMbbls of 1P proved undeveloped reserves. Farm-in with Niko Resources Subsequent to quarter end, Range announced that it has reached anagreement in principle with leading Canadian exploration and developmentcompany, Niko Resources Ltd. ("Niko") (TSX:NKO) regarding the GuayaguayareBlock in Trinidad. As a result of the agreement, Range will increase its grossacreage exposure in Trinidad by over 280,000 acres across both the shallow anddeep horizons with proven oil producing trends. Niko currently holds shallow and deep Production Sharing Contractsfor 65% of the onshore portion and 80% of the offshore portion of the licensearea with the Guayaguayare Block comprising 280,170 shallow acres and 293,999deep acres. Trinidad's State Owned petroleum company, Petrotrin, holds theremaining balance of the interests (35% onshore and 20% offshore). According to the agreement in principle, Range will earn 50% ofNiko's existing interests in the deep and shallow rights covering both onshoreand offshore areas, with the consortium to drill two onshore wells: oneshallow onshore well to a maximum of 5,000 ft., and one deep onshore well to aminimum of 5,000 ft. In the event of a discovery from either of the twoinitial wells, the consortium with look to drill an initial appraisal well.The first well is targeted to spud in early 2014. Drilling rigs and personnel from Range's operating group inTrinidad will be used to drill the initial three wells as mentioned above. Range will fund the two onshore wells and the potential initialappraisal well at its sole expense, and will split costs 50/50 with Niko inthe offshore well, and any other costs going forward. Under the agreement,certain payments will be made to Niko upon achievement of commercialproduction from any discoveries. The agreement is subject to completion of final transactiondocuments and government and regulatory approval, as well as approval by theRange and Niko boards. Strategic Partnership with a leading International Drilling and OilfieldServices Provider Range also announced that in anticipation of the increased activityin Trinidad, the Company is in advanced discussions with a leadingInternational Drilling and Oilfield Services Provider, with a view to maximizethe development of current acreage and potential new licenses, throughbringing in additional rigs, infrastructure and manpower to Trinidad. Thepartnership will complement the Company's existing drilling fleet of 6 rigsand over 250 employees, as the Company looks to rapidly ramp up activities inTrinidad through expansion and organic growth. Puntland Puntland Onshore During the previous quarter, Range's JV partner and operator of itsPuntland Project, Horn Petroleum Corp (TSXV: HRN), has been focused on makingpreparations for a seismic acquisition campaign in the Dharoor PSA, which willinclude a regional seismic reconnaissance grid in the previously unexploredeastern portion of the basin as well as prospect specific seismic to delineatea drilling candidate in the western portion of the basin, where an activepetroleum system was confirmed by the recent drilling at the Shabeel-1 andShabeel North-1 locations. The focus of the Dharoor seismic program will be todelineate new structural prospects for the upcoming drilling campaign. Based on the encouragement provided by these two Shabeel wells, theJV has entered into the next exploration period in both the Nugaal and DharoorValley Production Sharing Contracts ("PSCs") which carry a commitment to drillone well on each block within an additional 3 year term. The currentoperational plan would be to contract a seismic crew to acquire additionaldata in the Dharoor Valley block and to hold discussions with the PuntlandGovernment to gain access regarding drill ready prospects in the Nugaal Valleyblock. Puntland Offshore During the June 2012 quarter, Range entered into a conditionalagreement with the Puntland Government with respect to obtaining a 100%working interest in the highly prospective Nugaal Basin Offshore Block. TheBlock is an extension of the onshore Nugaal Region which has the potential fordeltaic deposits from the Nugaal Valley drainage system and comprises over10,000km. The agreement is subject to a formal Production Sharing Agreement(PSA) being entered into and the receipt of all necessary regulatoryapprovals. Guatemala During the previous quarter, the Company secured a strategic stake(19.9%) in Citation Resources Limited ("Citation") (ASX: CTR). Citation holdsa farm-in right to acquire a 70% interest in Latin American Resources Ltd("LAR"), which holds an 80-100% interest in two oil and gas development andexploration blocks in Guatemala ("Projects"). LAR is the operator of theblocks. Additionally, Range acquired a direct 10% equity stake in LAR(subsequent to quarter end, increased to 20% direct equity stake in LAR). The Projects consist of Block 1-2005 and Block 6-93 in the SouthPeten Basin in Guatemala ("Guatemalan Blocks"). During the quarter, the Operator successfully drilled Atzam #4 wellto a target depth of 4,054 ft. with the Company announcing that it hadencountered significant initial oil and gas production of a 610 bopd averagerate over a 24 hour period from a perforated 7 foot section in the Upper C17carbonates (2,846-2,853 ft.) in the well, without acid wash or reservoirstimulation with a submersible pump. The Atzam #4 well is continuing to produce good quality 38°API oil at 140 bopdon a restricted 8/64ths choke, with the production rate to be significantlyincreased once the current onsite tank storage capacity and transportlogistics are resolved through offtake contracts. Importantly this productioncontinues from natural reservoir pressures and without assistance from asubmersible pump, which is normally used for producing these carbonatesections. The project owner and Operator Latin American Resources (LAR) is inadvanced negotiations with a number of oil companies on short term and longterm offtake contracts for the Atzam #4 oil production. The Operator estimates this C 17 carbonate section would produce inexcess of 1,000 bopd on an open choke based on the flow rates recorded to dateon various choke sizes up to 32/64ths, together with the downhole and wellhead pressure data from this zone. The optimal choke size and production ratewill be determined by the Operator and reserve engineers to maximize the flowrate but protect the integrity of the producing reservoir section once onsitestorage capacity is resolved. Updated Reserve Report on Atzam #4 well An updated independent Atzam #4 well reserve report, resulting fromthe successful well flow testing program and the recent production flow ratesof the well is expected shortly. The initial Atzam #4 independent reservereport stated a 2.3m barrel Probable Reserve based on the drilling and loggingdata from the well, and will be updated based on the production flow ratestogether with the pressure and reservoir data from the recently completedtesting program from this Upper C17 production zone during June. Atzam Carbonates and Tortugas Salt Dome Projects The Company is currently finalizing operations planning with LAR(Operator of Block 1-2005) to complete 2 well re-entries in conjunction withpotentially 6 new well locations on the Tortugas Salt Dome structure. The wellre-entries on two Tortugas wells, 63-4 and 63-5 are expected to producebetween 200-300 bopd each of high quality 34°API oil based on historical flowrates and production. In the mid 80's, two wells flowed oil at initial ratesover 1,500 bopd, however were subsequently suspended. The Tortugas Salt Dome structure is a suspended oil field, withMonsanto having drilled 17 wells on the structure including wells for bothsulphur and oil. One of the wells (T9B) experienced an oil blowout at approx.1,500 ft., with the majority of the other wells having oil shows in multiplezones. Increased Holding into LAR Subsequent to quarter-end, Range increased its holding into theOperating Company, LAR from 10% to 20%, giving a net attributable interest inthe Guatemalan Projects of 32%. Georgia During the quarter, the processing and interpretation of the 200km2D seismic program carried out by the Geophysical Institute of Israel ("GII")was completed and the process of incorporating these results into the CompanyGeological model that encompass the whole license areas commenced. Results of the Geological Model, which also includes the early datafrom the Soviet period, along with the interpretation performed by RPS Energyfrom the initial 2009 vibrosis survey, will enable the Company to confirmpotential drilling locations in Block VIb that were highlighted as prospectivefrom the initial survey in 2009, along with allowing the Company to update thereserve and resource potential across the two license areas. The Company is also looking at evaluating the shale gas / oilpotential that has been identified on approximately 3,000 km2 and hascommenced the geological mapping and modelling of this potential which isexpected to be finalised in Q4 2013. A total of 810 2D seismic data exist on blocks VI a and VI b. In additionthere is a large amount of data from early geological surveys and obtainedfrom many wells drilled on the Blocks in Soviet times. In 2009 - 2010, StraitOil and Gas acquired 410 km of 2D and in 2012, 195 km of 2D. Geochemical,surface geological and remote sensing surveys have been performed on theseBlocks with multiple drilling targets having been identified from theinterpretation of these surveys. Coal Bed Methane Joint Venture The Company and its Joint Venture Partners, together with theGeorgian Industrial Group (GIG), continued with the feasibility and technicalstudies on the CBM project, initially targeting a three to four well pilotproject targeting coal bed methane gas. During the quarter site planning forthe CBM project was finalized with all plans and locations of the siteassessed, mapped and initial well program agreed with GIG. Initial geologicalreports together with an economic model have been submitted to the GeorgianGovernment for approval. Subject to Government approvals, implementation of the Project isbeing scheduled for the beginning of Q4 2013. It has been proposed to drillthree to four wells initially and connect the obtained gas to the localpipeline infrastructure. Joint Venture Discussions Range and its partners have also received farm in / joint ventureinterest from a number of parties with respect to both the conventional andunconventional opportunities across the two licenses with the Company inadvanced negotiations with one of these parties. Further updates will beprovided as the Company enters into more formal agreements. Texas The Company is on track to complete the sale of the Company's Texaninterest with a total cash consideration of US$30m (US$25m payable at closingplus $US5m in royalty production payments to be received from futureproduction). All key completion requirements have been concluded withfinalization and cash settlement expected shortly. Colombia During the quarter, the consulta previa process continued whichinvolves liaison with the various indigenous communities within the licenseareas. Once completed, the Company expects to initiate preparations for theseismic program, with planned mobilisation to occur in Q3 2013. Initial G&Gevaluation of the blocks shows 15 potential leads, with potential upside to beimaged in greater detail with high resolution 3D seismic surveys. PUT- 6 and 7blocks' acreage lies to the north of large proven reserves across border inEcuador, with production in excess of 30,000 BOPD. The blocks are surroundedby successful producing fields (Ecopetrol, Gran Tierra, Suroco). Typical wellproductivity in the Putamayo basin ranges from 1,000 to 2,000 BOPD, with oilin producing wells being light - typically 23 API on average. Range and the operator have received farm in interest from a numberof parties, and will be considering different potential options during themerger process with regards to how best to finance the upcoming 350km2 of 3Dseismic program. Corporate Proposed Merger with International Petroleum During the quarter, the Company announced its proposal to undertakea strategic merger with International Petroleum Limited (NSX: IOP) to create aleading ASX and AIM listed oil and gas Company with a strong production growthprofile from the on-going development of its significant reserves andresources base. International Petroleum holds highly prospective assets inRussia, Kazakhstan, and Niger with total 3P Reserves of 233 mmbbls of oil andbest net estimate prospective resources of 367 mmbbls of oil and 61 Bcf ofgas. Range and International have excellent project and managementsynergies, with advanced oil & gas projects across Eastern Europe, theCaribbean, Central Asia, Latin America and Africa. The merger will build astronger, more robust company with greater financial and technical resources,with a particular focus on applying its onshore exploration and developmentexpertise to growing production from its pipeline of projects. The proposed merger would also be made on the basis Mr ChrisHopkinson would be appointed as a Managing Director of the merged entity. MrHopkinson has immense technical and operational experience which will drivethe merged company's production growth in the short and medium term. MrHopkinson is currently CEO of International Petroleum and has over 23 years'experience in the oil and gas industry, including senior management positionswith BG Group, TNKâ€BP, Yukos, Imperial Energy Corporation PLC, and Lukoil. Mr Hopkinson and his strong technical team would complement Range'sexisting team in Trinidad, to deliver the Company's aggressive productiongrowth plans in Trinidad, as well as developing and extracting the fullpotential of the other highly prospective projects within Range's and IOP'sportfolios. Subsequent to quarter end, the Company has been informed thatInternational Petroleum is in negotiations with a third party relating to thepotential sale of its Russian assets for cash consideration, which Rangeunderstands is expected to be between US$120 - 150 million. In the course of discussions and due diligence in connection withthe proposed merger of the two companies, Range remains committed in principleto pursue a merger transaction pending final confirmation of the sale terms. The proposed asset sale would provide the merged entity with asolid financial position and balance sheet that will allow the combined groupto advance and develop its production and highly prospective explorationprojects, including Range's core, largeâ€scale production operations inTrinidad, where the Company has significantly expanded its footprint through afarmâ€in with Niko Resources. In conjunction with the merger processes, a technical team fromInternational has visited the Company's Trinidad and Colombian assets in thecourse of the last quarter, having spent over a week in Trinidad with Range'skey technical and management team. The International team has reviewed theoperations and various strategies in fast tracking development of both theconventional and waterflood programs. Funding Facility Subsequent to quarter end, the Company announced that thepreviously announced US$35m reserve based debt financing through Meridian SEZChas been increased to staged amounts of up to US$100m. The Company willannounce the initial draw down on its facility anticipated shortly. As aninterim measure, an initial £3m was drawn down as a convertible financing. Appendix 5B Summary - Consolidated Statement of Cashflow Current Year to date Quarter (12 months)Cash flows related to operating $A'000 $A'000activities Receipts from product sales and relateddebtors 5,641 27,165Payments for: (a) exploration & evaluation (4,527) (20,860) (b) development (3,584) (13,212) (c) production (3,579) (14,862) (d) administration (1,298) (7,037) Dividends received - - Interest and other items of a similarnature received 2 42 Interest and other costs of financepaid (2,242 (3,520) Taxes paid (334) (4,942) Other (provide details if material) - - Net Operating Cash Flows (9,921) (37,226) Cash flows related to investingactivities Payment for purchases of: (a) prospects - - (b) equity investments (139) (1,740) (c) other fixed assets - - Proceeds from sale of: (a) prospects - - (b) equity investments - 2,691 (c) other fixed assets - - Loans to other entities (7,350) (7,350) Loans repaid by other entities 1,831 3,857 Other - net cash acquired onacquisition of subsidiary - - Net investing cash flows (5,658) (2,542) Total operating and investing cash flows (15,579) (39,768) Cash flows related to financingactivities Proceeds from issues of shares,options, etc. 13,585 21,726 Proceeds from sale of forfeited shares - - Proceeds from borrowings 4,640 21,327 Repayment of borrowings (3,349) (8,615) Dividends paid - - Other (provide details if material) - - Net financing cash flows 14,876 34,438 Net increase (decrease) in cash held (703) (5,330) Cash at beginning of quarter/year todate 5,750 10,461 Exchange rate adjustments to item 1.20 48 (36) CASH AT END OF QUARTER 5,095 5,095 Yours faithfully Peter LandauExecutive Director Contacts Range Resources Limited PPR (Australia)Peter Landau David TaskerT: +61 (8) 9488 5220 T: +61 (8) 9388 0944E: [email protected] E: [email protected] GMP Securities Europe LLP RFC Ambrian Limited (Nominated Advisor)(Joint Broker) Stuart LaingRichard Greenfield / Rob Collins / T: +61 (8) 9480 2500Alexandra CarseT: +44 (0) 207 647 2800 Fox-Davies Capital Limited (Joint Broker) Old Park Lane Capital (Joint Broker)Daniel Fox-Davies / Richard Hail Michael ParnesT: +44 (0) 203 463 5000 T: +44 (0) 207 493 8188 Dahlman Rose & Company (Principal American Liaison)OTCQX International Market (U.S.)Christopher Weekes / Stephen NashT: +1 (212)-372-5766 Range Background Range Resources Limited is a dual listed (ASX:RRS; AIM:RRL) oil & gasexploration company with oil & gas interests in the frontier state ofPuntland, Somalia, the Republic of Georgia, Texas, USA, Trinidad and Colombia. - In Trinidad Range holds a 100% interest in holding companies withthree onshore production licenses and fully operational drilling subsidiary.Independently assessed Proved (P1) reserves in place of 17.5 MMBO with 25.2MMBO of proved, probable and possible (3P) reserves and an additional 81 MMBOof unrisked prospective resources. - In the Republic of Georgia, Range holds a 40% farm-in interest inonshore blocks VIa and VIb, covering approx. 7,000sq.km. Range completed a410km 2D seismic program with independent consultants RPS Energy identifying68 potential structures containing an estimated 2 billion barrels ofundiscovered oil-in-place (on a mean 100% basis) with the first (Mukhiani-1)exploration well having spudded in July in 2011. The Company is focussing on arevised development strategy that will focus on low-cost, shallow appraisaldrilling of the contingent resources around the Tkibuli-Shaori ("Tkibuli")coal deposit, which straddles the central sections of the Company's twoblocks. - In Puntland, Range holds a 20% working interest in two licensesencompassing the highly prospective Dharoor and Nugaal valleys. The operatorand 60% interest holder, Horn Petroleum Corp. (TSXV:HRN) has completed twoexploration wells and will continue with a further seismic and well programover the next 12-18 months. - Range holds a 25% interest in the initial Smith #1 well and a 20%interest in further wells on the North Chapman Ranch project, Texas. Theproject area encompasses approximately 1,680 acres in one of the most prolificoil and gas producing trends in the State of Texas. Independently assessed 3Preserves in place (on a 100% basis) of 228 Bcf of natural gas, 18 MMbbl of oiland 17 MMbbl of natural gas liquids. - Range holds a 21.75% interest in the East Texas Cotton ValleyProspect in Red River County, Texas, USA, where the prospect's project areaencompasses approximately 1,570 acres encompassing a recent oil discovery. Theprospect has independently assessed 3P reserves in place (on a 100% basis) of3.3mmbbls of oil. - Range is earning a 65% (option to move to 75%) interest in highlyprospective licences in the Putumayo Basin in Southern Colombia. The Companywill undertake a 3D seismic program in the near term as part of itsexploration commitments on the Company's Colombian interests. - Range has taken a strategic stake (19.9%) in Citation ResourcesLimited (ASX: CTR) which holds a 70% interest in Latin American Resources(LAR). LAR holds an 80-100% interest in two oil and gas development andexploration blocks in Guatemala with Canadian NI 51-101 certified proved plusprobable (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 projectportfolio. All figures in Gross Oil Range's Net AttributableMMboe ReservesProject 1P 2P 3P Interest 1P 2P 3P OperatorOil & NGLTexas - NCR * 16.4 25.2 35.3 20-25% 2.2 3.4 4.8 Western GulfTexas - ETCV 1.0 1.6 3.3 22% 0.2 0.3 0.6 Crest ResourcesTrinidad 17.5 20.2 25.2 100% 17.5 20.2 25.2 RangeGuatemala ** 2.3** ** 32% ** 0.74** ** Latin American ResourcesTotal Oil & 34.9 47.0 63.8 19.9 21.3 28.9LiquidsGas ReservesTexas - NCR * 106.0 162.7 228 20-25% 11.7 18.1 25.4 Western GulfTotal Gas 106.0 162.7 228 11.7 18.1 25.4Reserves* Reserves attributable to Range's interest in the North ChapmanRanch asset, which are net of government and overriding royalties as describedin the Forrest Garb report. ** 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 1Pand 3P estimates, but Range is seeking such information from CTR for futurereporting purposes. Detailed below are the estimated resources and oil-in-placedelineated across Range's portfolio of project interests. All figures in MMboe Gross Oil Reserves Range's Net AttributableProject Low Best/ High Interest Low Best/ High Operator Mean MeanProspective ResourcesTrinidad 8.1 40.5 81.0 100% 8.1 40.5 81.0 RangeTotal Prospective 8.1 40.5 81.0 8.1 40.5 81.0ResourcesUndiscoveredOil-In-PlacePuntland - 16,000 - 20% - 3,200 - Horn PetroleumGeorgia - 2,045 - 40% - 818 - Strait Oil & GasColombia - 7.8 - 65-75% - 5.1 - - Petro 5.8 Caribbean All of the technical information, including information in relationto reserves and resources that is contained in this document has been reviewedinternally by the Company's technical consultant, Mr Mark Patterson. MrPatterson is a geophysicist who is a suitably qualified person with over 25years' experience in assessing hydrocarbon reserves and has reviewed therelease and consents to the inclusion of the technical information. The reserves estimate for the Guatemalan Blocks in which LAR (andCTR) have an interest in is as reported by CTR. CTR has not reported 1P and 3Pestimates, but Range is seeking such information from CTR for future reportingpurposes. All of the technical information, including information in relationto reserves and resources that is contained in this document has been reviewedinternally by the Company's technical consultant, Mr Mark Patterson. MrPatterson is a geophysicist who is a suitably qualified person with over 25years' experience in assessing hydrocarbon reserves and has reviewed therelease and consents to the inclusion of the technical information. The reserves estimates for the 3 Trinidad blocks and updatereserves estimates for the North Chapman Ranch Project and East Texas CottonValley referred above have been formulated by Forrest A. Garb & Associates,Inc. (FGA). FGA is an international petroleum engineering and geologicconsulting firm staffed by experienced engineers and geologists. CollectivelyFGA staff has more than a century of worldâ€wide experience. FGA haveconsented in writing to the reference to them in this announcement and to theestimates of oil and natural gas liquids provided. The definitions for oil andgas reserves are in accordance with SEC Regulation Sâ€X an in accordance withthe guidelines of the Society of Petroleum Engineers ("SPE"). The SPE Reservedefinitions can be found on the SPE website at spe.org. RPS Group is an International Petroleum Consulting Firm withoffices worldwide, who specialise in the evaluation of resources, and haveconsented to the information with regards to the Company's Georgian interestsin the form and context that they appear. These estimates were formulated inaccordance with the guidelines of the Society of Petroleum Engineers ("SPE"). The prospective resource estimates for the two Dharoor Valleyprospects are internal estimates reported by Africa Oil Corp, the operator ofthe joint venture, which are based on volumetric and related assessments byGaffney, Cline & Associates. The TSX certified 51-101 certified reserves with respect to theGuatemalan project are as reported by ASX listed Company Citation Resources(ASX: CTR). In granting its consent to the public disclosure of this pressrelease with respect to the Company's Trinidad operations, Petrotrin makes norepresentation or warranty as to the adequacy or accuracy of its contents anddisclaims any liability that may arise because of reliance on it. The Contingent Resource estimate for CBM gas at the Tkibuli projectis sourced from the publically available references to a report by AdvancedResources International's ("ARI") report in 2009: CMM and CBM development inthe Tkibuli-Shaori Region, Georgia. Advanced Resources International, Inc.,2009. Prepared for GIG/Saknakhshiri and U.S. Trade and Development Agency. -.globalmethane.org/documents/ toolsres_coal_overview_ch13.pdf. Range'stechnical consultants have not yet reviewed the details of ARI's resourceestimate and the reliability of this estimate and its compliance with the SPEreporting guidelines or other standard is uncertain. Range and its JV partnerswill be seeking to confirm this resource estimate, and seek to definereserves, through its appraisal program and review of historical data duringthe next 12 months. Reserve information on the Putumayo 1 Well published by Ecopetrol1987. SPE Definitions for Proved, Probable, Possible Reserves andProspective Resources Proved Reserves are those quantities of petroleum, which byanalysis of geoscience and engineering data, can be estimated with reasonablecertainty to be commercially recoverable, from a given date forward, fromknown reservoirs and under defined economic conditions, operating methods, andgovernment regulations. Probable Reserves are those additional Reserves which analysis ofgeoscience and engineering data indicate are less likely to be recovered thanProved Reserves but more certain to be recovered than Possible Reserves. Possible Reserves are those additional reserves which analysis ofgeoscience and engineering data indicate are less likely to be recoverablethan Probable Reserves. 1P refers to Proved Reserves, 2P refers to Proved plus ProbableReserves 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 undiscoveredaccumulations by application of future development projects. ProspectiveResources have both an associated chance of discovery and a chance ofdevelopment. Prospective Resources are further subdivided in accordance withthe level of certainty associated with recoverable estimates assuming theirdiscovery and development and may be sub-classified based on project maturity. Contingent Resources are those quantities of hydrocarbons which areestimated, on a given date, to be potentially recoverable from knownaccumulations, but which are not currently considered to be commerciallyrecoverable. Undiscovered Oil-In-Place is that quantity of oil which isestimated, on a given date, to be contained in accumulations yet to bediscovered. The estimated potentially recoverable portion of suchaccumulations is classified as Prospective Resources, as defined above.