RANGE RESOURCES LTD: Texas Sale Agreement Reached

11 March 2013 
The Manager
Company Announcements
Australian Securities Exchange Limited
Level 6, 20 Bridge Street
Sydney NSW 2000 
By e-lodgement 
TEXAS SALE AGREEMENT REACHED 
Range Resources Limited ("Range" or "the Company") is pleased to announce the
following update with respect to the sale of its Company's Texan assets. 
* Agreement reached on total cash consideration of US$30m with US$25m payable 
at closing plus $US5m in royalty payments from future production 
Earlier this year, the Company looked to source alternative suitors for the
Texan assets following the delays in completing a sale of the assets to parties
identified in late 2012. Range is pleased to announce that it has now reached
an agreement to sell its Texas producing assets for cash payments totaling
$US30 million. 
Subject to final due diligence, the Company will sell its interest in the North
Chapman Ranch and East Clarksville fields for $US25 million in cash at Closing
plus $US5 million in royalty payments from future production with closing
expected to occur in the coming weeks. 
Commented Pete Landau, Executive Director for Range, "Along with our recently
announced corporate financing and the renewal and restructuring of our Trinidad
concessions, divestiture of the Texas assets is consistent with the Company's
stated strategy to accelerate growth of production and cash flow in Trinidad
while expanding the Range portfolio within select Latin American markets. Sale
of the Company's Texas properties allows us to monetize significant gains from
an area that has already reached payout and to redeploy proceeds from the sale
into our core international areas."   
Issue of Shares 
Range Resources Limited is pleased to announce the issue of the following
securities: 
* 62,439,223 Ordinary Fully Paid Shares issued in lieu of cash loan 


    repayments (YA Global and Crede)
      * 5,000,000 unlisted options ($0.10, 31 January 2016) as employee options as
    approved at the 2012 AGM - 29 November 2012.
      * 5,000,000 unlisted options ($0.05, 10 February 2016) in facilitation,
    introduction and corporate advisory fees.


Application will be made for the 62,439,223 new shares to be admitted to
trading on the ASX and AIM. Trading in the new shares is expected to commence
on or around 18 March 2013. 
Following the issue of these securities the total number of securities on issue
are as follows: 
2,567,810,783          Ordinary Fully Paid Shares (RRS) 
                      
855,166                Unlisted Options (£0.04, 30 June 2015)         
7,058,824              Unlisted Options (£0.17p, 30 April 2016) 
              
5,180,000              Unlisted Options (£0.075p, 31 January 2017) 
           
9,000,000              Unlisted Options (£0.125p, 31 March 2015) 
17,921,146             Class B Performance Shares   
15,708,801             Unlisted Options (£0.0615, 19 October 2015) 
32,275,862             Unlisted Options (£0.05075, 30 November 2015) 


    40,000,000             Unlisted Options (A$0.05, 31 January 2016)

5,000,000              Unlisted Options (A$0.10, 31 January 2016)

5,000,000              Unlisted Options (A$0.06, 10 February 2016)


Yours faithfully

Peter Landau
Executive Director


Contacts

Range Resources Limited
Peter Landau
Tel : +61 (8) 9488 5220
Em: plandau@rangeresources.com.au

RFC Ambrian Limited (Nominated Advisor)       Old Park Lane Capital (Joint 
Broker)
Stuart Laing                                  Michael Parnes
Tel: +61 (8) 9480 2500                        Tel: +44 (0) 207 493 8188

Fox-Davies Capital Limited                    GMP Securities Europe LLP (Joint 
Broker)
Daniel Fox-Davies / Richard Hail              James Pope / Chris Beltgens
Tel: +44 (0) 203 463 5000                     Tel: +44 (0) 207 647 2800

Dahlman Rose & Company (Principal American Liaison)
OTCQX International Market (U.S.)
Christopher Weekes / Stephen Nash
Tel: +1 (212)-372-5766

PPR (Australia)- Public Relations
David Tasker
Tel: +61 (8) 9388 0944
Em: david.tasker@ppr.com.au

Range Background

Range Resources Limited is a dual listed (ASX:RRS; AIM:RRL) oil & gas
exploration company with oil & gas interests in the frontier state of Puntland,
Somalia, the Republic of Georgia, Texas, USA, Trinidad 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 MMbls with
    25.2 MMbls of proved, probable and possible (3P) reserves and an additional
    81 MMbls of unrisked best estimate prospective resources.
      * In the Republic of Georgia, Range holds a 40% farm-in interest in onshore
    blocks VIa and VIb, covering approx. 7,000sq.km. Range completed a 410km 2D
    seismic program with independent consultants RPS Energy identifying 68
    potential structures containing an estimated 2 billion barrels of
    undiscovered 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 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.
      * 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 holds a 25% interest in the initial Smith #1 well and a 20% interest
    in further wells on the North Chapman Ranch project, Texas. The project
    area encompasses approximately 1,680 acres in one of the most prolific oil
    and gas producing trends in the State of Texas. Independently assessed 3P
    reserves in place (on a 100% basis) of 228 Bcf of natural gas, 18 mmbbls of
    oil and 17 mmbbls of natural gas liquids.
      * Range holds a 21.75% interest in the East Texas Cotton Valley Prospect in
    Red River County, Texas, USA, where the prospect's project area encompasses
    approximately 1,570 acres encompassing a recent oil discovery. The prospect
    has independently assessed 3P reserves in place (on a 100% basis) of
    3.3mmbbls of oil.
      * Range is earning a 65% (option to move to 75%) interest in the highly
    prospective PUT 6 and PUT 7 licences in Putumayo Basin in Southern
    Colombia. The Company will undertake a 350km2 3D seismic program across the
    two licences and drill one well per licence, as well as looking to re-enter
    a previously suspended well that had a significant historical reserve
    estimate.
      * Range has taken a strategic stake (19.9%) in Citation Resources Limited
    (ASX: CTR) which holds a 70% 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
    10% interest in LAR.


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 consultant, Mr Mark Patterson. Mr Patterson is a
geophysicist who is a suitably qualified person with over 25 years' experience
in assessing hydrocarbon reserves and has reviewed the release and consents to
the inclusion of the technical information. 
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. 
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 consultant, Mr Mark Patterson. Mr Patterson is a
geophysicist who is a suitably qualified person with over 25 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 and update reserves estimates
for the North Chapman Ranch Project and East Texas Cotton Valley referred above
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. 
RPS Group is an International Petroleum Consulting Firm with offices worldwide,
who specialise in the evaluation of resources, and have consented to the
information with regards to the Company's Georgian interests in the form and
context that they appear. These estimates were formulated in accordance with
the guidelines of the Society of Petroleum Engineers ("SPE"). 
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 TSX certified 51-101 certified reserves with respect to the Guatemalan
project are as reported by ASX listed Company Citation Resources (ASX: CTR). 
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 Contingent Resource estimate for CBM gas at the Tkibuli project is sourced
from the publically available references to a report by Advanced Resources
International's ("ARI") report in 2009: CMM and CBM development in the
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's technical
consultants have not yet reviewed the details of ARI's resource estimate and
the reliability of this estimate and its compliance with the SPE reporting
guidelines or other standard is uncertain. Range and its JV partners will be
seeking to confirm this resource estimate, and seek to define reserves, through
its appraisal program and review of historical data during the next 12 months. 
Reserve information on the Putumayo 1 Well published by Ecopetrol 1987. 
SPE Definitions for Proved, Probable, Possible Reserves and Prospective
Resources 
Proved Reservesare 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 Reservesare 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 Reservesare 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 Resourcesare 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 Resourcesare 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-Placeis 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. 
END 
-0- Mar/11/2013 09:19 GMT
 
 
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