Puntland Parliament Approves PSA for Range Resources

The Parliament of Puntland has unanimously approved the proposed production sharing agreement between Canmex Minerals, Range Resources and the Puntland Government. As previously announced, the PSA related to Canmex's US $50 million farm-in into 80% of the two main oil and gas areas of Puntland being the Nogal Basin and the Darin Basin.

With the PSA now approved by the Puntland Parliament, Range and Canmex will now finalize their joint venture arrangements by mid January 2007 with a January 31, 2007 cut off date.

In respect of the recent outbreak of war in Southern Somalia, Range Resources is monitoring events but at this stage can advise that hostilities have not affected the Company's activities in Puntland given the location of the fighting (over 500 kilometers south of the Puntland border with Southern Somalia) and the stability of the Puntaland region as demonstrated in its dealings with the Council of Islamic Courts and the Transitional Federal Government of Somalia.


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