Range, Partners Secure Rig for Georgian Drilling Program

Range announced, along with its Georgian partners, Strait O&G and Red Emperor, that a drilling rig has been secured for the upcoming Georgian drilling program.

The Company has entered into agreement with Edeco Petroleum Services Limited ("Edeco") to provide the drilling rig, with operations currently underway on preparing and servicing the rig and associated inventory in readiness for mobilization, currently scheduled to commence March 2011, with spudding in April 2011.

The Company undertook a comprehensive approach in securing the rig, engaging highly experienced drilling project manager First Drill Limited ("First Drill") to assist in identifying the most appropriate rig for the proposed Georgian drilling program and to help supervise the program.

Peter Landau, Range's executive director commented, "This is a significant and exciting milestone for the Company, as it paves the way for the Range's first exploration well in Georgia, following the successful seismic program and helium survey".