Drilling Operations Ahead of Schedule at Range's N. Chapman Ranch

Range announced the following updates with respect to the Company's assets. Given the need for regulatory sign off in Trinidad a more comprehensive update will be provided next week.

North Chapman Ranch - Texas

Drilling is progressing ahead of schedule on the Company's Smith #2 development well in North Chapman Ranch. The well is currently drilling ahead at a depth of approximately 10,500 ft. with Range and its partners having logged a significant show in the Manley section (at 10,000 ft), possibly representing another productive interval, in addition to the expected primary field pay zones. It is expected that the well will reach an intermediate pipe point in the coming days, at which time it will be logged to this intermediate depth and 9 5/8" casing run before drilling ahead to total well depth of 14,000 ft.


On the basis of recent drilling results, together with extensive engineering studies of its mature oil fields in Trinidad, Range Resources Ltd is pleased to announce that it expects to release details of an upward revision of its Proved (P1) Reserves in Trinidad next week. The revised reserve estimates have been calculated and the details will be released once the announcement has been approved by the Trinidadian regulatory authority. The upward revisions follow better than expected drilling results from the Company's initial 2011 drilling
program, along with recently completed engineering studies of secondary recovery potential in the Beach Marcelle Block. The engineering review, performed by the Company's Dallas-based reserve auditor Forrest A. Garb & Associates, confirmed that significant volumes of crude remain in the Beach Marcelle field that can be produced using standard secondary recovery techniques such as water flooding.