Range to Suspend Mukhaini Well in Georgia

Range announced the following operations update with respect to the Company's interests in Georgia.

The re-interpretation of the seismic supported by the Mukhiani-1 Vertical Seismic Profile ("VSP") results indicates that the well encountered previously unrecognized faults which led to possible basement being encountered far earlier than predicted. New fault trap and stratigraphic trapping potential has been identified in the vicinity of the well and based on these findings, Range and its partners have the option to side-track and test these targets. However, the Company and its partners have decided that, based on its exploration schedule and the availability of the drilling rig, it will continue on the next proposed Kursebi well.

As a result, Range will suspend the well and move the rig to the next proposed well site. The Kursebi well is targeting separate geological structures from the Vani area, with the Kursebi target having been identified using different seismic lines for interpretation purposes. With additional seismic planned for Block VIb in 2Q next year, the Company has decided also to complete a further seismic tie in line over Mukhiani-1 to assist with the proposed side-track well to be completed in the second half of 2012 along with a well on Block VIb in 1Q 2013.