Range Resources has provided an operations update with respect to the Company's interests in Georgia, Texas and Puntland. A Trinidad operational update will be released once necessary regulatory approval is received which is anticipated later this week.

Georgia

The re-interpretation of the seismic supported by the Mukhiani-1 Vertical Seismic Profile 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 Q2 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 Q1 2013.

Texas - North Chapman Ranch

Drilling continues at 13,800ft on the Smith #2 well with a proposed target depth of 14,500 ft. Good hydrocarbons shows have been recorded in the objective Howell Hight section which will be flow tested following TD. Upon the successful completion of the Smith #2 well, the rig is will move directly to the Albrecht #1 well site, with site construction having been recently completed in readiness to receive the rig. At this stage the Smith #2 has performed in line with Company expectations for the development well.

Puntland

In Puntland, Horn Petroleum Corp is currently in final preparations to commence a two well drilling campaign in the Dharoor Valley Block, with the first well planned to spud in December 2011. Drilling locations have been selected over two robust prospects targeting gross best estimated prospective resources of over 300 million barrels each, based on internal operator estimates.

Horn has completed sourcing drilling related materials and the majority of materials are on site or on route to the drilling site. Site preparation including the drill site, air strip and ingress route construction have been completed. Water wells are currently being drilled to provide source water for drilling operations.

Tags: Range Resources Corporation