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Range Resources Limited announces Trinidad update

Tuesday, Feb 12, 2013

Range Resources Limited ("Range" or "the Company") is pleased to announce the following update with respect to the Company’s Trinidad operations.

Middle Cruse Formation Drilling The Company is pleased to report that following the successful deepening of the QUN 135 well to a revised target depth of 3,800 ft., the Company has made an apparent discovery of a new oil reservoir in the Middle Cruse section between 3,490 – 3,540 ft. measured depth. Open hole logs indicate 50 ft. of previously unseen oil pay with porosities in the 21-23% range, while offset well control indicate that the identified reservoir section has significant areal extent.

As previously announced the well reached a depth of 3,500 ft. and logging indicated the presence of additional resistive oil sands. The Company subsequently deepened the well and confirmed the presence of a new oil reservoir. Production casing has been run and testing will now commence. Range is extremely pleased with the results of the Company’s first Middle Cruse well, with the apparent discovery of a new oil reservoir in the Middle Cruse formation along with the additional resistive sands encountered in both the Lower Forest and Upper Cruse formations.

Lower Forest Development Update

Following receipt of the approvals, the QUN 138 well was successfully perforated and placed into production with initial production rates of 85 bopd over the first five days under a 6/32" choke size. The Company will continue to monitor the performance of the well and may look to increase the choke depending on the performance of the well.

The QUN 139 well has reached its revised target depth of 1,300 ft. and encountered the presence of 70 ft. of high resistive oil sands in addition to 190 ft. of lower resistive oil sands in the Lower Forest formation. Casing has been set and cemented and approvals received to perforate the well and be placed into production later this week. As previously announced, the QUN 139 well location is contiguous to producing wells QUN 119 and QUN 129 which achieved initial production rates of 129 bopd and 138 bopd, respectively. Both wells still flow under natural pressure (QUN 129 and QUN 119 are currently producing 65 bopd and 45 bopd respectively) with QUN 119 having now produced for 12 months since first production.

Source: Range Resources Limited

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