.

Options expiry and triple witching.

Come over faint up over 4%

may hit 8p today

.

Texas Update.

.

Thought Pete would put out a pre christmas rns to keep Range on investors minds over the christmas break. Onwards and upwards.

StockMarketWire.com
Range Resources has confirmed that the Albrecht #1 appraisal well on the Company's North Chapman Ranch Project in Texas has recently spudded and has reached a depth of 2,030 ft., where surface casing will be set.

The Albrecht # 1 appraisal well marks another milestone in the Company's onshore Texas drilling program, as if successful, it is anticipated to prove up reserves in the South East portion of the North Chapman Ranch license area, and support a re-classification of current Possible (P3) reserves into the Probable (P2) and Proved (P1) categories.

Following on from the Albrecht #1 well, the joint venture has the option to continue with the development of the field with a possible four-well program in 2012 under discussion among the joint venture partners.

.

The big sell did not help.

Thats christmassy now back on the rise.

.

11:13 Range Resources LTD - Trinidad & Texas Reserves & Valuation Report PRN


23 December 2011

The Manager

Company Announcements

Australian Securities Exchange Limited

Level 6, 20 Bridge Street

Sydney NSW 2000

By e-lodgement

INDEPENDENT RESERVES, RESOURCES AND VALUATION REPORT

Highlights:

- Independent Petroleum Consultants, Forrest A Garb and Associates
have completed a consolidated, independent reserves, resources and valuation
report on the Company's worldwide production and development assets, being its
project interests in Trinidad and Texas

- Reserves report estimates total gross Proved, Probable and
Possible (3P) Reserves across these assets of:

- 44.1 MMBbl of oil (net attributable to Range* - 26.4 MMBbl)

- 19 MMBbl of natural gas liquids (net attributable to Range* - 3.7
MMBbl)

- 246 Bcf of natural gas (net attributable to Range* - 43.0 Bcf)

- Reserves report estimates total gross Prospective Resources
across these assets of:

- 27 MMBbl of oil (net attributable to Range* - 20 MMBbl)

- Independent Discounted Cash Flow ("DCF") valuation (at 10%
discount rate) of Range's net interest in 2P Reserves of:

- US$568m (using flat US$85/bbl and US$4.69 Mcf price assumption)

- US$624m (using Nymex Futures Price Deck @ 1 October 2011
assumption)

* before royalties & government interest

Following the acquisition of 100% of the Trinidad assets completed
by Range Resources Limited ("Range" or "the Company") in mid-2011, the Company
engaged Independent Petroleum Consultants Forrest A. Garb and Associates
("Forrest Garb") to complete an analysis of the estimated reserves,
prospective resources and future net revenue attributable to the Company's
portfolio of producing and development assets onshore Trinidad and Texas,
having previously completed a similar report on the Trinidad licenses in June
2010.

The current report includes the recently announced 490% Proved (1P)
Reserve increase in Trinidad following the completion of engineering work on
the secondary recovery potential of the Company's Beach Marcelle block,
however it does not include the positive results from the Company's
development drilling program at North Chapman Ranch in Texas,
recent extensions to the Morne Diablo field in Trinidad where Range has
drilled five successful development wells to date, nor the significant
exploration potential associated with the Herrera formation, which underlies
the existing Trinidad production. The Company will look to engage Forrest Garb
to update the current report once results from the ongoing drilling programs
are known.

Range holds a 100% interest in three onshore Trinidad licenses;
Morne Diablo, South Quarry and Beach Marcelle, a 21.75% interest in East Texas
Cotton Valley Prospect in Red River County Texas and a 25% interest in the
Smith #1 well and 20% interest in subsequent wells in the North Chapman Ranch
Project in Nueces County Texas. Range is the operator of the Trinidad
licenses, while the Texas licenses are operated by its private joint venture
partners.

Set out below is Range's attributable interest in the net
recoverable reserves combined across the Texas and Trinidad assets which is
net of government and overriding royalties and represents Range's economic
interests in its development and production assets as classified in the report
from Forest Garb.

Category Oil (MMbbls) Natural Gas Natural Gas
(Bcf) Liquids (MMBbls)
Proved (P1) 16.1 10.8 29.2
Probable (P2) 2.8 5.5 21.2
Possible (P3) 3.7 14.6 56.5
Total Reserves 22.6 30.9 106.9
Prospective Resource
Best 1.7 - -
High 18.2 - -
Total Reserves / Resources 42.5 30.9 106.9

Set out below is the total estimate Gross Reserves and Resources
across split between Trinidad and Texas.

Category Oil (MMbbls) Natural Gas (Bcf) Natural Gas Liquids
(MMBbls)
Trinidad Texas Trinidad Texas Trinidad Texas
Proved (P1) 16.2 6.0 3.2 64.3 - 5.0
Probable (P2) 3.0 4.4 - 48.6 - 3.8
Possible (P3) 2.9 11.6 - 129.6 - 10.1
Total Reserves 22.1 22.0 3.2 242.5 - 18.9
Prospective
Resource
High 2.4 - - - - -
Best 25.0 - - - - -
Total Reserves / 27.4 22.0 3.2 242.5 - 18.9
Resources

Set out below is Range's attributable interest in the net
recoverable reserves split between the Company's Texas and Trinidad assets
which is net of government and overriding royalties and represents Range's
economic interests in its development and production assets as classified in
the report from Forest Garb.

Category Oil (MMbbls) Natural Gas (Bcf) Natural Gas Liquids
(MMBbls)
Trinidad Texas Trinidad Texas Trinidad Texas
Proved (P1) 15.4 0.7 3.2 7.6 - 0.7
Probable (P2) 2.2 0.6 - 5.5 - 0.5
Possible (P3) 2.0 1.7 - 14.6 - 1.3
Total Reserves 19.6 3.0 3.2 27.7 - 2.5
Prospective
Resource
High 1.7 - - - - -
Best 18.2 - - - - -
Total Reserves / 39.5 3.0 3.2 27.7 - 2.5
Resources

The reserve numbers above do not take into account the recently
drilled Smith #2 well, nor the Albrecht #1 well, which has recently spudded
this week. The Company anticipates that the two wellswill result in the
upgrade of current Possible (P3) reserves on the North Chapman Ranch project
into the Probable (P2) and Proved (P1) categories, assuming success.

Based on the reserve numbers cited above, Forrest Garb's estimated
net undiscounted cash flow value to Range for Proved (P1), Probable (P2) and
Possible (P3), along with discounted cash flow (at a 10% discount rate)
valuation based on two pricing scenarios:

- Flat US$85 / bbl oil and US$4.69 / Mcf gas

- Nymex forward strip prices reported on 1 October 2011

following reductions for royalties, opex, capex, production taxes
etc are as follows:

Flat Nymex Forward Strip
Price at
$85/bbl & $4.69/Mcf
1 October 2011
Category Undiscounted PV10 US$'m Undiscounted PV10 US$'m
US$'m US$'m
Proved (P1) 787 452 885 495
Probable (P2) 211 115 243 129
Possible (P3) 335 134 420 162
Total Reserves 1,334 701 1,549 786

The cost assumptions for the valuations are as estimated by Range
and provided to Forest Garb and have not been escalated for valuation
purposes. The price for natural gas liquids has been assumed to be 47.824% of
the prevailing oil price.

An extract of Forrest Garb's report will be available on Company's
website, which includes further details on the properties and the assumptions
used to generate the results.

Range's Executive Director Peter Landau commented, "the Company is
extremely buoyed by the fact that we have a significant valuation underpin to
Range on its Trinidad and Texas assets as evidenced by this report, with
significant upside potential still to be established through:

- completion of the two development well program (Smith #2 and
Albrecht) on North Chapman Ranch;

- ongoing testing of the Ross 3H horizontal well in its East Texas
Cotton Valley play;

- integration of the results from the current 21 well drilling
program on Morne Diablo into this report; and

- integration of the highly prospective Herrera potential following
completion of the 3D seismic reprocessing due shortly and subsequent drilling
during 2012 .

Range is highly encouraged by the reserves and valuation assessed
by Forest Garb, which significantly exceeds Range's current market
capitalisation without even taking into consideration the huge potential that
exists on its exploration assets in Georgia and Puntland, especially given the
imminent spudding of two exploration wells in both of these regions in January
2012. Range management looks forward to realising this potential value for
shareholders and adding further value through ongoing exploration,
development, production and project acquisition activities."

Yours faithfully

Peter Landau

Executive Director

YEhaaaaaaaaaaaaaaaaaaaaaaaaaaa

Buys coming in now

Range is highly encouraged by the reserves and valuation assessed
by Forest Garb, which significantly exceeds Range's current market
capitalisation without even taking into consideration the huge potential that
exists on its exploration assets in Georgia and Puntland, especially given the
imminent spudding of two exploration wells in both of these regions in January
2012. Range management looks forward to realising this potential value for
shareholders and adding further value through ongoing exploration,
development, production and project acquisition activities."

.

Christmas come early, still a long way to go.

RMP up over 11% on no news??, RRL two positive RNS's up hardly feck all..

http://www.proactiveinvestors.co.uk/companies/news/37293/range-resources-landau-says-firm-buoyed-by-trinidad-and-texas-valuation-37293.html