2009-10-26-2009-09-21

To acquire 25% WI in North Chapman Ranch project in Nueces County, TX.

Australia-based oil and gas company Range Resources Ltd. (Australia: RRS, London AIM: RRL) plans to acquire a 25% working interest in the North Chapman Ranch project in Nueces County, Texas, from privately held Crest Resources Inc. for A$1 million (US$874,000). The project area encompasses approximately 1,280 acres within the Frio trend just north of the Chapman Ranch in the Mobil David and Doughty fields. Range will participate in the Smith #1 well, which has already commenced drilling and is expected to confirm an apparent discovery made by Crest and its partners earlier this year. The well is currently at 8,000 feet with a target depth of 14,000 feet. Range anticipates target depth being achieved in the next three weeks. It is to test the Howell Hight formation in a location near the recently drilled Zdansky #1 well.