2011-05-12-2011-04-20-2011-06-01

Bought remaining 90% WI in companies that hold 3 production licenses onshore Trinidad in oilfields covering 16,253 gross acres, gaining net 600 BO/d, 2.6 MMBO proved.

Range Resources Ltd., Perth, Australia, (London: RRL) has closed its purchase of Trinidad-based SOCA Petroleum for US$64 million in cash and stock.

Range paid US$52 million in cash and issued 35.8 million shares valued at approximately US$12.1 million. The company could potentially issue a further 17.9 million shares when production from the SOCA licenses reach 1,250 barrels of oil per day and 2,500 barrels of oil per day respectively.

SOCA holds interest in holding and subsidiary companies that hold three production licenses in producing onshore oilfields in Trinidad.

The assets include 16,253 gross acres onshore the southern coast of Trinidad with acreage and operating wells covering the Morne Diablo, Beach Marcelle and South Quarry oilfields. The company plans to primarily target the Deeper Herrera formation. Range previously held 10% interest in the assets.

Production from the fields is approximately 600 barrels of oil per day. Net proved reserves are 2.6 million barrels of oil, net proved and probable reserves are 4.8 million barrels with further possible reserves of 2.1 million barrels. The assets also feature undeveloped prospective resources of 20 million barrels.

Range expects a minimal work program could potentially lift production to more than 4,000 barrels per day within 36 months on the known reserves.

In addition to the holding company parent of two subsidiaries holding production licenses for the onshore acreage, the proposed Range acquisition also includes a 100% interest in a drilling company in Trinidad that owns onshore drilling equipment and related facilities.