Range Energy Resources Inc. Closes Additional $6.165 Million Investment from Strategic Investor and Changes Board Composition

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Further to news releases dated April 20, 2011 and May 18, 2011, Range Energy
Resources Inc. ("Range") (CNSX:RGO)(FRANKFURT:YGK) is pleased to announce the
completion of a private placement with Texas-based Gulf LNG America, LLC
("Gulf") for 41,100,000 Units at a per Unit price of $0.15 for aggregate gross
proceeds of $6,165,000. Each Unit is comprised of one common share of Range and
one common share purchase warrant entitling the holder to acquire one common
share of Range at any time up to July 26, 2012 for $0.15 per share. Proceeds of
the private placement will be used to continue the exploration and development
of Range's Khalakan Block in Kurdistan and for general corporate development
purposes. A finder's fee of 3% of the gross proceeds of the private placement
will be paid to a related party.


In connection with the placement, Donald Sheldon, Garth Edgar, R. Brian Murray
and Patrick de Genevraye have resigned as directors and John Howland, Pamela
Powers and Farid Zouioueche, nominees of Gulf, have been appointed as directors.
Range's Board now consists of the following persons:


Toufic Chahine, Chairman of Range

Michael Wood, President & Chief Executive Officer of Range Roger Bethell

Allan Bezanson John Howland Pamela Powers Farid Zouioueche

Toufic Chahine, Range Chairman commented: "I would like to thank Donald Sheldon,
Garth Edgar, Brian Murray and Patrick de Genevraye for their service and many
contributions as directors and wish them success in the future."


As a result of the private placement, Gulf now owns 55,800,000 Range common
shares, or approximately 24.02% of the issued and outstanding Range common
shares. Gulf has made the investment in the common shares and warrants as a
strategic investment and may acquire additional common shares, or dispose of its
holdings of common shares, both as investment conditions or any other relevant
factors warrant. All dollar amounts in this press release are in Canadian
dollars, unless denoted otherwise.


About Range Energy Resources

Range Energy Resources has an indirect 24.95% working interest in a company with
an 80% interest in a production sharing contract governing the Khalakan Block in
the Kurdistan Region of Iraq.


As part of the wider restructuring, Range is currently seeking regulatory
approval to change its name to "Hawkstone Energy Corp."


For further information on Range Energy Resources Inc. (CNSX:RGO), please visit
the Company's web site at www.rangeenergyresources.com.


On Behalf of the Board of Directors:

Toufic Chahine, Chairman

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AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
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This news release contains certain statements that may be deemed to include
"forward-looking information". Forward looking statements are statements that
are not historical facts and are generally, but not always, identified by the
words "expects", "plans", "anticipates", "believes", "intends", "estimates",
"projects", "potential" and similar expressions, or that events or conditions
"will", "would", "may", "could" or "should" occur. Although Range Energy
believes the expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of future
performance and actual results may differ materially from those in forward
looking statements. Forward looking statements are based on the beliefs,
estimates and opinions of Range Energy's management on the date the statements
are made. Except as required by law, Range Energy Resources Inc. undertakes no
obligation to update these forward-looking statements in the event that
management's beliefs, estimates or opinions, or other factors, should change.