Range Energy Resources Inc. Closes Investment From Strategic Partner

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Range Energy Resources Inc. ("Range") (CNSX:RGO)(FRANKFURT:YGK) and Gulf LNG
America, LLC ("Gulf") are pleased to announce the completion of the previously
announced private placement in which Texas-based Gulf has invested $2,010,000 in
Units issued by Range. The Gulf subscription was part of a private placement of
26,800,000 Units for $0.15 per Units resulting in aggregate gross proceeds to
Range of $4,020,000. Each Unit was 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 May 18, 2012 for $0.15 per share. For certain
institutional investors finders fees were paid on the transaction to Roche
Securities Ltd. and Topleft Securities Ltd. 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 purposes.


As announced on April 20, 2011, Range and Gulf's affiliate Crest Investment
Company entered into a non-binding letter of intent dated April 15, 2011 (the
"Letter of Intent") pursuant to which Gulf and Range intend to negotiate a
transaction in which Gulf would invest $16,350,000 in a private placement of
Common Shares at a price of $0.15 per share, subject to due diligence review and
other conditions. The Units acquired by Gulf in this private placement represent
the first $2,010,000 of that anticipated total $16,350,000 investment. Range and
Gulf anticipate that the remainder of the investment will be funded in two equal
tranches, one to occur in July 2011 and the other within a year of the first
tranche. In connection with the private placement, Gulf and Range entered into
an Investor Agreement dated May 18, 2011 (the "Investor Agreement"). In addition
to certain interim non-solicitation and operating covenants, the agreement
provides that, at Gulf's request, Range shall as soon as reasonably practicable
use all reasonable efforts to have two new directors, as shall be designated by
Gulf, appointed to Range's board of directors and to designate one of such
directors as Chairman of the Board. A further announcement will be made if and
when Gulf acquires additional securities of Range pursuant to the negotiations
being conducted in connection with the Letter of Intent. 


As a result of the private placement, Gulf now owns 14,700,000 Range common
shares (including 1,300,000 Range common shares that Gulf had previously
acquired), or approximately 7.7% of the issued and outstanding Range common
shares. For the purposes of applicable Canadian provincial securities laws, Gulf
is deemed to beneficially own the common shares that are issuable upon exercise
of the warrants. Therefore, Gulf has deemed beneficial ownership of
approximately 13.74% of the issued and outstanding Range common shares,
including the common shares issuable upon exercise of the warrants Gulf acquired
in the private placement. 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.


More about Gulf LNG America, LLC

Gulf is a Houston, Texas-based investment firm specializing in energy
investments, including projects in the Middle East. For further information
please contact:




Pamela E. Powers
Manager
Gulf LNG America, LLC
c/o Crest Investment Company
JP Morgan Chase Tower
600 Travis, Suite 6800
Houston, Texas 77002
Tel: [phone]
Fax: [phone]



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. 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:

Donald R. Sheldon, 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
1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD
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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.