Range Energy Resources Inc.: Corporate Update

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR
DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES,
AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN.


Range Energy Resources Inc. (the "Company") (CNSX:RGO)(FRANKFURT:YGK) is pleased
to announce that it has received confirmation from a major shareholder, Gulf LNG
America, LLC ("Gulf"), that it has exercised its right to purchase 13,400,000
common share purchase warrants at an exercise price of $0.15 per common share
that were due to expire on Friday, May 18, 2012. Gulf will now hold 67,900,000
common shares which represents 27.64% of the Company's current issued and
outstanding common shares.


Gulf is acquiring the securities for investment purposes and intends to evaluate
their investment and to increase or decrease their holdings in the Company as
circumstances warrant.


The Company continues to meet all relevant obligations related to the Khalakan
Production Sharing Contract ("PSC"), and anticipates that its partners will
complete the exploration schedule in a timely manner. The Company's interest in
the Khalakan PSC relies on third-party partners to provide us with information
related to meeting the requirements and obligations of the PSC. The Company's
partnership agreement provides the Company with limited rights and remedies to
pursue specific information if a partner fails to provide this information when
we request it. As information is provided by the Company's partners we will make
disclosures to Shareholders in accordance with regulatory requirements.


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


On Behalf of the Board of Directors:

Toufic Chahine, Chairman

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR
DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES,
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
IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.


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.