Range Energy Resources Inc.: Right to Extend Production Sharing Contract for Khalakan Block Exercised; Testing Program Being ...

Range Energy Resources Inc. (the "Company") (CSE:RGO)(FRANKFURT:YGK) is pleased
to announce that the Contractor under the Production Sharing Contract ("PSC")
for the Khalakan Block exercised its right to extend the Exploration Period
under the PSC for a period of one year, and that a well testing program for the
second well on the Khalakan Block is being funded by the Company through its
capital contributions to New Age Alzarooni 2 Limited ("NAAZ2").


Exploration, development, and production activities on the Khalakan Block in
Kurdistan are governed by the PSC between Gas Plus Khalakan ("GPK") and the
Kurdistan Regional Government. The Company recently learned that GPK informed
the Kurdistan Regional Government that it is exercising its right to extend the
Exploration Period under the PSC for another year. The Exploration Period was
originally scheduled to expire on June 11, 2014. The Company owns 49.9% of the
shares of NAAZ2, which in turn is the owner of 50% of the shares of GPK. The
Company voted in favor of NAAZ2's signing on to a GPK shareholder resolution
supporting the extension.


Additionally, as a result of a recent Authorization for Expenditure ("AFE")
reflected in NAAZ2's revised annual budget, the Company can report that it is
funding a testing program at the second well being drilled on the Khalakan
Block, called Shewashan-1. The Company is funding this activity through the
regular capital contributions it is required to make to NAAZ2. NAAZ2 in turn
uses this capital to meet its own capital contribution obligations to GPK, which
then uses this capital to fund exploration, development, and production
activities on the Khalakan Block as the Contractor under the PSC. The Company
has not been informed of the status of the testing program or its results.


The Company's ability to report on the status of work at the Khalakan Block is
the result of the recent arbitration award that the Company received. As
previously reported, on May 27, 2014, the International Chamber of Commerce
notified the Company of the final award issued in the arbitration proceeding
that the Company commenced against NAAZ2 and Black Gold Khalakan Limited
("BGKL"). The arbitration tribunal awarded the Company orders and declarations
which support the Company's right to obtain material information as to its
investments, and to use such material information (which the Company must
otherwise hold confidential) to produce public summaries of the status of the
work at the Khalakan Block as is necessary to comply with applicable securities
laws.


The Company intends to report as much information as it can under the terms of
the arbitration award. However, as the Company previously reported, the
effectiveness of the award ultimately depends on compliance with it by NAAZ2,
BGKL, and their respective directors. There can be no certainty that these
parties will provide, or will cause to be provided, to the Company the
information that it requests from time to time or will cooperate with the
Company in its efforts to disclose material information to its shareholders. The
Company intends to vigorously enforce the award.


The Company also is announcing a non-brokered private placement of up to
25,000,000 units of the Company at a price of CDN$0.05 per Unit for gross
proceeds of up to $1,250,000 (the "Offering"). Each Unit will consist of one (1)
common share (the "Common Share") and one (1) transferrable share purchase
warrant. Each warrant will entitle the holder thereof to purchase one (1)
additional Common Share for a period of five (5) years from the Closing Date of
the Offering at a price of CDN$0.07 per Common Share.


The closing of the Offering is subject to receipt of all necessary regulatory
and Board approvals. The securities issued pursuant to the Offering will be
subject to a four month hold period in accordance with applicable Canadian
securities laws. The Company anticipates that there may be insider participation
in the Offering.


The capital from the Offering will be used by the Company to continue to fulfill
its obligations to joint venture participants so that the development of the
Khalakan Block in the Kurdistan Region of Iraq can continue as well as provide
general working capital.


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 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.


THE CSE AND FRANKFURT STOCK EXCHANGES HAVE NOT REVIEWED AND DO NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS PRESS
RELEASE.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Range Energy Resources Inc.
Toufic Chahine
Chairman
604-688-9600
604-602-1606 (FAX)
[e-mail]
www.rangeenergyresources.com