Range Resources Ltd. - Oil & Gas - Deals and Alliances Profile

Transcription

1 Range Resources Ltd. (RRS) - Oil & Gas - Deals and Alliances Profile Publication Date: APR 2011 Company Overview Range Resources Limited (Range Resources) is an oil and gas exploration company. Range Resources is engaged in finding and delineating natural resources in the oil, gas and mineral sectors in Georgia, Puntland, Somalia, and Texas. Currently, Range Resources holds 100% interest in all mineral and hydrocarbon exploration and development acreage of approximately 100,000 square kilometer in the Somali state of Puntland. Range s primary areas of focus include Puntland, Somalia where it holds a 20% working interest in two production sharing agreements for the Nogal and Dharoor Blocks. In 2009, the company acquired 25% interest in the North Chapman Ranch project in Nueces County, Texas. Financial Deals Landscape Key Facts Range Resources Ltd., Oil & Gas, Key Facts, 2010 Web Address Turnover (US $ million) Number of Employees: NA Range Resources Ltd., Oil & Gas, Deals by Type, 2005 to YTD 2011 Range Resources Ltd., Oil & Gas, Deals By Year, 2005 to YTD 2011 Equity Offerings, 4 Divestiture - Assets, Asset Purchases, 5 Partnerships, 1 Note: Deals include all announced oil & gas deals from 2005 onwards, Range Resources Ltd., Oil & Gas, Deals By Region, 2005 to YTD 2011 No. of Deals YTD 2011 Note: Deals include all announced oil & gas deals from 2005 onwards, Range Resources Ltd., Oil & Gas, Deals By Sector, 2005 to YTD No. of Deals No. of Deals Asia- Pacific North America Europe Middle East and Africa South and Central America 2 0 Exploration & Production Sectors Note: Deals include all announced oil & gas deals from 2005 onwards, Note: Deals include all announced oil & gas deals from 2005 onwards, Range Resources Ltd., Oil & Gas, Deals Summary, 2005 to YTD 2011 Year No. of Deals Deal Value (US $ million) 2005 NA NA 2006 NA NA NA NA YTD Note: Deals include all announced oil & gas deals from 2005 onwards, deal values included wherever disclosed Source : Page 1

2 Table of Contents Table of Contents...2 List of Tables...4 List of Figures...4 Range Resources Ltd., Oil & Gas, Deals By Year, 2005 to YTD Range Resources Ltd., Oil & Gas Deals By Type, 2005 to YTD Range Resources Ltd., Oil & Gas, Deals By Region, 2005 to YTD Range Resources Ltd., Oil & Gas, Deals By Sector, 2005 to YTD Range Resources Ltd., Oil & Gas, Deals Summary, 2005 to YTD Range Resources Ltd., Oil & Gas, Deal Details...10 Divestiture - Assets...10 Range Resources Acquires Additional 8.19% Interest In East Texas Cotton Valley Project...10 Range Resources To Acquire 10% Interest In Onshore Oilfields...11 Range Resources Acquires 25% Interest In North Chapman Range Project From Crest Resources...12 Range Resources To Acquire 50% Interest In Eastern European Oil And Gas Blocks From Strait Oil and Gas...13 Range Resources Acquires Puntland Project From Consort Private...14 Partnerships...15 Range Resources Forms Joint Venture With Canmex Mineral...15 Equity Offering...16 Range Resources Completes First Tranche Private Placement Of $4.8 Million...16 Range Resources Completes Rights Offering Of $6.85 Million...18 Range Resources Completes Private Placement Of $1.81 Million...20 Range Resources Completes Private Placement Of $8.21 Million...21 Divestiture - Assets...22 Red Emperor Resources To Acquire 20% Interest In Two Oil And Gas Blocks In Georgia...22 EV Energy Acquires 46.15% Interest In Appalachian Basin Oil And Gas Properties...23 Key Competitors...25 Key Employees...25 Locations And Subsidiaries...26 Head Office...26 Other Locations & Subsidiaries...26 Recent Developments...27 License Awards...27 Dec 21, 2009: Puntland Government Approves Range Resources' Amended PSAs...27 Dec 14, 2009: Range Resources, Africa Oil And Puntland State of Somalia Amend PSAs...27 Recent Discoveries...27 Jun 30, 2010: Range Resources' Russell Bevly #1 Appraisal Well Confirms North Chapman Ranch Discovery...27 Dec 21, 2009: Range Resources Confirms Oil And Gas Discovery In Texas...28 Drilling and Production Updates...28 Mar 15, 2011: Range Resources Updates On Ross 3H #1 Well In Texas...28 Mar 09, 2011: Range Resources Provides Russell Bevly #1 Update...28 Feb 15, 2011: Range Resources Announces Commencement Of Texas Frac/Stimulation Program...28 Sep 02, 2010: Range Resources Commences Production From Russell Bevly Unit #1 Well...29 Jun 29, 2010: Range Resources Provides Reserves Update...29 Jun 28, 2010: Range Resources Provides Drilling Update...29 Jun 17, 2010: Range Resources Updates On Russell Bevly #1 Appraisal Well In Texas...29 Jun 08, 2010: Range Resources Updates On Russell Bevly #1 Well In Texas...30 May 28, 2010: Range Resources Provides Drilling Update...30 May 21, 2010: Range Resources Provides Russell Bevly #1 Well Update...30 Source : Page 2

3 May 18, 2010: Range Resources Updates On Russell Bevly #1 Well In Texas...30 May 12, 2010: Range Resources Spuds Russell Bevly #1 Well In Texas...30 May 11, 2010: Range Resources' Reserves Report Confirms Find At North Chapman Ranch Field In Texas...31 Feb 25, 2010: Range Resources Updates On Smith #1 Well In Texas...31 Jan 28, 2010: Range Resources' Proved Reserves Increase By 18% In Jan 27, 2010: Range Resources To Commence Production From Smith #1 Well In Texas...32 Nov 19, 2009: Range Resources Updates On Smith #1 Exploration Well In Texas...32 Nov 12, 2009: Range Resources Updates On Smith #1 Well In Texas...33 Oct 23, 2009: Range Resources Updates On Drilling At Smith #1 Well In Texas...33 Oct 13, 2009: Range Resources Updates On Smith #1 Well In North Chapman Ranch Area, Texas...33 Oct 07, 2009: Range Resources Updates On Its Smith #1 Well In Texas...33 Sep 30, 2009: Range Resources Provides Drilling Update...34 Sep 25, 2009: Range Resources Updates On Its Smith #1 Well In Texas...34 May 26, 2009: Range Resources To Two Wells In Puntland Area, Somalia...34 Financial Announcements...34 Mar 16, 2011: Range Resources Reports H1 Fiscal Year Ended 2011 Results...34 Oct 01, 2010: Range Resources Reports Fiscal 2010 Results...35 Mar 16, 2010: Range Resources Reports Revenue Of $5,239 For H1 Fiscal Sep 25, 2009: Range Resources Reports Fiscal 2009 Results...35 Other Significant Developments...37 Mar 24, 2011: Range Resources Updates On North Chapman Ranch Field In Texas...37 Mar 21, 2011: Range Resources Announces Texas Operations Update...37 Feb 25, 2011: Range Resources Updates On Texas Activities...37 Feb 16, 2011: Range Resources Secures Rig For Drilling Program In Georgia...38 Feb 08, 2011: Range Resources Announces Georgian Survey Results...38 Feb 04, 2011: Range Resources Updates On Russell Bevly Well At North Chapman Ranch Project In Texas...39 Jan 17, 2011: Africa Oil, Partners Sign Amending Agreements With Government Of Puntland...40 Nov 29, 2010: Range Resources To Start Helium Survey In Georgia...40 Nov 18, 2010: Range Resources Announces Reserves Estimate Of Two Georgian Blocks...41 Oct 29, 2010: Range Resources Provides Q Operations Update...41 Oct 08, 2010: Range Resources Announces Texas Operations Update...43 Apr 08, 2010: Range Resources Provides Operations Update...43 Mar 16, 2010: Range Resources Provides Operational Update...44 Feb 18, 2010: Range Resources Updates On Texas Operations...45 Feb 17, 2010: Range Resources Updates On US Gulf Coast Operations...45 Jan 04, 2010: Range Resources Announces Suspension Of Trading On ASX...45 Appendix...46 Methodology...46 About...46 Contact Us...46 Disclaimer...46 Source : Page 3

4 List of Tables Range Resources Ltd., Oil & Gas, Key Facts, Range Resources Ltd., Oil & Gas, Deals By Year, 2005 to YTD Range Resources Ltd., Oil & Gas, Deals By Region, 2005 to YTD Range Resources Ltd., Oil & Gas, Deals By Sector, 2005 to YTD Range Resources Ltd., Oil & Gas, Deals Summary, 2005 to YTD Range Resources Ltd., Oil & Gas, Deals By Year, 2005 to YTD Range Resources Ltd., Oil & Gas Deals By Type, 2005 to YTD Range Resources Ltd., Oil & Gas, Deals By Region, 2005 to YTD Range Resources Ltd., Deals By Sector, 2005 to YTD Range Resources Ltd., Oil & Gas, Deals Summary, 2005 to YTD Range Resources Acquires Additional 8.19% Interest In East Texas Cotton Valley Project...10 Range Resources To Acquire 10% Interest In Onshore Oilfields...11 Range Resources Acquires 25% Interest In North Chapman Range Project From Crest Resources...12 Range Resources To Acquire 50% Interest In Eastern European Oil And Gas Blocks From Strait Oil and Gas...13 Range Resources Acquires Puntland Project From Consort Private...14 Range Resources Forms Joint Venture With Canmex Mineral...15 Range Resources Completes First Tranche Private Placement Of $4.8 Million...16 Range Resources Completes Rights Offering Of $6.85 Million...18 Range Resources Completes Private Placement Of $1.81 Million...20 Range Resources Completes Private Placement Of $8.21 Million...21 Red Emperor Resources To Acquire 20% Interest In Two Oil And Gas Blocks In Georgia...22 EV Energy Acquires 46.15% Interest In Appalachian Basin Oil And Gas Properties...23 Range Resources Ltd., Key Employees...25 Range Resources Ltd., Subsidiaries...26 List of Figures Range Resources Ltd., Oil & Gas, Deals by Type, 2005 to YTD Range Resources Ltd., Oil & Gas, Deals By Year, 2005 to YTD Range Resources Ltd., Oil & Gas, Deals by Type, 2005 to YTD Range Resources Ltd., Oil & Gas, Deals By Region, 2005 to YTD Range Resources Ltd., Oil & Gas, Deals by Sector, 2005 to YTD Source : Page 4

5 Range Resources Ltd., Oil & Gas, Deals By Year, 2005 to YTD 2011 Range Resources Ltd., Oil & Gas, Deals By Year, 2005 to YTD No. of Deals Deal Value (US $ million) YTD No. of Deals Deal Value (US $ million) Note: Deals include all announced oil & gas deals from 2005 onwards, deal values included wherever disclosed. Range Resources Ltd. reported two oil & gas deals worth $5.75 million in YTD The company s deal volume increased from two oil & gas deals in 2009 to five oil & gas deals in Range Resources Ltd., Oil & Gas, Deals By Year, 2005 to YTD 2011 Year No. of Deals Deal Value (US $ million) 2005 NA NA 2006 NA NA NA NA YTD Note: Deals include all announced oil & gas deals from 2005 onwards, deal values included wherever disclosed, Source : Page 5

6 Range Resources Ltd., Oil & Gas Deals By Type, 2005 to YTD 2011 Range Resources Ltd., Oil & Gas, Deals by Type, 2005 to YTD 2011 Divestiture - Assets, 2 Equity Offerings, 4 Partnerships, 1 Note: Deals include all announced oil & gas deals from 2005 onwards Asset Purchases, 5 Range Resources Ltd. s deals activity has been reportedly focusing on asset purchases with five oil & gas deals during the period 2005 to YTD Range Resources Ltd., Oil & Gas Deals By Type, 2005 to YTD 2011 Deal Type No. of Deals Deal Value (US $ million) Asset Purchases Equity Offerings Divestiture - Assets Partnerships Note: Deals include all announced oil & gas deals from 2005 onwards, deal values included wherever disclosed. Source : Page 6

7 Range Resources Ltd., Oil & Gas, Deals By Region, 2005 to YTD 2011 Range Resources Ltd., Oil & Gas, Deals By Region, 2005 to YTD No. of Deals Deal Value (US $ million) Asia-Pacific North America Europe Middle East and Africa South and Central America 0 No. of Deals Deal Value (US $ million) Note: Deals include all announced oil & gas deals from 2005 onwards, deal values included wherever disclosed. Range Resources Ltd. s, oil & gas, deals activity has been reportedly focusing on Asia-Pacific and North America with six deals each during the period 2005 to YTD Range Resources Ltd., Oil & Gas, Deals By Region, 2005 to YTD 2011 Region No. of Deals Deal Value (US $ million) Asia-Pacific North America Europe Middle East and Africa South and Central America Note: Deals include all announced oil & gas deals from 2005 onwards, deal values included wherever disclosed. Source : Page 7

8 Range Resources Ltd., Oil & Gas, Deals By Sector, 2005 to YTD 2011 Range Resources Ltd., Oil & Gas, Deals by Sector, 2005 to YTD No. of Deals Exploration & Production Sectors Note: Deals include all announced oil & gas deals from 2005 onwards, Range Resources Ltd. s oil & gas deals activity has been focusing on exploration & production sector with 12 deals during the period 2005 to YTD Range Resources Ltd., Deals By Sector, 2005 to YTD 2011 Sector No. of Deals Deal Value (US $ million) Exploration & Production Note: Deals include all announced oil & gas deals from 2005 onwards, deal values included wherever disclosed. Source : Page 8

9 Range Resources Ltd., Oil & Gas, Deals Summary, 2005 to YTD 2011 Range Resources Ltd., Oil & Gas, Deals Summary, 2005 to YTD 2011 Deal Date Deal Status Deal Type Acquirer (s) / Investor (s) /Surviving Entity 11-Jan-2011 Completed Divestiture - Assets 09-Jan-2011 Announced Divestiture - Assets 12-Jul-2010 Announced Divestiture - Assets Range Resources Ltd. Red Emperor Resources NL Target / Issuer / Partner (s) East Texas Cotton Valley Project, Texas, Oil And Gas Blocks - Georgia, Vendor Undisclosed Company Range Resources Ltd., Strait Oil and Gas Limited Range Resources Ltd. Onshore Oilfields, Undisclosed Company 23-Jun-2010 Completed Equity Offering Undisclosed Investors Range Resources Ltd. 31-Mar-2010 Completed Divestiture - Assets EV Energy Partners, L.P. Oil And Gas Properties - Appalachian Basin, 24-Feb-2010 Completed Equity Offering Range Resources Ltd. 05-Jan-2010 Completed Equity Offering Undisclosed Investors Range Resources Ltd. 21-Sep-2009 Completed Divestiture - Assets 09-Jul-2009 Announced Divestiture - Assets Range Resources Ltd. North Chapman Range Project - Texas, Range Resources Ltd. Blocks Via And Vlb (Republic of Georgia), 30-Oct-2007 Completed Equity Offering Undisclosed Investors Range Resources Ltd. 24-May-2007 Completed Divestiture - Assets Range Ltd. Crest Inc. Resources Resources, Strait Oil and Gas Limited Range Resources Ltd. Puntland Project, Consort Private Limited 04-Mar-2007 Completed Partnership Canmex Minerals Corporation, Range Resources Ltd. Note: Deals include all oil & gas deals from 2005 onwards, deal values included wherever disclosed. Deal Value (US $ million) Source : Page 9

10 Range Resources Ltd., Oil & Gas, Deal Details Divestiture - Assets Range Resources Acquires Additional 8.19% Interest In East Texas Cotton Valley Project Range Resources Acquires Additional 8.19% Interest In East Texas Cotton Valley Project Deal Type Deal in Brief Divestiture - Assets Range Resources Ltd., an oil and gas exploration company, acquired an additional % working interest in the East Texas Cotton Valley project for $0.15 million in lease acquisition costs and an overriding royalty retained by the seller. Following the acquisition, the company has increased its total participating interest to 21.75% in the shallow oil project. Pete Landau, managing director of Range Resources said, Increasing our interest in this shallow oil appraisal and development project just prior to spudding the next well makes good strategic sense for Range and adds oil reserves in a period of strong crude oil prices. He added, Overall, the project is expected to be an excellent complement to our North Chapman Ranch interests and should result in additional production and cash flow in the near term. Deal Rationale The acquisition will enable Range Resources to further increase its oil reserves. Deal Information Deal Status Completed Completed Date 11-Jan-2011 % Acquired 8.19 Companies Information Acquirer Company Information Company Name Range Resources Ltd. Business Description Range Resources Limited (Range Resources) is an oil and gas exploration company. Range Resources is engaged in finding and delineating natural resources in the oil, gas and mineral sectors in Georgia, Puntland, Somalia, and Texas. Currently, Range Resources holds 100% interest in all mineral and hydrocarbon exploration and development acreage of approximately 100,000 square kilometer in the Somali state of Puntland. Range s primary areas of focus include Puntland, Somalia where it holds a 20% working interest in two production sharing agreements for the Nogal and Dharoor Blocks. In 2009, the company acquired 25% interest in the North Chapman Ranch project in Nueces County, Texas. Range Resources is headquartered in Western Australia, Australia. Deal Financials Deal Value (US$ m) 0.15 Target Asset Information Asset Name East Texas Cotton Valley Project, Texas Asset Description The project is located in Texas, USA. Source : Page 10

11 Range Resources To Acquire 10% Interest In Onshore Oilfields Range Resources To Acquire 10% Interest In Onshore Oilfields Deal Type Deal in Brief Divestiture - Assets Range Resources Limited, an oil and gas exploration company, entered into a binding heads of agreement (HOA) through SOCA Petroleum to acquire 10% interest in onshore oilfields in Trinidad and a major local drilling company, for a purchase consideration of $4.25 million. Under the agreement, the company required to pay $2 million execution of definitive agreements and $2.25 million upon formal completion of the acquisition. The production acreage and the operating wells cover the Morne Diablo, Beach Marcelle and South Quarry oilfields covering 16,253 gross acres on the southern coast onshore Trinidad. In addition, the proposed Range acquisition also includes a 10 percent interest in the parent of a wholly owned drilling company located in Trinidad, which owns five onshore drill rigs, three production rigs, one swab rig and a full workshop and pipe yard, storage tanks and facilities. The acquisition aims to increase the production from 700 bopd to 3,500 bopd within 36 months from known reserves without taking into account any exploration upside. According to Forrest A. Garb and Associates reports the assets have a current production of 700 bopd; proved reserves of approximately 2.6 MMbbls; probable reserves of approximately 2.2 MMbbls; and possible reserves of approximately 2.1 MMbbls. The transaction implies deal values of $60, per boe of daily production, $8.85 per boe of 2P reserves and $2.13 per boe of contingent resources. Deal Information Deal Status Announced Announced Date 12-Jul-2010 % Acquired 10 Companies Information Acquirer Company Information Company Name Range Resources Ltd. Business Description Range Resources Limited (Range Resources) is an oil and gas exploration company. Range Resources is engaged in finding and delineating natural resources in the oil, gas and mineral sectors in Georgia, Puntland, Somalia, and Texas. Currently, Range Resources holds 100% interest in all mineral and hydrocarbon exploration and development acreage of approximately 100,000 square kilometer in the Somali state of Puntland. Range s primary areas of focus include Puntland, Somalia where it holds a 20% working interest in two production sharing agreements for the Nogal and Dharoor Blocks. In 2009, the company acquired 25% interest in the North Chapman Ranch project in Nueces County, Texas. Range Resources is headquartered in Western Australia, Australia. Deal Financials Deal Value (US$ m) 4.25 Target Asset Information Asset Name Onshore Oilfields Asset Description The assets include Morne Diablo, Beach Marcelle and South Quarry oilfields covering 16,253 gross acres on the southern coast onshore Trinidad. According to Forrest A. Garb and Associates reports the assets have a current production of 700 bopd; proved reserves of approximately 2.6 MMbbls; probable reserves of approximately 2.2 MMbbls; and possible reserves of approximately 2.1 MMbbls. Valuation Multiples Information Commodity Daily Production Crude Oil (bbl/d) 70 Total (boe/d) 70 Reserves 1P Reserves 2P Reserves Reserve Life (Years) Crude Oil (MMBbls) Total (MMBoe) Source : Page 11

12 Range Resources Acquires 25% Interest In North Chapman Range Project From Crest Resources Range Resources Acquires 25% Interest In North Chapman Range Project From Crest Resources Deal Type Deal in Brief Divestiture - Assets Range Resources Limited, an oil and gas exploration company, acquired 25% working interest in the North Chapman Ranch project in Texas from Crest Resources, Inc., an oil and gas exploration and production company. As consideration, the company will fund the drilling of Smith #1 well, estimated at AUD1 million ($0.87 million) and fund the costs to production of AUD0.35 million ($0.3 million) in the event of discovery. North Chapman Ranch project area encompasses approximately 1,280 acres and is located in oil and gas producing trends in Texas. Drilling at the project is underway with the Smith #1 well having reached a depth of 8,000 feet with a target depth of 14,000 feet. The North Chapman Ranch field has produced about 250 billion of cubic feet of natural gas and more than 10 million barrels of oil since its discovery in The transaction implies deal values of $3,656.3 per acre of land. Deal Information Deal Status Completed Completed Date 21-Sep-2009 % Acquired 25 Companies Information Acquirer Company Information Company Name Range Resources Ltd. Business Description Range Resources Limited (Range Resources) is an oil and gas exploration company. Range Resources is engaged in finding and delineating natural resources in the oil, gas and mineral sectors in Georgia, Puntland, Somalia, and Texas. Currently, Range Resources holds 100% interest in all mineral and hydrocarbon exploration and development acreage of approximately 100,000 square kilometer in the Somali state of Puntland. Range s primary areas of focus include Puntland, Somalia where it holds a 20% working interest in two production sharing agreements for the Nogal and Dharoor Blocks. In 2009, the company acquired 25% interest in the North Chapman Ranch project in Nueces County, Texas. Range Resources is headquartered in Western Australia, Australia. Vendor Company Information Company Name Crest Resources, Inc. Business Description Crest Resources, Inc. is an oil and gas company. The company is engaged in exploration and production of oil and gas properties. The company is headquartered at Tulsa in Oklahoma, United States. Deal Financials Deal Value - Estimated Minimum Value (US $ million) 1.17 Target Asset Information Asset Name North Chapman Range Project - Texas Asset Description North Chapman Ranch project area encompasses approximately 1,280 acres and is located in oil and gas producing trends in Texas. Drilling at the project is underway with the Smith #1 well having reached a depth of 8,000 feet with a target depth of 14,000 feet. The North Chapman Ranch field has produced about 250 billion of cubic feet of natural gas and more than 10 million barrels of oil since its discovery in Valuation Multiples Information Acreage Valuation Multiple Land (Acres) Transaction Implied Value ($ / Acre ) Source : Page 12

13 Range Resources To Acquire 50% Interest In Eastern European Oil And Gas Blocks From Strait Oil and Gas Range Resources To Acquire 50% Interest In Eastern European Oil And Gas Blocks From Strait Oil and Gas Deal Type Deal in Brief Divestiture - Assets Range Resources Limited, an oil and gas exploration company, entered into an agreement to acquire 50% stake in two oil and gas blocks in the Republic of Georgia, Eastern Europe, from Strait Oil and Gas Limited, an oil and gas company. The two blocks subject to the agreement, Blocks VIa and Vlb cover a contiguous area of 7,000 sq km (approx 10% of the surface area of the Country) and were subject to significant exploration in the Soviet era. Under the terms of the agreement, Range will complete 350 kilometers of 2D and 3D seismic before May 2010 and then commence a minimum two well drilling program. Deal Information Deal Status Announced Announced Date 09-Jul-2009 % Acquired 50 Companies Information Acquirer Company Information Company Name Range Resources Ltd. Business Description Range Resources Limited (Range Resources) is an oil and gas exploration company. Range Resources is engaged in finding and delineating natural resources in the oil, gas and mineral sectors in Georgia, Puntland, Somalia, and Texas. Currently, Range Resources holds 100% interest in all mineral and hydrocarbon exploration and development acreage of approximately 100,000 square kilometer in the Somali state of Puntland. Range s primary areas of focus include Puntland, Somalia where it holds a 20% working interest in two production sharing agreements for the Nogal and Dharoor Blocks. In 2009, the company acquired 25% interest in the North Chapman Ranch project in Nueces County, Texas. Range Resources is headquartered in Western Australia, Australia. Vendor Company Information Company Name Strait Oil and Gas Limited Business Description Strait Oil and Gas Limited is engaged in exploration and production of oil and gas. Target Asset Information Asset Name Blocks Via And Vlb (Republic of Georgia) Asset Description The two blocks VIa and Vlb cover a contiguous area of 7,000 sq km and significant exploration in the Soviet era and located in the Republic of Georgia. Source : Page 13

14 Range Resources Acquires Puntland Project From Consort Private Range Resources Acquires Puntland Project From Consort Private Deal Type Deal in Brief Divestiture - Assets Range Resources Limited, an exploration company, has acquired the remaining 49.9% interest in Puntland Project from Consort Private Limited, for purchase consideration of $10 million. As a result of the acquisition Range owns 100% in the project. Earlier in Oct, 2005 Range acquired 50.1% in the Puntland Project. Deal Information Deal Status Announced Date Completed Date % Acquired Companies Information Acquirer Company Information Company Name Business Description Completed 31-Jul May Range Resources Ltd. Range Resources Limited (Range Resources) is an oil and gas exploration company. Range Resources is engaged in finding and delineating natural resources in the oil, gas and mineral sectors in Georgia, Puntland, Somalia, and Texas. Currently, Range Resources holds 100% interest in all mineral and hydrocarbon exploration and development acreage of approximately 100,000 square kilometer in the Somali state of Puntland. Range s primary areas of focus include Puntland, Somalia where it holds a 20% working interest in two production sharing agreements for the Nogal and Dharoor Blocks. In 2009, the company acquired 25% interest in the North Chapman Ranch project in Nueces County, Texas. Range Resources is headquartered in Western Australia, Australia. Vendor Company Information Company Name Consort Private Limited Business Description Consort Private Limited is a holding company operated by two Australian dealbrokers Terry Donnelly and Anthony Black. The company is engaged in explaration and drilling activites for oil. Deal Financials Deal Value (US$ m) 10 Target Asset Information Asset Name Puntland Project Asset Description Puntland Project refers to rights to all mineral and hydrocarbon exploration and development in the Somali state of Puntland. Source : Page 14

15 Partnerships Range Resources Forms Joint Venture With Canmex Mineral Range Resources Forms Joint Venture With Canmex Mineral Deal Type Partnerships Deal Sub Type Joint Venture Deal in Brief Range Resources Limited, an oil and gas exploration and development company, has formed joint venture with Canmex Mineral Corporation, a metal ore mining company. Pursuant to the agreement, Canmex acquired 80% participating interest in the licenses and operatorship of the Nogal and Dharoor projects, for a consideration of $50 million in exploration expenditures and the payment to Range of an additional $3.5 million upon commencement of commercial production. The agreement is for a six year period. Deal Information Deal Status Completed Completed Date 04-Mar-2007 Companies Information Partner Company Information Company Name Canmex Minerals Corporation Business Description Canmex Minerals Corporation (now known as Africa Oil Corp.) is primarily a metal ore mining company. It is also into gold and silver mining. Company Name Range Resources Ltd. Business Description Range Resources Limited (Range Resources) is an oil and gas exploration company. Range Resources is engaged in finding and delineating natural resources in the oil, gas and mineral sectors in Georgia, Puntland, Somalia, and Texas. Currently, Range Resources holds 100% interest in all mineral and hydrocarbon exploration and development acreage of approximately 100,000 square kilometer in the Somali state of Puntland. Range s primary areas of focus include Puntland, Somalia where it holds a 20% working interest in two production sharing agreements for the Nogal and Dharoor Blocks. In 2009, the company acquired 25% interest in the North Chapman Ranch project in Nueces County, Texas. Range Resources is headquartered in Western Australia, Australia. Deal Financials Deal Value (US$ m) Deal Tenure 72 (Months) Source : Page 15

16 Equity Offering Range Resources Completes First Tranche Private Placement Of $4.8 Million Range Resources Completes First Tranche Private Placement Of $4.8 Million Deal Type Equity Offering Deal Sub Type PIPE Deal in Brief Range Resources Corporation, an oil and gas exploration company, completed its first tranche private placement of million shares at a price of AUD0.07 per share ($0.06 per share) for gross proceeds of AUD5.6 million ($4.81 million). The company will issue additional million shares in its second tranche of private placement. The company intends to use the proceeds from the offering to fund its spuntland, Texan & Georgian interests and to investigate further acquisitions opportunities. RFC Corporate Finance Ltd. acted as nominated advisor and Old Park Lane Capital plc acted as broker for the transaction. Deal Rationale The company intends to use the proceeds from the offering to fund its spuntland, Texan & Georgian interests and to investigate further acquisitions opportunities. Deal Information Deal Status Completed Announced Date 17-Jun-2010 Completed Date 23-Jun-2010 Companies Information Target Company Information Company Name Range Resources Ltd. Business Description Range Resources Limited (Range Resources) is an oil and gas exploration company. Range Resources is engaged in finding and delineating natural resources in the oil, gas and mineral sectors in Georgia, Puntland, Somalia, and Texas. Currently, Range Resources holds 100% interest in all mineral and hydrocarbon exploration and development acreage of approximately 100,000 square kilometer in the Somali state of Puntland. Range s primary areas of focus include Puntland, Somalia where it holds a 20% working interest in two production sharing agreements for the Nogal and Dharoor Blocks. In 2009, the company acquired 25% interest in the North Chapman Ranch project in Nueces County, Texas. Range Resources is headquartered in Western Australia, Australia. Advisor Information Company Being Advised Financial Advisor Range Resources Ltd. Deal Financials RFC Corporate Finance Ltd. Deal Value (AUD million) 5.60 Deal Value (US$ m) 4.81 Shares Issued 80,090,000 Offer Price (Local) 0.07 Offer Price (US$) 0.06 Share Price Information Share Price Before 30 Days (US$) Share Price Before 1 Day (US$) Financial Information (Range Resources Ltd.) (Trailing Twelve Months Ended 30-Jun-2009) Revenue (US$ million) 0.04 Total Assets (US$ million) Total Shares (m) Market Capitalization million) (US$ Source : Page 16

17 Enterprise Value (US$ million) Financial Ratios Information EV/Revenues EV/Total Assets 0.44 Net Assets Per Share Ratio 0.15 (US$) Book Value Per Share (US$) 0.15 Source : Page 17

18 Range Resources Completes Rights Offering Of $6.85 Million Range Resources Completes Rights Offering Of $6.85 Million Deal Type Equity Offering Deal Sub Type Secondary Offering Deal in Brief Range Resources Limited, an oil and gas exploration company, completed non-renounceable rights offering of 140 million new ordinary share at price of AUD0.05 per share ($0.04 per share) for gross proceeds of AUD7.58 million ($6.85 million). As announced on January 5, 2010, the shares were issued on a one for four basis. Max Capital Pty Ltd. acted as underwriter for the offering. The company intends to use the proceeds from the offering to fund its Georgia and Texas projects. Deal Rationale The company intends to use the proceeds from the offering to fund its Georgia and Texas projects. Deal Information Deal Status Completed Announced Date 05-Jan-2010 Completed Date 24-Feb-2010 Companies Information Target Company Information Company Name Range Resources Ltd. Business Description Range Resources Limited (Range Resources) is an oil and gas exploration company. Range Resources is engaged in finding and delineating natural resources in the oil, gas and mineral sectors in Georgia, Puntland, Somalia, and Texas. Currently, Range Resources holds 100% interest in all mineral and hydrocarbon exploration and development acreage of approximately 100,000 square kilometer in the Somali state of Puntland. Range s primary areas of focus include Puntland, Somalia where it holds a 20% working interest in two production sharing agreements for the Nogal and Dharoor Blocks. In 2009, the company acquired 25% interest in the North Chapman Ranch project in Nueces County, Texas. Range Resources is headquartered in Western Australia, Australia. Advisor Information Company Being Advised Under Writer Range Resources Ltd. Deal Financials Max Capital Pty Ltd Deal Value (AUD million) 7.58 Deal Value (US$ m) 6.85 Shares Issued 140,000,000 Offer Price (Local) 0.05 Offer Price (US$) 0.04 Share Price Information Share Price Before 30 Days (US$) Share Price Before 1 Day (US$) Financial Information (Range Resources Ltd.) (Trailing Twelve Months Ended 30-Jun-2009) Revenue (US$ million) 0.05 Total Assets (US$ million) Total Shares (m) Market Capitalization (US$ 5.98 million) Enterprise Value (US$ million) 5.83 Financial Ratios Information EV/Revenues Source : Page 18

19 EV/EBITDA 583 EV/Total Assets 0.07 Net Assets Per Share Ratio 0.69 (US$) Book Value Per Share (US$) 0.69 Source : Page 19

20 Range Resources Completes Private Placement Of $1.81 Million Range Resources Completes Private Placement Of $1.81 Million Deal Type Equity Offering Deal Sub Type PIPE Deal in Brief Range Resources Limited, an oil and gas exploration company, completed a private placement of 40 million ordinary shares at price of AUD0.05 per share ($0.04 per share), for gross proceeds of approximately AUD2 million ($1.81 million) in a rights offering. The offering is subscribed by institutional and sophisticated investors. The company intends to use the proceeds from the offering to fund its Georgia and Texas projects. Deal Rationale The company intends to use the proceeds from the offering to fund its Georgia and Texas projects. Deal Information Deal Status Completed Completed Date 05-Jan-2010 Companies Information Target Company Information Company Name Range Resources Ltd. Business Description Range Resources Limited (Range Resources) is an oil and gas exploration company. Range Resources is engaged in finding and delineating natural resources in the oil, gas and mineral sectors in Georgia, Puntland, Somalia, and Texas. Currently, Range Resources holds 100% interest in all mineral and hydrocarbon exploration and development acreage of approximately 100,000 square kilometer in the Somali state of Puntland. Range s primary areas of focus include Puntland, Somalia where it holds a 20% working interest in two production sharing agreements for the Nogal and Dharoor Blocks. In 2009, the company acquired 25% interest in the North Chapman Ranch project in Nueces County, Texas. Range Resources is headquartered in Western Australia, Australia. Deal Financials Deal Value (AUD million) 2 Deal Value (US$ m) 1.81 Shares Issued 40,000,000 Offer Price (Local) 0.05 Offer Price (US$) 0.04 Share Price Information Share Price Before 30 Days 0.04 (US$) Share Price Before 1 Day 0.05 (US$) Financial Information (Range Resources Ltd.) (Trailing Twelve Months Ended 30-Jun-2009) Revenue (US$ million) 0.05 Total Assets (US$ million) Total Shares (m) Market Capitalization (US$ 5.98 million) Enterprise Value (US$ million) 5.83 Financial Ratios Information EV/Revenues EV/EBITDA 583 EV/Total Assets 0.07 Net Assets Per Share Ratio 0.69 (US$) Book Value Per Share (US$) 0.69 Source : Page 20

21 Range Resources Completes Private Placement Of $8.21 Million Range Resources Completes Private Placement Of $8.21 Million Deal Type Equity Offering Deal Sub Type PIPE Deal in Brief Range Resources Limited, a company engaged in exploration of oil, gas and minerals, has conditionally placed million new ordinary shares at a price of GBP0.22 per share for gross proceeds of GBP3.99 million. Fox-Davies Capital Limited is acting as placement agent for the offering. Deal Rationale The company intends to use the proceeds from the offering to fund ongoing exploration costs in Puntland and working capital. Deal Information Deal Status Completed Date Companies Information Target Company Information Company Name Business Description Completed 30-Oct-2007 Range Resources Ltd. Range Resources Limited (Range Resources) is an oil and gas exploration company. Range Resources is engaged in finding and delineating natural resources in the oil, gas and mineral sectors in Georgia, Puntland, Somalia, and Texas. Currently, Range Resources holds 100% interest in all mineral and hydrocarbon exploration and development acreage of approximately 100,000 square kilometer in the Somali state of Puntland. Range s primary areas of focus include Puntland, Somalia where it holds a 20% working interest in two production sharing agreements for the Nogal and Dharoor Blocks. In 2009, the company acquired 25% interest in the North Chapman Ranch project in Nueces County, Texas. Range Resources is headquartered in Western Australia, Australia. Advisor Information Company Being Advised Placement Agent Range Resources Ltd. Fox-Davies Capital Limited Deal Financials Deal Value (GBP million) 3.99 Deal Value (US$ m) 8.21 Shares Issued 18,180,000 Offer Price (Local) 0.22 Offer Price (US$) 0.45 Share Price Information Share Price Before 30 Days 0.48 (US$) Share Price Before 1 Day 0.51 (US$) Financial Information (Range Resources Ltd.) (Trailing Twelve Months Ended 30-Jun-2007) Revenue (US$ million) 4.58 Total Assets (US$ million) Total Shares (m) Market Capitalization (US$ million) Enterprise Value (US$ million) Financial Ratios Information EV/Revenues EV/Total Assets 0.55 Cash Value Per Share (US$) 0.14 Net Assets Per Share Ratio 0.35 (US$) Book Value Per Share (US$) 0.35 Source : Page 21

22 Divestiture - Assets Red Emperor Resources To Acquire 20% Interest In Two Oil And Gas Blocks In Georgia Red Emperor Resources To Acquire 20% Interest In Two Oil And Gas Blocks In Georgia Deal Type Deal in Brief Divestiture - Assets Red Emperor Resources NL, an oil and gas company, signed a heads of agreement to acquire 20% farm-in interest in two oil and gas blocks which include block VIa and block VIb, from Range Resources Limited, and Strait Oil and Gas UK Limited, both are oil and gas exploration companies. The transaction is valued at approximately $5.6 million. Red Emperor will acquire 10% interest each from Range Resources and Strait Oil. Under the terms, Red Emperor will pay 40% of the drilling costs for the planned two well program, contributing $5.6 million for the acquisition of 20% interest in the blocks. In connection with the transaction, Red Emperor offered Range's shareholders the opportunity to participate in a future capital raising aimed at funding drilling costs associated with the two well drilling program. The blocks VIa and VIb covers a contiguous area of 7000 sq. Km., and are located in the Republic of Georgia, Eastern Europe. The blocks include six ready to drill targets with gross unrisked oil in place of 728 million barrels. Independent estimate of gross, unrisked oil in place across the identified prospects of 2.05 billion barrels. The completion of the transaction is subject to the satisfaction of the directors of Red Emperor, execution of the share subscription agreement by the parties, and all necessary ministerial consent, government and regulatory approvals, in receipt respect of the subscription of shares. Deal Information Deal Status Announced Announced Date 09-Jan-2011 Companies Information Acquirer Company Information Company Name Red Emperor Resources NL Vendor Company Information Company Name Range Resources Ltd. Business Description Range Resources Limited (Range Resources) is an oil and gas exploration company. Range Resources is engaged in finding and delineating natural resources in the oil, gas and mineral sectors in Georgia, Puntland, Somalia, and Texas. Currently, Range Resources holds 100% interest in all mineral and hydrocarbon exploration and development acreage of approximately 100,000 square kilometer in the Somali state of Puntland. Range s primary areas of focus include Puntland, Somalia where it holds a 20% working interest in two production sharing agreements for the Nogal and Dharoor Blocks. In 2009, the company acquired 25% interest in the North Chapman Ranch project in Nueces County, Texas. Range Resources is headquartered in Western Australia, Australia. Company Name Strait Oil and Gas Limited Business Description Strait Oil and Gas Limited is engaged in exploration and production of oil and gas. Deal Financials Deal Value - Estimated Minimum Value (US $ million) 5.60 Target Asset Information Asset Name Oil And Gas Blocks - Georgia Asset Description The blocks VIa and VIb cover a contiguous area of 7000 sq. Km., and are located in the Republic of Georgia, Eastern Europe. The blocks include six ready to drill targets with gross unrisked oil in place of 728 million barrels. Independent estimate of gross, unrisked oil in place across the identified prospects of 2.05 billion barrels. Source : Page 22

23 EV Energy Acquires 46.15% Interest In Appalachian Basin Oil And Gas Properties EV Energy Acquires 46.15% Interest In Appalachian Basin Oil And Gas Properties Deal Type Deal in Brief Divestiture - Assets EV Energy Partners, L.P. (EVEP), an oil and gas company along with certain institutional partnerships managed by EnerVest, Ltd., completed acquisition of 46.15% interest in oil and natural gas properties in Appalachian Basin, from Range Resources Corporation, an oil and gas exploration company, for a purchase consideration of $137.9 million, subject to customary postclosing adjustments. The acquisition was funded with borrowings under EVEP's existing credit facility. The acquisition assets consist of wells primarily producing from the Clinton and Medina formations, with substantially all of the proved reserves and production in Ohio. In addition, there is significant upside potential for drilling in the Knox group formation, where EnerVest has extensive drilling experience. The asset consists of 3,306 active wells with estimated proved reserves on January 1, 2010 of approximately 69.6 Bcfe (based on recent strip prices plus currently estimated probable and possible reserves primarily in the Knox group formation, of approximately 19.7 Bcfe and have production capacity of approximately 11.3 Mmcfe. The properties cover an area of approximately 465,000 gross acres (193,000 net acres). RBC Richardson Barr acted as financial advisor to Range Resources on the transaction. The transaction implies deal values of $75, per boe of daily production, $11.89 per boe of proved reserves and $ per acre of land. Deal Information Deal Status Completed Announced Date 08-Feb-2010 Completed Date 31-Mar-2010 % Acquired Companies Information Acquirer Company Information Company Name EV Energy Partners, L.P. Business Description EV Energy Partners, L.P. (EV Energy) is a master limited partnership oil and gas company. It is engaged in the acquisition, production and development of oil and gas properties in the US. The company s principal operating areas include the Appalachian basin, principally in Ohio and West Virginia, Michigan, the Monroe field in Louisiana, Central/East Texas; the permian Basin, the San Juan Basin and the Mid-Continent area in the area of Oklahoma, Texas, Kansas and Louisiana. The company s general partner is EV Energy GP, L.P. (EV Energy GP), and the general partner of its general partner is EV Management, LLC. It is headquartered in Houston, The US. Vendor Company Information Company Name Range Resources Ltd. Business Description Range Resources Limited (Range Resources) is an oil and gas exploration company. Range Resources is engaged in finding and delineating natural resources in the oil, gas and mineral sectors in Georgia, Puntland, Somalia, and Texas. Currently, Range Resources holds 100% interest in all mineral and hydrocarbon exploration and development acreage of approximately 100,000 square kilometer in the Somali state of Puntland. Range s primary areas of focus include Puntland, Somalia where it holds a 20% working interest in two production sharing agreements for the Nogal and Dharoor Blocks. In 2009, the company acquired 25% interest in the North Chapman Ranch project in Nueces County, Texas. Range Resources is headquartered in Western Australia, Australia. Advisor Information Company Being Advised Financial Advisor Range Resources Ltd. RBC Richardson Barr Deal Financials Deal Value (US$ m) Target Asset Information Asset Name Oil And Gas Properties - Appalachian Basin Asset Description The oil and gas properties consist of 3,306 active wells with estimated proved reserves on January 1, 2010 of approximately 69.6 Bcfe (based on recent strip prices) plus currently estimated probable and possible reserves primarily in the Knox group formation, of approximately 19.7 Bcfe and have production capacity of approximately 11.3 Mmcfe. The properties cover an area of Source : Page 23

24 approximately 465,000 gross acres (193,000 net acres). Valuation Multiples Information Commodity Natural Gas (MMcf/d) Daily Production Total (boe/d) 3, Reserves 1P Reserves 2P Reserves Reserve Life (Years) Natural Gas (Bcf) Total (MMBoe) Acreage Valuation Multiple Land (Acres) Transaction Implied Value ($ / Acre ) Source : Page 24

25 Key Competitors The following companies are the major competitors of Range Resources Ltd.: Southern Cross Exploration NL Golden State Resources Limited Energy Ventures Limited Tap Oil Limited FAR Ltd Key Employees Range Resources Ltd., Key Employees Name Job Title Board Level Since Age Peter Landau Director Executive Board Anthony Eastman Director Executive Board Joint Company Secretary Samuel Jonah Chairman Non Executive Board Marcus Edwards Jones Director Non Executive Board Jane Flegg Joint Company Senior Management 2009 Secretary Source : Page 25

26 Locations And Subsidiaries Head Office Range Resources Ltd. Ground Floor 1 Havelock Street West Perth WA ZIP: 6005 Tel: Fax: Other Locations & Subsidiaries Range Resources Ltd., Subsidiaries Donnybrook Gold Pty Ltd Australia Westblade Pty Ltd Australia Source : Page 26

27 Recent Developments License Awards Dec 21, 2009: Puntland Government Approves Range Resources' Amended PSAs Range Resources Ltd (Range Resources) said that the Cabinet of the Puntland government approved the amended agreements modifying the terms of the existing Production Sharing Agreements (PSAs) made in respect of the Dharoor and Nugaal Valley exploration areas which was still subject to ratification by the Parliament of the Puntland State of Somalia. Range Resources announced that the Parliament has formally approved and ratified these amended agreements paving the way for Africa Oil Corp. to now commence operations and drilling of the first exploration well in Puntland in over 16 years. Dec 14, 2009: Range Resources, Africa Oil And Puntland State of Somalia Amend PSAs Range Resources Limited (Range Resources), Africa Oil Corp. (Africa Oil) and the Puntland State of Somalia have entered into amending agreements modifying the terms of the existing Production Sharing Agreements (PSAs) made in respect of the Dharoor and Nugaal valley exploration areas. The revised agreements were signed by the parties in Garowe, Puntland, subsequently approved by the cabinet of the Puntland Government and are still subject to ratification by the Parliament of the Puntland State of Somalia which is scheduled for this week commencing December 14, With the conclusion of the negotiations and the execution of the amending agreements, the PSAs, as amended, now provide for initial exploration periods in respect of both blocks that have been extended from 36 months to 48 months with a revised expiry of January 17, In addition, the terms of the exploration programs have been amended so that Africa Oil can drill one exploratory well in each of the Nugaal and Dharoor valley exploration areas, or two exploratory wells in the Dharoor valley, during the initial exploration period. In consideration of the extension of the exploration period, the parties agreed to voluntarily relinquish 25% of the original agreement area on or before January 17, Upon Parliamentary ratification, Africa Oil plans to immediately commence operations with an intent to spud the first exploration well by mid Onshore Puntland Interest: Range Resources 20%, Africa Oil 65% and Lion Energy Inc 15%. Recent Discoveries Jun 30, 2010: Range Resources' Russell Bevly #1 Appraisal Well Confirms North Chapman Ranch Discovery Range Resources Limited (Range Resources) has provided an update on the Russell Bevly #1 appraisal well as part of the North Chapman Ranch joint venture's multi-well program in Texas. After drilling to a revised total depth of 14,225' (4,337m), the operator has concluded open hole logging operations that indicate the presence of around 130ft of net oil and gas pay in the Howell Hight formation. This exceeds the net pay thickness of the Smith #1 discovery well (Range Resources interest 25%) and identifies a new, potentially productive interval. The well is currently being equipped with 4 1/2" production casing. The Russell Bevly #1 confirms the company's structural and stratigraphic models across the northwestern flank of the field, which formed the basis of the recently released reserve report. Once completed for production, and depending upon final production test data, the well is expected to add significant proved reserves, production, and cash flow to Range Resources' Texas operations. Peter Landau, executive director of Range Resources, said: "The Russell-Bevly #1 exceeds our expectations for the first appraisal well in the North Chapman Ranch field and sets the stage for additional development drilling across our acreage. As of casing point, the well was significantly under budgeted costs and ahead of schedule, indicating that the company and its joint venture partners are already capitalizing on information acquired during the initial test. We will continue to look for ways to optimize drilling and completion operations in order to keep downward pressure on finding and development costs." Source : Page 27