Range Energy Resources Inc.: Corporate Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 16, 2012) -

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.