IRAQ PROJECT

Kurdistan has tremendous potential for a large discovery. It is one of the last multi-billion barrel areas that has not been fully exploited. Kurdistan is one of those regions because it has been closed for business for 20 years due to the geopolitical climate. The surrounding discoveries are so exciting because of the huge seismic structures.

On March 22, 2010 the company issued a news release summarizing an independent appraisal report entitled "Petroleum Reserves, Khalakan Field, Kurdistan, Prospective Petroleum Resources" prepared for the Company by Citadel Engineering Ltd. of Calgary, Alberta.  The report indicates a mean gross projected oil in place reserve of 1.642 billion barrels for the Khalakan Block.  The Company's indirect working interest, oil-in-place is estimated at 409.6 million barrels. If a recovery factor of 30% is assumed, Range's indirect working interest recoverable prospective resource would be 122.9 million barrels.

In November 2009 the Company completed a private placement financing of $25.2 million and acquired an indirect 24.95% working interest in the Khalakan Block in the Kurdistan Region of Iraq. The Company believes that proximity of the Khalakan Block to other recent discoveries in Kurdistan at Taq Taq (Addax Petroleum / Sinopec) and Miran (Heritage Oil) make the Khalakan structures an attractive exploration play with the potential for the discovery of large oil reserves.

In March 2010 the company started a seismic program comprising approximately 250 kilometres of 2D seismic over a number of potential structures that have been outlined using satellite mapping. Processing and interpretation of the seismic data and procuring tangibles for the initial well suggests a spud date towards the end of the current year or in early 2012.

During 2011 the Company completed two further financings totaling $10.1 million to fund the impending drilling program and business development activities.

Kurdistan Oil and Gas Activity