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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.

Shewashan Field: Proven discovery of light 45° API oil in the Kurdistan Region of Iraq ("KRG"). The approved Field Development plan will continue the development of reserves and resources as well as drilling for additional oil and gas resources in lower formations. Top side processing facilities contemplate 10,000 bopd production and 30,000 bbl of storage capacity in the near term.

The KRG is internationally recognized as one of the lowest cost onshore oil production regions in the world with many producers recognizing operating expenses below US$4.00 per bbl. In a low oil price market environment this low cost operating expense distinguished oil and gas assets in the KRG from other global oil pricing regions.

Range, through its indirect ownership in the Khalakan PSC and Shewashan Field, is pleased to continue the development of the significant reserves and resources identified and audited through an independent reserve report.

For information regarding the KRG and KRG oil and gas policy, please see the KRG Ministry of Natural Resources website located at:

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