Corporate Presentation February 2016

Disclosure This presentation should be read in conjunction with various filings made by Range Energy Resources Inc. on SEDAR at www.sedar.com. Certain statements in this presentation contain forward-looking information, including but not limited to operational information. These statements are based on current expectations of reserves, production, and financial results that involve a number of risks and uncertainties which could cause actual results to differ from those anticipated. These risks include, but are not limited to, risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates in relation to reserves, production and expenses; the risk of commodity price and foreign exchange rate fluctuations; health, safety and environmental risks; the ability to attract and retain key personnel; and the uncertainty of dealing with government and obtaining regulatory approvals). Due to the risks, uncertainties and assumptions inherent in forward-looking statements prospective investors in the company’s securities should not place undue reliance on them.

Note: All dollar amounts in this presentation are in Canadian currency unless noted otherwise.

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Asset Overview Shewashan: Proven Oil Field in Kurdistan, Iraq (“KRG”)

Range: Shewashan Field

Audited Gross 75 MM bbl 2P Discovery • Light, 45° API oil produced in target Cretaceous reservoir • Additional drilling opportunities and reservoirs may be targeted in lower Jurassic reservoir. • The Shewashan Field is adjacent to some of the largest KRG oil and gas discoveries, including: – Taq Taq: (55% Genel) 541 mmbls (2P), ~125,000 bopd production capacity – Miran: (Genel) 30 mmbls (2P) + 4.3 Tcf Mean Contingent – Bina Bawi: (Genel) 7.1 Tcf + 17mmbs Mean Contingent

• Shewashan #2 well spud in October 2015, TD in the Cretaceous expected Feb 2016

Bina Bawi Taq Taq Miran

As detailed in the press release by Gas Plus Khalakan (“GPK”) on January 14, 2016; KRG Ministry of Natural Resource; and WesternZagros

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Investment Overview Financial: Range Energy Resources Inc., listed on the Canadian Securities Exchange (CSE), symbol “RGO”:

Asset: Ownership structure – Khalakan PSC: 80% Gas Plus Khalakan Limited (“GPK”), KRG (carried interest) 20%.

Common Shares Outstanding: 

Basic: 722.6 million



Warrants: 389.4 million (exercisable $0.05-$0.07 per share)



Options: 12.3 million (granted to Officers & Directors; min. $0.10 per share)



Fully Diluted: 1,124 million

90% institutional ownership, including: 

Gulf LNG America, an affiliate of Crest Investment Company, Houston, TX (67.4% Basic; 75.0% FD)



Harrington Global (14.0% Basic; 10.8% FD)



Mackenzie Investments (4.8% Basic; 3.6% FD)



NewAge (African Global Energy) Ltd. – 74.05% stake in GPK (60.04% Post-KRG)



Range Energy Resources Inc. – 24.95% indirect stake in GPK (19.96% Post-KRG)  Interest is held through a 49.9% direct minority interest in New Age Al Zarooni 2 Limited, which in turn owns a 50% interest in GPK

GPK’s interest in the Shewashan Field have been independently certified as of June 30, 2015 by DeGoyler and MacNaughton*:

No debt. As detailed in the press release by Gas Plus Khalakan (“GPK”) on January 14, 2016

Shewashan Oil Reserves Summary Reservoir

Proved (MMbbl)

Probable (MMbbl)

Possible (MMbbl)

Gross

11.702

62.897

169.157

Net

5.828

23.443

31.408

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Phase 1 Development Plan Underway The Shewashan #1 Well declared commercial by GPK in June 2014 with the Shewashan Field Development Plan approved by the KRG in February 2015. 

Phase 1 of the approved development plan is to confirm oil reserves through production of the Cretaceous reservoirs using an additional 2 or 3 wells.



Production will be processed through a 10,000 bopd Early Production Facility (EPF) with total storage capacity of 30,000 bbls and water handling of up to 3000 bwpd.



Anticipated gross Phase 1 capital investment of US$76 million.



The initial Khalakan #1 well was drilled in 2012 in a mountainous region of the block - it was plugged and abandoned.



Additional drilling opportunities in Phase 2 development may include opportunities in the Jurassic reservoirs.

Phase 1 drilling to target existing oil discoveries in the Shiranish, Kometan and Qamchuqa Phase 2 drilling may explore deeper formations the Jurassic reservoir which has been productive on adjacent blocks

As detailed in the press release by Gas Plus Khalakan (“GPK”) on January 14, 2016

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Field Development Plan Shewashan #2 well spud in October 2015 with expected TD in Q1 2016. Phase 1 Drilling strategy includes:  Confirm oil reserves through production of the Cretaceous reservoirs using an additional 2 or 3 wells  Determine if additional hydrocarbons are present by drilling a flank well to further delineate the field and appraise the deeper Jurassic formations to a depth of around 5000m – location denoted as Shewashan-D in Structure Map below

 Preliminary well locations and Top Jurassic structure are shown here*

As detailed in the press release by Gas Plus Khalakan (“GPK”) on January 14, 2016

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Field Development Plan Initial production of up to 10,000 bbl/d can access the export or domestic market through traditional trucking infrastructure. Alternatively a new 25 km pipeline connection to the Taq Taq field and then to the Khurmala Field export pipeline provides another transportation alternative.  Phase 1 of the Development Plan assumes 30,000 bbl storage and processing facility at the Shewashan field Crude Trucking To domestic market or to interconnections with export pipeline system

Pipeline to Export Markets

Existing Pipeline to Khurmala Field:

New Pipeline To Taq Taq: 25 km of new pipeline to existing processing facilities at Taq Taq

Shewashan Production and Processing Facility: Phase 1: 10,000 bopd, 30,000 bbl storage

As detailed in the press release by Gas Plus Khalakan (“GPK”) on January 14, 2016 and newafricanglobalenergy.com

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Reserve Report & Estimates A Reserve Report was prepared (June, 2015) by Independent Reserve Auditor DeGoyler and MacNaughton for the three Cretaceous reservoirs include a gross Proved plus Probable of 74.6 MMbbls.

DeGoyler and MacNaughton estimate the following Shewashan gross Contingent Resources for oil and gas

Shewashan Oil Reserves Summary Proved (MMbbl)

Probable (MMbbl)

Possible (MMbbl)

Gross

11.702

62.897

169.157

Net

5.828

23.443

31.408

Shewashan Contingent Resources Summary 1C

Total

2C

3C

Oil (MMbbl)

Sales Gas (MMcf)

Oil (MMbbl)

Sales Gas (MMcf)

Oil (MMbbl)

Sales Gas (MMcf)

5,629

3,564

34,347

22,054

53,271

59,051

Utilizing a Base Case cost and price assumption DeGoyler and MacNaughton estimated gross Proved plus Probable Reserve Future Net Revenue of US$324MM and a Present Worth at 10% of US$179MM.

As detailed in the press release by Gas Plus Khalakan (“GPK”) on January 14, 2016

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Reserve Report & Estimates GPK Estimates – Jurassic Formations Oil (MMbo)

Gas (Bcf)

Condensat e (MMbo)

Oil Equivalent (MMbo)

Sarnord-Alan

39

-

-

39

Mus-U.Butmah

60

-

-

60

Lower Butmah

-

344

10

67

99

344

10

166

Reservoir

Total

Additional estimates by GPK provide guidance to the undrilled potential in the Jurassic formation. These reservoir formations may be considered in Phase 2. The Jurassic has shown to be a productive reservoir within the KRG and in blocks adjacent to the Shewashan Field

As detailed in the press release by Gas Plus Khalakan (“GPK”) on January 14, 2016

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KRG Ramps Up Direct Crude Oil Sales The KRG has materially increased oil exports to the Turkish port of Ceyhan during the course of 2015  Oil volumes sold at Ceyhan are for the benefit of the KRG’s account and do not require any administration by the Federal Iraq authorities.  Barrels sold are to international oil buyers and traders.  Additional oil barrels are sold to the KRG domestic market.

Graph Source: KRG, Ministry of Natural Resources, Oil Production , Export, and Consumption Report 2015

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Board of Directors Toufic Chahine, Chairman and CEO – Chairman and operations manager of a Middle East importer and exporter of grain products. Senior officer with Crest Group evaluating oil & gas investments.

Roger Bethell – Mr. Bethell has worked as a geological consultant on a number of international projects which include offshore Vietnam, Kazakhstan, the Delta Project in Nigeria and projects in Alberta and Saskatchewan, Canada.

Allan Bezanson – Mr. Bezanson is the Interim President and a director of Brilliant Resources Inc., and he is the President of Oballan Capital, a boutique advisory firm. Mr. Bezanson has a Bachelor of Commerce degree from Dalhousie University.

Eric Stoerr – Mr Stoerr is Managing Director at Crest Investment Company, with more than 19 years of experience in commodities related businesses and banking including investment and commercial banking, and business development. He served as a Director of Western Zagros Resources Ltd. from August 2012 to February 2014.

Michelle Upton – Vice President of Crest Investment Company, a US-based consortium of companies investing in and operating global projects.

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Khalakan Ownership Structure BlackGold Khalakan 50.1% interest in NAAZ2 25.05% indirect interest in GPK

Range Energy Resources 49.9% interest in NAAZ2 24.95% indirect interest in GPK

New Age Al Zarooni 2 50% of GPK

Operator NewAge (African Global) 50% of GPK

Gas Plus Khalakan PSC signed on June 11, 2009 80% interest of Khalakan

Kurdistan Regional Government 20% carried interest

Khalakan PSC

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Current Shareholder Base Issued and Outstanding

752,292,641

Options

12,250,000

Major shareholders

Warrants

419,389,801

• • • • • • • •

Fully Diluted

Gulf LNG Harrington Global MacKenzie Financial Rosseau Redstream RAB Capital Front Street Capital US Global Investors

1,183,932,442

2,000,000

$0.20

Feb 28, 2017

10,250,000

$0.10

Sept 11, 2020

29,791,726

$0.07

May 21 , 2019

25,000,000

$0.07

Jun19 , 2019

20,000,000

$0.055

Jul 17, 2019

344,598,075

$0.05

Between Jan 15, 2017 and Feb 19, 2021 13

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Management Updates With the goal of improving governance, the Board has implemented several measures to enhance the transparency and accountability of company operations including: • creating a compensation committee and expanding the audit committee • strengthening technical and commercial management • reviewing all opportunities in the area (no agreements have been reached with any parties)

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