Range Royalty Management Ltd

Range Royalty Limited Partnership (Range LP) was formed in 2005 to invest in petroleum and natural gas royalty interests and fee title lands. Pursuant to the limited partnership agreement, Range LP does not own any working interest in petroleum and natural gas production and does not own or operate any plants or facilities. Accordingly, we do not incur operating costs or liabilities for site restoration and abandonments costs. Once our royalty position is established, capital spent on our royalty lands is incurred by the operating companies. The management of Range LP is the duty of its general partner, Range Royalty Management Ltd. Our business strategy is to provide unitholder returns through quarterly cash distributions and asset growth. We build our royalty assets by acquiring existing royalty interests and creating new royalty interests by funding the purchase of prospective undeveloped acreage or participating in property acquisitions in exchange for gross overriding royalty interests. As well, we pursue opportunities to acquire additional fee title lands and encourage drilling activities on our lands. These business development activities are complemented by the efforts of our administrative staff who ensure that royalties are received on a timely basis and are paid in accordance with the terms of the various royalty contracts. The quarterly distribution paid to investors is based on a percentage of the cash flow generated by these royalty assets.