Range Resources Updates on Financial and Hedge Positions

Range Resources has provided an update of its financial position including its year-end debt balance, liquidity and current hedge position.

At December 31, 2009, Range had $1.71 billion of total debt, $83 million less than at year-end 2008. Debt at year-end 2009 included $1.38 billion of 10-year subordinated notes and $324 million of bank debt. Range has a current revolving bank credit facility borrowing base of $1.50 billion and a binding credit facility commitment of $1.25 billion. At year-end 2009, Range had $926 million of liquidity under the bank credit facility. The first maturity of the subordinated notes occurs in 2013, while Range's bank credit facility matures in late 2012.

For 2010, Range currently has 69% of its anticipated natural gas production hedged at an average floor price of $5.53 per mbtu and average cap price of $7.33 per mbtu. For 2011, Range currently has 12% of its anticipated natural gas production hedged at an average floor of $6.00 per mbtu and an average cap of $7.50 per mbtu. All of Range’s hedges are simple collars and contain no knockout provisions.

John Pinkerton, Chairman and CEO of Range Resources, commented, "In 2009, many companies inside and outside of our industry were forced to restructure by issuing significant amounts of equity or by selling all or part of their highest quality assets. At Range, 2009 was a banner year as we decreased our debt outstanding, substantially increased our liquidity and issued only a minimal amount of equity, primarily for additional acreage in the Marcellus Shale play. We strengthened our financial position, while at the same time we achieved double-digit production growth and drove down both finding cost and operating cost per unit. Most importantly, in 2009, we materially increased the resource potential per share by de-risking more of our acreage position and by maintaining our ownership percentage in our key projects. Entering 2010, we are well-positioned to continue to deliver per share value for our shareholders."



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