Range Makes Natural Gas Discovery in Gulf of Mexico

Range Resources Corporation reports that a successful exploratory well has been drilled at its Ship Shoal 28/35 prospect in the Gulf of Mexico. The well, which tested Pleistocene and Miocene objectives, was drilled to a measured depth of 15,237 feet (12,295 vertical feet), encountering 140 net feet of gas pay. The well known as Ship Shoal 28 #40, is currently being completed in the deepest of three intervals believed to be productive. The operator expects initial production in April. Range holds a 26.7% working interest (19.6% net revenue interest) in the well.

Simultaneously, the Company indicated that production from the West Cameron 45 discovery commenced December 16 after installation of a single well facility and a pipeline tie back to an existing platform. The well is currently producing 25.2 (5.0 net) Mmcf per day. Range was carried to casing point on the well and has a 25% working interest (20% net revenue interest) in it. As previously disclosed, the well was drilled to a total depth of 16,444 feet, encountering 59 net feet of gas productive sand.

Commenting, John H. Pinkerton, the Company's President, said, "With West Cameron 45 online, we expect to exit December at our highest production level of the year. Coupled with the Ship Shoal discovery and recent oil and gas prices, we will enter 2003 with considerable momentum."