Range reports production record

Range Resources Corp. announced that its production for the second quarter 2010 reached a record level. Production for the second quarter averaged 472 Mmcfe per day, representing a 9% increase over the prior-year period. Adjusting for the sale of the Ohio properties, which closed at the end of March 2010, the second quarter production growth rate would have been 13%.

Second quarter 2010 production materially exceeded the Company's previous guidance of 450 to 455 Mmcfe per day. Due to the better than expected performance, Range was able to achieve its 30th consecutive quarter of sequential production growth. Driving the record level of production was higher production from all of the Company's divisions. In particular, production from the Marcellus Shale division saw the largest increase due to continued outstanding drilling results.

The Company also announced that preliminary second quarter 2010 oil and gas price realizations (including the impact of derivative settlements) averaged $5.07 per mcfe. This represents an 18% decrease from the prior-year period and a 9% decrease versus first quarter 2010. For the second half of 2010, 77% of anticipated natural gas production is hedged at an average floor price of $5.54 per mcf and for 2011, 51% is hedged at a $5.73 floor.

Second quarter drilling expenditures totaled approximately $240 million, funding the drilling of 87 (65.6 net) wells. A 97% success rate was achieved. For the first six months of the year, 159 (123.5 net) wells were drilled. At June 30, 53 (38.6 net) wells were in various stages of completion or waiting on pipeline connection. To date, Range has drilled 146 horizontal Marcellus wells, of which 29 are awaiting completion and four are awaiting pipeline hook up.