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Range Announces Second Quarter Results

July 24, 2008

RANGE RESOURCES CORPORATION (NYSE: RRC) today announced second quarter results. Range reported its 22nd consecutive quarter of sequential production growth with 381 Mmcfe per day reported for the second quarter. Production increased 22% versus the prior year and 3% over first quarter results. The increase was driven by exceptional drilling results across the Company’s core properties, which more than offset significant gas curtailments. Oil and gas sales, including cash-settled derivatives, a non-GAAP measure, reached $313 million, a 42% increase over the prior year. Cash flow from operations before changes in working capital, a non-GAAP measure, rose 41% to $221 million. The reported net loss of $35 million included non-cash charges of $164 million for the mark-to-market accounting on open commodity derivatives, $16 million of non-cash stock expense and a $1 million loss on property sales. Adjusting for these items, net income comparable to analyst estimates was $75 million, or diluted earnings per share of $0.48, 17% greater than the prior year (see the accompanying tables reconciling these non-GAAP measures). The Company’s cash flow for the quarter equaled the average of analyst estimates. The adjusted earnings per share of $0.48 were less than the $0.54 average analyst estimate due to the reduction in leasehold value from expiring acreage.

Commenting on the announcement, John Pinkerton, Range’s President and CEO, said, “Despite pipeline curtailments that averaged 18.5 Mmcfe per day for the quarter in the Barnett Shale play, our operations teams did a tremendous job driving up production to achieve our 22nd consecutive quarter of sequential production growth. We continue to be on track to achieve our 19% production growth target for the year. Our diversified portfolio of quality drilling projects and our highly focused operating teams are the keys to our success. Importantly, we continue to make solid progress with our emerging plays, building infrastructure, drilling successful delineation wells and increasing our acreage positions. Looking forward, we are extremely well positioned, as our multi-year drilling program is generating excellent returns and our emerging plays provide the opportunity for sustained double digit growth for many years to come.”

For the quarter, production totaled 381 Mmcfe per day, comprised of 304 Mmcf per day of gas (80%) and 12,795 barrels per day of oil and liquids. Wellhead prices, including cash-settled derivatives, averaged $9.03 per mcfe, a 17% increase over the prior-year period. The average gas price was $8.46 per mcf, a 16% increase, and the average oil price rose 21% to $72.34 a barrel. If the mark-to-market of the Company’s open commodity derivatives were valued as of the close of the market today, the $164 million mark-to-market loss would be completely eliminated.

Direct operating expenses for the quarter were $1.05 per mcfe, $0.20 per mcfe higher than the prior-year quarter and $0.09 greater than the first quarter of 2008. Second quarter direct operating costs were $0.09 higher due to workovers and other activities focused on overcoming the shut-in production. Exploration expense in the second quarter totaled $18 million, up from $11 million in the prior-year quarter due primarily to higher seismic expenditures. General and administrative expenses were $0.49 per mcfe, an increase of $0.05 from the prior-year quarter and $0.11 higher than the first quarter of 2008 due to higher personnel costs, in particular, those incurred in anticipation of the ramp up of Marcellus Shale drilling and production which will not be realized until early 2009. Interest expense rose to $24 million compared to $18 million in the prior-year quarter, due to higher debt outstanding and the refinancing of floating bank debt to longer term fixed rate debt. Depreciation, depletion and amortization rose to $2.24 per mcfe, versus $1.81 in the prior-year quarter due to higher depletion rates and valuation adjustments to the Company’s growing leasehold inventory. Depreciation, depletion and amortization was $0.12 higher than the Company’s guidance for the quarter due to $0.15 of leasehold amortization, due primarily to expiring acreage.

Second quarter development and exploration expenditures totaled $218 million, funding the drilling of 180 (136 net) wells and 18 (11 net) recompletions. A 99% success rate was achieved with 178 (135 net) wells productive. In the first six months, 264 (200 net) of the newly drilled wells had been placed on production, with the remainder in various stages of completion or waiting on pipeline connection. In addition, $45 million was spent on acreage, $11 million on expanding gas gathering systems and $23 million on property acquisitions. Drilling activity in the third quarter remains high with 30 rigs currently running. During the second quarter, Range also continued to expand several of its key drilling areas and emerging plays as 150,000 acres of new leasehold were acquired or under contract.

During the second quarter 2008, Range’s Appalachian division continued to focus on its key coal bed methane and shale drilling projects in Virginia with 64 wells drilled. In the Nora field in Virginia, the division drilled 37 coal bed methane wells on 60-acre spacing and eight infill wells on 30-acre spacing. In addition, Range drilled 17 tight gas sand wells in Nora during the quarter, achieving higher than expected initial production results. The initial horizontal Huron Shale well drilled in late 2007 continues to produce in line with expectations, and the first two horizontal shale wells drilled in 2008 of a 10-well program planned had initial in-line production rates of 1.2 and 0.5 Mmcfe per day. Due to mechanical problems, the lower-rate well had a shorter lateral, but given the length, the rate appears to be proportional. If the Huron program is successful, it will de-risk about 1.5 Tcf of net gas reserves to Range by year-end. The Nora area is one of the largest coal bed methane accumulations in the Appalachian Basin with more than 1,800 producing CBM wells and more than 2,400 remaining locations to be drilled based on 60-acre spacing. If downspacing of coal bed methane and tight gas sand wells are included, the number of remaining locations could exceed 6,000 excluding the shale development.

In the Appalachian Basin Marcellus Shale play, the Company continues its delineation drilling and leasing efforts. At the May update, our acreage position in the Marcellus trend totaled 1.15 million net acres with 700,000 net acres considered very prospective. This position has since expanded to 1.4 million net acres, of which approximately 850,000 acres have been high-graded for further evaluation. Currently, we have three rigs drilling Marcellus Shale wells with plans to add two fit-for-purpose rigs in 2009. Preliminary planning for 2009 includes increasing to eight rigs. To date, 25 horizontal shale wells have been drilled, of which 22 have been completed. During the second quarter, Range completed seven horizontal shale wells in the Marcellus which had initial production rates averaging 4.9 Mmcfe per day. Three of these horizontal wells were significant “step-outs” which have proven up additional acreage. The 4.9 Mmcfe per day average test rate for the most recent seven wells compares to 4.1 Mmcfe per day for the 10 previously announced horizontal wells. Based on the results to date, Range estimates that the gross average reserves per horizontal well are in the range of 3 to 4 Bcfe. In a development mode, Range anticipates that a typical Marcellus horizontal well will cost $3 to $4 million. Based on results to date, estimated finding and development costs range from $0.90 to $1.60 per mcfe. Range has revised upward its estimate of the unrisked reserve potential of its leasehold position to 15 to 22 Tcfe. The Company also recently announced a midstream and infrastructure agreement with MarkWest Energy Partners, L.P. to construct and operate pipelines and processing facilities. Range has secured firm transportation capacity on interstate carriers totaling 150 Mmcf per day and expects to expand this capacity as the play develops. Production will be phased in, but is expected to reach 30 Mmcfe per day in the first quarter of 2009. Parties wishing to lease their property should call Range’s land department in Pittsburgh at 724-743-6700.

In the North Texas Fort Worth Basin, the second quarter was highlighted by the completion of four new wells with combined test rates of 33 (25 net) Mmcfe per day. While production for the quarter was severely impacted by pipeline curtailments, two pipeline expansion projects by third parties are anticipated to be completed late in the third and fourth quarters. In Hood County, we have significantly reduced our drilling and completion costs. Our most recent three wells took 10 days from spud to rig release and will be completed for approximately $1.6 million per well, providing excellent finding and development costs of about $0.80 per mcfe. Additional testing in Ellis and Hill counties is continuing. Production from the Moore #2 in Ellis County is nearly identical to the Moore #1 well (approximately 1.5 Mmcfe per day) but was drilled in significantly less time. A third well is planned using a different completion technique in an attempt to improve well economics. In Hill County, we continue to devise and test different completion techniques. Encouragingly, our most recent well is producing 2.4 Mmcfe per day.

Second quarter activity for the Midcontinent division included the drilling of 24 (21 net) wells with a 96% success rate. Texas Panhandle Granite Wash drilling resulted in three completions with combined rates of 5.9 (4.0 net) Mmcfe per day. One additional well is awaiting pipeline connection, and two wells are flowing back fracture stimulations prior to connection. The Ardmore Basin Woodford play also encountered positive results. A horizontal Woodford well was turned to sales flowing 3.0 (1.2 net) Mmcfe per day. Three additional Woodford completions are expected to commence sales within the next few weeks. Drilling activity also continues in the deep Anadarko Basin, Watonga/Chickasha Trend, and the northern Oklahoma shallow play with one rig remaining active in each area. Over 98 (80 net) wells are planned for the Midcontinent region in 2008. In the Gulf Coast division, the Thornhill #3, located in Mississippi, targeting a Hosston sand recently came online and is producing 5.0 (3.6 net) Mmcfe per day.

Conference Call Information

The Company will host a conference call on Thursday, July 24 at 1:00 p.m. ET to review these results. To participate in the call, please dial 877-407-8035 and ask for the Range Resources second quarter financial results conference call. A replay of the call will be available through July 31 at 877-660-6853. The account number is 286 and the conference ID for the replay is 291380. Additional financial and statistical information about the period not included in this release but to be presented in the conference call will be available on our home page at www.rangeresources.com.

A simultaneous webcast of the call may be accessed over the Internet at www.rangeresources.com or www.vcall.com. To listen, please go to either website in time to register and install any necessary software. The webcast will be archived for replay on the Company’s website for 15 days.

Non-GAAP Financial Measures and Supplemental Tables:

Second quarter 2008 results included several non-cash items. A $164 million non-cash mark-to-market loss on unrealized derivatives, a $7 million expense recorded for the mark-to-market in the deferred compensation plan, a $1 million loss from property sales and $9 million of non-cash stock compensation expense were recorded. Excluding these items, net income would have been $75 million or $0.50 per share ($0.48 fully diluted). Excluding similar non-cash items from the prior-year quarter, net income would have been $61 million or $0.42 per share ($0.41 fully diluted). By excluding these non-cash items from our earnings, we believe we present our earnings in a manner consistent with the presentation used by analysts in their projection of the Company’s earnings (see accompanying table for calculation of these non-GAAP measures).

Range has reclassified within total revenues its financial reporting of the cash settlement of its commodity derivatives. Under this presentation those hedges considered “effective” under SFAS No. 133 (Appalachia oil and gas hedges and Southwest oil hedges) are included in “Oil and gas sales” when settled. For those hedges designated to regions where the historical correlation between NYMEX and regional prices is “non-highly effective” (Southwest gas) or is “volumetric ineffective” due to sale of the underlying reserves (Gulf Coast oil and gas), they are deemed to be “derivatives” and the cash settlements are included in a separate line item shown as “Derivative fair value income (loss)” in Form 10-Q along with the change in mark-to-market valuations of such unrealized derivatives. The Company has provided additional information regarding oil and gas sales in a supplemental table included with this release, which would correspond to amounts shown by analysts for oil and gas sales realized, including cash-settled derivatives.

Under GAAP, due to the sale of all the Company’s Gulf of Mexico properties at the end of the first quarter of 2007, all Gulf of Mexico operations during the first quarter 2007 were reclassified to “Discontinued operations” in the reported GAAP financial statements. The Company has presented a supplemental table which reconciles these reported GAAP financial amounts to the amounts if the operations of the Gulf of Mexico properties for the 2007 period were combined with the amounts from the continuing operations. The Company believes that the combined results, by including the Gulf of Mexico properties, corresponds to the methodology used by professional research analysts and, therefore, are useful in evaluating operational trends of the Company and its actual historical performance relative to other oil and gas producing companies by investors in making investment decisions (see the reconciliation of reported continuing operations under GAAP to the combined operations, a non-GAAP presentation in the accompanying table).

“Cash flow from operations before changes in working capital” as defined in this release represents net cash provided by operations before changes in working capital and exploration expense adjusted for certain non-cash compensation items. Cash flow from operations before changes in working capital is widely accepted by the investment community as a financial indicator of an oil and gas company’s ability to generate cash to internally fund exploration and development activities and to service debt. Cash flow from operations before changes in working capital is also useful because it is widely used by professional research analysts in valuing, comparing, rating and providing investment recommendations of companies in the oil and gas exploration and production industry. In turn, many investors use this published research in making investment decisions. Cash flow from operations before changes in working capital is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operations, investing, or financing activities as an indicator of cash flows, or as a measure of liquidity. A table is included which reconciles net cash provided by operations to cash flow from operations before changes in working capital as used in this release. On its website, the Company provides additional comparative information on prior periods.

RANGE RESOURCES CORPORATION (NYSE: RRC) is an independent oil and gas company operating in the Southwestern, Appalachian and Gulf Coast regions of the United States.

Except for historical information, statements made in this release, including those relating to anticipated reserve potential, production, drilling results, capital expenditures, the number of wells to be drilled, future realized prices and financial results are forward-looking statements as defined by the Securities and Exchange Commission. These statements are based on assumptions and estimates that management believes are reasonable based on currently available information; however, management’s assumptions and the Company’s future performance are subject to a wide range of business risks and uncertainties and there is no assurance that these goals and projections can or will be met. Any number of factors could cause actual results to differ materially from those in the forward-looking statements, including, but not limited to, the volatility of oil and gas prices, the costs and results of drilling and operations, the timing of production, mechanical and other inherent risks associated with oil and gas production, weather, the availability of drilling equipment, changes in interest rates, litigation, uncertainties about reserve estimates, and environmental risks. The Company undertakes no obligation to publicly update or revise any forward-looking statements. Further information on risks and uncertainties is available in the Company’s filings with the Securities and Exchange Commission, which are incorporated herein by reference.

Range’s internal estimates of reserves may be subject to revision and may be different from estimates by our external reservoir engineers at year-end. Although we believe the expectations and forecasts reflected in these and other forward-looking statements are reasonable, we can give no assurance they will prove to have been correct. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. The Securities and Exchange Commission permits oil and gas companies, in filings made with the Securities and Exchange Commission, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms, such as “probable,”"possible,”"potential” or “unproven,” that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. These estimates are by their nature more speculative than estimates of proved reserves and accordingly are subject to substantially greater risk of being actually realized by the Company. While we believe our calculations of unproven drill sites and estimation of unproven or potential reserves are reasonable, such calculations and estimates have not been reviewed by third-party engineers. Investors are urged to consider closely the disclosure in our most recent Annual Report on Form 10-K, available from our website at www.rangersources.com or by written request to 100 Throckmorton Street, Suite 1200, Fort Worth, Texas 76102. You can also obtain this form from the SEC by calling 1-800-SEC-0330.

 RANGE RESOURCES CORPORATION -------------------------------------------------------------------  STATEMENTS OF INCOME Based on GAAP reported earnings with additional details of items included Three Months Ended June 30, Six Months Ended June in each line                                         30, in Form 10-Q --------------------------------------------------- (Unaudited, in thousands, except per share data)     2008     2007              2008     2007 -------------------        -------------------  Revenues Oil and gas sales (a)      $ 347,622 $213,896         $ 655,006 $407,212 Cash-settled derivative gain (a)(c)    (34,962)   7,695           (20,259)  31,405 Transportation and gathering      1,335      612             2,591      889 Transportation and gathering - non-cash stock compensation (b)                 (111)    (101)             (238)    (194) Change in mark-to- market on unrealized derivatives (c)           (164,006)  20,322          (299,227) (45,789) Ineffective hedging gain (loss) (c)         558      749            (2,691)     530 Gain (loss) on sale of properties (d)               (633)      17            20,047       20 Other (d)           274      324               186    2,282 -------------------        ------------------- $ 150,077 $243,514  -38%   $ 355,415 $396,355  -10% -------------------        -------------------  Expenses Direct operating         36,517   24,345            68,889   49,362 Direct operating - non-cash stock compensation (b)                  711      471             1,289      868 Production and ad valorem taxes             16,056   11,230            29,896   21,642 Exploration        18,443   10,806            33,947   21,777 Exploration - non-cash stock compensation (b)                1,019      919             2,108    1,658 General and administrative    16,973   12,468            29,774   23,512 General and administrative - non-cash stock compensation (b)                6,965    5,370            11,576    9,004 Deferred compensation plan (e)           7,539    9,334            28,150   20,581 Interest           23,842   17,573            46,988   36,421 Depletion, depreciation and amortization      77,463   51,465           149,033   98,797 -------------------        ------------------- 205,528  143,981   43%     401,650  283,622   42% -------------------        -------------------  Income from continuing operations before income taxes            (55,451)  99,533 -156%     (46,235) 112,733 -141%  Income taxes Current               949     (101)            1,835      283 Deferred          (21,818)  34,449           (15,228)  38,896 -------------------        ------------------- (20,869)  34,348           (13,393)  39,179 -------------------        -------------------  Income from continuing operations       (34,582)  65,185 -153%     (32,842)  73,554 -145%  Discontinued operations, net of taxes         -     (979)                -   63,789 -------------------        -------------------  Net income      $ (34,582)$ 64,206 -154%   $ (32,842)$137,343 -124% ===================        =================== Basic Income from continuing operations   $   (0.23)$   0.45         $   (0.22)$   0.52 Discontinued operations           -    (0.01)                -     0.45 -------------------        ------------------- Net income    $   (0.23)$   0.44 -152%   $   (0.22)$   0.97 -121% ===================        ===================  Diluted Income from continuing operations   $   (0.23)$   0.43         $   (0.22)$   0.50 Discontinued operations           -        -                 -     0.44 -------------------        ------------------- Net income    $   (0.23)$   0.43 -154%   $   (0.22)$   0.94 -121% ===================        ===================  Weighted average shares outstanding, as reported Basic           150,772  145,169    4%     149,215  141,644    5% Diluted         150,772  150,182    0%     149,215  146,616    2%  (a)See separate oil and gas sales information table. (b)Costs associated with FASB 123R which have been reflected in the categories associated with the direct personnel costs. (c)Included in Derivative fair value income in 10-Q. (d)Included in Other revenues in the 10-Q. (e)Reflects the change in the market value of the vested Company stock and, in the prior year, other investments during the period held in the deferred compensation plan. 

 RANGE RESOURCES CORPORATION -------------------------------------------------------------------  STATEMENTS OF INCOME Restated for Gulf    Three of Mexico           Months Discontinued         Ended        Three Months Ended June 30, June 30,   ------------------------------------- Operations, a non-    2008 GAAP Presentation               2007         GOM          2007 (Unaudited, in                   As        Discontinued   Including thousands)                    reported     Operations       GOM ---------- ----------  -------------  ----------  Revenues Oil and gas sales (a)             $ 347,622   $213,896        $  (932)   $212,964 Cash-settled derivative gain (a)                 (34,962)     7,695              -       7,695 Transportation and gathering       1,335        612            (58)        554 Transportation and gathering - stock based compensation         (111)      (101)             -        (101) Change in mark-to- market on unrealized derivatives        (164,006)    20,322              -      20,322 Ineffective hedging gain (loss)             558        749              -         749 Equity method investment              294        385              -         385 Gain (loss) on sale of properties          (633)        17              -          17 Interest and other       (20)       (61)            (1)        (62) ----------  ----------      ---------  --------- 150,077    243,514           (991)    242,523 ----------  ----------      ---------  ---------  Expenses Direct operating    36,517     24,345            108      24,453 Direct operating - stock based compensation          711        471              -         471 Production and ad valorem taxes      16,056     11,230              -      11,230 Exploration         18,443     10,806              -      10,806 Exploration - stock based compensation        1,019        919              -         919 General and administrative     16,973     12,468             47      12,515 General and administrative - stock based compensation        6,965      5,370              -       5,370 Non-cash compensation deferred compensation plan                7,539      9,334              -       9,334 Interest expense    23,842     17,573              -      17,573 Depletion, depreciation and amortization       77,463     51,465              -      51,465 ----------  ----------      ---------  --------- 205,528    143,981            155     144,136 ----------  ----------      ---------  ---------  Income from continuing operations before income taxes        (55,451)    99,533         (1,146)     98,387  Income taxes provision Current                949       (101)             -        (101) Deferred           (21,818)    34,449           (401)     34,048 ----------  ----------      ---------  --------- (20,869)    34,348           (401)     33,947 ----------  ----------      ---------  ---------  Income from continuing operations          (34,582)    65,185           (745)     64,440  Discontinued operations - Austin Chalk, net of tax              -       (234)             -        (234) Discontinued operations - Gulf of Mexico, net of tax              -       (745)           745           - ----------  ----------      ---------  ---------  Net income         $ (34,582)  $ 64,206        $     -    $ 64,206 ==========  ==========      =========  =========  OPERATING HIGHLIGHTS (Unaudited)  Average Daily Production Oil (bbl)            9,111      9,688              -       9,688 Natural gas liquids (bbl)       3,684      3,081              -       3,081 Gas (mcf)          303,879    236,418              -     236,418 Equivalents (mcfe) (b)        380,651    313,036              -     313,036  Average Prices Realized (c) Oil (bbl)        $   72.34   $  60.01        $     -    $  60.01 Natural gas liquids (bbl)   $    8.46   $  40.31        $     -    $  40.31 Gas (mcf)        $   56.12   $   7.32        $     -    $   7.32 Equivalents (mcfe) (b)      $    9.03   $   7.78        $     -    $   7.78  Direct Operating Costs per mcfe (d) Field expenses   $    0.95   $   0.78        $     -    $   0.79 Workovers        $    0.10   $   0.07        $     -    $   0.07 ----------  ----------      ---------  --------- Total operating costs             $    1.05   $   0.85        $     -    $   0.86 ==========  ==========      =========  =========  (a)See separate oil and gas sales information table. (b)Oil and natural gas liquids are converted to gas equivalents on a basis of six mcf per barrel. (c)Average prices, including all cash-settled derivatives. (d)Excludes non-cash stock compensation. 

 RANGE RESOURCES CORPORATION ----------------------------------------------------------------------  STATEMENTS OF INCOME Restated for Gulf of       Six Mexico Discontinued      Months      Six Months Ended June 30, Ended   --------------------------------- Operations, a non-GAAP   June 30, Presentation              2008     2007       GOM         2007 (Unaudited, in                       As     Discontinued  Including thousands)                        reported  Operations      GOM -------------------------------- ---------- Revenues Oil and gas sales (a) $ 655,006 $407,212      $ 9,938  $417,150 Cash-settled derivative gain (a)    (20,259)  31,405            -    31,405 Transportation and gathering                2,591      889           10       899 Transportation and gathering - stock based compensation        (238)    (194)           -      (194) Change in mark-to-market on unrealized derivatives             (299,227) (45,789)           -   (45,789) Ineffective hedging gain (loss)             (2,691)     530            -       530 Equity method investment                  19      796            -       796 Gain (loss) on sale of properties              20,047       20            -        20 Interest and other          167    1,486           (1)    1,485 -------------------------------- ---------- 355,415  396,355        9,947   406,302 -------------------------------- ----------  Expenses Direct operating         68,889   49,362        2,477    51,839 Direct operating - stock based compensation             1,289      868            -       868 Production and ad valorem taxes           29,896   21,642          105    21,747 Exploration              33,947   21,777            -    21,777 Exploration - stock based compensation       2,108    1,658            -     1,658 General and administrative          29,774   23,512           47    23,559 General and administrative - stock based compensation            11,576    9,004            -     9,004 Non-cash compensation deferred compensation plan                    28,150   20,581            -    20,581 Interest expense         46,988   36,421          594    37,015 Depletion, depreciation and amortization           149,033   98,797        3,325   102,122 -------------------------------- ---------- 401,650  283,622        6,548   290,170 -------------------------------- ----------  Income from continuing operations before income taxes             (46,235) 112,733        3,399   116,132  Income taxes provision Current                   1,835      283            -       283 Deferred                (15,228)  38,896        1,190    40,086 -------------------------------- ---------- (13,393)  39,179        1,190    40,369  Income from continuing operations               (32,842)  73,554        2,209    75,763  Discontinued operations - Austin Chalk, net of tax            -     (539)           -      (539) Discontinued operations - Gulf of Mexico, net of tax           -   64,328       (2,209)   62,119 -------------------------------- ----------  Net income              $ (32,842)$137,343      $     -  $137,343 ================================ ==========  OPERATING HIGHLIGHTS (Unaudited)  Average Daily Production Oil (bbl)                 8,702    9,503          214     9,717 Natural gas liquids (bbl)                    3,559    3,058            -     3,058 Gas (mcf)               302,065  227,669        5,267   232,936 Equivalents (mcfe) (b)  375,628  303,039        6,555   309,594  Average Prices Realized (c) Oil (bbl)             $   71.34 $  58.05      $ 58.17  $  58.07 Natural gas liquids (bbl)                $   54.16 $  35.29      $     -  $  35.29 Gas (mcf)             $    8.85 $   7.75      $  9.03  $   7.75 Equivalents (mcfe) (b)$    9.28 $   8.00      $  9.16  $   8.00  Direct Operating Costs per mcfe (d) Field expenses        $    0.93 $   0.84      $  2.01  $   0.87 Workovers             $    0.08 $   0.06      $  0.35  $   0.06 -------------------------------- ---------- Total operating costs   $    1.01 $   0.90      $  2.36  $   0.93 ================================ ==========  (a)See separate oil and gas sales information table. (b)Oil and natural gas liquids are converted to gas equivalents on a basis of six mcf per barrel. (c)Average prices, including all cash-settled derivatives. (d) Excludes non-cash stock compensation. 

 RANGE RESOURCES CORPORATION ---------------------------------------------------------------  BALANCE SHEETS (Audited, in thousands) June 30,    December 31, 2008           2007 ------------  -------------- Unaudited Assets Current assets                    $   436,508    $    208,796 Current unrealized derivative gain                                   1,603          53,018 Oil and gas properties              4,162,448       3,503,808 Transportation and field assets        71,263          61,126 Unrealized derivative gain,             3,218           1,082 Other                                 204,616         188,678 ------------  -------------- $ 4,879,656    $  4,016,508 ============  ==============  Liabilities and Stockholders' Equity Current liabilities               $   346,413    $    273,073 Current asset retirement obligation                             1,609           1,903 Current unrealized derivative loss                                 524,354          30,457  Bank debt                             206,000         303,500 Subordinated notes                  1,097,356         847,158 ------------  -------------- Total long-term debt        1,303,356       1,150,658 ------------  --------------  Deferred taxes                        535,575         590,786 Unrealized derivative loss            214,111          45,819 Deferred compensation liability       149,537         120,223 Long-term asset retirement obligation and other                  80,846          75,567  Common stock and retained earnings                           2,008,617       1,760,181 Treasury stock                        (5,334)         (5,334) Other comprehensive loss            (279,428)        (26,825) ------------  -------------- Total stockholders' equity                     1,723,855       1,728,022 ------------  -------------- $ 4,879,656    $  4,016,508 ============  ============== 

 RANGE RESOURCES CORPORATION ----------------------------------------------------------------------  CASH FLOWS FROM OPERATIONS (Unaudited, in thousands)    Three Months Ended   Six Months Ended June 30,           June 30, ------------------- ------------------- 2008      2007      2008      2007 --------- --------- --------- ---------  Net income                     $(34,582) $  64,206 $(32,842) $ 137,343 Adjustments to reconcile net income to net cash provided by operations: Income from discontinued operations                          -       979         -  (63,789) Gain from equity investment      (294)     (385)      (19)     (796) Deferred income tax expense (benefit)                    (21,818)    34,449  (15,228)    38,896 Depletion, depreciation and amortization                   77,463    51,465   149,033    98,797 Exploration dry hole costs       4,288     4,490     9,256     8,898 Mark-to-market losses on oil and gas derivatives not designated as hedges          164,006  (20,322)   299,227    45,789 Ineffective hedging (gain) loss                            (558)     (749)     2,691     (530) Amortization of deferred financing costs and other         859       550     1,488     1,076 Deferred and stock-based compensation                   16,390    16,252    43,601    32,689 (Gain) loss on sale of assets and other                  496        67  (19,972)       119  Changes in working capital: Accounts receivable          (63,301)  (19,786)  (94,657)  (27,179) Inventory and other          (31,117)     2,520  (29,839)       260 Accounts payable               20,927    40,427    22,384   (8,484) Accrued liabilities             5,800     8,249     9,739     3,385 --------- --------- --------- --------- Net changes in working capital  (67,691)    31,410  (92,373)  (32,018) --------- --------- --------- --------- Net cash provided from continuing operations         $ 138,559 $ 182,412 $ 344,862 $ 266,474 ========= ========= ========= ========= 

 RECONCILIATION OF CASH FLOWS, a non-GAAP measure (Unaudited, in thousands)     Three Months Ended  Six Months Ended June 30,           June 30, ------------------ ------------------- 2008     2007      2008      2007 -------- --------- --------- ---------  Net cash provided from continuing operations, as reported                       $138,559 $182,412  $344,862  $266,474  Net change in working capital   67,691  (31,410)   92,373    32,018  Exploration expense             14,155    6,316    24,691    12,879  Cash flow from Gulf of Mexico properties                          -   (1,134)        -     6,724  Other                              277      244      (405)      273 -------- --------- --------- ---------  Cash flow from operations before changes in working capital, non-GAAP measure      $220,682 $156,428  $461,521  $318,368 ======== ========= ========= =========    ADJUSTED WEIGHTED AVERAGE SHARES OUTSTANDING (Unaudited, in thousands)     Three Months Ended  Six Months Ended June 30,           June 30, ------------------ ------------------- 2008      2007      2008      2007 -------- --------- --------- ---------  Basic: Weighted average shares outstanding                    153,203   146,214   151,565   142,733 Stock held by deferred compensation plan               (2,431)   (1,045)   (2,350)   (1,089) -------- --------- --------- --------- 150,772   145,169   149,215   141,644 ======== ========= ========= =========  Dilutive: Weighted average shares outstanding                    153,203   146,214   151,565   142,733 Dilutive stock options under treasury method                 (2,431)    3,968    (2,350)    3,883 -------- --------- --------- --------- 150,772   150,182   149,215   146,616 ======== ========= ========= ========= 

 RANGE RESOURCES CORPORATION ----------------------------------------------------------------------  OIL AND GAS SALES INFORMATION A Non-GAAP Measure Including Gulf of Mexico Discontinued Operations (Unaudited, in thousands,       Three Months Ended           Six Months Ended except per unit       June 30,                    June 30, data) --------------------- ----------------------------- 2008       2007           2008       2007 ---------- ----------     ---------- ----------  Oil and gas sales components: Oil sales           $99,715    $54,840       $171,134   $104,062 NGL sales            18,812     11,303         35,079     19,532 Gas sales           279,054    148,670        493,570    283,603  Cash-settled hedges (effective): Crude oil          (33,033)    (1,936)       (48,425)    (1,948) Natural gas        (16,926)         87          3,648     11,901 ---------- ----------     ---------- ---------- Total oil and gas sales, as reported            $347,622   $212,964 63%   $655,006   $417,150 57% ========== ==========     ========== ==========  Derivative fair value income (loss) components: Cash-settled derivatives (ineffective): Crude oil          $(6,705)         $4       $(9,725)         $4 Natural gas        (28,257)      7,691       (10,534)     31,401  Change in mark- to-market on unrealized derivatives      (164,006)     20,322      (299,227)   (45,789) Unrealized ineffectiveness        558        749        (2,691)        530 ---------- ----------     ---------- ---------- Total derivative fair value income (loss), as reported          $(198,410)    $28,766     $(322,177)  $(13,854) ========== ==========     ========== ==========  Oil and gas sales, including cash- settled derivatives: Oil sales           $59,977    $52,908       $112,984   $102,118 Natural gas liquid sales        18,812     11,303         35,079     19,532 Gas sales           233,871    156,448        486,684    326,905 ---------- ----------     ---------- ---------- Total                $312,660   $220,659 42%   $634,747   $448,555 42% ========== ==========     ========== ==========  Production during the period: Oil (bbl)           829,144    881,641 -6%  1,583,689  1,758,995-10% Natural gas liquid (bbl)       335,231    280,407 20%    647,731    553,537 17% Gas (mcf)        27,653,005 21,514,007 29% 54,975,779 42,161,397 30% Equivalent (mcfe) (a)      34,639,255 28,486,295 22% 68,364,299 56,036,589 22%  Production - average per day: Oil (bbl)             9,111      9,688 -6%      8,702      9,717-10% Natural gas liquid (bbl)         3,684      3,081 20%      3,559      3,058 16% Gas (mcf)           303,879    236,418 29%    302,065    232,936 30% Equivalent (mcfe) (a)         380,651    313,036 22%    375,628    309,594 21%  Average prices realized, including cash- settled hedges and derivatives: Crude oil (per bbl)                $72.34     $60.01 21%     $71.34     $58.07 23% Natural gas liquid (per bbl)                $56.12     $40.31 39%     $54.16     $35.29 53% Gas (per mcf)         $8.46      $7.27 16%      $8.85      $7.75 14% Equivalent (per mcfe) (a)            $9.03      $7.75 17%      $9.28      $8.00 16%  (a) Oil and natural gas liquids are converted to gas equivalents on a basis of six mcf per barrel. 

 RANGE RESOURCES CORPORATION ---------------------------------------------------------------------- RECONCILIATION OF INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AS REPORTED TO INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES EXCLUDING CERTAIN NON-CASH ITEMS, a non-GAAP measure (Unaudited, in thousands,        Three Months Ended        Six Months Ended except per share       June 30,                 June 30, data) ------------------------- ------------------ ----- 2008       2007            2008     2007 ---------- -------------- ------------------ -----  As reported         $(55,451)   $99,533 -156% $(46,235) $112,733 -141% Adjustment for certain non-cash items (Gain) loss on sale of properties             633      (17)        (20,047)     (20) Gulf of Mexico - discontinued operations               -   (1,133)               -    3,399 Change in mark- to-market on unrealized derivatives        164,006  (20,322)         299,227   45,789 Ineffective hedging (gain) loss                 (558)     (749)           2,691    (530) Transportation and gathering - non-cash stock compensation           111       101             238      194 Direct operating - non-cash stock compensation           711       471           1,289      868 Exploration expenses - non- cash stock compensation         1,019       919           2,108    1,658 General & administrative - non-cash stock compensation         6,965     5,370          11,576    9,004 Deferred compensation plan - non-cash stock compensation         7,539     9,334          28,150   20,581 ---------  ---------      ------------------  As adjusted           124,975    93,507   34%   278,997  193,676   44%  Income taxes, adjusted Current                 949     (101)           1,835      283 Deferred             49,180    32,360         106,822   66,174 ---------  ---------      ------------------ Net income excluding certain items, a non-GAAP measure              $74,846   $61,248   22%  $170,340 $127,219   34% =========  =========      ==================  Non-GAAP earnings per share Basic                 $0.50     $0.42   19%     $1.14    $0.90   27% =========  =========      ================== Diluted               $0.48     $0.41   17%     $1.10    $0.87   26% =========  =========      ==================  Non-GAAP diluted shares outstanding   156,911   150,182    4%   155,333  146,616    6% =========  =========      ================== 

 HEDGING POSITION As of July 23, 2008                         Gas                       Oil -------------------------  ------------------------ (Unaudited)       Volume       Average      Volume       Average Hedged        Hedge       Hedged        Hedge (Mmbtu/d)      Prices      (Bbl/d)      Prices ---------  --------------  -------  ---------------  3Q-4Q 2008 Swaps     155,000      $8.73             -         - 3Q-4Q 2008 Collars    70,000  $7.73 - $10.36    9,000  $59.34 - $75.48  Calendar 2009 Swaps                70,000      $8.38             -         - Calendar 2009 Collars             150,000  $8.28 - $9.27     8,000  $64.01 - $76.00  Note: Details as to the Company's hedges are posted on its website and are updated periodically.