Range Provides Bank Credit Facility Update

RANGE RESOURCES CORPORATION (NYSE: RRC) announced that its bank group recently reaffirmed its $1.5 billion borrowing base at the regularly scheduled semi-annual redetermination. Notwithstanding the $1.5 billion approved amount, Range elected to maintain the $1.25 billion commitment amount. The Range bank group consists of 26 financial institutions with no single bank holding more than 5% of the total commitment. There was no change in interest rates, fees or repayment terms. The credit facility maturity date remains October 2012. Under terms of the credit facility, the borrowing base is determined twice each year by the bank group utilizing bank estimates of reserves and future oil and gas prices. The next redetermination is scheduled for October 1, 2009.

Roger Manny, Range’s Executive Vice President and Chief Financial Officer, commented "We are pleased that our lending institutions have reaffirmed our existing borrowing base, acknowledging our continued drilling success, reserve growth and low cost structure. Range remains focused on exercising financial discipline and maintaining its financial flexibility. With one of the lowest cost structures in the industry and 81% of our 2009 natural gas production hedged at an average floor price of $7.62 per mcf, we are well-positioned to continue to record solid financial results in 2009 despite the lower commodity price environment.”

RANGE RESOURCES CORPORATION is an independent oil and gas company operating in the Southwest, Appalachian and Gulf Coast regions of the United States.

Except for historical information, statements made in this release, including those relating to anticipated financial results, future liquidity and liquidity needs are forward-looking statements. These statements are based on assumptions and estimates that management believes are reasonable based on currently available information; however, the Company’s future performance is subject to a wide range of business risks. Any number of factors could cause actual results to differ materially from those in the forward-looking statements, including 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 equipment, changes in financial markets, litigation 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 by reference.