Range Resources Commends Pennsylvania’s Improved Marcellus Regulatory Program and Industry Partnership

RANGE RESOURCES CORPORATION (NYSE: RRC) commends Pennsylvania Governor Edward G. Rendell and the Pennsylvania Department of Environmental Protection (DEP) for committing to develop an improved Marcellus Shale natural gas drilling regulatory program and permitting process. A major step includes the formation of a joint DEP and natural gas industry task force, specifically charged with developing new water management strategies and treatment technologies.

The newly approved permit fee increases supported by Range and the industry along with new permitting procedures and environmental guidelines will strengthen Pennsylvania’s already robust environmental protections and put Pennsylvania among the forefront of shale gas development in the country, create family-sustaining jobs, and promote economic development in the Commonwealth.

"The additional permit fees will help the DEP expand its resources to match increased activity in the Marcellus and focus their time and efforts on inspections and training of newly hired natural gas inspectors, water quality specialists, environmental engineers, and technical staff,” said Ray N. Walker Jr., Vice President of Range’s Marcellus Shale Division. "The industry and the state recognize that we have ample water resources for the development of the Marcellus Shale and our newly formed partnership will ensure the long-term development of Pennsylvania’s vast natural gas resources. While existing water treatment facilities in Pennsylvania can accommodate projected increased drilling levels for several years, the taskforce will examine and develop water management solutions for the future.”

The improved process provides more predictable permitting procedures similar to other national best practices. Companies will now be able to secure drilling permits and most other required approvals in 45 days by completing a basic application ensuring companies will adhere to Pennsylvania’s comprehensive regulatory guidelines. DEP staff will work closely with experts from the Susquehanna River Basin Commission (SRBC) to adopt SRBC best practice regulations regarding seasonal water withdrawal and storage.

John H. Pinkerton, Chairman and CEO of Range Resources, commented, "We commend Governor Rendell and acting DEP Secretary Hanger for advocating a regulatory environment in Pennsylvania that will ensure protection of the environment and the responsible development of the Marcellus Shale. As natural gas drilling becomes more competitive among states, these steps will ensure that Pennsylvania’s environment and economy emerge as the real winners by adopting a best-in-class regulatory program that is effective, well reasoned and predictable.”

The announcement of the revised regulatory program will have a positive impact on Pennsylvania’s economy. While Marcellus development is still in the early stage, many comparisons have been made to the Barnett Shale in Texas. A university study conducted by the Perryman Group found that the development of the Barnett has an annual economic impact that exceeds $10 billion and has created more than 100,000 new jobs.

Walker continued, "It’s Pennsylvania’s environment and economy that will see the greatest benefit from the revised regulatory program for Marcellus Shale development. By setting a consistent permitting and approval timeframe of 45 days, companies like Range Resources can more effectively plan operations in the state, which will foster the need for a permanent and skilled workforce to support the production of clean-burning natural gas in the Commonwealth.”

While Marcellus development is still in the early stages, industry investment has already exceeded $4 billion in Pennsylvania for land acquisition and drilling activities. Range expects to have six drilling rigs running by the end of 2009 with each rig supporting approximately 150 full-time jobs. According to a recent Pennsylvania Economy League study, oil and gas salaries average $20,000 more than the average annual compensation of a private sector employee in Pennsylvania. Marcellus Shale development has the potential to provide tens of thousands of jobs in Pennsylvania in a variety of service areas including drilling, earthmoving, engineering, environmental services, legal, general labor and food services.

Range and MarkWest Energy Partners, L.P. (NYSE:MWE) announced in October completion of the first phase of their Marcellus Shale infrastructure, including Pennsylvania's first large-scale gas processing facility. Range has been completing production facilities and connecting previously drilled wells to the gas gathering system. Net sales from the gas processing facility exceed 30 Mmcf per day. Additional enhancements by the end of the first quarter 2009 will increase processing capacity to 60 Mmcf per day. By early 2010 total processing capacity is anticipated to exceed 200 Mmcf per day in southwestern Pennsylvania – or roughly enough natural gas to heat more than 800,000 Pennsylvania homes.

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 economic impact, number of jobs created, estimated time to obtain drilling permits, future production rates and estimated processing capacity are forward-looking statements as defined by the Securities and Exchange Commission and are subject to audit. 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 by reference.