Range Reports 36% Full-Year 2012 Production Growth

  Range Reports 36% Full-Year 2012 Production Growth

               Liquid Production Grows 41% Quarter Over Quarter

Business Wire

FORT WORTH, Texas -- January 16, 2013

RANGE RESOURCES CORPORATION (NYSE: RRC) today announced that its fourth
quarter 2012 production volumes reached a record high of 844 Mmcfe per day.
Fourth quarter 2012 production increased 35% over the prior-year quarter and
was 7% higher than third quarter 2012. While total production rose 35%, oil
and NGL production increased 41% during the fourth quarter reflecting the
Company’s focus on its high return, liquids-rich plays. Production for
full-year 2012 averaged 753 Mmcfe per day, a 36% increase over 2011. This
represents Range’s ninth consecutive year of double-digit production growth
and posting record production each year.

The Company also announced its preliminary fourth quarter 2012 natural gas,
NGLs and oil price realizations (including the impact of cash-settled hedges
and derivative settlements which would correspond to analysts’ estimates)
averaged $5.35 per mcfe, representing a 10% increase from the third quarter
2012 and an 11% decrease from the prior-year period. Production and
preliminary realized prices by each commodity for the fourth quarter were:
natural gas – 655 Mmcf per day ($4.22 per mcf), natural gas liquids – 21,652
barrels per day ($43.56 per barrel) and crude oil – 9,863 barrels per day
($82.30 per barrel).

Commenting on the announcement, Jeff L. Ventura, Range’s President and CEO,
said, “We are pleased that fourth quarter and full year production exceeded
expectations and that we achieved our ninth consecutive year of double-digit
production growth. This is a significant accomplishment for the entire Range
team. The 41% increase in fourth quarter oil and NGL production reflects the
high-quality nature of our large drilling inventory and positions us very well
in the current commodity price environment. We expect increasing liquids
production, coupled with our strong hedge position, to drive substantial cash
flow growth in 2013 and longer term, our high-return inventory and low-cost
structure to continue to drive shareholder value.”

During the fourth quarter, Range increased its commodity hedge position. The
Company currently has approximately 75% of its anticipated natural gas and
crude oil production for 2013 hedged at a weighted average floor of $4.18 per
Mmbtu and $94.36 per barrel, respectively. In addition, Range has 11,500
barrels of NGLs hedged above current market prices. Range’s updated hedge
position is shown in the table below.

                        Volumes    Average      Average
                         Hedged      Floor Price   Cap Price
                                                   
Natural Gas --           Mmbtu/day
                                                   
2013 Gas Collars         280,000     $   4.59      $  5.05
2013 Gas Swaps           213,384     $   3.65         -
                                                   
2014 Gas Collars         385,000     $   3.80      $  4.48
                                                   
Crude Oil --             Bbls/day
                                                   
2013 Oil Collars         3,000       $   90.60     $  100.00
2013 Oil Swaps           5,081       $   96.59        -
                                                   
2014 Oil Collars         2,000       $   85.55     $  100.00
2014 Oil Swaps           4,000       $   94.56        -
                                                   
C5 Natural Gasoline --   Bbls/day
                                                   
2013 Swaps               6,500       $   2.13         -
                                                   
C3 Propane --            Bbls/day
                                                   
2013 Swaps               5,000       $   0.94         -
                                                      

The information in this release is unaudited. Audited and final results,
including final fourth quarter 2012 product price realizations (including the
impact of cash-settled hedges and derivative settlements) will be provided in
our Annual Report on Form 10-K for the year ended December 31, 2012 currently
planned to be filed with Securities and Exchange Commission by the end of
February 2013.

RANGE RESOURCES CORPORATION (NYSE: RRC) is a leading independent oil and
natural gas producer with operations focused in Appalachia and the southwest
region of the United States. The Company pursues an organic growth strategy
targeting high return, low-cost projects within its large inventory of low
risk, development drilling opportunities. The Company is headquartered in Fort
Worth, Texas. More information about Range can be found at
www.rangeresources.com and www.myrangeresources.com.

Except for historical information, statements made in this release such as
expected increasing liquids production, expected high rates of return,
expected future cash flow growth, expected future low cost structure, expected
high-return drilling inventory and expected future production growth are
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These
statements are based on assumptions and estimates that management believes are
reasonable based on currently available information; however, management’s
assumptions and Range’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
results of hedging transactions, 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. Range undertakes no obligation to publicly
update or revise any forward-looking statements.

Further information on risks and uncertainties is available in Range’s filings
with the Securities and Exchange Commission (“SEC”), which are incorporated by
reference. Investors are urged to consider closely the disclosure in our most
recent Annual Report on Form 10-K, available from our website at
www.rangeresources.com or by written request to 100 Throckmorton Street, Suite
1200, Fort Worth, Texas 76102. You can also obtain this Form 10-K by calling
the SEC at 1-800-SEC-0330.

Contact:

Range Resources Corporation
Investor Contacts:
Rodney Waller, 817-869-4258
Senior Vice President
or
David Amend, 817-869-4266
Investor Relations Manager
or
Laith Sando, 817-869-4267
Senior Financial Analyst
or
Michael Freeman, 817-869-4264
Financial Analyst
or
Media Contact:
Matt Pitzarella, 724-873-3224
Director of Corporate Communications
www.rangeresources.com