Range Increases Unproved Resource Potential to 48 – 68 Tcfe

  Range Increases Unproved Resource Potential to 48 – 68 Tcfe

Business Wire

FORT WORTH, Texas -- January 30, 2013

RANGE RESOURCES CORPORATION (NYSE: RRC) announced today that its estimated
unrisked unproved resource potential (“unproved resource potential”) as of
December 31, 2012 increased to 48 – 68 Tcfe, up from 47 – 66 Tcfe at year-end
2011. The year-end 2012 unproved resource potential includes 35 – 46 Tcf of
natural gas and 2.3 – 3.5 billion barrels of NGLs and crude oil. Of the total
year-end 2012 unproved resource potential, 54% is attributable to the
Marcellus Shale with the remaining 46% attributable to other formations in
Appalachia, the Midcontinent and West Texas. Range previously announced that
its year-end 2012 proved reserves were 6.5 Tcfe. Based on the mid-point of the
unproved resource potential, Range has the opportunity to grow its proved
reserves almost 9 times. As a result of its development activity, Range has
moved 4.7 Tcfe of unproved resource potential to proved reserves over the last
three years. No unproved resource potential estimates were assigned to the
Company’s wet or dry Utica acreage. The estimated unproved resource potential
assumes full ethane extraction.

Commenting, Jeff Ventura, Range's President and CEO, said, "The increase in
our unproved resource potential is a reflection of our outstanding 2012
drilling results, the expansion of our drilling inventory and the technical
progress made across many of our key projects. Of particular note, is the
increase in the NGLs and crude oil portion of our unproved resource potential
which is driven primarily by the progress made in the liquids-rich portion of
the Marcellus Shale and in the horizontal Mississippian oil play. We have
assembled an exceptional portfolio of high-return, low-cost projects.
Importantly, we have also assembled a high-quality technical team that has a
solid track record of converting our unproved resource potential into
production and proved reserves at low cost. Over the past three years, Range
has developed 4.7 Tcfe of proved reserves from our unproved resource
potential. As a result over the past three years, our proved reserves have
more than doubled at an average finding cost of $0.68 per mcfe. We believe
this demonstrates our ability to accelerate the conversion of our unproved
resource potential into proved reserves with one of the industry’s leading
cost structures.”

RANGE RESOURCES CORPORATION (NYSE: RRC) is a leading independent oil and
natural gas producer with operations focused in the Appalachia and the
southwest portion 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, including
those relating technical progress, estimated ethane volumes, progress in
liquid-rich areas, exceptional portfolio, solid track record, unproved
resource potential, continued improvements, growth objectives, future low cost
structure and superior economics 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 our 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, environmental risks and regulatory
changes. 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.

The SEC permits oil and gas companies, in filings made with the SEC, to
disclose proved reserves, which are estimates that geological and engineering
data demonstrate with reasonable certainty to be recoverable in future years
from known reservoirs under existing economic and operating conditions as well
as the option to disclose probable and possible reserves. Range has elected
not to disclose the Company’s probable and possible reserves in its filings
with the SEC. Range uses certain broader terms such as "resource potential,”
or "unproved resource potential" or "upside" or other descriptions of volumes
of resources potentially recoverable through additional drilling or recovery
techniques that may include probable and possible reserves as defined by the
SEC's guidelines. Range has not attempted to distinguish probable and possible
reserves from these broader classifications. The SEC’s rules prohibit us from
including in filings with the SEC these broader classifications of reserves.
These estimates are by their nature more speculative than estimates of proved,
probable and possible reserves and accordingly are subject to substantially
greater risk of being actually realized. Unproved resource potential refers to
Range's internal estimates of hydrocarbon quantities that may be potentially
discovered through exploratory drilling or recovered with additional drilling
or recovery techniques and have not been reviewed by independent engineers.
Unproved resource potential does not constitute reserves within the meaning of
the Society of Petroleum Engineer's Petroleum Resource Management System and
does not include proved reserves. Area wide unproven resource potential has
not been fully risked by Range's management. Actual quantities that may be
ultimately recovered from Range's interests will differ substantially. Factors
affecting ultimate recovery include the scope of Range's drilling program,
which will be directly affected by the availability of capital, drilling and
production costs, commodity prices, availability of drilling services and
equipment, drilling results, lease expirations, transportation constraints,
regulatory approvals, field spacing rules, recoveries of gas in place, length
of horizontal laterals, actual drilling results, including geological and
mechanical factors affecting recovery rates and other factors. Estimates of
resource potential may change significantly as development of our resource
plays provides additional data. 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
 
Press spacebar to pause and continue. Press esc to stop.