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RANGE ANNOUNCES 2011 FINANCIAL RESULTS

FORT WORTH, TEXAS, FEBRUARY 21, 2012

RANGE RESOURCES CORPORATION (NYSE: RRC) today announced its 2011 financial results.  Reported GAAP net income for 2011 increased to $58 million ($0.36 per diluted share) versus a net loss of $239 million ($1.52 loss per diluted share) for 2010.  Net cash provided from operating activities including changes in working capital totaled $632 million, a 23% increase over the prior year result of $513 million.  Results were driven by higher production volumes and lower unit costs.    

Adjusted net income comparable to analysts' estimates, a non-GAAP measure, was $176 million ($1.11 per diluted share) for 2011, almost double the prior year amount of $89 million ($0.56 per diluted share).  Cash flow from operations before changes in working capital, a non-GAAP measure, increased 28% to $737 million versus $577 million for the previous year.  Comparing these amounts to analysts' average First Call consensus estimates, the Company's earnings per share ($1.11 per diluted share) exceeded the consensus of analysts' estimates of $1.06 per diluted share.  Cash flow per share ($4.62 per diluted share) for the year also exceeded the consensus analysts' estimates of $4.30 per diluted share.  See "Non-GAAP Financial Measures" for a definition of each of these non-GAAP financial measures and tables that reconcile each of these non-GAAP measures to their most directly comparable GAAP financial measure.

As previously reported, production for 2011 averaged 554 Mmcfe per day, a 12% increase over 2010.  Excluding production from our Barnett properties which were sold at the end of April 2011, production growth was 36%.  Fourth quarter 2011 production volumes averaged 625 Mmcfe per day, a record high for Range.  Fourth quarter 2011 production increased 16% over the prior-year period (including our Barnett Shale production) and was 16% higher than third quarter 2011.

Proved reserves increased 14% year-over-year to 5.1 Tcfe.  Without giving effect to the sale of the Barnett properties, the year-over-year proved reserve increase would have been 43%.  All-in finding and development cost averaged $0.89 per mcfe, with all-in reserve replacement of 850%.  Drill bit only finding cost averaged $0.76 per mcfe.  Production and reserve growth per share, on a debt-adjusted basis, reached 12% in 2011, representing the sixth consecutive year of double-digit per-share growth for both production and reserves.  Range's unrisked unproved resource potential at year-end 2011 increased to 44 - 60 Tcfe up from 35 - 52 Tcfe at year-end 2010.  

Commenting, Jeff Ventura, the Company's President and CEO, said, "Range had an outstanding 2011.  Despite selling the Barnett properties which at the time, contributed over 20% of our production and resources, we again achieved double-digit per share (debt-adjusted) growth in production and reserves.  Our growth was achieved at very low all-in finding cost of $0.89 per mcfe.  This represents our sixth consecutive year of double-digit per share (debt-adjusted) growth in production and reserves.  Consistent growth at low cost is directly related to the quality of our drilling inventory.  We also are very pleased with our ability to continue to drive down our unit costs.  In particular, the 38% year-over-year decrease in fourth quarter lease operating costs per mcfe is a significant achievement and reflects not only the low-cost nature of our properties but the "growth at low cost" focus of the entire Range team.  Looking forward to 2012, we are in excellent position to continue to drive up per share value.  The Barnett sale significantly strengthened our balance sheet, providing us $1.3 billion of liquidity at year-end 2011.  Our excellent hedge position has approximately 75% of our 2012 natural gas production locked in at a floor price nearly 50% above the current market.  Most importantly, we have a drilling inventory that generates attractive returns even in the current low natural gas price environment.  Lastly, we have an extraordinary team of people focused on consistently delivering on our strategy of "growth at low cost"."

Financial Discussion 

(Except for reported GAAP amounts, specific expense categories exclude non-cash property impairments, mark-to-market on unrealized derivatives, non-cash stock compensation and other items shown separately on attached tables but include the results associated with Barnett Shale properties combined with the reported continuing operations amounts. Effective with 2011 year-end reporting, the Company has reclassified only third party transportation, gathering and compression costs as a separate component of operating expenses which previously was included as a reduction of natural gas, natural gas liquids and oil sales.  Prior reported results have been similarly reclassified to conform to the current year presentation.)

Full Year 2011

(Reported GAAP amounts do not include the Barnett operations and reclassifies the Barnett operations as discontinued.)  GAAP revenues for 2011 totaled $1.2 billion (28% increase as compared to 2010), GAAP net cash provided from operating activities including changes in working capital reached $632 million (23% increase) and GAAP earnings rose to $58 million versus a $239 million loss in 2010.  The increase in net income was driven by a 36% increase in production and lower costs per mcfe.  Wellhead prices, after adjustment for all cash-settled hedges and derivatives and net of transportation, gathering and compression costs averaged $5.68 per mcfe.  

(Non-GAAP amounts combine the Barnett operations with the Company's other operations and makes certain adjustments to conform to analyst prepared estimates.  See "Non-GAAP Financial Measures" for a definition of each of these non-GAAP financial measures and tables that reconcile each of these non-GAAP measures to their most directly comparable GAAP financial measure.)  Non-GAAP revenues for 2011 totaled $1.3 billion (16% increase as compared to 2010), cash flow from operations before changes in working capital, a non-GAAP measure, increased 28% to $737 million and adjusted net income, a non-GAAP measure, was $176 million ($1.11 per diluted share) in 2011 versus a $89 million ($0.56 per diluted share) in 2010.  The increase in net income was driven by a 12% increase in production, higher realized prices and lower costs per mcfe.  Wellhead prices, after adjustment for all cash-settled hedges and derivatives and net of transportation, gathering and compression costs averaged $5.58 per mcfe.  The cash margin per mcfe for 2011 averaged $3.59 per mcfe, a 15% increase over 2010.  On a unit of production basis, the Company's costs continue to decline as the five largest cost categories decreased by $0.19 per mcfe or 4% in aggregate as compared to the prior year.  Leading the way were direct operating expenses which averaged $0.60 per mcfe, a 16% decrease compared to the prior year.  Depreciation, depletion and amortization expense decreased 14% to $1.73 per mcfe.

Fourth Quarter

(Reported GAAP amounts do not include the Barnett operations and reclassifies the Barnett operations as discontinued.)  GAAP revenues for the fourth quarter of 2011 totaled $300 million (34% increase as compared to fourth quarter 2010), GAAP net cash provided from operating activities including changes in working capital reached $218 million (93% increase) and GAAP earnings was a net loss of $3 million ($0.02 loss per diluted share) versus a net loss of $318 million ($2.02 loss per diluted share) in 2010.  The increase in net income was driven by a 46% increase in production and lower costs per mcfe.  Wellhead prices, after adjustment for all cash-settled hedges and derivatives and net of transportation, gathering and compression costs averaged $5.41 per mcfe.  

(Non-GAAP amounts combine the Barnett operations with the Company's other operations and makes certain adjustments to conform to analyst prepared estimates.  See "Non-GAAP Financial Measures" for a definition of each of these non-GAAP financial measures and tables that reconcile each of these non-GAAP measures to their most directly comparable GAAP financial measure.)  Non-GAAP revenues for fourth quarter 2011 totaled $348 million (21% increase as compared to fourth quarter 2010), cash flow from operations before changes in working capital, a non-GAAP measure, increased 36% to $216 million and adjusted net income, a non-GAAP measure, was $53 million ($0.33 per diluted share) for the fourth quarter 2011 versus $30 million ($0.19 per diluted share) for the fourth quarter 2010.  The increase in net income was driven by a 16% increase in production and lower costs per mcfe.  Both cash flow ($1.35) and earnings ($0.33) per share exceeded analysts' estimates of $1.26 and $0.31 per share, respectively.  Wellhead prices, after adjustment for all cash-settled hedges and derivatives and net of transportation, gathering and compression costs averaged $5.41 per mcfe and increase of 2%.  Cash margins rose 18% to $3.69 per mcfe as compared to the fourth quarter in 2010.  On a unit of production basis, the Company's five largest operating cost categories decreased by $0.41 per mcfe, or 9% as compared to the prior-year quarter.  Direct operating expenses for the quarter were $0.45 per mcfe, a 38% decrease compared to the prior-year quarter.  Depreciation, depletion and amortization expense decreased 9% to $1.69 per mcfe.

Balance Sheet

During 2011, Range strengthened its balance sheet with the sale of its Barnett Shale and other miscellaneous properties for approximately $950 million.  The sale proceeds were used to fully repay the outstanding balance on its bank credit facility.  By the end of the third quarter, the production associated with the Barnett Shale sale had been fully replaced through the Company's drilling program.  At year-end 2011, there was a $187 million outstanding balance on the credit facility, providing the Company $1.3 billion of liquidity.  

Conference Call Information

A conference call to review the financial results is scheduled on Wednesday, February 22 at 1:00 p.m. ET. To participate in the call, please dial 877-407-0778 and ask for the Range Resources 2011 financial results conference call. A replay of the call will be available through March 31. To access the phone replay dial 877-660-6853. The account number is 286 and the conference ID is 381259.

A simultaneous webcast of the call may be accessed over the Internet at http://www.rangeresources.com/ or http://www.vcall.com/. The webcast will be archived for replay on the Company's website until March 31.

Non-GAAP Financial Measures:

Adjusted net income comparable to analysts' estimates as set forth in this release represents income from operations before income taxes adjusted for certain non-cash items (detailed below and in the accompanying table) less income taxes.  We believe adjusted net income comparable to analysts' estimates is calculated on the same basis as analysts' estimates and that many investors use this published research in making investment decisions useful in evaluating operational trends of the Company and its performance relative to other oil and gas producing companies.  Diluted earnings per share (adjusted) as set forth in this release represents adjusted net income comparable to analysts' estimates on a diluted per share basis.  A table is included which reconciles income from operations to adjusted net income comparable to analysts' estimates and diluted earnings per share (adjusted).  On its website, the Company provides additional comparative information on prior periods.  

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 for cash flow, cash margins and non-GAAP earnings as used in this release.

The cash prices realized for oil and natural gas production including the amounts realized on cash-settled derivatives and net of transportation, gathering and compression expense is a critical component in the Company's performance tracked by investors and professional research analysts in valuing, comparing, rating and providing investment recommendations and forecasts of companies in the oil and gas exploration and production industry.  In turn, many investors use this published research in making investment decisions.  Due to the GAAP disclosures of various derivative transactions and third party transportation, gathering and compression expense, such information is now reported in various lines of the income statement.  The Company believes that it is important to furnish a table reflecting the details of the various components of each income statement line to better inform the reader of the details of each amount and provide a summary of the realized cash-settled amounts and third party transportation, gathering and compression expense which historically were reported as natural gas, NGLs and oil sales.  This information will serve to bridge the gap between various readers' understanding and fully disclose the information needed.

Range has disclosed two primary metrics in this release to measure our ability to establish a long-term trend of adding reserves at a reasonable cost - a reserve replacement ratio and finding and development cost per unit.  The reserve replacement ratio is an indicator of our ability to replace annual production volumes and grow our reserves. It is important to economically find and develop new reserves that will offset produced volumes and provide for future production given the inherent decline of hydrocarbon reserves as they are produced.  We believe the ability to develop a competitive advantage over other natural gas and oil companies is dependent on adding reserves in our core areas at lower costs than our competition.  The reserve replacement ratio is calculated by dividing production for the year into the total of proved extensions, discoveries and additions, proved reserves added by performance and the reduction of reserves due to changes in prices as shown in the summary of changes in the proved reserves table.

Finding and development cost per unit is a non-GAAP metric used in the exploration and production industry by companies, investors and analysts.  The calculations presented by the Company are based on costs incurred excluding asset retirement obligations and divided by proved reserve additions (extensions, discoveries and additions shown in the summary of changes in proved reserves table) adjusted for the changes in proved reserves for performance revisions and/or price revisions as stated in each instance in the release.  This calculation does not include the future development costs required for the development of proved undeveloped reserves.  The SEC method of computing finding costs contains additional cost components and results in a higher number.  A reconciliation of the two methods is shown on our website at www.rangeresources.com.

The reserve replacement ratio and finding and development cost per unit are statistical indicators that have limitations, including their predictive and comparative value.  As an annual measure, the reserve replacement ratio can be limited because it may vary widely based on the extent and timing of new discoveries and the varying effects of changes in prices and well performance.  In addition, since the reserve replacement ratio and finding and development cost per unit do not consider the cost or timing of future production of new reserves, such measures may not be an adequate measure of value creation.  These reserves metrics may not be comparable to similarly titled measurements used by other companies.

Year-end pre-tax discounted present value is considered a non-GAAP financial measure as defined by the SEC.  We believe that the presentation of pre-tax discounted present value is relevant and useful to our investors because it presents the discounted future net cash flows attributable to our proved reserves prior to taking into account corporate future income taxes and our current tax structure.  We further believe investors and creditors use pre-tax discounted present value as a basis for comparison of the relative size and value of our reserves as compared with other companies.  Range's pre-tax discounted present value as of December 31, 2011 may be reconciled to its standardized measure of discounted future net cash flows as of December 31, 2011 by reducing Range's pre-tax discounted present value by the discounted future income taxes associated with such reserves.

 
Reconciliation of PV-10
($ in millions) (unaudited)
December 31, 2011
Standardized measure of discounted future net of cash flows $4,515
Discounted future cash flows for income taxes 1,569
Discounted future net cash flows before income taxes (PV-10) $6,084

Range has disclosed a debt-adjusted per share metric in this release to measure per-share growth of production and reserves.  This debt-adjusted metric keeps the debt-to-capitalization ratio unchanged during the calculation period.  To achieve a constant debt-to-capitalization ratio, the share count is adjusted to increase/decrease equity from the actual end-of-year to the beginning of period level debt-to-cap.  This adjustment is made by dividing the necessary increase/decrease in equity by the average common share price during the year for production (year-end price for reserves) to arrive at shares issued/repurchased.  The production or reserves are then divided by this adjusted share count to reach the debt-adjusted per share results.  

Hedging and Derivatives

In this news release, 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 ASC 815 are included in "Natural gas, NGLs and oil sales" when settled.  For those hedges designated to regions where the historical correlation between NYMEX and regional prices is "non-highly effective" or is "volumetric ineffective" due to sale of the underlying reserves, 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 the consolidated statements of operations included in the Company's Form 10-K along with the change in mark-to-market valuations of such unrealized derivatives.  The Company has provided additional information regarding natural gas, NGLs and oil  sales in a supplemental table included with this release, which would correspond to amounts shown by analysts for natural gas, NGLs and oil sales realized, including cash-settled derivatives.

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 http://www.rangeresources.com/ and http://www.myrangeresources.com/.

Except for historical information, statements made in this release such as consistent growth at low cost, drive up per share value, excellent hedge position and generates attractive returns 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 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.

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,""upside" and "EURs per well" 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, unrisked resource potential has not been fully risked by Range's management.  "EUR," or estimated ultimate recovery, refers to our management's internal estimates of per well hydrocarbon quantities that may be potentially recovered from a hypothetical future well completed as a producer in the area.  These quantities do not necessarily constitute or represent reserves within the meaning of the Society of Petroleum Engineer's Petroleum Resource Management System or the SEC's oil and natural gas disclosure rules.  Our management estimated these EURs based on our previous operating experience in the given area and publicly available information relating to the operations of producers who are conducting operating in these areas.  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.  In addition, our production forecasts and expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from existing wells and the undertaking and outcome of future drilling activity, which may be affected by significant commodity price declines or drilling cost increases. 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.

SOURCE:   Range Resources Corporation
  Main number:  817-870-2601

Investor Contacts:

Rodney Waller, Senior Vice President
817-869-4258

David Amend, Investor Relations Manager
817-869-4266

Laith Sando, Senior Financial Analyst
817-869-4267

or

Media Contact:

Matt Pitzarella, Director of Corporate Communications
724-873-3224

www.rangeresources.com

RANGE RESOURCES CORPORATION

STATEMENTS OF OPERATIONS
Based on GAAP reported earnings with additional
details of items included in each line in Form 10-K
(Unaudited, in thousands, except per share data) Three Months Ended December 31, Twelve Months Ended December 31,
2011 2010 2011 2010
Revenues and other income:
Natural gas, NGLs and oil sales (a) $331,720 $231,879 $1,173,266 $823,290
Derivative cash settlements gain (loss) (a) (c) 13,800 18,758 22,142 35,636
Gain on early settlement of oil collars (c) - - - 15,697
Change in mark-to-market on unrealized derivatives (51,331) (25,971) 15,762 (2,086)
    gain (loss) (c)
Ineffective hedging (loss) gain (c) (348) (13) 2,183 2,387
Equity method investment (d) 356 348 (1,043) (1,482)
Transportation and gathering (d) 967 206 2,162 2,236
Transportation and gathering - non-cash stock (348) (277) (1,455) (1,203)
   compensation (b) (d)
Gain (loss) on sale of properties 3,539 (1,514) 2,259 76,642
Other (d) 1,712 637 3,380 519
                Total revenues and other income 300,067 224,053 34% 1,218,656 951,636 28%
Costs and expenses:
Direct operating 25,347 27,194 110,985 94,267
Direct operating - non-cash stock compensation (b) 571 538 1,987 2,007
Transportation, gathering and compression   34,576 20,009 120,755 62,837
Production and ad valorem taxes   5,920 6,999 27,666 26,107
Exploration   24,042 15,744 77,259 56,297
Exploration - non-cash stock compensation (b)   940 978 4,108 4,209
Abandonment and impairment of unproved properties   27,639 19,025 79,703 49,738
General and administrative   32,647 28,330 113,461 99,423
General and administrative - non-cash stock 8,756 7,773 36,244 34,174
   compensation (b)
General and administrative - lawsuit settlements 302 331 540 3,366
General and administrative - bad debt expense   500 3,608 946 3,608
Termination costs   - 514 - 5,652
Termination costs - non-cash stock compensation (b)   - - - 2,800
Deferred compensation plan (e)   9,640 14,978 43,209 (10,216)
Interest expense   34,709 25,100 125,052 90,665
Loss on early extinguishment of debt   - - 18,576 5,351
Depletion, depreciation and amortization   97,092 72,888 341,221 275,238
Impairment of proved property   - - 38,681 6,505
                Total costs and expenses   302,681 244,009 24% 1,140,393 812,028 40%
Income (loss) from continuing operations before income taxes (2,614) (19,956) 87% 78,263 139,608 -44%
Income tax expense benefit:
Current   636 (826) 637 (836)
Deferred   (425) (9,823) 34,920 51,746
211 (10,649) 35,557 50,910
Income (loss) from continuing operations   (2,825) (9,307) 70% 42,706 88,698 -52%
Discontinued operations, net of tax   (164) (308,412) 15,320 (327,954)
Net (loss) income   $(2,989) $(317,719) 99% $58,026 $(239,256) 124%
Income (Loss) Per Common Share:
Basic-Income (loss) from continuing operations   $(0.02) $(0.06) $0.26 $0.56
Discontinued operations   - (1.96) 0.10 (2.09)
Net income (loss)   $(0.02) $(2.02) 99% $0.36 $(1.53) 124%
Diluted-Income (loss) from continuing operations   $(0.02) $(0.06) $0.26 $0.55
Discontinued operations   - (1.96) 0.10 (2.07)
Net income (loss)   $(0.02) $(2.02) 99% $0.36 $(1.52) 124%
Weighted average common shares outstanding, as reported:
Basic   158,413 157,162 1% 158,030 156,874 1%
Diluted   160,051 157,162 2% 159,441 158,428 1%

(a)   See separate natural gas, NGLs and oil sales information table.
(b)   Costs associated with stock compensation and restricted stock amortization, which have been reflected
 in the categories associated with the direct personnel costs, which are combined with the cash costs in the 10-K.
(c)   Included in Derivative fair value income in the 10-K.
(d)   Included in Other revenues in the 10-K.
(e)   Reflects the change in market value of the vested Company stock held in the deferred compensation plan.

RANGE RESOURCES CORPORATION

STATEMENTS OF OPERATIONS
Restated for Barnett discontinued operations,
a non-GAAP presentation Three Months Ended December 31, 2011 Three Months Ended December 31, 2010
 (Unaudited, in thousands, except per share data) As reported Barnett Discontinued Operations Including Barnett Ops As reported Barnett Discontinued Operations Including Barnett Ops
Revenues:
Natural gas, NGLs and oil sales $331,720 $188 $331,908 $231,879 $36,556 $268,435
Derivative cash settlements gain (loss) 13,800 - 13,800 18,758 - 18,758
Gain on early settlement of oil collars - - - - - -
Change in mark-to-market on unrealized derivatives
    gain (loss)
(51,331) - (51,331) (25,971) - (25,971)
Ineffective hedging gain (loss) (348) - (348) (13) - (13)
Equity method investment 356 - 356 348 - 348
Transportation and gathering 967 - 967 206 6 212
Transportation and gathering - non-cash stock
    compensation
(348) - (348) (277) - (277)
Gain (loss) on sale of properties 3,539 (81) 3,458 (1,514) - (1,514)
Interest and other 1,712 - 1,712 637 35 672
300,067 107 300,174 224,053 36,597 260,650
Expenses:
Direct operating 25,347 245 25,592 27,194 8,705 35,899
Direct operating - non-cash stock compensation 571 - 571 538 63 601
Transportation, gathering and compression 34,576 17 34,593 20,009 1,923 21,932
Production and ad valorem taxes 5,920 103 6,023 6,999 1,620 8,619
Exploration 24,042 - 24,042 15,744 21 15,765
Exploration - non-cash stock compensation 940 - 940 978 - 978
Abandonment and impairment of unproved properties 27,639 - 27,639 19,025 4,508 23,533
General and administrative 32,647 - 32,647 28,330 - 28,330
General and administrative - non-cash stock
    compensation
8,756 - 8,756 7,773 - 7,773
General and administrative - lawsuit settlements 302 - 302 331 - 331
General and administrative - bad debt expense 500 - 500 3,608 - 3,608
Termination costs - - - 514 - 514
Termination costs - non-cash stock compensation - - - - - -
Deferred compensation plan 9,640 - 9,640 14,978 - 14,978
Interest expense 34,709 - 34,709 25,100 11,220 36,320
Loss on early extinguishment of debt - - - - - -
Depletion, depreciation and amortization 97,092 - 97,092 72,888 19,228 92,116
Impairment of proved properties - - - - 463,244 463,244
302,681 365 303,046 244,009 510,532 754,541
Income (loss) from continuing operations before income taxes (2,614) (258) (2,872) (19,956) (473,935) (493,891)
Income tax expense (benefit):
Current 636 - 636 (826) - (826)
Deferred (425) (94) (519) (9,823) (165,523) (175,346)
211 (94) 117 (10,649) (165,523) (176,172)
Income (loss) from continuing operations (2,825) (164) (2,989) (9,307) (308,412) (317,719)
Discontinued operations-Barnett Shale, net of tax (164) 164 - (308,412) 308,412 -
Net income (loss) $(2,989) - $(2,989) $(317,719) - $(317,719)
OPERATING HIGHLIGHTS
Average daily production:
Natural gas (mcf) 490,731 289 491,020 315,205 94,723 409,928
NGLs (bbl) 16,886 45 16,931 13,063 3,253 16,316
Oil (bbl) 5,407 2 5,409 5,452 75 5,527
Gas equivalent (mcfe) 624,491 568 625,059 426,296 114,691 540,987
Average prices realized:
Natural gas (mcf) $4.10 - $4.09 $4.94 $2.54 $4.38
NGLs (bbl) $54.32 - $54.31 $42.65 $39.82 $42.09
Oil (bbl) $83.71 - $83.71 $72.29 $81.40 $72.41
Gas equivalent (mcfe) $5.41 - $5.41 $5.88 $3.28 $5.33
Direct operating cash costs per mcfe:
Field expenses $0.42 - $0.43 $0.67 $0.79 $0.70
Workovers $0.02 - $0.02 $0.02 $0.03 $0.02
  Total operating costs $0.44 - $0.45 $0.69 $0.82 $0.72

RANGE RESOURCES CORPORATION

STATEMENTS OF OPERATIONS
Restated for Barnett discontinued operations,
a non-GAAP presentation Twelve Months Ended December 31, 2011 Twelve Months Ended December 31, 2010
 (Unaudited, in thousands, except per share data) As reported Barnett Discontinued Operations Including Barnett Ops As reported Barnett Discontinued Operations Including Barnett Ops
Revenues:
Natural gas, NGLs and oil sales $1,173,266 $59,185 $1,232,451 $823,290 $157,778 $981,068
Derivative cash settlements gain 22,142 - 22,142 35,636 - 35,636
Gain on early settlement of oil collars - - - 15,697 - 15,697
Change in mark-to-market on unrealized derivatives
   gain (loss)
15,762 - 15,762 (2,086) - (2,086)
Ineffective hedging gain 2,183 - 2,183 2,387 - 2,387
Equity method investment (1,043) - (1,043) (1,482) - (1,482)
Transportation and gathering 2,162 6 2,168 2,236 35 2,271
Transportation and gathering - non-cash stock
   compensation
(1,455) - (1,455) (1,203) - (1,203)
Gain on sale of properties 2,259 4,771 7,030 76,642 955 77,597
Interest and other 3,380 4 3,384 519 32 551
1,218,656 63,966 1,282,622 951,636 158,800 1,110,436
Expenses:
Direct operating 110,985 10,035 121,020 94,267 35,010 129,277
Direct operating - non-cash stock compensation 1,987 45 2,032 2,007 318 2,325
Transportation, gathering and compression 120,755 5,257 126,012 62,837 8,624 71,461
Production and ad valorem taxes 27,666 1,309 28,975 26,107 7,545 33,652
Exploration 77,259 37 77,296 56,297 581 56,878
Exploration - non-cash stock compensation 4,108 - 4,108 4,209 - 4,209
Abandonment and impairment of unproved properties 79,703 - 79,703 49,738 20,233 69,971
General and administrative 113,461 - 113,461 99,423 - 99,423
General and administrative - non-cash stock compensation 36,244 - 36,244 34,174 - 34,174
General and administrative - lawsuit settlements 540 - 540 3,366 - 3,366
General and administrative - bad debt expense 946 - 946 3,608 - 3,608
Termination costs - - - 5,652 - 5,652
Termination costs - non-cash stock compensation - - - 2,800 - 2,800
Deferred compensation plan 43,209 - 43,209 (10,216) - (10,216)
Interest expense 125,052 14,791 139,843 90,665 40,527 131,192
Loss on early extinguishment of debt 18,576 - 18,576 5,351 - 5,351
Depletion, depreciation and amortization 341,221 8,894 350,115 275,238 88,269 363,507
Impairment of proved properties 38,681 - 38,681 6,505 463,244 469,749
1,140,393 40,368 1,180,761 812,028 664,351 1,476,379
Income (loss) from continuing operations before
   income taxes
78,263 23,598 101,861 139,608 (505,551) (365,943)
Income tax expense (benefit):
Current 637 - 637 (836) - (836)
Deferred 34,920 8,278 43,198 51,746 (177,597) (125,851)
35,557 8,278 43,835 50,910 (177,597) (126,687)
Income (loss) from continuing operations 42,706 15,320 58,026 88,698 (327,954) (239,256)
Discontinued operations-Barnett Shale, net of tax 15,320 (15,320) - (327,954) 327,954 -
Net income (loss) $58,026 - $58,026 $(239,256) - $(239,256)
OPERATING HIGHLIGHTS
Average daily production:
Natural gas (mcf) 397,825 32,316 430,141 290,815 98,318 389,134
NGLs (bbl) 14,664 605 15,268 9,864 2,438 12,302
Oil (bbl) 5,369 23 5,391 5,300 95 5,395
Gas equivalent (mcfe) 518,019 36,079 554,098 381,800 113,513 495,313
Average prices realized:
Natural gas (mcf) $4.43 $2.92 $4.37 $4.89 $3.19 $4.46
NGLs (bbl) $50.82 $46.00 $50.63 $39.75 $36.08 $39.03
Oil (bbl) $81.34 $91.85 $81.38 $69.19 $75.62 $69.31
Gas equivalent (mcfe) $5.68 $3.44 $5.58 $5.71 $3.60 $5.23
Direct operating cash costs per mcfe:
Field expenses $0.57 $0.74 $0.58 $0.66 $0.80 $0.69
Workovers $0.02 $0.02 $0.02 $0.02 $0.04 $0.03
  Total operating costs $0.59 $0.76 $0.60 $0.68 $0.84 $0.72

RANGE RESOURCES CORPORATION

BALANCE SHEETS
(In thousands)
December 31,
2011
December 31,
2010
(Audited) (Audited)
Assets
    Current assets   $ 141,342 $ 112,736
   Current assets of discontinued operations - 877,579
    Current unrealized derivative gain   173,921 123,255
    Natural gas and oil properties   5,157,566 4,084,013
    Transportation and field assets   52,678 74,049
    Other   319,963 240,082
$ 5,845,470 $ 5,511,714
Liabilities and Stockholders' Equity
    Current liabilities   $ 506,274 $ 405,081
    Current asset retirement obligation   5,005 4,020
    Current unrealized derivative loss   - 352
    Current liabilities of discontinued operations   653 34,237
    Bank debt   187,000 274,000
    Subordinated notes   1,787,967 1,686,536
          Total long-term debt   1,974,967 1,960,536
    Deferred tax liability   710,490 672,041
    Unrealized derivative loss   173 13,412
    Deferred compensation liability   169,188 134,488
    Long-term asset retirement obligation and other   86,300 59,885
    Long-term liabilities of discontinued operations   - 3,901
    Common stock and retained earnings   2,242,136 2,163,803
    Treasury stock        (6,343) (7,512)
    Accumulated other comprehensive income   156,627 67,470
          Total stockholders' equity   2,392,420 2,223,761
$ 5,845,470 $ 5,511,714

RANGE RESOURCES CORPORATION

CASH FLOWS FROM OPERATING ACTIVITIES
(Unaudited, in thousands) Three Months Ended December 31, Twelve Months Ended
December 31,
2011 2010 2011 2010
Net income   $(2,989) $(317,719) $58,026 $(239,256)
Adjustments to reconcile net income to net cash provided from operating activities:
  (Income) loss discontinued operations   164 308,412 (15,320) 327,954
  (Gain) loss from equity investment, net of distributions   (8,028) (9,196) 16,871 (7,366)
  Deferred income tax expense (benefit)   (425) (9,824) 34,920 51,746
  Depletion, depreciation, amortization and proved property impairment   97,092 71,227 379,902 281,743
  Exploration dry hole costs   1,373 2,039 3,888 3,700
  Abandonment and impairment of unproved properties   27,639 19,025 79,703 49,738
  Mark-to-market (gain) loss on oil and gas derivatives not designated as hedges   51,331 25,971 (15,762) 2,086
  Unrealized derivative (gain) loss   348 13 (2,183) (2,387)
  Allowance for bad debts   500 3,608 946 3,608
  Amortization of deferred financing costs, loss on extinguishment of debt, and other   1,705 1,181 25,458 10,072
  Deferred and stock-based compensation   20,220 24,651 86,979 34,964
  (Gain) loss on sale of assets and other   (3,539) 1,514 (2,259) (76,642)
  Changes in working capital:
    Accounts receivable   (22,533) (4,777) (52,112) (6,512)
    Inventory and other   (10) 2,074 865 (333)
    Accounts payable   20,443 (9,498) 738 2,867
    Accrued liabilities and other   33,825 (6,239) 9,540 (2,096)
    Net changes in working capital   31,725 (18,440) (40,969) (6,074)
      Net cash provided from continuing operations   217,116 102,462 610,200 433,886
      Net cash provided from discontinued operations   727 10,330 21,437 79,436
      Net cash provided from operating activities   $217,843 $112,792 $631,637 $513,322

RECONCILIATION OF NET CASH PROVIDED FROM OPERATING ACTIVITIES, AS REPORTED, TO CASH FLOW FROM OPERATIONS BEFORE CHANGES IN WORKING CAPITAL, a non-GAAP measure
(Unaudited, in thousands) Three Months Ended
December 31,
Twelve Months Ended
December 31,
2011 2010 2011 2010
Net cash provided from operating activities, as reported   $217,843 $112,792 $631,637 $513,322
  Net changes in working capital from continuing operations   (31,725) 18,440 40,969 6,074
  Exploration expense   22,669 13,705 73,371 52,597
  Office closing severance/exit accrual   - - - 5,138
  Lawsuit settlements   302 331 540 3,366
Equity method investment distribution / intercompany elimination        7,673 8,848 (15,827) 8,848
  Non-cash compensation adjustment   305 2,339 490 806
  Net changes in working capital from discontinued operations and other   (1,125) 2,799 6,145 (13,297)
Cash flow from operations before changes in working capital, a non-GAAP measure   $215,942 $159,254 $737,325 $576,854
ADJUSTED WEIGHTED AVERAGE SHARES OUTSTANDING
  (Unaudited, in thousands) Three Months Ended
December 31,
Twelve Months Ended
December 31,
2011 2010 2011 2010
Basic:
Weighted average shares outstanding   161,253 160,083 160,906 159,708
Stock held by deferred compensation plan   (2,840) (2,921) (2,876) (2,834)
  Adjusted basic   158,413 157,162 158,030 156,874
Dilutive:
Weighted average shares outstanding   161,253 160,083 160,906 159,708
Anti-dilutive or dilutive stock options under treasury method   (1,202) (2,921) (1,465) (1,280)
  Adjusted dilutive   160,051 157,162 159,441 158,428

RANGE RESOURCES CORPORATION

RECONCILIATION OF NATURAL GAS, NGLs AND OIL SALES AND DERIVATIVE FAIR VALUE INCOME (LOSS) TO CALCULATED CASH REALIZED NATURAL GAS, NGLs AND OIL PRICES WITH AND WITHOUT THIRD PARTY TRANSPORTATION, GATHERING AND COMPRESSION FEES
non-GAAP measures
As Reported, GAAP Non-GAAP
Excludes Barnett Operations Includes Barnett Operations
(Unaudited, in thousands, except per unit data) Three Months Ended December 31, Three Months Ended December 31,
2011 2010 % 2011 2010 %
Natural gas, NGLs and oil sales components:
   Natural gas sales $165,300 $114,761 $165,256 $138,839
   NGLs sales 79,995 51,256 80,215 63,175
   Oil sales   43,489 36,261 43,501 36,820
Cash-settled hedges (effective):
   Natural gas 42,936 29,601 42,936 29,601
   Crude oil - - - -
Total natural gas, NGLs and oil sales, as reported $331,720 $231,879 43% $331,908 $268,435 24%
Derivative fair value income (loss) components:
Cash-settled derivatives (ineffective):
   Natural gas $9,122 $18,758 $9,122 $18,758
   NGLs 6,524 - 6,524 -
   Crude Oil (1,847) - (1,847) -
Change in mark-to-market on unrealized derivatives (51,331) (25,971) (51,331) (25,971)
Unrealized ineffectiveness (348) (13) (348) (13)
Total derivative fair value income (loss), as reported ($37,880) ($7,226) ($37,880) ($7,226)
Natural gas, NGLs and oil sales, including all cash-settled derivatives: (c)
   Natural gas sales $217,358 $163,120 $217,314 $187,198
   NGLs sales 86,519 51,256 86,739 63,175
   Oil sales 41,642 36,261 41,654 36,820
Total $345,519 $250,637 38% $345,707 $287,193 20%
Third party transportation, gathering and compression fee components:
   Natural gas $32,441 $20,009 $32,458 $21,932
   NGLs 2,135 - 2,135 -
Total $34,576 $20,009 $34,593 $21,932
Production during the period (a):
   Natural gas (mcf) 45,147,273 28,998,826 56% 45,173,850 37,713,342 20%
   NGLs (bbl) 1,553,546 1,201,785 29% 1,557,673 1,501,093 4%
   Oil (bbl) 497,440 501,612 -1% 497,585 508,485 -2%
Gas equivalent (mcfe) (b)   57,453,189 39,219,208 46% 57,505,398 49,770,810 16%
Production - average per day (a):
   Natural gas (mcf) 490,731 315,205 56% 491,020 409,928 20%
   NGLs (bbl) 16,886 13,063 29% 16,931 16,316 4%
   Oil (bbl) 5,407 5,452 -1% 5,409 5,527 -2%
Gas equivalent (mcfe) (b)   624,491 426,296 46% 625,059 540,987 16%
Average prices realized, including cash-settled derivatives and early cash-settled hedges: (c)
   Natural gas (mcf) $4.81 $5.63 -15% $4.81 $4.96 -3%
   NGLs (bbl) $55.69 $42.65 31% $55.68 $42.09 32%
   Oil (bbl) $83.71 $72.29 16% $83.71 $72.41 16%
Gas equivalent (mcfe) (b) $6.01 $6.39 -6% $6.01 $5.77 4%
Average prices realized, including cash-settled derivatives and early cash-settled hedges: (d)
   Natural gas (mcf) $4.10 $4.94 -17% $4.09 $4.38 -7%
   NGLs (bbl) $54.32 $42.65 27% $54.31 $42.09 29%
   Oil (bbl) $83.71 $72.29 16% $83.71 $72.41 16%
Gas equivalent (mcfe) (b) $5.41 $5.88 -8% $5.41 $5.33 2%
   (a)  Represents volumes sold regardless of when produced.
     (b)  Oil and NGLs are converted to mcfe at a rate of one barrel equals six mcf based upon the approximate relative energy content of oil and natural gas, which is not necessarily    indicative of the relationship of oil and natural gas prices.
   (c)  Excluding third party transportation, gathering and compression costs.
   (d)  Net of transportation, gathering and compression costs.

RANGE RESOURCES CORPORATION

RECONCILIATION OF NATURAL GAS, NGLs AND OIL SALES AND DERIVATIVE FAIR VALUE INCOME (LOSS) TO CALCULATED CASH REALIZED NATURAL GAS, NGLs AND OIL PRICES WITH AND WITHOUT THIRD PARTY TRANSPORTATION, GATHERING AND COMPRESSION FEES
non-GAAP measures
As Reported, GAAP Non-GAAP
Excludes Barnett Operations Includes Barnett Operations
(Unaudited, in thousands, except per unit data) Twelve Months Ended December 31, Twelve Months Ended December 31,
2011 2010 % 2011 2010 %
Natural gas, NGLs and oil sales components:
   Natural gas sales $611,864 $481,564 $651,533 $604,618
   NGLs sales 268,846 143,132 278,995 175,236
   Oil sales   168,961 133,822 169,722 136,442
Cash-settled hedges (effective):
   Natural gas 123,595 64,749 132,201 64,749
   Crude oil - 23 - 23
   Total natural gas, NGLs and oil sales, as reported $1,173,266 $823,290 43% $1,232,451 $981,068 26%
Derivative fair value income (loss) components:
Cash-settled derivatives (ineffective):
   Natural gas $22,104 $35,636 $22,104 $35,636
   NGLs 9,612 - 9,612 -
   Crude Oil (9,574) 15,697 (9,574) 15,697
Change in mark-to-market on unrealized derivatives 15,762 (2,086) 15,762 (2,086)
Unrealized ineffectiveness 2,183 2,387 2,183 2,387
Total derivative fair value income (loss), as reported $40,087 $51,634 $40,087 $51,634
Natural gas, NGLs and oil sales, including all cash-settled derivatives: (c)
   Natural gas sales $757,563 $581,949 $805,838 $705,003
   NGLs sales 278,458 143,132 288,607 175,236
   Oil sales 159,387 149,542 160,148 152,162
Total $1,195,408 $874,623 37% $1,254,593 $1,032,401 22%
Third party transportation, gathering and compression fee components:
   Natural gas $114,289 $62,837 $119,546 $71,461
   NGLs 6,466 - 6,466 -
Total $120,755 $62,837 $126,012 $71,461
Production during the period (a):
   Natural gas (mcf) 145,206,124 106,147,511 37% 157,001,395 142,033,760 11%
   NGLs (bbl) 5,352,181 3,600,469 49% 5,572,829 4,490,199 24%
   Oil (bbl) 1,959,608 1,934,417 1% 1,967,881 1,969,049 0%
Gas equivalent (mcfe) (b)   189,076,858 139,356,832 36% 202,245,656 180,789,253 12%
Production - average per day (a):
   Natural gas (mcf) 397,825 290,815 37% 430,141 389,134 11%
   NGLs (bbl) 14,664 9,864 49% 15,268 12,302 24%
   Oil (bbl) 5,369 5,300 1% 5,391 5,395 0%
Gas equivalent (mcfe) (b)   518,019 381,800 36% 554,098 495,313 12%
Average prices realized, including cash-settled derivatives and early cash-settled hedges: (c)
   Natural gas (mcf) $5.22 $5.48 -5% $5.13 $4.96 3%
   NGLs (bbl) $52.03 $39.75 31% $51.79 $39.03 33%
   Oil (bbl) $81.34 $69.19 18% $81.38 $69.31 17%
Gas equivalent (mcfe) (b) $6.32 $6.16 3% $6.20 $5.62 10%
Average prices realized, including cash-settled derivatives and early cash-settled hedges: (d)
   Natural gas (mcf) $4.43 $4.89 -9% $4.37 $4.46 -2%
   NGLs (bbl) $50.82 $39.75 28% $50.63 $39.03 30%
   Oil (bbl) $81.34 $69.19 18% $81.38 $69.31 17%
Gas equivalent (mcfe) (b) $5.68 $5.71 -1% $5.58 $5.23 7%
   (a)  Represents volumes sold regardless of when produced.
   (b)  Oil and NGLs are converted to mcfe at a rate of one barrel equals six mcf based upon the approximate relative energy content of oil and natural gas, which is not necessarily             indicative of the relationship of oil and natural gas prices.
   (c)  Excluding third party transportation, gathering and compression costs.  Early settled oil hedges of $15.7 million in 2010 are excluded from realized pricing calculation.
   (d)  Net of transportation, gathering and compression costs.  Early settled oil hedges of $15.7 million in 2010 are excluded from realized pricing calculation.

RANGE RESOURCES CORPORATION

RECONCILIATION OF INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
AS REPORTED TO INCOME FROM OPERATIONS BEFORE INCOME TAXES
EXCLUDING CERTAIN ITEMS, a non-GAAP measure
(Unaudited, in thousands, except per share data) Three Months Ended December 31, Twelve Months Ended December 31,
2011 2010 % 2011 2010 %
(Loss) income from continuing operations before income taxes, as reported        $(2,614) $(19,956) 87% $78,263 $139,608 -44%
Adjustment for certain items:
  (Gain) loss on sale of properties   (3,539) 1,514 (2,259) (76,642)
  Barnett discontinued operations less gain on sale   (177) (6,120) 18,827 (22,711)
  Change in mark-to-market on unrealized derivatives (gain) loss   51,331 25,971 (15,762) 2,086
  Unrealized derivative (gain) loss   348 13 (2,183) (2,387)
  Abandonment and impairment of unproved properties   27,639 19,025 79,703 49,738
  Loss on early extinguishment of debt   - - 18,576 5,351
   Proved property impairment   - - 38,681 6,505
  Termination costs   - - - 7,938
  Lawsuit settlements   302 331 540 3,366
  Transportation and gathering - non-cash stock compensation   348 277 1,455 1,203
  Direct operating - non-cash stock compensation   571 538 1,987 2,007
  Exploration expenses - non-cash stock compensation   940 978 4,108 4,209
  General & administrative - non-cash stock compensation   8,756 7,773 36,244 34,174
  Deferred compensation plan - non-cash stock compensation   9,640 14,978 43,209 (10,216)
Income from operations before income taxes, as adjusted   93,545 45,322 106% 301,389 144,229 109%
Income tax expense, as adjusted
  Current   636 (826) 637 (836)
  Deferred   39,648 15,743 124,373 55,750
Net income excluding certain items, a non-GAAP measure   $53,261 $30,405 75% $176,379 $89,315 97%
Non-GAAP income per common share
  Basic   . $0.34 $0.19 79% $1.12 $0.57 96%
  Diluted   $0.33 $0.19 74% $1.11 $0.56 95%
Non-GAAP diluted shares outstanding, if dilutive   160,051 160,707 159,441 158,428

HEDGING POSITION AS OF FEBRUARY 20, 2012
(Unaudited)

Daily Volume Hedge Price Premium (Paid) / Received
Gas (Mmbtu)
   1Q 2012 Swaps 160,000 $4.10 ($0.02)
   1Q 2012 Collars 189,641 $5.32 - $5.91 ($0.28)
   2Q 2012 Swaps 210,000 $3.94 ($0.01)
   2Q 2012 Collars 189,641 $5.32 - $5.91 ($0.28)
   3Q 2012 Swaps 160,000 $4.18 ($0.02)
   3Q 2012 Collars 279,641 $4.76 - $5.22 ($0.19)
   4Q 2012 Swaps 200,000 $4.07 ($0.02)
   4Q 2012 Collars 279,641 $4.76 - $5.22 ($0.19)
   2013 Swaps 40,000 $3.82 --
   2013 Collars 240,000 $4.73 - $5.20 --
   2014 Collars 90,000 $4.25 - $4.85 --
Oil (Bbls)
   1Q 2012 Calls 4,700 $85.00 $13.71
   1Q 2012 Collars 2,000 $70.00 - $80.00 $7.50
   2Q 2012 Calls 2,200 $85.00 $13.71
   2Q 2012 Collars 4,500 $75.56 - $82.78 $10.18
   3Q 2012 Calls 2,200 $85.00 $13.71
   3Q 2012 Collars 4,500 $75.56 - $82.78 $9.30
   4Q 2012 Calls 2,200 $85.00 $13.71
   4Q 2012 Collars 4,500 $75.56 - $82.78 $8.56
   2013 Swaps 4,756 $96.49 --
   2013 Collars 3,000 $90.60 - $100.00 --
   2014 Swaps 3,000 $93.33 --
   2014 Collars 2,000 $85.55 - $100.00 --
NGLs (Bbls)
   1Q 2011 Swaps 12,000 $96.28 --
   2Q 2011 Swaps 12,000 $96.28 --
   3Q 2011 Swaps 12,000 $96.28 --
   4Q 2011 Swaps 12,000 $96.28 --
   2013 Swaps 6,000 $87.33 --

NOTE:  SEE WEBSITE FOR OTHER SUPPLEMENTAL INFORMATION FOR THE PERIODS





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Source: Range Resources Corporation via Thomson Reuters ONE

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Source: Thomson Reuters ONE (February 21, 2012 - 7:10 PM EST)

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