Range Resources Corporation provides an operations update. First quarter production volumes averaged 416 Mmcfe per day, a 12% increase over the prior year and 3% higher than fourth quarter 2008. Range has now posted 25 consecutive quarters of sequential production growth. The Company previously announced a 10% year-over-year production growth target for 2009 based on its reduced capital program. The first quarter production growth is attributable primarily to the Marcellus Shale play in Pennsylvania, the Nora field in Virginia and the Barnett Shale play in North Texas. Currently, Range has 15 rigs in operation versus 33 rigs this time last year.

First quarter development expenditures of $162 million funded the drilling of 101 (64.4 net) wells and 7 (7.0 net) recompletions. A 99% success rate was achieved with 100 (63.8 net) wells productive, of these, 52 (33.2 net) wells are in various stages of completion or waiting on pipeline connection. For the first quarter, the Company expects to recognize exploration expense of approximately $12 million, including $8 million of seismic expenditures. The seismic was focused principally in the Marcellus Shale and Barnett Shale plays. In the first quarter, Range is modifying its accounting process to amortize unproved lease expirations over the life of the leases versus on an occurrence basis. The first quarter 2009 amortization expense is anticipated to be $18 to $20 million. Range believes this accounting treatment will provide a more predictable approach to future lease expirations. Oil and gas prices, after adjustment for hedging, are estimated to average $6.60 per mcfe for the first quarter. This compares to price realizations of $9.55 per mcfe for first quarter 2008 and $6.86 per mcfe for fourth quarter 2008.

During the first quarter, the Marcellus Shale division continued to make solid progress. In 2008, Range ordered six custom-designed drilling rigs for the Marcellus. The first two of the custom-designed rigs have been delivered and are now on location and drilling. These rigs, which come equipped with crawlers, can traverse a drill pad in a matter of hours versus days for the older rigs. Since Range is now drilling multiple laterals from a single pad, these rigs are expected to save both time and money. Range plans to drill more than 60 horizontal wells in the Marcellus Shale play in 2009.

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