Range Agrees to $116.5 Million Permian Basin Purchase

Business Wire, June 6, 2005

FORT WORTH, Texas -- Range Resources Corporation (NYSE:RRC) today announced that it had agreed to acquire Permian Basin oil and gas properties for $116.5 million through the purchase of Plantation Petroleum Holdings II, LLC, a private company. Range estimates that proved reserves attributable to the properties are 77 Bcfe. The reserves are 82% natural gas, with 62% proved developed. The proved producing reserves-to-production ratio is 15 years. Range will assume operations of the properties and will own approximately a 100% working interest.

The properties to be acquired are similar in nature to Range's existing properties in the Permian Basin. In particular, at its West Fuhrman Mascho Unit, which is an analogous Permian Basin field, Range has increased production each of the last three years. The properties to be acquired currently produce approximately 7 Mmcfe net per day from 58 wells. Production is derived from multiple formations, ranging in depths from 2,500 to 8,500 feet. Range has identified 58 proven recompletion and drilling opportunities on the properties. In addition, a number of unproved opportunities have been identified. Upon completion of the transaction, Range will initiate a drilling and recompletion development program targeted to double production by year-end 2006. Range intends to finance the transaction with a combination of bank debt and equity and anticipates it will be accretive to future cash flow and earnings per share. Range is in the process of hedging a portion of the production through costless collars. Closing of the transaction is anticipated by the end of June, subject to standard closing conditions, including the satisfactory completion of final due diligence by Range.

Commenting, John H. Pinkerton, Range's President stated, "This is an attractive opportunity for Range. The properties are comprised of high-margin, long-life reserves, that contain predictable growth opportunities. Importantly, the properties fit very well within our existing Permian Basin operations. The acquisition's cost metrics are excellent in that without any allocation of the purchase price to unproven reserves or acreage, the proved reserves are being acquired for $1.51 per mcfe ($1.77 per mcfe fully developed). In addition to purchasing long-life reserves within one of our core operating areas, the acquisition replaces approximately 90% of our anticipated 2005 production and puts us in a solid position to continue to deliver double digit production growth in 2006."

The Company will host a conference call today at 8:30 a.m. ET to discuss the acquisition. To participate, please dial 877-207-5526 about 5-10 minutes prior to the start of the call and ask for the Range Resources Acquisition Conference Call. A simultaneous webcast of the call may be accessed over the Internet at www.rangeresources.com or www.vcall.com. To listen, please go to either website allowing time to install any necessary software. The webcast will be archived for replay on the Company's website for 15 days. A replay of the call will be available through June 13 at 800-642-1687. The conference ID is 6851263. For additional information, a Powerpoint presentation is available on the Company's home page of its website at www.rangeresources.com along with updated information on its current hedge position.

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 development and recompletion potential, drilling opportunities, production growth, and costs to fully develop are forward-looking statements as defined by the Securities and Exchange Commission. 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.