RANGE RESOURCES CORPORATION (NYSE: RRC) today provided an operations update. Second quarter production volumes averaged 434 Mmcfe per day, a 14% increase over the prior year and 4% higher than first quarter 2009. Second quarter production exceeded the Company’s guidance of 420 – 425 Mmcfe per day, due to better than expected drilling results in the Barnett and Marcellus Shale plays. Range has now posted 26 consecutive quarters of sequential production growth. Despite a significantly lower capital budget and the recent sale of its West Texas oil properties, Range currently anticipates that it will achieve double-digit production growth again in 2009.

Second quarter development expenditures of $110 million funded the drilling of 145 (95.8 net) wells and 6 (5.9 net) recompletions. A 100% success rate was achieved. For the first six months of 2009, 161 (102.9 net) wells have been successfully drilled and are now on production, while 84 (55.9 net) wells are currently in various stages of completion or waiting on pipeline connection. Currently, Range has 14 rigs in operation versus 30 this time last year.

During the second quarter, the Marcellus Shale division continued to make excellent progress. The technical team is continuing to delineate areas and de-risk its large land position. Marcellus Shale production is on plan and now exceeds 50 Mmcfe per day net and is expected to approach the higher end of the previously announced target of 80 - 100 Mmcfe per day net by year end. From inception, Range has drilled and completed 46 horizontal Marcellus Shale wells, of which 41 are on production. Twenty-four of the wells have been on production for no less than 120 days and some for as long as two years. Range currently estimates that these 24 wells have an average gross ultimate recovery of 4.4 Bcfe. All of these wells are located in southwest Pennsylvania, and our current cost to drill and complete from a multi-well pad site is $3.5 million per well. After adjusting for an average royalty of 15%, this results in finding and development costs, net to Range, of less than $1.00 per mcfe. At a $5.00 NYMEX gas price held flat, adjusted for basis differentials, these Marcellus wells generate a pre-tax rate-of-return of 50% (79% at $7.00 NYMEX). Range plans to drill approximately 70 horizontal wells in the Marcellus Shale play in 2009 with approximately 50 being completed prior to year end. The Marcellus division currently has three horizontal rigs operating, which is scheduled to increase to six rigs by year end. The build out of the Marcellus midstream infrastructure in southwest Pennsylvania is progressing as scheduled. By December 2009 or January 2010, gross processing capacity should be expanded to 200 Mmcf per day. An additional 120 Mmcf per day of processing capacity has been ordered for start-up in early 2011, increasing gross processing capacity to more than 300 Mmcf per day.

The Southwest division also delivered strong drilling results in the second quarter. For the quarter, Barnett production averaged 120 Mmcfe per day net. The division recently tested seven wells in Denton County for a combined rate of 17 Mmcfe per day.