Range Provides Marcellus Shale Update

FORT WORTH, Texas--(BUSINESS WIRE)--Range Resources Corporation (NYSE:RRC) today provided an update on its Marcellus Shale play. Last month Range and MarkWest Energy Partners, L.P. (NYSE:MWE) announced completion of the first phase of the Marcellus Shale infrastructure. The initial phase included gas gathering and compression as well as Pennsylvania’s first large-scale gas processing facility. Since then Range has been completing production facilities and connecting previously drilled wells to the gas gathering system. Currently, seven wells are tied into the gas processing facility and net sales from these wells total 30 Mmcfe per day.

MarkWest is currently undertaking additional infrastructure development which will serve to expand the gathering system and add gas processing capacity. A cryogenic plant is expected to be online by the end of first quarter 2009, increasing gas processing capacity to 60 Mmcf per day. By year-end 2009 or early 2010, processing capacity is anticipated to be 180 Mmcf per day. As additional gas processing capacity is completed, Range will turn on additional wells. Range currently plans to enter 2009 with three horizontal rigs, increasing to six rigs by the end of 2009. By year-end 2009, Range anticipates that production will reach 80 to 100 Mmcfe per day, net to its interest.

John H. Pinkerton, Chairman and CEO of Range Resources, commented, “We continue to make exciting progress in the Marcellus Shale play as production rates are exceeding expectations. Our technical team is making excellent headway in reducing drilling costs which is very important as we ramp up our development activities. Having now transitioned from the testing phase to the development phase, the Marcellus Shale play should greatly enhance our future production, reserves and capital efficiency. Given its proximity to the northeastern gas markets, the Marcellus Shale play is ideally located to provide a new source of domestic, clean-burning natural gas for many years to come. Importantly, during this period of economic uncertainty, the Marcellus Shale play has the potential to add tens of thousands of new jobs and billions of dollars of economic benefit.”

Range Resources Corporation 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 processing capacity, future production, anticipated number of drilling rigs, drilling results, capital expenditures and financial results 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.