Exhibit 99.1

NEWS RELEASE

RANGE ANNOUNCES SECOND QUARTER 2011 RESULTS

FORT WORTH, TEXAS, JULY 25, 2011...RANGE RESOURCES CORPORATION (NYSE: RRC) today announced its second quarter 2011 results. The favorable second quarter results were driven by higher production volumes, higher realized prices and lower unit costs. Reported GAAP net income for second quarter 2011 totaled $51.3 million ($0.32 per diluted share), up from $9.1 million ($0.06 per diluted share) for the prior year quarter. Net cash provided from operating activities including changes in working capital totaled $173.0 million for the second quarter versus $107.6 million for the prior year quarter. Adjusted net income comparable to analysts’ estimates, a non-GAAP measure, was $43.2 million ($0.27 per diluted share), approximately three times the comparable amount for the prior year quarter. Cash flow from operations before changes in working capital, a non-GAAP measure, increased 30% year-over-year to $168.0 million. Comparing these amounts to analysts’ average First Call consensus estimates, the Company’s earnings per share ($0.27 per diluted share) was greater than the consensus of analysts’ estimates of $0.19 per diluted share and cash flow per share ($1.06 per diluted share) for the quarter was greater than the consensus analysts’ estimates of $0.99 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.

The second quarter results reflected an 8% increase in production, a 14% increase in realized prices and a 9% decrease in the unit costs of the Company’s five largest cost categories compared to the prior year quarter. As previously announced, production averaged 508.0 Mmcfe net per day. Production was 76% natural gas, 17% natural gas liquids (NGLs) and 7% crude oil. Targeted drilling to Range’s liquids-rich plays increased the Company’s NGL production by almost 20% between years. Realized prices, including all cash-settled derivatives, average $5.76 per mcfe, a 14% increase over the prior year quarter. The increase in the average per mcfe prices was primarily due to a greater proportion of liquids in the total production mix and stronger NGL and oil prices. During the second quarter, the Company continued to drive down its unit costs. In aggregate, the Company’s five largest cost categories decreased 9% on a unit of production basis. The most significant cost declines related to depreciation, depletion and amortization expense, and direct operating costs.

Commenting on the announcement, John Pinkerton, Range’s Chairman and CEO, said, “The second quarter results reflect terrific execution by the entire Range team. While simultaneously closing the sale of the Barnett Shale properties, we drove up production above the high-end of our guidance while also driving down our unit costs. We finished the quarter in the best financial position in the Company’s history with $289 million in cash, no borrowings outstanding on our $2.0 billion bank credit facility and no bond maturities until 2017. Looking to the second half of the year, we anticipate fully replacing all of the Barnett production by the end of the third quarter, reaching our Company-wide production increase target of 10% for the year and exiting the year at 400 Mmcfe per day net from the Marcellus Shale. Additionally, as we continue to redeploy the Barnett sale proceeds into higher return projects, we expect to see further lowering of our cost structure. In addition to the Marcellus, Upper Devonian and Utica plays in Appalachia, we are proactively expanding several other plays including the Mississippian Lime and St. Louis plays in our Midcontinent region. Range is extraordinarily well positioned to continue to drive up its per share value in the second half of 2011 and for 2012 and beyond.”

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 properties with the reported amounts as continuing operations)

As previously announced, Range closed the Barnett Shale property sale at the end of April during the quarter. Under generally accepted accounting principles (GAAP), the Barnett properties have been reclassified as “Discontinued operations” for the quarter and for the prior-year comparable period. As a result, production, revenue and expenses associated with the properties have been removed from continuing operations and reclassified to discontinued operations. In this release, we have included Statements of Operations that reconcile and reclassify Barnett discontinued operations into continuing operations for comparative purposes.

These supplemental non-GAAP tables present the reported GAAP amounts as compared to the amounts that would have been reported if the Barnett operations were included in continuing operations through the end of April 2011. All variances discussed in this release include the Barnett operations as continuing operations in the current year and the prior year periods.

For the quarter, production averaged 508.0 Mmcfe per day, comprised of 388.7 Mmcf per day of gas (76%), 14,344 barrels per day of natural gas liquids (17%) and 5,545 barrels per day of oil (7%). Natural gas production grew 2% and NGL and crude oil production increased 33% over the prior-year quarter due to outstanding drilling results in the liquids-rich areas of both the Marcellus Shale and the Midcontinent areas. Realized prices, including all cash-settled derivatives, averaged $5.76 per mcfe, a 14% increase over the prior-year quarter of $5.07 and a 6% increase as compared to the first quarter 2011 of $5.45 per mcfe. The increase in the average per mcfe price was due to a greater proportion of liquids in the total production mix and stronger NGL and crude oil prices. The average realized gas price was $4.54 per mcf, 4% higher than the prior-year quarter. The natural gas liquids price increased 35% to $50.07 a barrel versus the prior-year quarter, while the average oil price rose 18% to $80.42 a barrel. Reported GAAP natural gas, NGL and oil sale revenues for the quarter were $256.7 million, an increase of 48% as compared to the prior year excluding sales from the Barnett properties shown as discontinued operations. Total natural gas, NGL and oil sales (including all cash settled derivatives and the Barnett properties) increased 29% compared to the prior-year quarter to $267.5 million resulting from higher volumes and prices. The total revenues include $6.2 million of cash proceeds received upon the sale of the natural gas hedges which were sold along with the Barnett Shale properties ($0.14 additional hedging proceeds for the average per mcfe equivalent price realization for the quarter or $0.18 additional proceeds for the natural gas realization). The remaining $18.8 million of cash proceeds associated with these natural gas hedges will be recognized in natural gas revenues in the third and fourth quarters.

During the second quarter of 2011, Range continued to lower its cost structure. On a unit of production basis, the Company’s five largest cost categories fell by 9% in aggregate compared to the prior-year period. Compared to prior year, depreciation, depletion and amortization expense decreased 20% to $1.69 per mcfe, direct operating costs decreased 4% to $0.65 per mcfe, and production tax expense decreased 11% to $0.17 per mcfe, which more than offset the increases in general and administrative expense of $0.59 per mcfe (up 13%) and interest expense of $0.76 per mcfe (up 6%).

During the second quarter, Range used a portion of the proceeds from the sale of the Barnett Shale properties to pay off the entire outstanding balance on its credit facility. Over time, the excess sales proceeds will be redeployed into the Company’s capital spending program. In May, Range issued $500 million of 5.75% senior subordinated notes due 2021 and purchased or redeemed all of its $150 million of 6.375% senior subordinated notes due 2015 and $250 million of 7.5% senior subordinated notes due 2016. The refinancing lowered our effective interest rate and extended the tenor for five years. The Company recognized a resulting loss on early extinguishment of debt of $18.6 million ($10.8 million after deferred taxes).

Capital Expenditures —

Second quarter drilling expenditures of $281.1 million funded the drilling of 91 (84 net) wells and the completion of previously drilled wells. A 100% drilling success rate was achieved. Year to date drilling expenditures for 2011 totaled $548.4 million. For the first six months of 2011, Range has drilled 146 (133 net) wells. At June 30, 26 (24 net) wells have been drilled during the year and placed on production. The remaining 120 (109 net) wells are in various stages of completion or waiting on pipeline connection. Since inception of the play through June 30, 2011, Range has drilled and cased 292 horizontal Marcellus wells of which 71 are awaiting completion and 30 are awaiting pipeline connection. In the first six months of 2011, $67.7 million was expended on acreage, $11.8 million on gas gathering systems and $36.6 million for exploration expense (includes $17.5 million for seismic and $11.8 million for delay rentals).

Operational Discussion —

Marcellus Shale Division

We are currently producing just over 300 Mmcfe per day net from the Marcellus Shale, up from approximately 200 Mmcfe per day at year-end 2010. Previously announced in the operations update, Range disclosed that based on the production performance of the 103 horizontal wells placed on production during 2009 and 2010, that the estimated ultimate recovery (EUR) of reserves for these wells averages 5.7 Bcfe per well. Using these EUR estimates with the cost to drill and complete these wells of $4 million in a development mode, Range’s well economics pressure tested at NYMEX indexed prices of $4.00 for natural gas price and $85.00 for crude oil achieves a 79% rate of return but at a NYMEX natural gas price of $5.00 is 105% rate of return. Drill bit finding and development cost decline to $0.82 per mcfe. The 5.7 Bcfe type curve reflects that 40% of the EUR is produced within the first five years of production.

Range believes that comparisons of relative EUR estimates should take into consideration lateral length and number of frac stages in determining relative performance between areas in the Marcellus. Relative estimates of rate of returns between areas should consider the completed well costs in each area, the natural gas and liquid components of the production due to the differences in commodity prices along with the relative basis and transportation differentials.

In southwest Pennsylvania, 200 Mmcf per day of additional processing capacity was brought on line in May increasing Range’s total committed processing capacity to 350 Mmcf per day. By the end of the year, Range’s processing capacity is scheduled to increase to 390 Mmcf per day. These processing capacities do not include the significant amount of available interruptible capacity not being utilized by third parties. As a result, Range is well positioned to steadily grow its liquid-rich production in southwest Pennsylvania.

As of the end of the second quarter, there were 21 wells completed in southwest Pennsylvania that are awaiting connection to the gathering system and 51 wells waiting to be completed.

In northeast Pennsylvania, the second expansion of 150 Mmcf per day of the Lycoming County trunkline system is scheduled to be completed in stages during the third and fourth quarters which will tie in an expected additional 33 wells by the end of November. The first five of those additional wells just commenced production last week. Range still anticipates exiting 2011 at 400 Mmcfe per day net in the Marcellus increasing to 600 Mmcfe per day net by the end of 2012.

Midcontinent Division

The Midcontinent Division activity for the second quarter continued to generate liquids-rich results with a 30% increase in production year-over-year. Liquids production for the quarter was up 20% over the previous year. Five wells in the Ardmore Basin Woodford play were turned to sales at combined rates of 5,069 gross (2,641 net) Boe per day. In northern Oklahoma, the Mississippi Lime play continues to command attention. Range has drilled four wells in the play in 2011. Results of these wells and continued strong performance on the earlier program wells have resulted in an expansion of the play. Current production from the Mississippi Lime area is 3,200 gross (2,550 Net) Boe per day. Range estimates that the EUR for the seven horizontal wells drilled to date average 485 MBoe per well. The average lateral length is 2,197 feet with 12 frac stages. Approximately 70% of the EUR is comprised of liquids. Reserve projections for wells in Range’s area of interest are now estimated to be in the range of 400-500 MBoe per well for approximately 2,000 foot laterals with 12 stages at depths of 5,000 feet. Range now controls over 45,000 net acres in the play with 900+ potential well locations, up from the previously disclosed 28,000 net acres.

An offset to the prolific St. Louis completion in the Texas Panhandle is currently drilling and three additional offsets are planned to be drilled later this year. Range’s original horizontal St. Louis Lime well continues to perform above expectations. After 28 weeks of production, the well has produced more than 3.0 Bcfe, with current rates still at 12.3 Mmcf of natural gas and over 760 barrels of liquids per day or 16.8 (5.0 Net) Mmcfe per day. Our Woodford “Cana” activity also continues with Range participating in one non-operated well. As development in the play approaches our 42,000 net acre position which is already held by production, Range expects our drilling activity to increase.

Appalachia Division

During the second quarter of 2011, the Appalachia Division increased production by 12% year-over-year focusing on the tight gas sand and horizontal drilling projects on its 350,000 (235,000 net) acres in Virginia. Range either owns the minerals or the leases are held by production with no lease expiration issues. The division averaged three rigs running in the quarter and drilled 17 (16.5 net) vertical tight gas sand wells and 3 (2.5 net) horizontal wells that targeted the Huron Shale and the Berea formations in the Nora field. Also in the quarter, Range performed four recompletions of behind-pipe pays in an effort to maximize production on existing wells at modest cost.

Conference Call Information —

The Company will host a conference call on Tuesday July 26, 2011 at 1:00pm ET to review the second quarter results. To participate in the call, please dial 877-407-0778 and ask for the Range Resources’ second quarter earnings conference call. A replay of the call will be available through August 26, 2011. To access the phone replay dial 877-660-6853. The account number is 286 and the conference ID for the replay is 376010. Additional financial and statistical information about the period not included in this release but discussed on the conference call will be available on our home page at www.rangeresources.com.

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 in time to register and install any necessary software. The webcast will be archived for replay on the Company’s website until October 26.

Non-GAAP Financial Measures and Supplemental Tables —

Adjusted net income comparable to analysts’ estimates as used in this release represents income from continuing operations before income taxes adjusted for certain 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 or loss from continuing 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.

Second quarter 2011 earnings included income of $54.1 million for the non-cash unrealized mark-to-market increase in value of the Company’s derivatives, income of $5.8 million recorded for the mark-to-market in the deferred compensation plan for the decrease in the Company’s common stock during the period and $13.4 million of non-cash stock compensation expense, $18.6 million of expense on refinancing of subordinated debt, an unproved property impairment expense of $18.9 million and $1.7 million of loss on sale of properties and other. Excluding these items, net income would have been $43.2 million or $0.27 per share ($0.27 fully diluted). Excluding similar non-cash items from the prior-year quarter, net income would have been $14.1 million or $0.09 per share ($0.09 fully diluted). By excluding these non-cash items from our reported earnings, we believe we present our earnings in a manner consistent with the presentation used by analysts in their projection of the Company’s earnings. (See the reconciliation of non-GAAP earnings in the accompanying table.)

“Cash flow from operations before changes in working capital” as used 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 operating, 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 from operating activities” 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 natural gas, NGL and oil production including the amounts realized on cash-settled

derivatives 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 hedging and derivative transactions, such information is now reported in various lines of the statements of operations. The Company believes that it is important to furnish a table reflecting the details of the various components of each line in the statements of operations to better inform the reader the details of each amount and provide a summary of the realized cash-settled amounts which historically were reported as natural gas, NGL and oil sales. This information will serve to bridge the gap between various reader’s understanding and fully disclose the information needed.

The Company discloses in this release the detail components of many of the single line items shown in the GAAP financial statements included in the Company’s Quarterly Report on Form 10-Q. The Company believes that it is important to furnish this detail of the various components comprising each line of the Statement of Operations to better inform the reader the details of each amount, the changes between periods and the effect on its financial results.

Hedging and Derivatives —

In this release, Range has reclassified within total revenues its reporting of the cash settlement of its commodity derivatives. Under this presentation those hedges considered “effective” under ASC 815 are included in “Natural gas, NGL 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 there is “volumetric ineffectiveness” due to the 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” in the Form 10-Q along with the change in mark-to-market valuations of such unrealized derivatives. The Company has provided additional information regarding natural gas, NGL and oil sales in a supplemental table included with this release which would correspond to amounts shown by analysts for natural gas, NGL and oil sales realized, including all cash-settled derivatives.

RANGE RESOURCES CORPORATION (NYSE: RRC) is an independent natural gas company operating in the Appalachia and Southwest regions of the United States.

Except for historical information, statements made in this release such as expected increases in per share value, attractive returns on capital, expected operating costs, expected production growth, expected capital funding sources, expected reduction of future unit costs, attractive hedge positions, best financial position, and expansion of plays 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, environmental risks and regulatory changes. 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” or “upside” 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. 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. 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.

2011-26

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-Q

		Three Months Ended June 30,										Six Months Ended June 30,
(Unaudited, in thousands, except per share data)		2011				2010						2011				2010
Revenues and other income:
Natural gas, NGL and oil sales (a)		$	256,687			$	173,153					$	483,568			$	360,826
Derivative cash settlements gain (loss) (a) (c)			(1,034	)			10,695						(2,400	)			6,699
Transportation and gathering			(699	)			972						4				3,387
Transportation and gathering — non-cash stock compensation (b)			(342	)			(309	)					(732	)			(643	)
Change in mark-to-market on unrealized derivatives gain (loss) (c)			48,139				(4,409	)					8,103				42,169
Ineffective hedging gain (loss) (c)			5,934				260						6,502				11
Gain (loss) on sale of properties			(1,622	)			10,176						(1,483	)			78,089
Equity method investment (d)			(1,021	)			636						(759	)			(985	)
Other (d)			587				1						1,402				47
Total revenues and other income			306,629				191,175			60	%		494,205				489,600			1	%
Costs and expenses:
Direct operating			27,866				20,608						56,273				42,082
Direct operating — non-cash stock compensation (b)			643				563						953				925
Production and ad valorem taxes			7,550				5,663						14,429				12,205
Exploration			10,655				13,348						36,513				26,351
Exploration — non-cash stock compensation (b)			937				1,072						2,266				2,208
Abandonment and impairment of unproved properties			18,900				9,727						35,437				16,278
General and administrative			27,299				22,532						54,416				42,860
General and administrative — non-cash stock compensation (b)			11,467				10,738						18,997				18,580
General and administrative — lawsuit settlements			70				2,566						70				2,566
General and administrative — bad debt expense			284				—						(404	)			—
Termination costs			—				—						—				5,138
Termination costs — non-cash stock compensation (b)			—				—						—				2,800
Deferred compensation plan (e)			5,778	)			(14,135	)					24,852				(19,847	)
Interest expense			31,383				21,271						56,162				42,202
Loss on early extinguishment of debt			18,580				—						18,580				—
Depletion, depreciation and amortization			78,294				67,813						150,510			$	132,620
Impairment of proved property			—				—						—				6,505
Total costs and expenses			228,150				161,766			41	%		469,054				333,473			41	%
Income from continuing operations before income taxes			78,479				29,409			167	%		25,151				156,127			-84	%
Income tax expense:
Current			8				—						8				—
Deferred			32,695				11,763						12,798				60,775
			32,703				11,763						12,806				60,775
Income from continuing operations			45,776				17,646			159	%		12,345				95,352			-87	%
Discontinued operations, net of tax			5,517				(8,594	)					13,915				(8,721	)
Net income		$	51,293			$	9,052			467	%	$	26,260			$	86,631			-70	%
Income (Loss) Per Common Share:
Basic-Income (loss) from continuing operations		$	0.28			$	0.11					$	0.08			$	0.59
Discontinued operations			0.04				(0.05	)					0.08				(0.05	)
Net income (loss)		$	0.32			$	0.06			433	%	$	0.16			$	0.54			-70	%
Diluted-Income (loss) from continuing operations		$	0.28			$	0.11					$	0.08			$	0.59
Discontinued operations			0.04				(0.05	)					0.08				(0.05	)
Net income (loss)		$	0.32			$	0.06			433	%	$	0.16			$	0.54			-70	%
Weighted average common shares outstanding, as reported:
Basic			157,997				156,820			1	%		157,772				156,608			1	%
Diluted			158,833				158,472			0	%		158,729				158,601			0	%

RANGE RESOURCES CORPORATION

STATEMENTS OF OPERATIONS
Restated for Barnett discontinued operations, a non-GAAP presentation

		Three Months Ended June 30, 2011												Three Months Ended June 30, 2010
						Barnett												Barnett
						Discontinued				Including								Discontinued				Including
(Unaudited, in thousands, except per share data)		As reported				Operations				Barnett Ops				As reported				Operations				Barnett Ops
Revenues:
Natural gas, NGL and oil sales		$	256,687			$	10,777			$	267,464			$	173,153			$	33,631			$	206,784
Derivative cash settlements gain (loss)			(1,034	)			—				(1,034	)			10,695				—				10,695
Transportation and gathering			(699	)			1				(698	)			972				11				983
Transportation and gathering — non-cash stock compensation			(342	)			—				(342	)			(309	)			—				(309	)
Change in mark-to-market on unrealized derivatives gain (loss)			48,139				—				48,139				(4,409	)			—				(4,409	)
Ineffective hedging gain (loss)			5,934				—				5,934				260				—				260
Gain (loss) on sale of properties			(1,622	)			3,820				2,198				10,176				—				10,176
Equity method investment			(1,021	)			—				(1,021	)			636				—				636
Interest and other			587				—				587				1				—				1
			306,629				14,598				321,227				191,175				33,642				224,817
Expenses:
Direct operating			27,866				2,169				30,035				20,608				8,542				29,150
Direct operating — non-cash stock compensation			643				—				643				563				62				625
Production and ad valorem taxes			7,550				184				7,734				5,663				2,427				8,090
Exploration			10,655				5				10,660				13,348				53				13,401
Exploration — non-cash stock compensation			937				—				937				1,072				—				1,072
Abandonment and impairment of unproved properties			18,900				—				18,900				9,727				3,770				13,497
General and administrative			27,299				—				27,299				22,532				—				22,532
General and administrative — non-cash stock compensation			11,467				—				11,467				10,738				—				10,738
General and administrative — lawsuit settlements			70				—				70				2,566				—				2,566
General and administrative — bad debt expense			284				—				284				—				—				—
Termination costs			—				—				—				—				—				—
Termination costs — non-cash stock compensation.			—				—				—				—				—				—
Deferred compensation plan			(5,778	)			—				(5,778	)			(14,135	)			—				(14,135	)
Interest expense			31,383				3,715				35,098				21,271				9,508				30,779
Loss on early extinguishment of debt			18,580				—				18,580				—				—				—
Depletion, depreciation and amortization			78,294				14				78,308				67,813				23,184				90,997
Impairment of proved properties			—				—				—				—				—				—
			228,150				6,087				234,237				161,766				47,546				209,312
Income (loss) from continuing operations before income taxes			78,479				8,511				86,990				29,409				(13,904	)			15,505
Income tax expense (benefit):
Current			8				—				8				—				—				—
Deferred			32,695				2,994				35,689				11,763				(5,310	)			6,453
			32,703				2,994				35,697				11,763				(5,310	)			6,453
Income (loss) from continuing operations			45,776				5,517				51,293				17,646				(8,594	)			9,052
Discontinued operations-Barnett Shale, net of tax			5,517				(5,517	)			—				(8,594	)			8,594				—
Net income		$	51,293			$	—			$	51,293			$	9,052			$	—			$	9,052
OPERATING HIGHLIGHTS
Average daily production:
Natural gas (mcf)			360,566				28,120				388,686				279,409				102,478				381,887
NGL (bbl)			13,588				756				14,344				7,865				1,786				9,651
Oil (bbl)			5,527				18				5,545				5,215				112				5,327
Gas equivalent (mcfe)			475,256				32,762				508,018				357,889				113,863				471,752
Average prices realized:
Natural gas (mcf)		$	4.65			$	3.07			$	4.54			$	4.89			$	2.97			$	4.37
NGL (bbl)		$	50.62			$	40.15			$	50.07			$	38.29			$	32.04			$	37.13
Oil (bbl)		$	80.34			$	102.88			$	80.42			$	67.81			$	74.52			$	67.96
Gas equivalent (mcfe)		$	5.91			$	3.61			$	5.76			$	5.65			$	3.25			$	5.07
Direct operating cash costs per mcfe:
Field expenses		$	0.63			$	0.71			$	0.64			$	0.60			$	0.79			$	0.65
Workovers			0.01				0.02				0.01				0.03				0.03				0.03
Total operating costs		$	0.64			$	0.73			$	0.65			$	0.63			$	0.82			$	0.68

RANGE RESOURCES CORPORATION

STATEMENTS OF OPERATIONS
Restated for Barnett discontinued operations, a non-GAAP presentation

		Six Months Ended June 30, 2011												Six Months Ended June 30, 2010
						Barnett												Barnett
						Discontinued				Including								Discontinued				Including
(Unaudited, in thousands, except per share data)		As reported				Operations				Barnett Ops				As reported				Operations				Barnett Ops
Revenues:
Natural gas, NGL and oil sales		$	483,568			$	53,034			$	536,602			$	360,826			$	82,718			$	443,544
Derivative cash settlements gain (loss)			(2,400	)			—				(2,400	)			6,699				—				6,699
Transportation and gathering			4				6				10				3,387				23				3,410
Transportation and gathering — non-cash stock compensation			(732	)			—				(732	)			(643	)			—				(643	)
Change in mark-to-market on unrealized derivatives gain (loss)			8,103				—				8,103				42,169				—				42,169
Ineffective hedging gain (loss)			6,502				—				6,502				11				—				11
Gain (loss) on sale of properties			(1,483	)			3,820				2,337				78,089				955				79,044
Equity method investment			(759	)			—				(759	)			(985	)			—				(985	)
Interest and other			1,402				4				1,406				47				—				47
			494,205				56,864				551,069				489,600				83,696				573,296
Expenses:
Direct operating			56,273				10,401				66,674				42,082				17,615				59,697
Direct operating — non-cash stock compensation			953				45				998				925				193				1,118
Production and ad valorem taxes			14,429				1,250				15,679				12,205				3,955				16,160
Exploration			36,513				37				36,550				26,351				549				26,900
Exploration — non-cash stock compensation			2,266				—				2,266				2,208				—				2,208
Abandonment and impairment of unproved properties			35,437				—				35,437				16,278				9,626				25,904
General and administrative			54,416				—				54,416				42,860				—				42,860
General and administrative — non-cash stock compensation			18,997				—				18,997				18,580				—				18,580
General and administrative — lawsuit settlements			70				—				70				2,566				—				2,566
General and administrative — bad debt expense			(404	)			—				(404	)			—				—				—
Termination costs			—				—				—				5,138				—				5,138
Termination costs — non-cash stock compensation.			—				—				—				2,800				—				2,800
Deferred compensation plan			24,852				—				24,852				(19,847	)			—				(19,847	)
Interest expense			56,162				14,791				70,953				42,202				18,864				61,066
Loss on early extinguishment of debt			18,580				—				18,580				—				—				—
Depletion, depreciation and amortization			150,510				8,894				159,404				132,620				47,003				179,623
Impairment of proved properties			—				—				—				6,505				—				6,505
			469,054				35,418				504,472				333,473				97,805				431,278
Income (loss) from continuing operations before income taxes			25,151				21,446				46,597				156,127				(14,109	)			142,018
Income tax expense (benefit):
Current			8				—				8				—				—				—
Deferred			12,798				7,531				20,329				60,775				(5,388	)			55,387
			12,806				7,531				20,337				60,775				(5,388	)			55,387
Income (loss) from continuing operations			12,345				13,915				26,260				95,352				(8,721	)			86,631
Discontinued operations-Barnett Shale, net of tax			13,915				(13,915	)			—				(8,721	)			8,721				—
Net income		$	26,260			$	—			$	26,260			$	86,631			$	—			$	86,631
OPERATING HIGHLIGHTS
Average daily production:
Natural gas (mcf)			345,950				63,229				409,179				275,129				103,336				378,465
NGL (bbl)			13,083				1,257				14,341				7,399				2,045				9,444
Oil (bbl)			5,188				48				5,236				5,412				109				5,521
Gas equivalent (mcfe)			455,580				71,060				526,640				351,997				116,262				468,259
Average prices realized:
Natural gas (mcf)		$	4.62			$	3.68			$	4.47			$	4.91			$	3.64			$	4.57
NGL (bbl)		$	49.44			$	44.69			$	49.02			$	41.39			$	35.32			$	40.07
Oil (bbl)		$	79.86			$	92.36			$	79.98			$	68.74			$	74.81			$	68.86
Gas equivalent (mcfe)		$	5.84			$	4.12			$	5.60			$	5.77			$	3.93			$	5.31
Direct operating cash costs per mcfe:
Field expenses		$	0.67			$	0.79			$	0.69			$	0.63			$	0.80			$	0.67
Workovers			0.01				0.02				0.01				0.03				0.04				0.03
Total operating costs		$	0.68			$	0.81			$	0.70			$	0.66			$	0.84			$	0.70

RANGE RESOURCES CORPORATION

BALANCE SHEETS
(In thousands)

		June 30,				December 31,
		2011				2010
		(Unaudited)				(Audited)
Assets
Current assets		$	373,863			$	100,883
Current assets of discontinued operations			16,351				876,304
Current unrealized derivative gain			53,674				123,255
Natural gas and oil properties			4,552,365				4,084,013
Transportation and field assets			57,446				74,049
Other			256,208				240,082
		$	5,309,907			$	5,498,586
Liabilities and Stockholders’ Equity
Current liabilities		$	328,639			$	393,228
Current asset retirement obligation			4,020				4,020
Current unrealized derivative loss			—				352
Current liabilities of discontinued operations			19,381				32,962
Bank debt			—				274,000
Subordinated notes			1,787,398				1,686,536
Total long-term debt			1,787,398				1,960,536
Deferred tax liability			685,200				672,041
Unrealized derivative loss			4,427				13,412
Deferred compensation liability			159,024				134,488
Long-term asset retirement obligation and other			76,891				59,885
Long-term liabilities of discontinued operations			—				3,901
Common stock and retained earnings			2,205,476				2,163,803
Stock in deferred compensation plan and treasury			(6,489	)			(7,512	)
Accumulated other comprehensive income			45,940				67,470
Total stockholders’ equity			2,244,927				2,223,761
		$	5,309,907			$	5,498,586

RANGE RESOURCES CORPORATION

CASH FLOWS FROM OPERATING ACTIVITIES
(Unaudited, in thousands)

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2011				2010				2011				2010
Net income		$	51,293			$	9,052			$	26,260			$	86,631
Adjustments to reconcile net income to net cash provided from operating activities:
(Income) loss discontinued operations			(5,517	)			8,594				(13,915	)			8,721
(Gain) loss from equity investment, net of distributions			4,521				(636	)			19,259				985
Deferred income tax expense (benefit)			32,695				11,763				12,798				60,775
Depletion, depreciation, amortization and proved property impairment			78,294				67,814				150,510				139,126
Exploration dry hole costs			(4	)			—				6				—
Abandonment and impairment of unproved properties			18,900				9,727				35,437				16,278
Mark-to-market (gain) loss on oil and gas derivatives not designated as hedges			(48,139	)			4,409				(8,103	)			(42,169	)
Unrealized derivative (gain) loss			(5,934	)			(260	)			(6,502	)			(11	)
Allowance for bad debts			284				—				(404	)			—
Amortization of deferred financing costs, loss on extinguishment of debt, and other			19,969				1,200				19,891				2,367
Deferred and stock-based compensation			7,511				(1,411	)			48,161				5,866
(Gain) loss on sale of assets and other			1,622				(10,176	)			1,483				(78,089	)
Changes in working capital:
Accounts receivable			(5,848	)			(50	)			(4,159	)			8,061
Inventory and other			(827	)			1,038				2,747				338
Accounts payable			(8,524	)			(3,593	)			(6,222	)			13,859
Accrued liabilities and other			17,774				(5,040	)			(436	)			(14,038	)
Net changes in working capital			2,575				(7,645	)			(8,070	)			8,220
Net cash provided from continuing operations			158,070				92,431				276,811				208,700
Net cash provided from discontinued operations			14,921				15,132				36,802				51,737
Net cash provided from operating activities		$	172,991			$	107,563			$	313,613			$	260,437

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								Six Months Ended
		June 30,								June 30,
		2011				2010				2011				2010
Net cash provided from operating activities, as reported		$	172,991			$	107,563			$	313,613			$	260,437
Net changes in working capital from continuing operations			(2,575	)			7,645				8,070				(8,220	)
Exploration expense			10,659				13,348				36,507				26,351
Office closing severance/exit accrual			—				—				—				5,138
Lawsuit settlements			70				2,566				70				2,566
Equity method investment distribution			(3,500	)			—				(18,500	)			—
Non-cash compensation adjustment			528				220				1,849				(18	)
Net changes in working capital from discontinued operations and other			(10,211	)			(1,967	)			(10,200	)			(9,430	)
Cash flow from operations before changes in working capital, a non-GAAP measure		$	167,962			$	129,375			$	331,409			$	276,824

ADJUSTED WEIGHTED AVERAGE SHARES OUTSTANDING
(Unaudited, in thousands)

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2011				2010				2011				2010
Basic:
Weighted average shares outstanding			160,836				159,625				160,638				159,350
Stock held by deferred compensation plan			(2,839	)			(2,805	)			(2,866	)			(2,742	)
Adjusted basic			157,997				156,820				157,772				156,608
Dilutive:
Weighted average shares outstanding			160,836				159,625				160,638				159,350
Anti-dilutive or dilutive stock options under treasury method			(2,003	)			(1,153	)			(1,909	)			(749	)
Adjusted dilutive			158,833				158,472				158,729				158,601

RANGE RESOURCES CORPORATION

RECONCILIATION OF NATURAL GAS, NGL AND OIL SALES AND
DERIVATIVE FAIR VALUE INCOME (LOSS) TO CALCULATED
CASH REALIZED NATURAL GAS, NGL AND OIL SALES,
PRODUCTION PRICES AND DIRECT OPERATING CASH COSTS,
non-GAAP measures
(Unaudited, in thousands, except per unit data)

		As Reported, GAAP												Non-GAAP
		Excludes Barnett Operations												Includes Barnett Operations
		Three Months Ended												Three Months Ended
		June 30,												June 30,
		2011				2010				%				2011				2010				%
Natural gas, NGL and oil sales components:
Natural gas sales		$	123,300			$	95,257							$	131,148			$	122,923
NGL sales			62,598				27,402								65,359				32,608
Oil sales			46,504				32,154								46,672				32,913
Cash-settled hedges (effective):
Natural gas			18,044				18,317								18,044				18,317
Crude oil			—				23								—				23
Early cash-settled natural gas hedges sold with Barnett sale			6,241				—								6,241				—
Total natural gas, NGL and oil sales, as reported		$	256,687			$	173,153				48	%		$	267,464			$	206,784				29	%
Derivative fair value income (loss) components:
Cash-settled derivatives (ineffective):
Natural gas		$	5,060			$	10,695							$	5,060			$	10,695
Crude oil			(6,094	)			—								(6,094	)			—
Change in mark-to-market on unrealized derivatives			48,139				(4,409	)							48,139				(4,409	)
Unrealized ineffectiveness			5,934				260								5,934				260
Total derivative fair value income (loss), as reported		$	53,039			$	6,546							$	53,039			$	6,546
Natural gas, NGL and oil sales, including all cash-settled derivatives:
Natural gas sales		$	152,645			$	124,269							$	160,493			$	151,935
NGL sales			62,598				27,402								65,359				32,608
Oil sales			40,410				32,177								40,578				32,936
Total		$	255,653			$	183,848				39	%		$	266,430			$	217,479				23	%
Production during the period (a):
Natural gas (mcf)			32,811,471				25,426,232				29	%			35,370,403				34,751,687				2	%
NGL (bbl)			1,236,502				715,725				73	%			1,305,263				878,219				49	%
Oil (bbl)			502,962				474,557				6	%			504,604				484,742				4	%
Gas equivalent (mcfe) (b)			43,248,255				32,567,924				33	%			46,229,606				42,929,453				8	%
Production — average per day (a):
Natural gas (mcf)			360,566				279,409				29	%			388,686				381,887				2	%
NGL (bbl)			13,588				7,865				73	%			14,344				9,651				49	%
Oil (bbl)			5,527				5,215				6	%			5,545				5,327				4	%
Gas equivalent (mcfe) (b)			475,256				357,889				33	%			508,018				471,752				8	%
Average prices realized, including cash-settled derivatives and early cash-settled hedges for Barnett:
Natural gas (mcf)		$	4.65			$	4.89				-5	%		$	4.54			$	4.37				4	%
NGL (bbl)		$	50.62			$	38.29				32	%		$	50.07			$	37.13				35	%
Oil (bbl) (c)		$	80.34			$	67.81				18	%		$	80.42			$	67.96				18	%
Gas equivalent (mcfe) (b)		$	5.91			$	5.65				5	%		$	5.76			$	5.07				14	%
Direct operating cash costs per mcfe (c):
Field expenses		$	0.63			$	0.60				5	%		$	0.64			$	0.65				-2	%
Workovers			0.01				0.03				-67	%			0.01				0.03				-67	%
Total direct operating cash costs		$	0.64			$	0.63				2	%		$	0.65			$	0.68				-4	%