NEWS
RELEASE
RANGE
ELECTS
FORT WORTH, TEXAS,
Mr. Edelman will step down from his officer's position at the Annual Meeting on May 21. Mr. Edelman and Alexander P. Lynch, a Director, are not seeking reelection to the Board. Mr. Edelman and Mr. Lynch’s departures are the result of certain provisions of the Clayton Act, a federal antitrust statute enacted in 1914, which was recently brought to the Company's attention. The statute appears to prohibit Messrs. Edelman and Lynch from serving as directors or officers of two independent oil companies. Pursuant to a consulting agreement, Mr. Edelman has agreed to advise the Company for three years.
Simultaneously, the Company announced the unrelated resignation of Terry W. Carter, its Executive Vice President Exploration and Production. Mr. Carter resigned for personal reasons, specifically his wish to spend additional time with his family by eliminating a three-hour daily commute. A search to replace Mr. Carter will begin shortly.
Commenting, Thomas J. Edelman said, "Alex Lynch and I will leave Range with regret. It is a frustrating time to depart, as we believe the Company is poised to make great strides over the next twelve to eighteen months. However, we are gratified that virtually all of the challenges faced by Range over the past several years are behind us. I intend to continue to assist the Company in every way possible. More importantly, we are fortunate to have secured Charlie Blackburn as our new Chairman of the Board. His exceptional background in exploration and production is perfectly suited to the Company's current focus."
John H. Pinkerton, the
Company's President, remarked, "We greatly regret that Tom Edelman and Alex
Lynch must leave the Company. Alex
has been an invaluable Board member.
His counsel will be sorely missed.
Tom has overseen the management of the Company for more than fifteen
years. Fortunately, he has agreed
to advise us for the next three years.
His assistance, coupled with the addition of Charlie Blackburn, should
provide great benefits. Finally, we
regret the loss of
The Company will host a
conference call on Tuesday, April 15 at
The webcast will be archived
for replay on the Company's website for 90 days. A telephone replay of the call will be
available through
RANGE RESOURCES CORPORATION
(NYSE: RRC)
is an independent oil and gas company operating in the Permian, Midcontinent,
Except for historical information, statements made in
this release, including those relating to future results 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 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.
2003-7
Contacts:
(817) 870-2601
www.rangeresources.com