NEWS RELEASE
RANGE ANNOUNCES APPARENT DISCOVERY IN GULF
FORT WORTH, TEXAS, NOVEMBER 12, 2002…RANGE RESOURCES CORPORATION (NYSE:
RRC) today announced that its
initial well at West Cameron Block 45 had reached a total measured depth of
16,444 feet and encountered 59 net feet of gas productive sand. Completion operations have begun and will
include installation of a single well caisson surface
facility and flow lines to the West Cameron 45 “A” platform located
approximately 4,000 feet west of the well.
The operator, Stone Energy Corporation, anticipates that first
production will be initiated by year-end 2002.
Range was carried to casing point by a third party and has a 25% working
interest (20% net revenue interest).
RANGE RESOURCES CORPORATION is an independent oil and gas company
operating in the Permian, Midcontinent,
2002-17
Contacts:
(817) 870-2601
Except for historical information, statements made in this release,
including those relating to future production and reserves 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.