NEWS RELEASE
RANGE RETIRES TRUST
PREFERRED SECURITIES
FORT
WORTH, TEXAS, November 20, 2003 – RANGE RESOURCES CORPORATION (NYSE: RRC) today announced that it will retire all of its 5-3/4%
Trust Convertible Preferred securities prior to year-end. At the beginning of the year, $84.8 million
of the Trust Preferred were outstanding.
During the first nine months of 2003, the Company retired $83.4 million
in exchange for $13.2 million cash and a new $50 million convertible preferred stock. As a result, $20 million of gains on debt
retirement were recorded. During the
fourth quarter, the Company has repurchased another $1.4 million of the Trust
Preferred for $1.1 million in cash and has elected to redeem the remainder
under terms of the indenture. The redemption
of the final $11,250 of Trust Preferred will close on
John
H. Pinkerton, Range’s President, stated, “The retirement of the Trust Preferred
continues to simplify our capital structure.
We will end 2003 with a far stronger balance sheet, enhancing our
ability to profitably grow through the drill bit while pursuing complementary
acquisitions.”
RANGE
RESOURCES CORPORATION (NYSE: RRC) is an independent oil and
gas company operating in the Permian, Midcontinent,
2003-27
Contact: Rodney
Waller, Senior Vice President
Karen Giles
(817) 870-2601
www.rangeresources.com