NEWS RELEASE

 

RANGE REINSTATES COMMON DIVIDENDS

 

FORT WORTH, TEXAS, DECEMBER 11, 2003 – RANGE RESOURCES CORPORATION (NYSE:  RRC) today announced that it would reinstate cash dividends on its common stock.  An initial quarterly dividend at the rate of one cent per share will be paid in January.  Holders of record on January 15, 2004 will be entitled to receive the dividend which will be paid on January 30, 2004.

 

Simultaneously, the Company announced that its Board had approved a stock repurchase program which provides for the purchase of up to $5 million of common stock.  Purchases may be made on an opportunistic basis from time-to-time based on market conditions.

 

Commenting, John H. Pinkerton, Range’s President said, “With production rising, continued strength in oil and gas prices and greatly enhanced financial flexibility, we believe the reinstatement of common dividends and the initiation of a modest stock buyback program is appropriate, will benefit our shareholders and reflect our confidence in the Company’s future performance.  The two decisions are intended to signify the end of a period of time during which we felt it necessary to retain all capital to rebuild our financial strength.  While we continue to approach every decision with the same degree of careful analysis that we developed out of necessity, we believe we can now exercise far greater discretion in allocating capital to its highest and best uses.”

 

The statements regarding future financial performance and results and the other statements which are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties.  Any number of factors could cause actual results to differ materially from those in the forward-looking statements.  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.

 

RANGE RESOURCES CORPORATION (NYSE:  RRC) is an independent oil and gas company operating in the Permian, Midcontinent, Gulf Coast and Appalachian regions of the United States.

                                                                                                                                               

                                                                                           2003-27

 

Contact:              Rodney Waller, Senior Vice President

                           Karen Giles                                       

                            (817) 870-2601         

                            www.rangeresources.com