NEWS RELEASE

RANGE ANNOUNCES $100 MILLION CAPITAL BUDGET FOR 2002

FORT WORTH, TEXAS, December 18, 2001…RANGE RESOURCES CORPORATION (NYSE: RRC) announced today that its Board had approved a $100 million capital budget for 2002. The expenditures are expected to be funded entirely with internal cash flow.

The 2002 budget represents approximately a 13% increase over 2001 capital expenditures. Actual spending in 2001, which is expected to approximate $87 million, will be under the budget as rig availability and other matters caused certain projects to be delayed. The 2002 budget includes $85 million for drilling and recompletions, $11 million for land and seismic and $3 million for pipelines and facilities. The budget for drilling and recompletions is being increased 12%, while land and seismic expenditures will rise more than 50%. Approximately half of the capital expenditures are expected to be made in the Southwest (Permian, Midcontinent and East Texas) and 25% each in the Gulf Coast and Appalachia. The budget contemplates the drilling of 274 gross (138.5 net) wells and 41 gross (27.5 net) recompletions.

Recent drilling results have been very encouraging. At Matagorda Island 519, production has risen to 11.9 Mmcfe per day net with the addition of one new well and the recompletion of another. In Mississippi, the Oakvale 37-1 was recently completed in the Booth sand for 3.3 Mmcf per day net. Based on drilling success earlier in the year which increased production almost 20% at the Sterling Field in West Texas, a ten well program has just been initiated there. In the Texas Panhandle, Range’s Morrow play is proceeding well with five productive wells drilled earlier this year currently producing over 5.0 Mmcfe per day net. One additional Morrow well is currently drilling. In East Texas, the Linder #1 was completed in the Travis Peak sand and is producing over 2.0 Mmcfe per day net. Approximately six miles to the southeast, Range’s Curtis #1 was recently logged and fractured in the Bossier sand and is expected to go on production in January.

In 2001, capital expenditures were primarily focused on bringing proved undeveloped reserves on stream. This caused production to begin to increase. However, as drilling proved locations generally does not add reserves, reserves were not fully replaced. Eighteen months ago, the Company began to upgrade and expand its technical staff with a view to initiating a series of new drilling projects. In late 2001, several of these projects began to be drilled. Based on favorable early results, the Company anticipates that it will fully replace reserves beginning in the current quarter. In 2002, the majority of capital spending is expected to be directed towards expanding the reserve base and full reserve replacement should be achieved through drilling. As acquisitions will be pursued on an opportunistic basis, no purchases have been included in the 2002 capital budget. To the extent acquisitions are made, reserves and production growth should accelerate.

Commenting, John H. Pinkerton, Range’s President, said, “We are greatly encouraged by our recent drilling successes. Fully replacing reserves in the current quarter for the first time in several years is a considerable achievement. Despite lower commodity prices, we are increasing our capital budget to take advantage of the opportunities developed by our staff in the last year and a half. The hedge position, which covers over 50% of anticipated 2002 production at $4.10 per mcf and $26.00 per barrel, will significantly enhance our results, and, based on current futures prices, will permit the capital program to be funded with roughly 85% of internal cash flow. This should allow us to continue to reduce debt. If we successfully execute our plans in 2002, we will increase production by 5% or more and achieve better than 110% reserve replacement without the benefit of acquisitions.”

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

This release contains certain forward-looking statements that are based on assumptions that the Company believes are reasonable, but which are subject to a wide range of uncertainties and business risks. Factors that could cause actual results to differ from those anticipated include commodity prices, levels of capital expenditures, the costs of oil field services, drilling success, productive capabilities of wells drilled, processing and transportation costs, future hydrocarbon production rates, interest rates, credit availability, and the market for oil and gas properties. Additional factors are discussed in the Company's periodic filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2000, as well as its subsequent quarterly reports on Form 10‑Q.

2001-15

Contact: Analysts: Rodney Waller, Senior Vice President

Investor Relations: Karen Giles

(817) 870-2601 www.rangeresources.com