NEWS RELEASE

RANGE TO RETIRE IPF DEBT

FORT WORTH, TEXAS, DECEMBER 18, 2003…RANGE RESOURCES CORPORATION (NYSE: RRC) today announced that it would repay the bank borrowings of its subsidiary, Independent Producer Finance, and retire IPF's credit facility prior to year-end. At retirement, the IPF facility will have approximately $13 million outstanding. Repayment will be funded with borrowings under Range's parent company bank facility. By eliminating the IPF facility, Range will simplify its balance sheet, eliminate the cost of a subsidiary credit facility and slightly reduce interest expense.

In the course of 2002, the Company expects to have retired more than $20 million of debt and convertible securities. Subordinated debt and convertible securities will have been reduced $23 million, while non-recourse debt of Great Lakes and IPF should have fallen about $22 million. Depending on year-end receipts, parent bank debt will have risen by $21 to $24 million. The increase is entirely due to the retirement of higher cost debt. During 2002, the Company's interest expense was reduced $9.3 million or almost 30%. Based on current projections, interest expense will fall further in the coming year.

At December 31, 2002, parent bank debt should approximate $117 to $120 million, leaving roughly $30 million of availability. Range's share of Great Lakes' bank debt should approximate $77 million. In addition, $69 million of 8.75% subordinated notes, $22 million of 6% convertible notes and $85 million of 5.75% trust preferred will be outstanding, bringing total debt and convertible securities to approximately $370 million.

Commenting, John H. Pinkerton, the Company’s President said, “In the past year, we have steadily reduced debt while increasing capital expenditures. Given the strong current outlook for energy prices, we anticipate again increasing our drilling budget in 2003 while continuing to reduce debt with excess cash flow.”

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

2002-19

Contacts: Rodney Waller, Senior Vice President Karen Giles

(817) 870-2601

www.rangeresources.com

Except for historical information, statements made in this release, including those relating to future commodity prices and expected capital expenditures, cash flow and debt reduction 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.