NEWS RELEASE

RANGE PLACES FIRST RESERVE STOCK

FORT WORTH, TEXAS, MAY 18, 2000 … RANGE RESOURCES CORPORATION (NYSE: RRC) announced today that it had received commitments for all of First Reserve Corporation’s (“FRC”) 3.9 million shares of Range common stock. Upon completion of this transaction, FRC and its partnerships will no longer hold any of the Company’s securities.

Commenting on the announcement, Thomas J. Edelman, the Company’s Chairman, said, “We were delighted to be able to assist First Reserve, who has been a long-standing and valued partner, in disposing of its investment in Range. Just as importantly, we were delighted by the response of those offered the opportunity to buy their stock. More than 25 parties are participating in the purchase, representing over 90% of those contacted. In total, we were offered commitments for more than twice the number of shares available. It was gratifying to see this level of support for the Company and our efforts to turn it around.”

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

2000-9

Contact: Analysts: Rodney Waller, Senior Vice President

Investor Relations: Jennifer Hensley

(817) 870-2601 www.rangeresources.com