8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported):
February 27, 2008 (February 26, 2008)

RANGE RESOURCES CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	001-12209	34-1312571
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

777 Main Street, Suite 800 Ft. Worth, Texas	76102
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (817) 870-2601

(Former name or former address, if changed since last report): Not applicable

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02 Results of Operations and Financial Condition

     On February 26, 2008 Range Resources Corporation issued a press release announcing its 2007 results. A copy of this press release is being furnished as an exhibit to this report on Form 8-K.

ITEM 9.01 Financial Statements and Exhibits

     (c) Exhibits:

99.1 Press Release dated February 26, 2008

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

RANGE RESOURCES CORPORATION
By:	/s/ Roger S. Manny
	Roger S. Manny
	Senior Vice President

Date: February 27, 2008

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EXHIBIT INDEX

Exhibit Number		Description
	99.1	Press Release dated February 26, 2008

4

EX-99.1

EXHIBIT 99.1

NEWS RELEASE

RANGE ANNOUNCES RECORD 2007 RESULTS

FORT WORTH, TEXAS, FEBRUARY 26, 2008...RANGE RESOURCES CORPORATION (NYSE: RRC) today announced its 2007 results. Production, total revenues, oil and gas sales revenues, cash flow and earnings all reached record high levels for the year. Reported total revenues were $862 million up 16%, oil and gas sales revenues were $863 million up 44%, cash flow was $632 million up 43% and earnings were $231 million up 45% or $1.54 diluted earnings per share. The following measures are the most comparable to analysts’ estimates for the same amounts for the year which constitute non-GAAP measures. Please see the accompanying tables for the calculation of these non-GAAP measures. Oil and gas sales revenues including all cash-settled derivatives totaled $944 million, a 38% increase over the prior year. Cash flow from operations before changes in working capital increased 44% to $674 million. Net income comparable to analyst estimates was $253 million, increasing 63% from the prior comparable year. Diluted earnings per share were $1.69, a 51% increase. A 17% increase in production coupled with an 18% rise in realized prices drove the results. Range replaced 537% of production during the year at an all-in cost of $1.82 per mcfe. Proved reserves increased 27% to 2.2 Tcfe.

Commenting, John H. Pinkerton, the Company’s President and CEO, said, “2007 was an outstanding year for Range and its stockholders. Financially, record highs were achieved for all the key metrics both on an absolute and per share basis. Operationally, production rose 17% and proved reserves increased 27% at an attractive all-in cost of $1.82 per mcfe. Looking ahead, we are in an excellent position to set record results again in 2008. Our drilling inventory now exceeds 11,000 locations, and we are off to a fast start with our 2008 drilling program. Importantly, we continue to make solid progress with regard to delineating and expanding our emerging plays. The unrisked reserve potential of the drilling inventory and emerging plays far exceeds our current proven reserves and will be the catalyst for our future growth for many years to come.”

Production for the year totaled 117.6 Bcfe, comprised of 90.5 Bcf of gas and 4.5 million barrels of oil and liquids. Production rose in each quarter of the year and averaged 322 Mmcfe per day. Range has achieved consecutive production increases in each of the past 20 quarters. Wellhead prices, after adjustment for all cash-settled hedges and derivatives, rose 18% to $8.03 per mcfe. The average gas price rose 16% to $7.66 per mcf, as the average oil price rose 27% to $60.13 a barrel. The cash margin per mcfe for 2007 rose to a record $5.67 per mcfe, 22% higher than 2006.

Reported total revenues for the fourth quarter were $223 million up 27%, oil and gas sales revenues were $241 million up 54%, cash flow was $187 million up 53% and earnings were $34 million up significantly over the $0.4 million of the prior year. Diluted earnings per share for the fourth quarter were $0.22 as compared to a breakeven amount in the prior year due to a loss on discontinued operations. The amounts corresponding to analysts’ estimates for the same measures which are non-GAAP measures for the fourth quarter of 2007 are as follows (see the accompanying tables for the calculation of these non-GAAP measures). Oil and gas revenues, including all cash-settled derivatives, rose 48% to $262 million, while realized prices increased 26% to $8.29 per mcf. Production in the quarter increased 17%, averaging 343 Mmcfe per day. Cash flow from operations before changes in working capital increased 64% to a record $190 million. During the quarter, the Company provided a $6.4 million allowance for unproved acreage, which reduced diluted earnings per share by three cents. Net income comparable to analysts’ estimates would have been $61 million or $0.40 per diluted share, 90% greater than the comparable prior year.

As previously reported, the Company replaced 537% of production in 2007. Drilling alone replaced 424% of production. Proved reserves at December 31, 2007 totaled 2.2 Tcfe, including 1.8 Tcf of natural gas and 67 million barrels of crude oil and liquids. Reserves increased 475 Bcfe or 27% during the year. At year-end, reserves were 82% natural gas by volume, and the reserve life index stood at 17.7 years based on fourth quarter production rates. The percentage of proved developed reserves increased to 64% versus 63% in 2006. Independent petroleum consultants reviewed 86% of the reserves by volume. At year-end, the pretax present value of proved reserves, based on constant prices and costs, discounted at 10% totaled $5.2 billion and the after tax standardized measure was $3.7 billion. The reserve value was based on year-end benchmark prices of $6.80 per Mmbtu and $95.98 per barrel NYMEX. The Company’s all-in finding and development cost averaged $1.82 per mcfe. Drilling expenditures, including $78 million of acreage costs in 2007, totaled $894 million equating to a drill bit finding and development cost of $1.79 per mcfe. The Company has set a 2008 capital budget, excluding acquisitions, of $1.065 billion to fund the drilling

5

of 968 (715 net) wells and 82 (66 net) recompletions. Based on current futures prices and hedges in place, the 2008 capital budget is anticipated to be funded with internal cash flow and asset sales.

Range’s drilling program continues to achieve excellent results. At our Nora field in Virginia two separate pilot programs to test downspacing of coal bed methane and tight gas sand wells are achieving early positive results. Our first horizontal well was completed to the Huron shale in the fourth quarter and achieved commercial rates. Ten additional horizontal shale wells are planned here in 2008. Currently the field is producing about 50 Mmcfe per day, net to Range’s interest. With continued positive results in our downspacing programs, there could be as many as 6,000 remaining drilling locations. In our North Texas Barnett Shale play, we currently own in excess of 100,000 net acres and production is now averaging 98 Mmcfe per day, a three-fold increase versus the same time last year. Two new wells drilled in Tarrant County were recently placed on production at initial rates of 8.9 (6.2 net) and 8.3 (5.8 net) Mmcfe per day. Finally, in the Marcellus Shale play in the Appalachian Basin our leasehold position now totals 1.1 million net acres, of which 650,000 net acres are currently considered prospective for shale gas development. Our latest horizontal shale completion just came online at 3.3 Mmcfe per day. This is in addition to the two horizontal shale completions announced last week which came on line at 4.7 and 4.0 mcfe per day. In the last seven months, Range has drilled seven successive horizontal shale wells in the play with initial production rates ranging between 3.2 to 4.7 Mmcfe per day. Given our substantial acreage position, this play represents as much as 10 to 15 Tcfe in unproven unrisked reserve potential for the Company. In 2008, we plan to drill a total of 60 Marcellus shale wells, 40 of which are planned as horizontal wells.

The Company will host a conference call on Wednesday, February 27 at 1:00 p.m. ET to review these results. To participate in the call, please dial 877-407-8035 and ask for the Range Resources 2007 financial results conference call. A replay of the call will be available through March 5 at 877-660-6853. The conference ID for the replay is 274505 and the Account number is 286.

A simultaneous webcast of the call may be accessed over the Internet at www.rangeresources.com or www.vcall.com. To listen, please go to either website in time to register and install any necessary software. The webcast will be archived for replay on the Company’s website for 15 days.

Non-GAAP Financial Measures:

Earnings for 2007 included a $78.8 million mark-to-market loss on certain derivative transactions, derivative ineffective hedging losses of $820,000, a non-cash stock compensation expense of $52.3 million and a gain on discontinued operations of $60.2 million net of tax. Excluding such items, income before income taxes would have been $401 million, a 57% increase over the prior year. Adjusting for the after-tax effect of these items, the Company’s earnings would have been $252.6 million in 2007 or $1.76 per share ($1.69 per diluted share). If similar items were excluded, 2006 earnings would have been $155.4 million or $1.16 per share ($1.12 per diluted share). Earnings for 2006 included mark-to-market derivative gains of $86.5 million, ineffective hedging gains of $6 million and $26 million of non-cash stock compensation. (See reconciliation of non-GAAP earnings in the accompanying table.) The Company believes results excluding these items are more comparable to estimates provided by security analysts and, therefore, are useful in evaluating operational trends of the Company and its performance relative to other oil and gas producing companies.

Cash flow from operations before changes in working capital as defined in this release represents net cash provided by operations before changes in working capital and exploration expense adjusted for certain non-cash compensation items. Cash flow from operations before changes in working capital is widely accepted by the investment community as a financial indicator of an oil and gas company’s ability to generate cash to internally fund exploration and development activities and to service debt. Cash flow from operations before changes in working capital is also useful because it is widely used by professional research analysts in valuing, comparing, rating and providing investment recommendations of companies in the oil and gas exploration and production industry. In turn, many investors use this published research in making investment decisions. Cash flow from operations before changes in working capital is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operations, investing, or financing activities as an indicator of cash flows, or as a measure of liquidity. A table is included which reconciles net cash provided by operations to Cash flow from operations before changes in working capital as used in this release.

The cash prices realized for oil and natural gas production including the amounts realized on cash settled derivatives is a critical component in the Company’s performance tracked by investors and professional research analysts in valuing, comparing, rating and providing investment recommendations and forecasts of companies in the oil and gas exploration and production industry. In turn, many investors use this published research in making investment decisions. Due to the GAAP disclosures of various hedging and derivative transactions, such information is now reported in various lines of the income statement. The Company believes that it is important to furnish a table reflecting the details of the various components of each income statement line to better inform the reader the details of each amount and provide a summary of the realized cash-settled amounts which historically were reported as oil and gas sales revenues. This information will serve to bridge the gap between various readers’

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understanding and fully disclose the information needed. On its website, the Company provides additional comparative information on prior periods.

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

Except for historical information, statements made in this release, including those relating to expected reserves quantities, capital expenditures, drilling inventory, unrisked reserve potential and emerging plays 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. 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.

Finding costs from all sources is calculated by taking all cash expenditures for drilling, development, acreage and acquisitions divided by the sum of extensions, discoveries, additions, purchases and revisions to reserve volumes. Drill bit finding costs is calculated by taking all cash expenditures for drilling, development and acreage costs divided by the sum of extensions, discoveries, additions and revisions to reserves volumes.

The Securities and Exchange Commission has generally permitted oil and gas companies, in filings made with the Securities and Exchange Commission, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use the terms “potential,” “probable,” “possible” or “unproven” to describe volumes of reserves potentially recoverable through additional drilling or recovery techniques that the SEC’s guidelines may prohibit us from including in filings with the SEC. These estimates are by their nature more speculative than estimates of proved reserves and accordingly are subject to substantially greater risk of being actually realized by the Company. While we believe our calculations of unproven drill sites and estimation of unproven reserves and are reasonable, such calculations and estimates have not been reviewed by third-party engineers or appraisers and do not take into account any capital or commercial constraints. Such disclosures as to “unproven reserve potential” has not been risked for possible failure to find commercial quantities of oil and gas reserves when drilled.

	2008-7
Contacts:	Rodney Waller, Senior Vice President David Amend, Investor Relations Manager

Karen Giles, Investor Relations Specialist

(817) 870-2601
www.rangeresources.com

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RANGE RESOURCES CORPORATION

STATEMENTS OF INCOME
Based on GAAP reported earnings with additional
details of items included in each line in Form 10-K
(Unaudited, in thousands, except per share data)

	Three Months Ended December 31,									Twelve Months Ended December 31,
	2007			2006						2007			2006
Revenues
Oil and gas sales (a)	$	240,901		$	155,996					$	862,537		$	599,139
Transportation and gathering		1,184			572						2,684			2,742
Transportation and gathering — non-cash stock compensation (b)		(97	)		(83	)					(394	)		(320	)
Cash-settled derivative gain (a)(c)		21,033			13,759						71,822			49,939
Change in mark-to-market on unrealized derivatives (c)		(38,598	)		2,757						(78,769	)		86,491
Ineffective hedging gain (loss) (d)		(1,322	)		2,475						(820	)		5,965
Gain (loss) on sale of properties (d)		(2	)		176						20			21
Other (d)		284			915						5,011			835
	$	223,383		$	176,567			27	%	$	862,091		$	744,812		16	%
Expenses
Direct operating		30,021			23,485						106,901			79,858
Direct operating – non-cash stock compensation (b)		487			374						1,840			1,403
Production and ad valorem taxes		9,485			8,445						42,443			36,415
Exploration		12,793			10,012						39,872			41,009
Exploration – non-cash stock compensation (b)		884			883						3,473			3,079
General and administrative		13,319			9,924						50,180			35,591
General and administrative – non-cash stock compensation (b)		4,535			3,948						18,248			14,295
Deferred compensation plan (e)		(10	)		7,220						28,332			6,873
Interest		21,381			17,583						77,737			55,849
Depletion, depreciation and amortization		71,530			48,487						227,328			154,739
		164,425			130,361			26	%		596,354			429,111		39	%
Income from continuing operations before income taxes		58,958			46,206			28	%		265,737			315,701		-16	%
Income taxes
Current		(96	)		97						320			1,912
Deferred		24,743			20,307						98,441			119,840
		24,647			20,404						98,761			121,752
Income from continuing operations		34,311			25,802			33	%		166,976			193,949		-14	%
Discontinued operations, net of taxes		—			(25,375	)					63,593			(35,247	)
Net income	$	34,311		$	427		NM			$	230,569		$	158,702		45	%
Basic
Income from continuing operations	$	0.23		$	0.19					$	1.16		$	1.45
Discontinued operations		—			(0.19	)					0.44			(0.26	)
Net income	$	0.23		$	0.00		NM			$	1.60		$	1.19		35	%
Diluted
Income from continuing operations	$	0.22		$	0.18					$	1.11		$	1.39
Discontinued operations		—			(0.18	)					0.43			(0.25	)
Net income	$	0.22		$	0.00		NM			$	1.54		$	1.14		35	%
Weighted average shares outstanding, as reported
Basic		146,982			137,521			7	%		143,791			133,751		8	%
Diluted		153,032			142,544			7	%		149,911			138,711		8	%

(a)	See separate oil and gas sales information table.
(b)	Costs associated with FASB 123R which have been reflected in the categories associated with the direct personnel costs.
(c)	Included in Derivative fair value income in 10-K.
(d)	Included in Other revenues in the 10-K.
(e)	Reflects the change in the market value of the vested Company stock and other investments during the period held in the deferred compensation plan.
	NM = not meaningful

8

RANGE RESOURCES CORPORATION

STATEMENTS OF INCOME
Restated for Gulf of Mexico Discontinued
Operations, a non-GAAP Presentation
(Unaudited, in thousands)

	Three Months Ended December 31,								Three Months Ended December 31,
	2007			GOM		2007			2006			GOM			2006
	As			Discontinued		Including			As			Discontinued			Including
	reported			Operations		GOM			reported			Operations			GOM
Revenues
Oil and gas sales (a)	$	240,901		$	—	$	240,901		$	155,996		$	7,568		$	163,564
Transportation and gathering		1,184			—		1,184			572			9			581
Transportation and gathering – stock based compensation		(97	)		—		(97	)		(83	)		—			(83	)
Cash-settled derivative gain (a)		21,033			—		21,033			13,759			—			13,759
Change in mark-to-market on unrealized derivatives		(38,598	)		—		(38,598	)		2,757			—			2,757
Ineffective hedging gain (loss)		(1,322	)		—		(1,322	)		2,475			—			2,475
Equity method investment		(306	)		—		(306	)		609			—			609
Gain (loss) on sale of properties		(2	)		—		(2	)		176			—			176
Interest and other		590			—		590			306			(17	)		289
		223,383			—		223,383			176,567			7,560			184,127
Expenses
Direct operating		30,021			—		30,021			23,485			3,378			26,863
Direct operating – stock based compensation		487					487			374			—			374
Production and ad valorem taxes		9,485			—		9,485			8,445			89			8,534
Exploration		12,793			—		12,793			10,012			(10	)		10,002
Exploration – stock based compensation		884			—		884			883			—			883
General and administrative		13,319			—		13,319			9,924			—			9,924
General and administrative – stock based compensation		4,535			—		4,535			3,948			—			3,948
Non-cash compensation deferred compensation plan		(10	)		—		(10	)		7,220			—			7,220
Interest expense		21,381			—		21,381			17,583			544			18,127
Depletion, depreciation and amortization		71,530			—		71,530			48,487			3,531			52,018
		164,425			—		164,425			130,361			7,532			137,893
Income from continuing operations before income taxes		58,958			—		58,958			46,206			28			46,234
Income taxes provision
Current		(96	)		—		(96	)		97			—			97
Deferred		24,743			—		24,743			20,307			10			20,317
		24,647			—		24,647			20,404			10			20,414
Income from continuing operations		34,311			—		34,311			25,802			18			25,820
Discontinued operations – Austin Chalk, net of tax		—			—		—			(25,393	)		—			(25,393	)
Discontinued operations – Gulf of Mexico, net of tax		—			—		—			18			(18	)		—
Net income	$	34,311		$	—	$	34,311		$	427		$	—		$	427

OPERATING HIGHLIGHTS
(Unaudited)

			GOM		2007				GOM		2006
			Discontinued		Including				Discontinued		Including
	2007		Operations		GOM		2006		Operations		GOM
Average Daily Production
Oil (bbl)		8,692		—		8,692		8,417		325		8,742
Natural gas liquids (bbl)		3,012		—		3,012		2,826		—		2,826
Gas (mcf)		273,097		—		273,097		212,559		11,533		224,092
Equivalents (mcfe) (b)		343,322		—		343,322		280,013		13,487		293,500
Average Prices Realized (c)
Oil (bbl)	$	60.25	$	—	$	60.25	$	49.43	$	40.07	$	49.09
Natural gas liquids (bbl)	$	51.83	$	—	$	51.83	$	29.59	$	—	$	29.59
Gas (mcf)	$	7.94	$	—	$	7.94	$	6.33	$	6.00	$	6.31
Equivalents (mcfe) (b)	$	8.29	$	—	$	8.29	$	6.59	$	6.10	$	6.57
Direct Operating Costs per mcfe (d)
Field expenses	$	0.89	$	—	$	0.89	$	0.86	$	1.77	$	0.91
Workovers	$	0.06	$	—	$	0.06	$	0.05	$	0.95	$	0.08
Total operating costs	$	0.95	$	—	$	0.95	$	0.91	$	2.72	$	0.99

(a)	See separate oil and gas sales information table.
(b)	Oil and natural gas liquids are converted to gas equivalents on a basis of six mcf per barrel.
(c)	Average prices, including all cash-settled derivatives.
(d)	Excludes non-cash stock compensation.

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RANGE RESOURCES CORPORATION

STATEMENTS OF INCOME
Restated for Gulf of Mexico Discontinued
Operations, a non-GAAP Presentation
(Unaudited, in thousands)

	Twelve Months Ended December 31,									Twelve Months Ended December 31,
				GOM			2007						GOM			2006
	2007			Discontinued			Including			2006			Discontinued			Including
	As reported			Operations			GOM			As reported			Operations			GOM
Revenues
Oil and gas sales (a)	$	862,537		$	9,938		$	872,475		$	599,139		$	34,850		$	633,989
Transportation and gathering		2,684			10			2,694			2,742			85			2,827
Transportation and gathering – stock based compensation		(394	)		—			(394	)		(320	)		—			(320	)
Cash-settled derivative gain (a)		71,822			—			71,822			49,939			—			49,939
Change in mark-to-market on unrealized derivatives		(78,769	)		—			(78,769	)		86,491			—			86,491
Ineffective hedging gain (loss)		(820	)		—			(820	)		5,965			—			5,965
Equity method investment		974			—			974			548			—			548
Gain (loss) on sale of properties		20			—			20			21			—			21
Interest and other		4,037			(1	)		4,036			287			(19	)		268
		862,091			9,947			872,038			744,812			34,916			779,728
Expenses
Direct operating		106,901			2,477			109,378			79,858			10,963			90,821
Direct operating – stock based compensation		1,840			—			1,840			1,403			—			1,403
Production and ad valorem taxes		42,443			105			42,548			36,415			500			36,915
Exploration		39,872			—			39,872			41,009			1,164			42,173
Exploration – stock based compensation		3,473			—			3,473			3,079			—			3,079
General and administrative		50,180			47			50,227			35,591			—			35,591
General and administrative – stock based compensation		18,248			—			18,248			14,295			—			14,295
Non-cash compensation deferred compensation plan		28,332			—			28,332			6,873			—			6,873
Interest expense		77,737			594			78,331			55,849			1,728			57,577
Depletion, depreciation and amortization		227,328			3,325			230,653			154,739			14,922			169,661
		596,354			6,548			602,902			429,111			29,277			458,388
Income from continuing operations before income taxes		265,737			3,399			269,136			315,701			5,639			321,340
Income taxes provision
Current		320			—			320			1,912			—			1,912
Deferred		98,441			1,190			99,631			119,840			1,974			121,814
		98,761			1,190			99,951			121,752			1,974			123,726
Income from continuing operations		166,976			2,209			169,185			193,949			3,665			197,614
Discontinued operations – Austin Chalk, net of tax		(411	)		—			(411	)		(38,912	)		—			(38,912	)
Discontinued operations – Gulf of Mexico, net of tax		64,004			2,209			61,795			3,665			(3,665	)		—
Net income	$	230,569		$	—		$	230,569		$	158,702		$	—		$	158,702

OPERATING HIGHLIGHTS
(Unaudited)

			GOM		2007				GOM		2006
			Discontinued		Including				Discontinued		Including
	2007		Operations		GOM		2006		Operations		GOM
Average Daily Production
Oil (bbl)		9,205		106		9,311		8,326		331		8,657
Natural gas liquids (bbl)		3,054		—		3,054		2,991		—		2,991
Gas (mcf)		245,465		2,612		248,077		193,734		12,477		206,211
Equivalents (mcfe) (b)		319,016		3,251		322,267		261,639		14,458		276,097
Average Prices Realized (c)
Oil (bbl)	$	60.16	$	58.17	$	60.13	$	47.46	$	42.48	$	47.27
Natural gas liquids (bbl)	$	41.40	$	—	$	41.40	$	33.62	$	—	$	33.62
Gas (mcf)	$	7.66	$	8.06	$	7.66	$	6.62	$	6.53	$	6.61
Equivalents (mcfe) (b)	$	8.02	$	8.38	$	8.03	$	6.80	$	6.60	$	6.79
Direct Operating Costs per mcfe (d)
Field expenses	$	0.86	$	1.78	$	0.87	$	0.80	$	1.48	$	0.84
Workovers	$	0.06	$	0.31	$	0.06	$	0.04	$	0.60	$	0.06
Total operating costs	$	0.92	$	2.09	$	0.93	$	0.84	$	2.08	$	0.90

(a)	See separate oil and gas sales information table.
(b)	Oil and natural gas liquids are converted to gas equivalents on a basis of six mcf per barrel.
(c)	Average prices, including all cash-settled derivatives.
(d)	Excludes non-cash stock compensation.

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RANGE RESOURCES CORPORATION

BALANCE SHEETS
(Audited, in thousands)

	December 31,			December 31,
	2007			2006
Assets
Current unrealized derivative gain	$	53,018		$	93,588
Other current assets		208,796			137,872
Assets held for sale		—			79,304
Assets of discontinued operation		—			78,161
Oil and gas properties		3,503,808			2,608,088
Transportation and field assets		61,126			47,143
Unrealized derivative gain		1,082			61,068
Other		188,678			82,450
	$	4,016,508		$	3,187,674
Liabilities and Stockholders’ Equity
Liabilities of discontinued operation	$	—		$	28,333
Current asset retirement obligation		1,903			3,853
Current unrealized derivative loss		30,457			4,621
Other current liabilities		273,073			214,878
Bank debt		303,500			452,000
Subordinated notes		847,158			596,782
Total long-term debt		1,150,658			1,048,782
Deferred taxes		590,786			468,643
Unrealized derivative loss		45,819			266
Deferred compensation liability		120,223			90,094
Long-term asset retirement obligation		75,567			72,043
Common stock and retained earnings		1,760,181			1,219,640
Treasury stock		(5,334	)		—
Other comprehensive income		(26,825	)		36,521
Total stockholders’ equity		1,728,022			1,256,161
	$	4,016,508		$	3,187,674

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RANGE RESOURCES CORPORATION

CASH FLOWS FROM OPERATIONS
(Unaudited, in thousands)

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2007			2006			2007			2006
Net income	$	34,311		$	427		$	230,569		$	158,702
Adjustments to reconcile net income to net cash provided by operations:
Gain from discontinued operations		—			25,375			(63,593	)		35,247
Gain from equity investment		306			(609	)		(974	)		(548	)
Deferred income tax (benefit)		24,743			20,307			98,441			119,840
Depletion, depreciation and amortization		71,530			48,486			227,328			154,738
Exploration dry hole costs		6,077			5,798			15,149			15,089
Change in mark-to-market on unrealized derivatives		38,598			(2,757	)		78,769			(86,491	)
Ineffective hedging (gain) loss		1,322			(2,476	)		820			(5,654	)
Allowance for bad debts		—			80			—			80
Amortization of deferred issuance costs		610			606			2,277			1,827
Deferred and stock-based compensation		7,382			13,616			54,152			27,455
(Gain) loss on sale of assets and other		(35	)		(69	)		2,212			940
Changes in working capital:
Accounts receivable		(20,975	)		862			(50,570	)		30,185
Inventory and other		632			754			(1,040	)		(1,157	)
Accounts payable		17,043			12,752			28,640			(5,049	)
Accrued liabilities		5,028			(1,308	)		9,922			(3,695	)
Net changes in working capital		1,728			13,060			(13,048	)		20,284
Net cash provided from continuing operations	$	186,572		$	121,844		$	632,102		$	441,509

RECONCILIATION OF CASH FLOWS, a non-GAAP measure
(Unaudited, in thousands)

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2007			2006			2007			2006
Net cash provided from continuing operations, as reported	$	186,572		$	121,844		$	632,102		$	441,509
Net change in working capital		(1,728	)		(13,060	)		13,048			(20,284	)
Exploration expense		6,716			4,214			24,723			25,920
Cash flow from Gulf of Mexico properties		—			3,549			6,829			21,725
Other		(1,658	)		(684	)		(3,123	)		(1,977	)
Cash flow from operations before changes in working capital, non-GAAP measure	$	189,902		$	115,863		$	673,579		$	466,893

ADJUSTED WEIGHTED AVERAGE SHARES OUTSTANDING
(Unaudited, in thousands)

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2007			2006			2007			2006
Basic:
Weighted average shares outstanding		149,323			138,724			145,869			135,016
Stock held by deferred compensation plan		(2,341	)		(1,203	)		(2,078	)		(1,265	)
		146,982			137,521			143,791			133,751
Dilutive:
Weighted average shares outstanding		149,323			138,724			145,869			135,016
Dilutive stock options under treasury method		3,709			3,820			4,042			3,695
		153,032			142,544			149,911			138,711

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RANGE RESOURCES CORPORATION

OIL AND GAS SALES INFORMATION
A Non-GAAP Measure Including Gulf of Mexico
Discontinued Operations
(Unaudited, in thousands, except per unit data)

	Based upon Statements of Income Including
	Gulf of Mexico Discontinued Operations
	Three Months Ended								Twelve Months Ended
	December 31,								December 31,
	2007			2006					2007			2006
Oil and gas sales components:
Oil sales	$	65,667		$	47,994				$	228,947		$	197,813
NGL sales		14,361			7,693					46,152			36,705
Gas sales		170,780			121,558					593,215			495,920
Cash-settled hedges (effective):
Crude oil		(16,687	)		(8,516	)				(23,755	)		(48,444	)
Natural gas		6,780			(5,165	)				27,916			(48,005	)
Total oil and gas sales, as reported	$	240,901		$	163,564		47	%	$	872475		$	633,989		38	%
Derivative fair value income (loss) components:
Cash-settled derivatives (ineffective):
Crude oil	$	(799	)	$	—				$	(828	)	$	—
Natural gas		21,832			13,759					72,650			49,939
Change in mark-to-market on unrealized derivatives		(39,920	)		5,232					(79,589	)		92,456
Total derivative fair value income, as reported	$	18,887		$	18,991				$	(7,767	)	$	142,395
Oil and gas sales, including cash-settled derivatives:
Oil sales	$	48,181		$	39,478				$	204,364		$	149,369
Natural gas liquid sales		14,361			7,693					46,152			36,705
Gas sales		199,392			130,152					693,781			497,854
Total	$	261,934		$	177,323		48	%	$	944,297		$	683,928		38	%
Production during the period:
Oil (bbl)		799,676			804,275		-1	%		3,398,534			3,159,623		8	%
Natural gas liquid (bbl)		277,105			259,971		7	%		1,114,730			1,091,785		2	%
Gas (mcf)		25,124,892			20,616,478		22	%		90,547,993			75,266,847		20	%
Equivalent (mcfe) (a)		31,585,578			27,001,954		17	%		117,627,577			100,775,295		17	%
Average prices realized, including cash-settled hedges and derivatives:
Crude oil (per bbl)	$	60.25		$	49.09		23	%	$	60.13		$	47.27		27	%
Natural gas liquid (per bbl)	$	51.83		$	29.59		75	%	$	41.40		$	33.62		23	%
Gas (per mcf)	$	7.94		$	6.31		26	%	$	7.66		$	6.61		16	%
Equivalent (per mcfe) (a)	$	8.29		$	6.57		26	%	$	8.03		$	6.79		18	%

(a) Oil and natural gas liquids are converted to gas equivalents on a basis of six mcf per barrel.

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RANGE RESOURCES CORPORATION

RECONCILIATION OF INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
AS REPORTED TO INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
EXCLUDING CERTAIN NON-CASH ITEMS, a non-GAAP measure
(Unaudited, in thousands, except per share data)

	Three Months Ended								Twelve Months Ended
	December 31,								December 31,
	2007			2006					2007			2006
As reported	$	58,958		$	46,206		28	%	$	265,737		$	315,701		-16	%
Adjustment for certain non-cash items (Gain) loss on sale of properties		2			(176	)				(20	)		(21	)
Gulf of Mexico – discontinued operations		—			28					3,399			5,639
Change in mark-to-market on unrealized derivatives		38,598			(2,757	)				78,769			(86,491	)
Ineffective hedging (gain) loss		1,322			(2,475	)				820			(5,965	)
Amortization of ineffective interest hedges		—			—					—			311
Transportation and gathering – non-cash stock compensation		97			83					394			320
Direct operating – non-cash stock compensation		487			374					1,840			1,403
Exploration expenses – non-cash stock compensation		884			883					3,473			3,079
General & administrative – non-cash stock compensation		4,535			3,948					18,248			14,295
Deferred compensation plan – non-cash stock compensation		(10	)		7,220					28,332			6,873
As adjusted		104,873			53,334		97	%		400,992			255,144		57	%
Income taxes, adjusted
Current		(96	)		97					320			1,912
Deferred		44,014			23,437					148,063			97,806
Net income excluding certain items, a non-GAAP measure	$	60,955		$	29,800		105	%	$	252,609		$	155,426		63	%
Non-GAAP earnings per share Basic	$	0.41		$	0.22		86	%	$	1.76		$	1.16		52	%
Diluted	$	0.40		$	0.21		90	%	$	1.69		$	1.12		51	%

HEDGING POSITION
As of February 26, 2008
(Unaudited)

		Gas			Oil
		Volume		Average	Volume		Average
		Hedged		Hedge	Hedged		Hedge
		(Mmbtu/d)		Prices	(Bbl/d)		Prices
Calendar 2008	Swaps		155,000	$8.97		—	—
Calendar 2008	Collars		70,000	$8.01 - $10.83		9,000	$59.34 - $75.48
Calendar 2009	Swaps		70,000	$8.38		—	—
Calendar 2009	Collars		140,000	$8.24 - $9.19		8,000	$64.01 - $76.00

Note: Details as to the Company’s hedges are posted on its website and are updated periodically.

14