Range Resources (RRC) 10-K 24 Feb 10 2009 FY Annual report Financial data

Document and Company Informatio

Document and Company Information (USD $)
	12 Months Ended Dec. 31, 2009	Feb. 19, 2010	Jun. 30, 2009
Document and Company Information [Abstract]
Entity Registrant Name	RANGE RESOURCES CORP
Entity Central Index Key	0000315852
Document Type	10-K
Document Period End Date	2009-12-31
Amendment Flag	false
Company Fiscal Year End Date	--12-31
Entity Well Known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$6,361,198,000
Entity Common Stock Shares Outstanding		159,142,506

Consolidated Balance Sheets

Consolidated Balance Sheets (USD $)
In Thousands	Dec. 31, 2009	Dec. 31, 2008
Current assets:
Cash and cash equivalents	$767	$753
Accounts receivable, less allowance for doubtful accounts of $2,176 and $954	123,622	162,201
Deferred tax asset	8,054	0
Unrealized derivative gain	21,545	221,430
Inventory and other	21,292	19,927
Total current assets	175,280	404,311
Unrealized derivative gain	4,107	5,231
Equity method investments	146,809	147,126
Oil and gas properties, successful efforts method	6,308,707	6,028,980
Accumulated depletion and depreciation	(1,409,888)	(1,186,934)
Oil and gas properties, successful efforts method	4,898,819	4,842,046
Transportation and field assets	161,034	142,662
Accumulated depreciation and amortization	(69,199)	(56,434)
Transportation and field assets, net	91,835	86,228
Other assets	79,031	66,937
Total assets	5,395,881	5,551,879
Current liabilities:
Accounts payable	214,548	250,640
Asset retirement obligations	2,446	2,055
Accrued liabilities	58,585	47,309
Deferred tax liability	0	32,984
Accrued interest	24,037	20,516
Unrealized derivative loss	14,488	10
Total current liabilities	314,104	353,514
Bank debt	324,000	693,000
Subordinated notes and other long term debt	1,383,833	1,097,668
Deferred tax liability	776,965	779,218
Unrealized derivative loss	271	0
Deferred compensation liability	135,541	93,247
Asset retirement obligations and other liabilities	82,578	83,890
Stockholders' Equity
Preferred stock, $1 par, 10,000,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.01 par, 475,000,000 shares authorized, 158,336,264 issued at December 31, 2009 and 155,609,387 issued at December 31, 2008	1,583	1,556
Common stock held in treasury, 217,327 shares at December 31, 2009 and 233,900 shares at December 31, 2008	(7,964)	(8,557)
Additional paid-in capital	1,772,020	1,695,268
Retained earnings	606,529	685,568
Accumulated other comprehensive income	6,421	77,507
Total stockholders' equity	2,378,589	2,451,342
Total liabilities and stockholders' equity	5,395,881	5,551,879
Common stock
Stockholders' Equity
Total stockholders' equity	1,583	1,556
Treasury common stock
Stockholders' Equity
Total stockholders' equity	(7,964)	(8,557)
Additional paid-in capital
Stockholders' Equity
Total stockholders' equity	1,772,020	1,695,268
Retained earnings (deficit)
Stockholders' Equity
Total stockholders' equity	606,529	685,568
Accumulated other comprehensive (loss) income
Stockholders' Equity
Total stockholders' equity	$6,421	$77,507

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) (USD $)
In Thousands, except Share data	Dec. 31, 2009	Dec. 31, 2008
Current assets:
Allowance for doubtful accounts on accounts recievable	$2,176	$954
Stockholders' Equity
Preferred stock, par value	1	1
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	0.01	0.01
Common stock, shares authorized	475,000,000	475,000,000
Common stock, shares issued	158,336,264	155,609,387
Common stock held in treasury, shares	217,327	233,900

Consolidated Statements of Oper

Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Revenues
Oil and gas sales	$839,921	$1,226,560	$862,537
Transportation and gathering	486	4,577	2,290
Derivative fair value income (loss)	66,446	71,861	(9,493)
Other	488	21,675	5,031
Total revenue	907,341	1,324,673	860,365
Costs and expenses
Direct operating	133,846	142,387	107,499
Production and ad valorem taxes	32,169	55,172	42,443
Exploration	46,899	67,690	45,782
Abandonment and impairment of unproved properties	113,538	47,355	11,236
General and administrative	116,749	92,308	69,670
Deferred compensation plan	31,073	(24,689)	35,438
Interest expense	117,367	99,748	77,737
Depletion, depreciation and amortization	374,432	299,831	220,578
Total costs and expenses	966,073	779,802	610,383
(Loss) income from continuing operations before income taxes	(58,732)	544,871	249,982
Income tax (benefit) expense
Current	(636)	4,268	320
Deferred	(4,226)	189,563	95,987
Total income tax (benefit) expense	(4,862)	193,831	96,307
(Loss) income from continuing operations	(53,870)	351,040	153,675
Discontinued operations, net of taxes	0	0	63,593
Net (loss) income	(53,870)	351,040	217,268
(Loss) income per common share:
Basic-(loss) income from continuing operations	-0.35	2.32	1.07
- discontinued operations	$0	$0	0.44
- net (loss) income	-0.35	2.32	1.51
Diluted-(loss) income from continuing operations	-0.35	2.25	1.02
- discontinued operations	$0	$0	0.43
- net (loss) income	-0.35	2.25	1.45
Weighted average common shares outstanding:
Basic	154,514	151,116	143,791
Diluted	154,514	155,943	149,911
Retained earnings (deficit)
Income tax (benefit) expense
Net (loss) income	($53,870)	$351,040	$217,268

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (USD $)
In Thousands	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Operating activities:
Net (loss) income	($53,870)	$351,040	$217,268
Adjustments to reconcile net cash provided from operating activities:
Income from discontinued operations	0	0	(63,593)
Loss (income) from equity method investments	13,699	218	(974)
Deferred income tax (benefit) expense	(4,226)	189,563	95,987
Depletion, depreciation and amortization	374,432	299,831	220,578
Exploration dry hole costs	2,159	13,371	17,586
Mark-to-market on oil and gas derivatives not designated as hedges	115,909	(85,594)	80,495
Abandonment and impairment of unproved properties	113,538	47,355	11,236
Unrealized derivative loss (gain)	1,696	(1,695)	820
Allowance for bad debts	1,351	450	0
Amortization of deferred financing costs and other	8,755	2,900	2,277
Deferred and stock-based compensation	73,402	6,621	61,258
(Gains) losses on sale of assets and other	(10,413)	(19,507)	2,212
Changes in working capital, net of amounts from business acquisitions:
Accounts receivable	1,007	6,701	(50,570)
Inventory and other	(1,463)	(9,246)	(1,040)
Accounts payable	(44,765)	10,663	28,640
Accrued liabilities and other	464	12,096	9,922
Net cash provided from continuing operations	591,675	824,767	632,102
Net cash provided from discontinued operations	0	0	10,189
Net cash provided from operating activities	591,675	824,767	642,291
Investing activities:
Additions to oil and gas properties	(541,182)	(881,950)	(782,398)
Additions to field service assets	(33,098)	(36,076)	(26,044)
Acquisitions, net of cash acquired	(139,288)	(834,758)	(336,453)
Investing activities of discontinued operations	0	0	(7,375)
Investment In equity method investment and other assets	7,076	(44,162)	(94,630)
Proceeds from disposal of assets and discontinued operations	234,076	68,231	234,332
Purchase of marketable securities held by the deferred compensation plan	(7,470)	(11,208)	(48,018)
Proceeds from the sales of marketable securities held by the deferred compensation plan	6,079	8,146	40,014
Net cash used in investing activities	(473,807)	(1,731,777)	(1,020,572)
Financing activities:
Borrowing on credit facilities	707,000	1,476,000	864,500
Repayment on credit facilities	(1,076,000)	(1,086,500)	(1,013,000)
Issuance of subordinated notes	285,201	250,000	250,000
Dividends paid	(25,169)	(24,625)	(19,082)
Debt issuance costs	(6,399)	(8,710)	(3,686)
Issuance of common stock	12,737	291,183	296,229
Change in cash overdrafts	(22,370)	4,420	3,877
Proceeds from the sales of common stock held by the deferred compensation plan	7,201	5,303	6,505
Purchases of common stock held by the deferred compensation plan and other treasury stock purchases	(55)	(3,326)	(5,426)
Net cash (used in) provided from financing activities	(117,854)	903,745	379,917
Increase (decrease) in cash and cash equivalents	14	(3,265)	1,636
Cash and cash equivalents at beginning of year	753	4,018	2,382
Cash and cash equivalents at end of year	767	753	4,018
Retained earnings (deficit)
Operating activities:
Net (loss) income	($53,870)	$351,040	$217,268

Consolidated Statements of Stoc

Consolidated Statements of Stockholders Equity (USD $)
In Thousands	Common stock	Treasury common stock	Additional paid-in capital	Retained earnings (deficit)	Accumulated other comprehensive (loss) income	Total
Balance, Shares at Dec. 31, 2006	138,931
Balance at Dec. 31, 2006	$1,389		$1,057,938	$162,241	$36,521	$1,258,089
Issuance of common stock	108		312,427			312,535
Issuance of common stock,Shares	10,736
Stock-based compensation expense			16,519			16,519
Common dividends declared ($0.16, $0.16 and $0.13 per share in 2009, 2008 and 2007 respectively)				(19,082)		(19,082)
Treasury stock purchase		(5,334)				(5,334)
Other comprehensive income (loss)					(62,259)	(62,259)
Net income (loss)				217,268		217,268
Balance at Dec. 31, 2007	1,497	(5,334)	1,386,884	360,427	(25,738)	1,717,736
Balance, Shares at Dec. 31, 2007	149,667
Issuance of common stock	59		291,822			291,881
Issuance of common stock,Shares	5,942
Stock-based compensation expense			16,562			16,562
Common dividends declared ($0.16, $0.16 and $0.13 per share in 2009, 2008 and 2007 respectively)				(24,625)		(24,625)
Treasury stock purchase		(3,223)				(3,223)
Other comprehensive income (loss)					101,971	101,971
Net income (loss)				351,040		351,040
Adoption of SFAS No. 159, net of tax				(1,274)	1,274	0
Balance at Dec. 31, 2008	1,556	(8,557)	1,695,268	685,568	77,507	2,451,342
Balance, Shares at Dec. 31, 2008	155,609
Issuance of common stock	27		57,574			57,601
Issuance of common stock,Shares	2,727
Stock-based compensation expense			19,771			19,771
Common dividends declared ($0.16, $0.16 and $0.13 per share in 2009, 2008 and 2007 respectively)				(25,169)		(25,169)
Treasury stock purchase		593	(593)			0
Other comprehensive income (loss)					(71,086)	(71,086)
Net income (loss)				(53,870)		(53,870)
Balance at Dec. 31, 2009	$1,583	($7,964)	$1,772,020	$606,529	$6,421	$2,378,589
Balance, Shares at Dec. 31, 2009	158,336

1_Consolidated Statements of St

Consolidated Statements of Stockholders Equity (Parenthetical) (USD $)
	1/1/2009 - 12/31/2009	1/1/2008 - 12/31/2008	1/1/2007 - 12/31/2007
Common dividends per share	0.16	0.16	0.13

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (USD $)
In Thousands	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Statements of Comprehensive Income [Abstract]
Net (loss) income	($53,870)	$351,040	$217,268
Other comprehensive (loss) income:
Realized loss (gain) on hedge derivative contract settlements reclassified into earnings from other comprehensive (loss) income	(127,965)	39,416	(2,621)
Change in unrealized deferred hedging gains (losses)	56,879	62,555	(54,477)
Change in unrealized (losses) gains on securities held by deferred compensation plan, net of taxes	0	0	(5,161)
Total comprehensive (loss) income	(124,956)	453,011	155,009
Retained earnings (deficit)
Statements of Comprehensive Income [Abstract]
Net (loss) income	($53,870)	$351,040	$217,268

Summary of Organization and Nat

Summary of Organization and Nature of Business
	12 Months Ended Dec. 31, 2009 USD / shares
Summary of Organization and Nature of Business [Abstract]
Summary of Organization and Nature of Business	(1)SUMMARY OF ORGANIZATION AND NATURE OF BUSINESS Range Resources Corporation (Range, we, us, or our) is engaged in the exploration, development and acquisition of natural gas properties primarily in the Southwestern and Appalachian regions of the United States. We seek to increase our reserves and production primarily through drilling and complementary acquisitions. Range is a Delaware corporation with our common stock listed and traded on the New York Stock Exchange under the symbol RRC.

Summary of Significant Accounti

Summary of Significant Accounting Policies
	12 Months Ended Dec. 31, 2009 USD / shares
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	(2)SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements include the accounts of all of our subsidiaries. Investments in entities over which we have significant influence, but not control, are accounted for using the equity method of accounting and are carried at our share of net assets plus loans and advances. Income from equity method investments represents our proportionate share of income generated by equity method investees and is included in Other revenues on our consolidated statement of operations. All material intercompany balances and transactions have been eliminated. We have evaluated events or transactions that occurred subsequent to December31, 2009 through the date and time this annual report on Form 10-K was filed. During first quarter 2007, we sold our interests in our Austin Chalk properties that we purchased as part of the 2006 Stroud Energy acquisition. We also sold our Gulf of Mexico properties in first quarter 2007. We have reflected the results of operations of these divestitures as discontinued operations, rather than a component of continuing operations. See also Note 4 for additional information regarding discontinued operations. Use of Estimates The preparation of financial statements in accordance with generally accepted accounting principles in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at year-end, the reported amounts of revenues and expenses during the year and the reported amount of proved oil and gas reserves. We base our estimates on historical experience and various other assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making judgments that are not readily apparent from other sources. Actual results could differ from these estimates and changes in these estimates are recorded when known. Income per Common Share Basic income (loss)per common share is calculated based on the weighted average number of common shares outstanding. Diluted income (loss)per common share assumes issuance of stock compensation awards, provided the effect is not antidilutive. Business Segment Information We have evaluated how Range is organized and managed and have identified only one operating segment, which is the exploration and production of oil, natural gas and natural gas liquids. We consider our gathering, processing and marketing functions as ancillary to our oil and gas producing activities. Operating segments are defined as components of an enterprise that engage in activities from which it may earn revenues and incur expenses for which separate operational financial information is available and this information is regularly evaluated by the chief decision maker for the purpose of allocating resources and assessing performance. We have a single company-wide management team that administers all properties as a whole rather than by discrete operating segments. We track only basic operational data by area. We d

Acquisitions and Dispositions

Acquisitions and Dispositions
	12 Months Ended Dec. 31, 2009 USD / shares
Acquisitions and Dispositions [Abstract]
Acquisitions and Dispositions	(3)ACQUISITIONS AND DISPOSITIONS Acquisitions Acquisitions are accounted for as purchases and, accordingly, the results of operations are included in our statement of operations from the closing date of the acquisition. Purchase prices are allocated to acquired assets and assumed liabilities based on their estimated fair value at the time of the acquisition. In the past, acquisitions have been funded with internal cash flow, bank borrowings and the issuance of debt and equity securities. In 2009, we completed no material acquisitions. In 2008, we completed several acquisitions of Barnett Shale producing and unproved properties for $331.2million. After recording asset retirement obligations and transactions costs of $827,000, the purchase price allocated to proved properties was $232.9million and unproved properties was $99.4million. In May2007, we acquired additional interests in the Nora field of Virginia and entered into a joint development plan with EQT Corporation (EQT). As a result of this transaction, EQT and Range equalized their working interests in the Nora field, including producing wells, undrilled acreage and gathering systems. Range retained its separately owned royalty interest in the Nora field. EQT will operate the producing wells and manage the drilling operations of all future coal bed methane wells and the gathering system. Range will oversee the drilling of formations below the coal bed methane formations, including tight gas, shale and deeper formations. A newly-formed limited liability corporation will hold the investment in the gathering system which is owned 50% by EQT and 50% by Range. All business decisions require the unanimous consent of both parties. The gathering system investment is accounted for as an equity method investment. Including estimated transaction costs, we paid $281.8million, which includes $190.2million allocated to oil and gas properties, $94.7million allocated to our equity method investment and a $3.1million asset retirement obligation. In December2007, we paid an additional $7.1million for additional interests in the same field. No pro forma information has been provided as the acquisition was not considered significant. Dispositions In second quarter 2009, we sold certain oil properties located in West Texas for proceeds of $181.8million. In fourth quarter 2009, we sold natural gas properties in New York for proceeds of $36.3million. The proceeds from the sale of these properties were credited to oil and gas properties, with no gain or loss recognized, as the dispositions did not materially impact the depletion rate of the remaining properties in the amortization base. Additionally, in 2009 we sold Marcellus Shale acreage for $11.2million and we recognized a gain of $10.4million. In first quarter 2008, we sold East Texas properties for proceeds of $64.0million and recorded a gain of $20.2million. In February2007, we sold the Stroud Austin Chalk properties for proceeds of $80.4million and recorded a loss on the sale of $2.3million. These Austin Chalk properties were acquired in 2006 as part of our Stroud acquisition and were classified as assets held for sale on t

Discontinued Operations

Discontinued Operations
	12 Months Ended Dec. 31, 2009 USD / shares
Discontinued Operations [Abstract]
Discontinued Operations	(4)DISCONTINUED OPERATIONS As part of an acquisition completed in 2006, we purchased Austin Chalk properties in Central Texas, which were sold in 2007 for proceeds of $80.4million. Also in 2007, we sold our Gulf of Mexico properties for proceeds of $155.0million. All prior year periods reflect our Gulf of Mexico operations and the Austin Chalk properties as discontinued operations. Discontinued operations for the year ended December31, 2007 is summarized as follows (in thousands): 2007 Revenues Oil and gas sales (a) $ 15,187 Transportation and gathering 10 Other 310 Gain on disposition of assets 92,757 Total revenues 108,264 Costs and expenses Direct operating 2,559 Production and ad valorem taxes 141 Exploration and other 215 Interest expense (b) 845 Depletion, depreciation and amortization 6,672 Total costs and expenses 10,432 Income from discontinued operations before income taxes 97,832 Income tax expense 34,239 Income from discontinued operations, net of taxes $ 63,593 Production Crude oil (bbls) 40,634 Natural gas (mcf) 1,990,277 Total (mcfe) (c) 2,234,081 (a) Realized hedging gains and losses for the Gulf of Mexico properties have been allocated to discontinued operations based on the designated hedge values for those assets. (b) Interest expense is allocated to discontinued operations for our Austin Chalk properties based on the debt incurred at the time of the acquisition and for the Gulf of Mexico properties, interest expense was allocated based upon the ratio of the Gulf of Mexico properties to our total oil and gas properties at December31, 2006. (c) Oil is converted to mcfe at the rate of one barrel equals six mcf.

Income Taxes

Income Taxes
	12 Months Ended Dec. 31, 2009 USD / shares
Income Taxes [Abstract]
Income Taxes	(5)INCOME TAXES Our income tax benefit from continuing operations was $4.9million for the year ended December31, 2009 compared to income tax expense of $193.8million in 2008 and $96.3million in 2007. A reconciliation between the statutory federal income tax rate and our effective income tax rate (benefit)is as follows: Year Ended December 31, 2009 2008 2007 Federal statutory tax rate (35.0 %) 35.0 % 35.0 % State 29.3 1.8 2.8 Valuation allowance (2.8 ) (0.2 ) 0.8 Other 0.2 (1.0 ) (0.1 ) Consolidated effective tax rate (benefit) (8.3 %) 35.6 % 38.5 % Income taxes paid (refunded) (in thousands) $ 170 $ 4,298 $ (572 ) Income tax (benefit)provision attributable to income from continuing operations consists of the following: Year Ended December 31, 2009 2008 2007 (in thousands) Current: U.S. federal $ (1,000 ) $ 1,000 $ (129 ) U.S. state and local 364 3,268 449 $ (636 ) $ 4,268 $ 320 Deferred: U.S. federal $ (20,913 ) $ 186,436 $ 90,687 U.S. state and local 16,687 3,127 5,300 $ (4,226 ) $ 189,563 $ 95,987 Total tax (benefit)provision $ (4,862 ) $ 193,831 $ 96,307 Significant components of deferred tax assets and liabilities are as follows: December 31, 2009 2008 (in thousands) Deferred tax assets: Current Deferred compensation $ 3,337 $ 1,289 Current portion of asset retirement obligation 952 767 Other 6,207 4,411 Current portion of net operating loss carryforward 4,258 Subtotal 10,496 10,725 Non-current Net operating loss carryforward 72,131 21,673 Deferred compensation 53,869 41,083 AMT credits and other credits 3,815 7,106 Non-current portion of asset retirement obligation 29,642 30,168 Cumulative unrealized mark-to-market loss 8,625 Other 20,311 12,602 Valuation allowance (2,555 ) (4,147 ) Subtotal 185,838 108,485 Deferred tax liabilities: Current Net unrealized gain in OCI (2,443 ) (43,709 ) Subtotal (2,443 ) (43,709 ) Non-current Depreciation, depletion and investments (959,931 ) (848,356 ) Net unrealized gain in OCI (1,328 ) (1,036 ) Cumulative unrealized mark-to-market gain (38,029 ) Other (1,543 ) (282 ) Subtotal (962,802 ) (887,703 ) Ne

Earnings

Earnings (Loss) Per Common Share
	12 Months Ended Dec. 31, 2009 USD / shares
Earnings (Loss) Per Common Share [Abstract]
Earnings (Loss) Per Common Share	(6)EARNINGS (LOSS)PER COMMON SHARE The following table sets forth the computation of basic and diluted earnings (loss) per common share (in thousands, except per share amounts): Year Ended December 31, 2009 2008 2007 Numerator: (Loss) income from continuing operations $ (53,870 ) $ 351,040 $ 153,675 Income from discontinued operations 63,593 Net (loss)income $ (53,870 ) $ 351,040 $ 217,268 Denominator: Weighted average sharesbasic 154,514 151,116 143,791 Effect of dilutive securities: Employee stock options, SARs and stock held in deferred compensation plan 4,876 6,178 Treasury shares (49 ) (58 ) Weighted average common sharesdiluted 154,514 155,943 149,911 Basic(loss) income from continuing operations $ (0.35 ) $ 2.32 $ 1.07 discontinued operations 0.44 net (loss)income $ (0.35 ) $ 2.32 $ $1.51 Diluted(loss) income from continuing operations $ (0.35 ) $ 2.25 $ 1.02 discontinued operations 0.43 net (loss)income $ (0.35 ) $ 2.25 $ 1.45 Weighted average shares-basic excludes 2.6million shares at December31, 2009, 2.3million shares at December31, 2008 and 2.0million shares at December31, 2007 of restricted stock that is held in our deferred compensation plans (although all restricted stock is issued and outstanding upon grant). Due to our net loss for the year ended December31, 2009, we excluded 7.2million of outstanding stock options/SARs and 2.6million of restricted stock held in our deferred compensation plans from the computations of diluted net loss per share because the effect would have been anti-dilutive. For December31, 2008, stock appreciation rights for 880,000 shares were outstanding but not included in the computations of diluted earnings per share, because the grant price of the SARs was greater than the average price of the common stock and would be anti-dilutive to the computations (345,000 shares for the year ended December31, 2007).

Suspended Exploratory Well Cost

Suspended Exploratory Well Costs
	12 Months Ended Dec. 31, 2009 USD / shares
Suspended Exploratory Well Costs [Abstract]
Suspended Exploratory Well Costs	(7)SUSPENDED EXPLORATORY WELL COSTS We capitalize exploratory well costs until a determination is made that the well has either found proved reserves or that it is impaired. Capitalized exploratory well costs are presented in oil and gas properties in our consolidated balance sheets. If an exploratory well is determined to be impaired, the well costs are charged to expense. The following table reflects the changes in capitalized exploratory well costs for the year ended December31, 2009, 2008 and 2007 (in thousands): 2009 2008 2007 Balance at beginning of period $ 47,623 $ 15,053 $ 9,984 Additions to capitalized exploratory well costs pending the determination of proved reserves 26,216 43,968 14,428 Divested wells (1,325 ) Reclassifications to wells, facilities and equipment based on determination of proved reserves (52,849 ) (3,847 ) Capitalized exploratory well costs charged to expense (1,938 ) (7,551 ) (8,034 ) Balance at end of period 19,052 47,623 15,053 Less exploratory well costs that have been capitalized for a period of one year or less (10,778 ) (41,681 ) (12,067 ) Capitalized exploratory well costs that have been capitalized for a period greater than one year $ 8,274 $ 5,942 $ 2,986 Number of projects that have exploratory well costs that have been capitalized for a period greater than one year 6 3 2 As of December31, 2009, the $8.3million of capitalized exploratory well costs that have been capitalized for more than one year relates to wells waiting on pipelines. Of the $19.1million of capitalized exploratory well costs at December31, 2009, $10.7million was incurred in 2009 and $8.3million in 2008.

Indebtedness

Indebtedness
	12 Months Ended Dec. 31, 2009 USD / shares
Indebtedness [Abstract]
Indebtedness	(8)INDEBTEDNESS We had the following debt outstanding as of the dates shown below (bank debt interest rate at December31, 2009 is shown parenthetically). No interest was capitalized during 2009, 2008, and 2007 (in thousands): December 31, 2009 2008 Bank debt (2.1%) $ 324,000 $ 693,000 Senior subordinated notes: 7.375% senior subordinated notes due 2013, net of $1.6million and $2.0million discount, respectively 198,362 197,968 6.375% senior subordinated notes due 2015 150,000 150,000 7.5% senior subordinated notes due 2016, net of $363 and $405 discount, respectively 249,637 249,595 7.5% senior subordinated notes due 2017 250,000 250,000 7.25% senior subordinated notes due 2018 250,000 250,000 8.0% senior subordinated notes due 2019, net of $14.2million discount 285,834 Other 105 Total debt $ 1,707,833 $ 1,790,668 Bank Debt In October2006, we entered into an amended and restated revolving bank facility, which we refer to as our bank debt or our bank credit facility, which is secured by substantially all of our assets. The bank credit facility provides for an initial commitment equal to the lesser of the facility amount or the borrowing base. On December31, 2009, the facility amount was $1.25billion and the borrowing base was $1.5billion. The bank credit facility provides for a borrowing base subject to redeterminations semi-annually each April and October and for event-driven unscheduled redeterminations. Our current bank group is comprised of twenty-six commercial banks each holding between 2.4% and 5.0% of the total facility. The facility amount may be increased to the borrowing base amount with twenty days notice, subject to payment of a mutually acceptable commitment fee to those banks agreeing to participate in the facility increase. As of December31, 2009, the outstanding balance under the bank credit facility was $324.0million and $100,000 of undrawn letters of credit leaving $925.9million of borrowing capacity available under the facility amount. The loan matures on October25, 2012. Borrowings under the bank facility can either be at the Alternate Base Rate (as defined) plus a spread ranging from 0.875% to 1.625% or LIBOR borrowings at the Adjusted LIBO Rate (as defined) plus a spread ranging from 1.75% to 2.5%. The applicable spread is dependent upon borrowings relative to the borrowing base. We may elect, from time to time, to convert all or any part of our LIBOR loans to base rate loans or to convert all or any of the base rate loans to LIBOR loans. The weighted average interest rate was 2.4% for the year ended December31, 2009 compared to 4.4% for the year ended December31, 2008. A commitment fee is paid on the undrawn balance based on an annual rate of 0.375% to 0.50%. At December31, 2009, the commitment fee was 0.375% and the interest rate margin was 1.75% on our LIBOR loans and 0.875% on our base rate loans. Senior Subordinated Notes In May2008, we issued $250.0million aggregate principal amount of 7.25% se

Asset Retirement Obligation

Asset Retirement Obligation
	12 Months Ended Dec. 31, 2009 USD / shares
Asset Retirement Obligation [Abstract]
Asset Retirement Obligation	(9)ASSET RETIREMENT OBLIGATION Our asset retirement obligation primarily represents the estimated present value of the amount we will incur to plug, abandon and remediate our producing properties at the end of their productive lives. Significant assumptions used in determining such obligations include estimates of plugging and abandonment costs, estimated future inflation rates and well life. The inputs are calculated based on historical data as well as current estimated costs. A reconciliation of our liability for plugging and abandonment costs for the years ended December31, 2009 and 2008 is as follows (in thousands): 2009 2008 Beginning of period $ 83,457 $ 75,308 Liabilities incurred 1,622 2,347 Acquisitions 250 Liabilities settled (724 ) (1,399 ) Disposition of wells (15,946 ) (898 ) Accretion expense 5,893 5,471 Change in estimate 4,510 2,378 End of period 78,812 83,457 Less current portion (2,446 ) (2,055 ) Long-term asset retirement obligation $ 76,366 $ 81,402 Accretion expense is recognized as a component of depreciation, depletion and amortization on our statement of operations.

Capital Stock

Capital Stock
	12 Months Ended Dec. 31, 2009 USD / shares
Capital Stock [Abstract]
Capital Stock	(10)CAPITAL STOCK We have authorized capital stock of 485.0million shares which includes 475.0million shares of common stock and 10.0million shares of preferred stock. The following is a schedule of changes in the number of common shares outstanding since the beginning of 2008: Year Ended December 31, 2009 2008 Beginning balance 155,375,487 149,511,997 Public offerings 4,435,300 Shares issued in lieu of cash bonuses 184,926 Stock options/SARs exercised 1,384,861 1,339,536 Restricted stock grants 413,353 167,054 Issued for acreage purchases 743,737 Treasury shares 16,573 (78,400 ) Ending balance 158,118,937 155,375,487 In May2008, we completed a public offering of 4.4million shares of common stock at $66.38 per share. After underwriting discount and other offering costs of $12.3million, net proceeds of $282.2million were used to repay indebtedness on our bank credit facility. In January 2010, we issued 380,229 additional shares of common stock for acreage purchases. Treasury Stock In 2008, the Board of Directors approved up to $10.0million of repurchases of common stock based on market conditions and opportunities. During 2008, we repurchased 78,400 shares of common stock an average price of $41.11 for a total of $3.2million. As of December31, 2009, we have $6.8million remaining authorization to repurchase shares. Shelf Registration Statement In June2009, we filed a shelf registration statement with the Securities and Exchange Commission to potentially offer securities which include debt securities or common stock. The securities will be offered at prices and on terms to be determined at the time of sale. Net proceeds from the sale of such securities will be used for general corporate purposes, including a reduction of bank debt. Also in June2009, we issued a $200.0million registration statement where we may, from time to time, sell shares of our common stock in connection with an acquisition or business combination. As of December31, 2009, we have $176.5million remaining under this registration statement. Common Stock Dividends The Board of Directors declared quarterly dividends of $0.04 per common share for each of the four quarters of 2009, $0.04 per common share for each of the four quarters of 2008, and $0.03 per common share for the first three quarters of 2007 and $0.04 per common share for fourth quarter 2007. The determination of the amount of future dividends, if any, to be declared and paid is at the sole discretion of the Board of Directors and will depend on our financial condition, earnings and cash flow from operations, level of capital expenditures, our future business prospects and other matters the Board of Directors deems relevant.

Derivative Activities

Derivative Activities
	12 Months Ended Dec. 31, 2009 USD / shares
Derivative Activities [Abstract]
Derivative Activities	(11)DERIVATIVE ACTIVITIES We use commodity-based derivative contracts to manage exposure to commodity price fluctuations. We do not enter into these arrangements for speculative or trading purposes. We do not utilize complex derivatives such as swaptions, knockouts or extendable swaps. We typically utilize commodity swap and collar contracts to (1)reduce the effect of price volatility of the commodities we produce and sell and (2)support our annual capital budget and expenditure plans. At December31, 2009, we had collars covering 108.5 Bcf of gas at weighted average floor and cap prices of $5.62 to $7.40 per mcf and 0.4million barrels of oil at weighted average floor and cap prices of $75.00 to $93.75 per barrel. Their fair value, represented by the estimated amount that would be realized upon termination, based on a comparison of the contract price and a reference price, generally NYMEX, approximated a net unrealized pre-tax gain of $28.7million at December31, 2009. These contracts expire monthly through December2011. The following table sets forth the derivative volumes by year as of December31, 2009: Weighted Period Contract Type Volume Hedged Average Hedge Price Natural Gas 2010 Collars 242,356 Mmbtu/day $5.53$7.37 2011 Collars 55,000 Mmbtu/day $6.00$7.50 Crude Oil 2010 Collars 1,000 bbl/day $75.00$93.75 Every derivative instrument is required to be recorded on the balance sheet as either an asset or a liability measured at its fair value. Fair value is determined based on the difference between the fixed contract price and the underlying market price at the determination date. Changes in the fair value of our hedge derivatives are recorded as a component of AOCI, which is later transferred to oil and gas sales when the hedged transaction occurs and the hedging contract is settled. As of December31, 2009, an unrealized pre-tax derivative gain of $10.2million was recorded in AOCI. This gain will be reclassified into earnings as a gain of $7.0million in 2010 and a gain of $3.2million in 2011 as the contracts settle. The actual reclassification to earnings will be based on mark-to-market prices at the contract settlement date. If the derivative does not qualify as a hedge or is not designated as a hedge, changes in fair value of these non-hedge derivatives are recognized in earnings in derivative fair value income (loss). For those derivative instruments that qualify for hedge accounting, settled transaction gains and losses are determined monthly, and are included as increases or decreases to oil and gas sales in the period the hedged production is sold. Oil and gas sales include $203.1million of gains in 2009 compared to losses of $63.6million in 2008 and gains of $4.2million in 2007, related to settled hedging transactions. Any ineffectiveness associated with these hedge derivatives are reflected in derivative fair value income (loss)in our statement of operations. The ineffective portion is calculated as the difference between the change in fair value of the derivative and the estimated change in future cash fl

Fair Value Measurements

Fair Value Measurements
	12 Months Ended Dec. 31, 2009 USD / shares
Fair Value Measurements [Abstract]
Fair Value Measurements	(12)FAIR VALUE MEASUREMENTS We use a market approach for our fair value measurements and endeavor to use the best information available. Accordingly, valuation techniques that maximize the use of observable impacts are favored. The following presents the fair value hierarchy table for assets and liabilities measured at fair value, on a recurring basis (in thousands): Fair Value Measurements at December 31, 2009 Using: Quoted Prices in Significant Significant Total Carrying Active Markets for Other Unobservable Value as of Identical Assets Observable Inputs Inputs December 31, (Level 1) (Level 2) (Level 3) 2009 Trading securities held in the deferred compensation plans $ 43,554 $ $ $ 43,554 Derivativescollars 28,735 28,735 basis swaps (17,842 ) (17,842 ) These items are classified in their entirety based on the lowest priority level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement of assets and liabilities within the levels of the fair value hierarchy. Our trading securities in Level 1 are exchange-traded and measured at fair value with a market approach using December31, 2009 market value. Derivatives in Level 2 are measured at fair value with a market approach using third-party pricing services, which have been corroborated with data from active markets or broker quotes. Our trading securities held in the deferred compensation plan are accounted for using the mark-to-market accounting method and are included in the balance sheet category called other assets. We elected to adopt the fair value option to simplify our accounting for the investments in our deferred compensation plan. Interest, dividends, and mark-to-market gains/losses are included in the statement of operations category called deferred compensation plan expense. For the year ended December31, 2009, interest and dividends were $487,000 and mark-to-market was a gain of $10.4million. For the year ended December31, 2008, interest and dividends were $1.5 million and the mark-to-market was a loss of $19.4million. The following table presents the carrying amounts and the fair values of our financial instruments as of December31, 2009 and 2008 (in thousands): December 31, 2009 December 31, 2008 Carrying Fair Carrying Fair Value Value Value Value Assets: Commodity swaps and collars $ 25,652 $ 25,652 $ 226,661 $ 226,661 Marketable securities (a) 43,554 43,554 33,473 33,473 Liabilities: Commodity swaps and collars (14,759 ) (14,759 ) (10 ) (10 ) Long-term debt (b) (1,707,833 ) (1,826,458 ) (1,790,668 ) (1,621,793 ) (a) Marketable securities are held in our deferred compensa

Stock Based Compensation Plans

Stock Based Compensation Plans
	12 Months Ended Dec. 31, 2009 USD / shares
Stock Based Compensation Plans [Abstract]
Stock Based Compensation Plans	(13)STOCK-BASED COMPENSATION PLANS Description of the Plans The 2005 Equity Based Compensation Plan (the 2005 Plan) authorizes the Compensation Committee of the Board of Directors to grant, among other things, stock options, stock appreciation rights and restricted stock awards to employees and directors. The 2004 Non-Employee Director Stock Option Plan (the Director Plan) allows such grants to our non-employee directors of our Board of Directors. The 2005 Plan was approved by stockholders in May2005 and replaced our 1999 Stock Option Plan. No new grants will be made from the 1999 Stock Option Plan. The number of shares that may be issued under the 2005 Plan is equal to (i)5.6million shares (15.0million less the 2.2million shares issued under the 1999 Stock Option Plan before May18, 2005, the effective date of the 2005 Plan and less the 7.2million shares issuable pursuant to awards under the 1999 Stock Option Plan outstanding as of the effective date of the 2005 Plan) plus (ii)the number of shares subject to 1999 Stock Option Plan awards outstanding at May18, 2005 that subsequently lapse or terminate without the underlying shares being issued plus (iii)subsequent shares approved by the shareholders. The Director Plan was approved by stockholders in May2004 and no more than 450,000 shares of common stock may be issued under the Plan. Stock-based awards under the Plans Stock options represent the right to purchase shares of stock in the future at the fair value of the stock on the date of grant. Most stock options granted under our stock option plans vest over a three-year period and expire five years from the date they are granted. Beginning in 2005, we began granting stock appreciation rights (SARs) to reduce the dilutive impact of our equity plans. Similar to stock options, SARs represents the right to receive a payment equal to the excess of the fair market value of shares of common stock on the date the right is exercised over the value of the stock on the date of grant. All SARs granted under the 2005 Plan will be settled in shares of stock, vest over a three-year period and have a maximum term of five years from the date they are granted. The Compensation Committee grants restricted stock to certain employees and non-employee directors of the Board of Directors as part of their compensation. Compensation expense is recognized over the balance of the vesting period, which is typically three years for employee grants and immediate vesting for non-employee directors. All restricted stock awards are issued at prevailing market prices at the time of the grant and the vesting is based upon an employees continued employment with us. Prior to vesting, all restricted stock awards have the right to vote such stock and receive dividends thereon. All restricted shares that are granted are placed in our deferred compensation plan. Restricted stock awards are classified as a liability and are remeasured at fair value each reporting period. This mark-to-market is reported in our statement of operations in deferred compensation plan expense. As part of the closure of our Houston office, there were eighteen employees whose unvested

Supplemental Cash Flow Informat

Supplemental Cash Flow Information
	12 Months Ended Dec. 31, 2009 USD / shares
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	(14)SUPPLEMENTAL CASH FLOW INFORMATION Year Ended December 31, 2009 2008 2007 (in thousands) Net cash provided from continuing operations included: Income taxes paid to (refunded from) taxing authorities $ 170 $ 4,298 $ (572 ) Interest paid 108,685 93,954 71,708 Non-cash investing and finance activities: Asset retirement costs (removed)capitalized, net 6,131 4,647 (7,075 ) Unproved property purchased with stock 33,726 Shares issued in lieu of bonuses 6,312 926

Commitments and Contingencies

Commitments and Contingencies
	12 Months Ended Dec. 31, 2009 USD / shares
Commitments and Contingencies [Abstract]
Commitments and Contingencies	(15)COMMITMENTS AND CONTINGENCIES Litigation We are involved in various legal actions and claims arising in the ordinary course of our business. While the outcome of these lawsuits cannot be predicted with certainty, we do not expect these matters to have a material adverse effect on our financial position, cash flows or results of operations. Lease Commitments We lease certain office space, office equipment, production facilities, compressors and transportation equipment under cancelable and non-cancelable leases. Rent expense under operating leases (including renewable monthly leases) totaled $11.8million in 2009 compared to $9.2million in 2008 and $5.4million in 2007. Commitments related to these lease payments are not recorded in our consolidated balance sheets. Future minimum rental commitments under non-cancelable leases having remaining lease terms in excess of one year are as follows (in thousands): Operating Lease Obligations 2010 $ 11,751 2011 9,989 2012 6,113 2013 3,429 2014 2,851 Thereafter 6,652 Sublease rentals (852 ) $ 39,933 Transportation Contracts We have entered firm transportation contracts with various pipelines. Under these contracts, we are obligated to transport minimum daily gas volumes, or pay for any deficiencies at a specified reservation fee rate. In most cases, our production committed to these pipelines is expected to exceed the minimum daily volumes provided in the contracts. As of December31, 2009, future minimum transportation fees under our gas transportation commitments are as follows (in thousands): Transportation Commitments 2010 $ 36,062 2011 35,836 2012 32,913 2013 31,881 2014 28,590 Thereafter 207,583 $ 372,865 In addition to the amounts included in the above table, we have contracted with several pipeline companies through 2017 to deliver natural gas production volumes in Appalachia from certain Marcellus Shale wells. The agreements call for total incremental increases of 402,000 Mmbtu per day over the initial 100,000 Mmbtu per day at December31, 2009. These increases, which are contingent on certain pipeline modifications, are 30,000 Mmbtu per day in March2010, 72,000 Mmbtu per day in July2010, 150,000 Mmbtu per day in November2011 and an additional 150,000 Mmbtu per day in November2012. Drilling Contracts As of December31, 2009, we have contracts with drilling contractors to use six drilling rigs with terms of up to three years and minimum future commitments of $57.9million in 2010, $58.4 million in 2011, $39.2million in 2012 and $484,000 in 2013. These six rigs were custom built for our Marcellus Shale program. Early termination of these contracts at December31, 2009 would have required us to pay maximum penalties of $115.3million. We do not expect to pay any early termination penalties related to these contracts. Delivery Commitments Under a sales agreement, we have an obligation to deliver 30,000 Mmbtu per day of volume at various delivery points within the Ba

Major Customers

Major Customers
	12 Months Ended Dec. 31, 2009 USD / shares
Major Customers [Abstract]
Major Customers	(16)MAJOR CUSTOMERS We market our production on a competitive basis. Gas is sold under various types of contracts including month-to-month, and one to five year contracts. Pricing on the month-to-month and short-term contracts is based largely on NYMEX, with fixed or floating basis. For one to five-year contracts, we sell our gas on NYMEX pricing, published regional index pricing or percentage of proceeds sales based on local indices. We sell our oil under contracts ranging in terms from month-to-month, up to as long as one year. The price for oil is generally equal to a posted price set by major purchasers in the area or is based on NYMEX pricing or fixed pricing, adjusted for quality and transportation differentials. We sell to oil and gas purchasers on the basis of price, credit quality and service reliability. For the year ended December31, 2009, we had no customers that accounted for 10% or more of total oil and gas revenues. For the year ended December31, 2008, one customer accounted for 10% or more of total oil and gas revenues. For the year ended December31, 2007, we had no customers that accounted for 10% or more of total oil and gas revenues. We believe that the loss of any one customer would not have a material adverse effect on our results.

Equity Method Investments

Equity Method Investments
	12 Months Ended Dec. 31, 2009 USD / shares
Equity Method Investments [Abstract]
Equity Method Investments	(17)EQUITY METHOD INVESTMENTS We account for our investments in entities over which we have significant influence, but not control, using the equity method of accounting. Under the equity method of accounting, we record our proportionate share of the net earnings, declared dividends and partnership distributions based on the most recently available financial statements of the investee. We also evaluate our equity method investments for potential impairment whenever events or changes in circumstances indicate that there is an other-than-temporary decline in value of the investment. Such events may include sustained operating losses by the investee or long-term negative changes in the investees industry. For our investment in Whipstock, these indicators were present during the year ended December31, 2009, and as a result, we did recognize impairment charges of $9.0million related to our equity method investment in 2009. Investment in Whipstock Natural Gas Services, LLC In 2006, we acquired a 50% interest in Whipstock Natural Gas Services, LLC (Whipstock), an unconsolidated investee in the business of providing oil and gas drilling equipment, well servicing rigs and equipment, and other well services in Appalachia. On the acquisition date, we contributed cash of $11.7million representing the fair value of 50% of the membership interest in Whipstock. Whipstock follows a calendar year basis of financial reporting consistent with us and our equity in Whipstocks earnings from the acquisition date is included in other revenue in our results of operations for 2009, 2008 and 2007. During the year ended December31, 2009, we received $301,000 in cash distributions from Whipstock. During the year ended December31, 2008, we received cash distributions from Whipstock of $1.8million. There were no dividends or partnership distributions received from Whipstock during the year ended December31, 2007. In determining our proportionate share of the net earnings of Whipstock, certain adjustments are required to be made to Whipstocks reported results to eliminate the profits recognized by Whipstock for services provided to us. For the year ended December31, 2009, our equity in the losses of Whipstock totaled $13.1million, compared to losses of $479,000 in 2008 and earnings of $132,000 in 2007. In 2009, equity in the losses of Whipstock was reduced by $422,000 to eliminate the profit on services provided to us compared to $1.8million in 2008 and $2.7million in 2007. In addition, equity in 2009 losses of Whipstock reflected a $9.0million impairment charge due to an other than temporary decline in the fair value of our investment. Our fair value determination was based on a discounted cash flow analysis which qualifies as a level 3 fair value measurement in the fair value hierarchy table. Our net book value in this equity investment was $2.8million at December31, 2009. Range and Whipstock have entered into an agreement whereby Whipstock will provide us with the right of first refusal such that we will have the opportunity to secure services from Whipstock in preference to and in advance of Whipstock entering into additional commitments for services wi

Office Closing and Exit Activit

Office Closing and Exit Activities
	12 Months Ended Dec. 31, 2009 USD / shares
Office Closing and Exit Activities [Abstract]
Office Closing and Exit Activities	(18)OFFICE CLOSING AND EXIT ACTIVITIES In the third quarter 2009, we announced the closing of our Gulf Coast Area administrative and operations office in Houston, Texas. The properties are now operated out of our Southwest Area office in Fort Worth. As of December31, 2009, we have accrued $1.3million of severance costs. Expenses related to lease termination and severance costs are included in general and administrative expenses in our consolidated statement of operations. In addition, in December2009 we sold our natural gas properties in New York. We have accrued $635,000 of severance costs related to this divestiture and the cost is included in direct operating expense in our consolidated statement of operations. The following table details our exit activities (in thousands): Balance at December31, 2008 $ Accrued one-time termination costs 1,895 Office lease 252 Payments (579 ) Balance at December31, 2009 $ 1,568

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)
	12 Months Ended Dec. 31, 2009 USD / shares
Selected Quarterly Financial Data (Unaudited) [Abstract]
Selected Quarterly Financial Data (Unaudited)	(19)SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) The following tables set forth unaudited financial information on a quarterly basis for each of the last two years (in thousands). 2009 March June September December Total Revenues Oil and gas sales $ 203,189 $ 192,523 $ 202,122 $ 242,087 $ 839,921 Transportation and gathering (505 ) 2,152 2,444 (3,605 ) 486 Derivative fair value income (loss) 75,547 (9,856 ) (482 ) 1,237 66,446 Other (1,794 ) (4,387 ) (443 ) 7,112 488 Total revenue 276,437 180,432 203,641 246,831 907,341 Costs and expenses Direct operating 35,541 34,828 31,111 32,366 133,846 Production and ad valorem taxes 8,257 7,564 7,600 8,748 32,169 Exploration 13,339 11,368 11,102 11,090 46,899 Abandonment and impairment of unproved properties 19,572 40,954 24,053 28,959 113,538 General and administrative 24,910 29,103 30,568 32,168 116,749 Deferred compensation plan 12,434 756 16,445 1,438 31,073 Interest expense 26,629 29,555 30,633 30,550 117,367 Depletion, depreciation and amortization 84,320 88,713 97,208 104,191 374,432 Total costs and expenses 225,002 242,841 248,720 249,510 966,073 Income (loss)from continuing operations before income taxes 51,435 (62,409 ) (45,079 ) (2,679 ) (58,732 ) Income tax expense (benefit) Current 619 (695 ) (560 ) (636 ) Deferred 18,827 (23,145 ) (14,566 ) 14,658 (4,226 ) 18,827 (22,526 ) (15,261 ) 14,098 (4,862 ) Net income (loss) $ 32,608 $ (39,883 ) $ (29,818 ) $ (16,777 ) $ (53,870 ) Income (loss)per common share: Basic $ 0.21 $ (0.26 ) $ (0.19 ) $ (0.11 ) $ (0.35 ) Diluted $ 0.21 $ (0.26 ) $ (0.19 ) $ (0.11 ) $ (0.35 ) 2008 March June September December Total Revenues Oil and gas sales $ 307,384 $ 347,622 $ 347,720 $ 223,834 $ 1,226,560 Transportation and gathering 1,129 1,224 1,537 687 4,577 Derivative fair value (loss)income (123,767 ) (196,684 ) 272

Supplemental Information on Nat

Supplemental Information on Natural Gas and Oil Exploration, Development and Production Activities
	12 Months Ended Dec. 31, 2009 USD / shares
Supplemental Information on Natural Gas and Oil Exploration, Development and Production Activities [Abstract]
Supplemental Information on Natural Gas and Oil Exploration, Development and Production Activities	(20)SUPPLEMENTAL INFORMATION ON NATURAL GAS AND OIL EXPLORATION, DEVELOPMENT AND PRODUCTION ACTIVITIES Our gas and oil producing activities are conducted onshore within the continental United States and all of our proved reserves are located within the United States. Capitalized Costs and Accumulated Depreciation, Depletion and Amortization (a) December 31, 2009 2008 2007 (in thousands) Oil and gas properties: Properties subject to depletion $ 5,534,204 $ 5,271,020 $ 4,169,714 Unproved properties 774,503 757,960 262,648 Total 6,308,707 6,028,980 4,432,362 Accumulated depreciation, depletion and amortization (1,409,888 ) (1,186,934 ) (939,769 ) Net capitalized costs $ 4,898,819 $ 4,842,046 $ 3,492,593 (a) Includes capitalized asset retirement costs and the associated accumulated amortization. Costs Incurred for Property Acquisition, Exploration and Development (a) Year Ended December 31, 2009 2008 2007 (in thousands) Acquisitions: Unproved leasehold $ $ 99,446 $ 4,552 Proved oil and gas properties 251,471 253,064 Asset retirement obligations 251 3,301 Acreage purchases (b) 176,867 494,341 78,095 Development 497,702 729,268 732,550 Exploration: Drilling 57,121 133,116 40,567 Expense 42,082 63,560 42,309 Stock-based compensation expense 4,817 4,130 3,473 Gas gathering facilities: Development 29,524 47,056 18,655 Subtotal 808,113 1,822,639 1,176,566 Asset retirement obligations 6,131 4,647 (7,075 ) Total costs incurred $ 814,244 $ 1,827,286 $ 1,169,491 Assets held for sale: Development $ $ $ 1,114 (a) Includes cost incurred whether capitalized or expensed. (b) 2008 includes a single transaction to acquire Marcellus Shale acreage for $223.9million. Estimated Quantities of Proved Oil and Gas Reserves (Unaudited) Reserves of crude oil, condensate, natural gas liquids and natural gas are estimated by our engineers and are adjusted to reflect contractual arrangements and royalty rates in effect at the end of each year. Many assumptions and judgmental decisions are required to estimate reserves. Reported quantities are subject to future revisions, some of which may be substantial, as additional information becomes available from reservoir performance, new geological and geophysical data, additional drilling, technological advancements, price changes and other economic factors. Recent SEC and FASB Rule-Making Activity In December2008, the SEC announced that it had approved revisions designed to modernize the oil and ga