Range Resources (RRC) 8-K Range Reports Record First Quarter Results

EXHIBIT 99.1

NEWS RELEASE

RANGE REPORTS RECORD FIRST QUARTER RESULTS

FORT WORTH, TEXAS, APRIL 25, 2007...RANGE RESOURCES CORPORATION (NYSE: RRC)today announced first quarter results. Record highs were achieved in production, oil and gas revenues and cash flow from operations before changes in working capital. Including its Gulf of Mexico operations, oil and gas revenues increased 29% to $227.9 million. Results were driven by a 19% increase in production and a 9% increase in realized prices. Cash flow from operations before changes in working capital, a non-GAAP measure, rose 26% to $161.9 million, beating the previous record high of $128.1 million. Net income totaled $73.1 million. Earnings per share (diluted) increased 23% to $0.51.

As previously announced, at the end of the first quarter, Range sold all of its Gulf of Mexico properties for $155 million, recognizing a $95.6 million gain ($62.2 million after deferred taxes.) These properties represented 2% of Range’s 2006 year-end total proved reserves or 38 Bcfe. Despite owning the properties for the first quarter 2007, under generally accepted accounting principles (“GAAP”), the Gulf of Mexico properties have been reclassified as “Discontinued operations” for the entire quarter and for the prior-year period. As a result, production, revenues and expenses associated with the properties have been removed from continuing operations and reclassified to discontinued operations. (Supplemental non-GAAP tables are presented that reconcile the reported GAAP amounts to the amounts that would have been reported if the Gulf of Mexico operations were included in continuing operations.)

In addition to reclassification of the Gulf of Mexico properties and the gain on the sale, first quarter 2007 results included several non-cash items. A $66.3 million non-cash mark-to-market loss on commodity derivatives and $16.1 million on non-cash compensation expense were recorded. Excluding these items, net income would have been $66.0 million or $0.48 per share ($0.46 fully diluted). (See accompanying table for calculation of these non-GAAP measures.) On a reported GAAP basis, excluding the Gulf of Mexico properties, oil and gas revenues were $217.0 million and net income was $73.1 million.

Including the Gulf of Mexico properties, for the quarter, production totaled 306.1 Mmcfe per day, comprised of 229.4 Mmcf per day of gas (75%) and 12,783 barrels per day of oil and liquids. Wellhead prices, after adjustment for hedging, averaged $8.27 per mcfe, a 9% increase over the prior-year period. The average realized gas price rose 5% to $8.26 per mcf, as the average realized oil price rose 20% to $56.09 a barrel. Direct operating expenses for the quarter were $0.96 per mcfe for continuing operations and $2.00 per mcfe for the Gulf of Mexico properties. The fourth quarter 2006 combined direct operating expenses were $0.99 per mcfe. Direct operating expense increases are primarily due to higher oilfield service, personnel costs, water hauling, utilities and compression costs. Production taxes per mcfe declined 9% to $0.38 per mcfe on lower market prices. Exploration expense totaled $11.0 million, including $4.4 million dry hole expense and $3.5 million of seismic purchases.

First quarter development and exploration expenditures totaled $183.7 million, funding the drilling of 214 (165 net) wells and 18 (17 net) recompletions. A 99% success rate was achieved with 211 (163 net) wells productive. By quarter end, 121 (90 net) of the wells had been placed on production, with the remainder in various stages of completion or waiting on pipeline connection. In addition, $17.6 million was spent on acreage purchases and $3.3 million on expanding gas gathering systems and $30.9 million on acquisitions.

Drilling activity in the second quarter remains high with 41 rigs currently running. For the year, Range anticipates drilling 1,003 (757 net) wells and undertaking 84 (64 net) recompletions as part of the Company’s $822 million capital budget. During the first quarter, Range also continued to expand several of its key drilling areas and emerging plays.

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The Appalachian division drilled 147 (106 net) wells in its core coal bed methane, shale gas and tight gas sand properties in Pennsylvania, West Virginia and Virginia. The division presently has 16 rigs operating in various project areas. The Appalachian division plans to drill 735 (526 net) wells in 2007. Focus areas for the division in the first quarter 2007 included the continued expansion of the Nora area coal bed methane play. In 2007, plans are to continue to expand operations in the Nora area by drilling approximately 290 coal bed methane wells and 65 tight gas sand wells. Subsequent to quarter-end, Range announced a transaction with Equitable Resources in which Range has agreed to pay Equitable $315 million to acquire additional interests in the Nora field. The transaction is anticipated to close in May. Along with a 50% interest in the gathering system, this transaction provides Range a 50% working interest in all existing and future wells, including coal bed methane, tight gas sands, shale and deeper exploratory wells. Range will retain its mineral and royalty interest over roughly 80% of the 300,000 acre field.

In Range’s Pennsylvania Devonian shale play, where acreage now totals more than 420,000 net acres, leasing efforts continue and drilling is accelerating. To date, 30 vertical and three horizontal shale wells have been drilled in the play, and 22 vertical wells and two horizontal wells are on production. Early results indicate an estimated reserve potential of between 0.6 Bcf to 1.0 Bcf per vertical well. Plans are to significantly expand shale gas drilling in this area in 2007 with 68 vertical and horizontal wells budgeted. To support this effort, Range has opened a regional office in Pittsburgh, Pennsylvania to focus on the Devonian shale drilling and production operations.

First quarter drilling activity in the Midcontinent division resulted in 16 (13.4 net) wells with a 94% success rate. An offset to a recent Upper Morrow discovery has been turned to sales with initial production of 4.3 (2.2 net) Mmcfe per day. The discovery well continues to produce at a rate of 7 (3.7 net) Mmcfe per day. Drilling success also continues at our northern Oklahoma shallow oil rejuvenation project. Field production achieved a record 11 (8.3 net) Mmcfe per day with 10 (10 net) wells completed for a 100% success rate. With Range’s acquisition of the minority working interest owner in the play, the Company plans to drill 60 (60 net) wells in the project during 2007. In the Watonga-Chickasha area, 4 ( 2.7 net) wells were drilled. Three (1.7 net) wells were completed for a combined rate of 4.5 (1.8 net) Mmcfe per day, with one dry hole reported for the quarter. Two (0.5 net) wells are currently drilling in the deep Anadarko basin and both are expected to reach total depth late in the second quarter.

The Permian division drilled 54 (51.0 net) wells in the first quarter. In West Texas, at the Furhman Mascho field, 21 wells were drilled on 10-acre spacing. In addition, 16 wells have been drilled in our five-acre infill program with encouraging results. The five-acre wells are producing on par with the existing 10-acre wells. A 70-well program is planned in 2007, of which 29 will be five-acre infill wells. At our Eunice field in New Mexico five wells were drilled and completed. Production in this play has more than tripled since 2005. In the North Texas Barnett Shale play, 21 wells were drilled in the first quarter and eight rigs are currently running. Production from the Fort Worth Basin averaged 58.3 (41.9 net) Mmcfe per day for the quarter. By year-end 2007, Range expects its net Barnett production to be 70 Mmcfe per day with the drilling of 74 total wells. Importantly, the test well of our Barnett shale eastern extension in Ellis County spud on April 9. Range has a leasehold in this area that totals approximately 20,000 acres.

Commenting on the announcement, John Pinkerton, Range’s President and CEO, said, “So far in 2007, we have accomplished a great deal. Our drilling program is off to a terrific start with first quarter production increasing 19% to another record high. We also completed the sale of higher cost, more mature properties for $237 million, which will help us maintain our low cost structure. Conversely, we agreed to acquire additional interests for $374 million in three fields where we have had continuing success and where we see significant future growth. Additionally, our recently completed equity offering was extremely well received and closes the chapter on Range reaching its long-term debt-to-capitalization

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target. While we are still in the early stages of the year, it is clear that these accomplishments result in a better, more valuable Range. Looking to the remainder of the year, we are focused on the execution of our 1,000+ well drilling program and the continued expansion and development of our emerging plays. From both a financial and operational perspective, 2007 shapes up to be the best year in our history.”

The Company will host a conference call on Thursday, April 26 at 2:00 p.m. ET to review these results. To participate in the call, please dial 877-407-8035 and ask for the Range Resources first quarter financial results conference call. A replay of the call will be available through May 3 at 877-660-6853. The account number is 286 and the conference ID for the replay is 239479.

A simultaneous webcast of the call may be accessed over the Internet atwww.rangeresources.com orwww.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:

Under GAAP, due to the sale of all the Company’s Gulf of Mexico properties at the end of the first quarter of 2007, all Gulf of Mexico operations during the first quarter 2007 and in prior-years have been reclassified to “Discontinued operations” in the reported GAAP financial statements. The Company has presented a supplemental table which reconciles these reported GAAP financial amounts to the amounts if the operations of the Gulf of Mexico properties for both the 2007 and 2006 periods were combined with the amounts from the continuing operations. The Company believes that the combined results, by including the Gulf of Mexico properties, corresponds to the methodology used by professional research analysts and, therefore, are useful in evaluating operational trends of the Company and its performance relative to other oil and gas producing companies by investors in making investment decisions. (See the reconciliation of reported continuing operations under GAAP to the combined operations, a non-GAAP presentation in the accompanying table.)

Earnings for first quarter 2007 include non-cash ineffective and mark-to-market derivatives of $66.3 million, a non-cash stock compensation expense of $16.1 million, and a gain of $95.6 million ($62.2 million after deferred taxes.) Excluding such items, income before income taxes would have been $100.2 million, a 19% increase from the prior year. Adjusting for the after-tax effect of these items the Company’s earnings would have been $66.0 million or $0.48 per share ($0.46 fully diluted). If similar items were excluded, 2006 earnings would have been $52.8 million or $0.41 per share ($0.39 per diluted share). In 2006 results were impacted by a net $12.5 ineffective mark-to-market derivatives on commodities and interest and a $7.8 million stock compensation expense. (See reconciliation of non-GAAP earnings in the accompanying table.) The Company believes results excluding these items are more comparable to estimates provided by professional research analysts and, therefore, are useful in evaluating operational trends of the Company and its performance relative to other oil and gas producing companies by investors in making investment decisions.

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. 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.

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Except for historical information, statements made in this release, including those relating to significant potential, future earnings, cash flow, capital expenditures, production growth and planned number of wells are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on assumptions and estimates that management believes are reasonable based on currently available information; however, management’s assumptions and the Company’s future performance are subject to a wide range of business risks and uncertainties and there is no assurance that these goals and projections can or will be met. Any number of factors could cause actual results to differ materially from those in the forward-looking statements, including, but not limited to, the volatility of oil and gas prices, the costs and results of drilling and operations, the timing of production, mechanical and other inherent risks associated with oil and gas production, weather, the availability of drilling equipment, changes in interest rates, litigation, uncertainties about reserve estimates and environmental risks. The Company undertakes no obligation to publicly update or revise any forward-looking statements. Further information on risks and uncertainties is available in the Company’s filings with the Securities and Exchange Commission, which are incorporated by reference.

Range’s internal estimates of reserves may be subject to revision and may be different from estimates by our external reservoir engineers at year-end. Although we believe the expectations and forecasts reflected in these and other forward-looking statements are reasonable, we can give no assurance they will prove to have been correct. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties.

			2007-17
Contacts:	Rodney Waller, Sr. Vice President	817-869-4258*
	David Amend, IR Manager	817-869-4266*
	Karen Giles, Sr. IR Specialist	817-869-4238*
	Main number:	817-870-2601
	www.rangeresources.com
	* New direct dial phone numbers effective April 30, 2007

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RANGE RESOURCES CORPORATION

STATEMENTS OF INCOME
(Unaudited, in thousands, except per share data)

	Three Months Ended March 31,
	2007			2006
Revenues
Oil and gas sales	$	217,026		$	166,555
Transportation and gathering		277			26
Transportation and gathering — non-cash stock compensation (a)		(93	)		(65	)
Mark-to-market derivative gain (loss)		(66,111	)		11,281
Ineffective derivative gain (loss) (b)		(219	)		1,420
Other		1,961			13
		152,841			179,230		-15	%
Expenses
Direct operating		25,017			17,848
Direct operating — non-cash stock compensation (a)		397			285
Production and ad valorem taxes		10,412			9,551
Exploration		10,971			8,313
Exploration — non-cash stock compensation (a)		739			609
General and administrative		11,044			8,977
General and administrative — non-cash stock compensation (a)		3,634			2,353
Non-cash compensation, deferred compensation plan (c)		11,247			4,479
Interest		18,848			10,234
Depletion, depreciation and amortization		47,332			31,651
		139,641			94,300		48	%
Income from continuing operations before income taxes		13,200			84,930		-84	%
Income taxes Current		384			578
Deferred		4,447			31,150
		4,831			31,728
Income from continuing operations		8,369			53,202		-84	%
Discontinued operations, net of taxes		64,768			2,473
Net income	$	73,137		$	55,675		31	%
Basic
Income from continuing operations	$	0.06		$	0.41
Discontinued operations	$	0.47		$	0.02
Net income	$	0.53		$	0.43		23	%
Diluted
Income from continuing operations	$	0.06		$	0.40
Discontinued operations	$	0.45		$	0.01
Net income	$	0.51		$	0.41		23	%
Weighted average shares outstanding, as reported
Basic		138,102			129,092		7	%
Diluted		143,230			134,549		6	%

(a)	Costs associated with FASB 123R which have been reflected in the categories associated with the direct personnel costs.
(b)	Included in Other revenues in the 10-Q.
(c)	Reflects the change in the market value of the Company stock and other investments during the period held in the deferred compensation plan.

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RANGE RESOURCES CORPORATION

STATEMENTS OF INCOME

Restated for Gulf of Mexico Discontinued	Three Months Ended March 31,									Three Months Ended March 31,
Operations, a Non-GAAP Presentation				GOM			2007			2006			GOM			2006
(in thousands)	2007			Discontinued			Including			As			Discontinued			Including
(Unaudited)	As reported			Operations			GOM			reported			Operations			GOM
Revenues
Oil and gas sales	$	217,026		$	10,870		$	227,896		$	166,555		$	9,783		$	176,338
Transportation and gathering		277			68			345			26			116			142
Transportation and gathering — stock based compensation		(93	)		—			(93	)		(65	)		—			(65	)
Mark-to-market on oil and gas derivatives (loss)		(66,111	)		—			(66,111	)		11,281			—			11,281
Ineffective derivative gain (loss)		(219	)		—			(219	)		1,420			—			1,420
Equity method investment		411			—			411			—			—			—
Gain (loss) on sale of properties		3			—			3			(195	)		—			(195	)
Interest and other		1,547			1			1,548			208			(1	)		207
		152,841			10,939			163,780			179,230			9,898			189,128
Expenses
Direct operating		25,017			2,382			27,399			17,848			1,529			19,377
Direct operating — stock based compensation		397			—			397			285			—			285
Production and ad valorem taxes		10,412			105			10,517			9,551			176			9,727
Exploration		10,971			—			10,971			8,313			1,155			9,468
Exploration — stock based compensation		739			—			739			609			—			609
General and administrative		11,044			—			11,044			8,977			—			8,977
General and administrative — stock based compensation		3,634			—			3,634			2,353			—			2,353
Non-cash compensation deferred compensation plan		11,247			—			11,247			4,479			—			4,479
Interest expense		18,848			595			19,443			10,234			317			10,551
Depletion, depreciation and amortization		47,332			3,325			50,657			31,651			2,916			34,567
		139,641			6,407			146,048			94,300			6,093			100,393
Income from continuing operations before income taxes		13,200			4,532			17,732			84,930			3,805			88,735
Income taxes provision
Current		384			—			384			578			—			578
Deferred		4,447			1,586			6,033			31,150			1,332			32,482
		4,831			1,586			6,417			31,728			1,332			33,060
Income from continuing operations		8,369			2,946			11,315			53,202			2,473			55,675
Discontinued operations — Austin Chalk, net of tax		(305	)		—			(305	)		—			—			—
Discontinued operations — Gulf of Mexico, net of tax		65,073			(2,946	)		62,127			2,473			(2,473	)		—
Net income	$	73,137		$	—		$	73,137		$	55,675		$	—		$	55,675

			GOM		2007				GOM		2006
			Discontinued		Including				Discontinued		Including
OPERATING HIGHLIGHTS	2007		Operations		GOM		2006		Operations		GOM
Average Daily Production
Oil (bbl)		9,316		432		9,748		8,261		291		8,552
Natural gas liquids (bbl)		3,035		—		3,035		2,967		—		2,967
Gas (mcf)		218,822		10,592		229,414		175,152		12,849		188,001
Equivalents (mcfe)		292,930		13,184		306,114		242,523		14,595		257,118
Prices Realized
Oil (bbl)	$	55.99	$	58.17	$	56.09	$	46.54	$	48.11	$	46.59
Natural gas liquids (bbl)	$	30.13	$	—	$	30.13	$	29.77	$	—	$	29.77

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Gas (mcf)	$	8.22	$	9.03	$	8.26	$	7.87	$	7.37	$	7.83
Equivalents (mcfe) (a)	$	8.23	$	9.16	$	8.27	$	7.63	$	7.45	$	7.62
Direct Operating Costs per mcfe (b)
Field expenses	$	0.91	$	1.69	$	0.95	$	0.80	$	0.71	$	0.80
Workovers	$	0.05	$	0.31	$	0.06	$	0.03	$	0.45	$	0.05
Total operating costs	$	0.96	$	2.00	$	1.01	$	0.83	$	1.16	$	0.85

(a)	Oil and natural gas liquids are converted to gas equivalents on a basis of six mcf per barrel.
(b)	Excludes non-cash stock compensation.

RANGE RESOURCES CORPORATION

BALANCE SHEETS

(In thousands)

	March 31,			December 31,
	2007			2006
	(unaudited)
Assets
Current assets	$	314,806		$	147,445
Current unrealized derivative gain		30,443			93,588
Assets held for sale		—			79,304
Oil and gas properties		2,789,850			2,676,676
Transportation and field assets		51,121			47,143
Unrealized derivative gain		11,181			61,068
Other		83,483			82,450
	$	3,280,884		$	3,187,674
Liabilities and Stockholders’ Equity
Current liabilities	$	163,656		$	223,519
Current asset retirement obligation		3,457			4,216
Current unrealized derivative loss		17,831			4,621
Bank debt		537,500			452,000
Subordinated notes		596,874			596,782
Total long-term debt		1,134,374			1,048,782
Deferred taxes		485,279			468,643
Unrealized derivative loss		2,200			266
Deferred compensation liability		101,463			90,094
Long-term asset retirement obligation		73,710			91,372
Common stock and retained earnings		1,323,757			1,241,696
Stock in deferred compensation plan and treasury		(22,738	)		(22,056	)
Other comprehensive income (loss)		(2,105	)		36,521
Total stockholders’ equity		1,298,914			1,256,161
	$	3,280,884		$	3,187,674

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RANGE RESOURCES CORPORATION

CASH FLOWS FROM OPERATIONS
(Unaudited, in thousands)	Three Months Ended
	March 31,
	2007			2006
Net income	$	73,137		$	55,675
Adjustments to reconcile Net income to net cash provided by operations:
Gain from discontinued operations		(64,768	)		(2,473	)
Gain from equity investment		(411	)		—
Deferred income tax (benefit)		4,447			31,150
Depletion, depreciation and amortization		47,332			31,651
Exploration dry hole expense		4,408			1,700
Mark-to-market derivative (gain)		66,111			(11,281	)
Unrealized derivative (gains) losses		219			(1,252	)
Amortization of deferred issuance costs		526			406
Non-cash stock compensation		16,437			8,056
Gain on sale of assets and other		52			418
Changes in working capital:
Accounts receivable		(7,393	)		32,263
Inventory and other		(2,260	)		(1,630	)
Accounts payable		(48,911	)		(15,270	)
Accrued liabilities		(4,864	)		(12,986	)
Net changes in working capital		(63,428	)		2,377
Net cash provided from continuing operations	$	84,062		$	116,427

RECONCILIATION OF CASH FLOWS
(In thousands)	Three Months Ended
	March 31,
	2007		2006
Net cash provided from continuing operations	$	84,062	$	116,427
Net change in working capital		63,428		(2,377	)
Exploration expense		6,563		7,768
Cash flow from Gulf of Mexico properties		7,858		6,721
Other		29		(488	)
Cash flow from operations before changes in working capital, non-GAAP measure	$	161,940	$	128,051

ADJUSTED WEIGHTED AVERAGE SHARES OUTSTANDING

(Unaudited, in thousands)	Three Months Ended
	March 31,
	2007			2006
Basic:
Weighted average shares outstanding		139,213			130,742
Stock held by deferred compensation plan		(1,111	)		(1,650	)
		138,102			129,092
Dilutive:
Weighted average shares outstanding		139,213			130,742
Dilutive stock options under treasury method		4,017			3,807
		143,230			134,549

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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

(Unaudited, in thousands, except per share data)	Three Months Ended
	March 31,
	2007			2006
Income before income taxes, as reported	$	13,200		$	84,930		-84	%
Adjustment for certain non-cash items
(Gain) loss on sale of properties		(3	)		195
Gulf of Mexico — discontinued operations		4,532			3,805
Mark-to-market on derivative (gain)		66,111			(11,281	)
Ineffective commodity derivative (gain) loss		219			(1,420	)
Amortization of ineffective interest derivative		—			168
Transportation and gathering — non-cash stock compensation		93			65
Direct operating — non-cash stock compensation		397			285
Exploration expenses — non-cash stock compensation		739			609
General & administrative — non-cash stock compensation		3,634			2,353
Deferred compensation plan — non-cash		11,247			4,479
Income before income taxes, as adjusted		100,169			84,188		19	%
Income taxes, adjusted
Current		384			578
Deferred		33,755			30,803
Net income excluding certain items	$	66,030		$	52,807		25	%
Non-GAAP earnings per share
Basic	$	0.48		$	0.41		17	%
Diluted	$	0.46		$	0.39		18	%

HEDGING POSITION
As of April 17, 2007

(Unaudited)		Gas			Oil
		Volume		Average	Volume		Average
		Hedged		Hedge	Hedged		Hedge
		(MMBtu/d)		Prices	(Bbl/d)		Prices
Calendar 2007	Swaps		96,336	$9.13		—	—
Calendar 2007	Collars		98,500	$7.13 — $9.99		6,300	$53.46 — $65.33
Calendar 2008	Swaps		105,000	$9.42		—	—
Calendar 2008	Collars		55,000	$7.93 — $11.39		8,500	$59.01 — $75.36
Calendar 2009	Collars		—	—		5,000	$62.00 — $75.94

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

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