Range Resources boosted its hedging position to take advantage of recent commodity price increases, locking in prices for two-thirds of its oil and gas production next year. All of the Company’s hedges are straight swaps entered into primarily with major financial institutions.

“With approximately 75% of projected production from current projects hedged for the fourth quarter, and roughly two-thirds hedged for 2003 at attractive prices, we have greatly enhanced the predictability of our cash flow,” said Range President John H. Pinkerton. “To the extent futures prices maintain current levels or extend their gains, we will continue to pursue our policy of hedging 50-75% of anticipated production at least for 12-18 months.”

The company has 97,842 MMBtu/d of gas production hedged for the fourth quarter at $4.08/MMBtu, 84,659 MMBtu/d hedged for 2003 at $3.95, 41,471 MMBtu/d hedged for 2004 at $3.92 and 9,932 MMBtu/d hedged in 2005 at $3.80. Range’s production comes primarily from the Permian Basin, as well as basins in the Midcontinent, Gulf Coast and Appalachian regions.

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