Range Completes Gas Plant Sale.

Business Editors

FORT WORTH, Texas--(BUSINESS WIRE)--June 19, 2000

RANGE RESOURCES CORPORATION (NYSE:RRC) announced today that it had completed the sale of its Sterling gas processing plant. The $19.6 million net proceeds from the sale were used to reduce outstandings under the

Company's bank facility. The Company expects its parent company bank borrowings to approximate $115 million at mid-year. As the Sterling plant was Range's only operated gas processing facility, the Company has now withdrawn from that aspect of the business. Range also announced that it had entered into a long-term processing contract with the new plant owner covering gas produced from its more than 300 wells in the Sterling Field. The contract provides the Company a higher net wellhead price than previously realized.

John H. Pinkerton, Range's President, said, "The Sterling plant sale is an important step in our effort to reduce debt and simplify the Company. In the first half of 2000, we will have reduced debt and convertible securities by almost $60 million and increased stockholders' equity by over $15 million. Looking ahead, we expect to be profitable in both the 2nd and 3rd quarters despite the significant cost of hedges entered into late last year. Based on current oil and gas prices, we anticipate a dramatic increase in income and cash flow beginning in October as those hedges begin to roll-off."

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

This release contains certain forward looking statements that are based on assumptions that the Company believes are reasonable, but which are subject to a wide range of uncertainties and business risks. Factors that could cause actual results to differ from those anticipated include commodity prices, levels of capital expenditures, future hydrocarbon production rates, interest rates, the market for oil and gas properties and the Company's ability to complete asset sales on acceptable terms. Additional factors are discussed in the Company's periodic filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 1999, as well as its subsequent quarterly reports on Form 10-Q.