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.

Date: February 27, 2008

EXHIBIT INDEX

Exhibit Number				Description
	99.1			Press Release dated February 26, 2008

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

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’

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.

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

Karen Giles, Investor Relations Specialist

(817) 870-2601
www.rangeresources.com

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	%

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

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

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

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

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	%