EX-99.1 2 d36986exv99w1.htm PRESS RELEASE exv99w1
 

EXHIBIT 99.1
NEWS RELEASE
RANGE INCREASES NATURAL GAS HEDGE POSITION
FORT WORTH, TEXAS, JUNE 8, 2006 — RANGE RESOURCES CORPORATION (NYSE: RRC) today announced that it has increased its natural gas hedge position. In particular, the Company has added significant natural gas swaps in 2007 and 2008. The 2007 natural gas swaps average $9.34 per MMBtu, with the 2008 swaps averaging $9.42. To a lesser degree, additional natural gas collars were added in the third and fourth quarters of 2006. The current hedge position is summarized below:
                         
        Natural Gas   Oil
        Volume   Average   Volume     Average
        Hedged   Hedge   Hedged     Hedge
        (MMBtu/d)   Prices   (Bbl/d)     Prices
 
                        
3Q 2006
   Swaps   10,761   $6.20     400     $35.00
 
                        
3Q 2006
   Collars   133,283   $6.06 - $8.11     6,863     $39.83 - $49.05
 
                        
4Q 2006
   Swaps   10,761   $6.48     400     $35.00
 
                        
4Q 2006
   Collars   153,283   $6.68 - $8.88     6,863     $39.83 - $49.05
 
                        
Calendar 2007
   Swaps   82,500   $9.34     —     —
 
                        
Calendar 2007
   Collars   98,500   $7.13 - $9.99     5,800     $52.90 - $64.58
 
                        
Calendar 2008
   Swaps   105,000   $9.42     —     —
 
                        
Calendar 2008
   Collars   55,000   $7.93 - $11.39     4,000     $56.89 - $74.78
 
Note:   Details as to the Company’s hedges are posted on its website and are updated periodically.
Commenting on the announcement, John H. Pinkerton, Range’s President and CEO, said, “With approximately 80% of Range’s reserves being natural gas, we have locked in outstanding prices on a significant portion of our production for the remainder of 2006 and for all of 2007 and 2008. With 15% production growth targeted for 2006 and 2007 combined with the attractive hedge prices, we anticipate generating record financial results. Importantly, the increased hedge position will allow us to aggressively pursue our growth strategy while continuing to build our financial strength.”
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.
 
2006-15
Contact:   Rodney Waller, Senior Vice President
David Amend, IR Manager
Karen Giles, Sr. IR Specialist
(817)870-2601
www.rangeresources.com