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Range Reports Outstanding 2012 Results

In addition, a one rig program is anticipated in the Texas Panhandle for most of 2013 where Range has had some early success drilling Horizontal St. Louis wells. Another St. Louis well was completed in the fourth quarter for 10.9 (4.3 net) Mmcfe per day (7.8 Mmcf gas, 203 barrels oil and 314 barrels NGLs). Six to eight additional test wells are planned for drilling in 2013.

Permian Division -

Range’s Permian team is targeting the Wolfberry and Cline Shale oil plays in West Texas. In the Wolfberry, Range completed three additional wells in the fourth quarter. The average 24-hour initial production rate for these wells was 521 (406 net) boe per day with 78% liquids (301 barrels oil, 104 barrels NGLs and 0.7 Mmcf gas). In addition to higher initial rates in the Wolfberry, drill and completion costs were reduced to $2.4 million for the most recent three wells. The six Wolfberry wells drilled to date are producing above our initial forecasts. In the Cline Shale, Range completed its third well in the fourth quarter. The initial 24-hour rate on this well was 620 (511 net) boe per day with 77% liquids (231 barrels oil, 249 barrels NGLs and 0.8 Mmcf gas). Range will continue to test these plays throughout 2013, while monitoring industry activity in an area where Range has approximately 100,000 net acres that are over 90% held by production.

Southern Appalachia Division -

The Southern Appalachia Division continued development of multi-pay horizons on its 350,000 (235,000 net) acre position in Virginia during the fourth quarter. The division had one drilling rig and one completion rig running in the quarter and drilled 2 (2 net) tight gas sand wells and turned online 4 (4 net) wells. Despite spending only $29 million in capital in 2012, (down approximately 50% versus prior year), the division’s 2012 production rate was up 2% compared to 2011.

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