February 2004 IPAA Oil & Gas Investment Symposium April 20, 2004 RANGE RESOURCES “Growing Through the Drillbit With Complementary Acquisitions “

2 Profile Appalachia Southwest Gulf Coast (Onshore & GOM) (Permian, East TX & Midcontinent ) & Midcontinent ) Mid-size IndependentMid-size Independent Total assets - $800+ millionTotal assets - $800+ million Market Cap - $650+ millionMarket Cap - $650+ million NYSE listed (“RRC”)NYSE listed (“RRC”) Reserve base (12/31/03)Reserve base (12/31/03) OperationsOperations Acreage position (12/31/03)Acreage position (12/31/03) 685 Bcfe685 Bcfe 80% natural gas & ngls80% natural gas & ngls 11 year reserve life11 year reserve life 93% Range operated93% Range operated drilled 358 (200 net) wells drilled 358 (200 net) wells 93% success rate 93% success rate (237 net) wells planned (237 net) wells planned 2,100,000 gross acres 2,100,000 gross acres 1,025,000 net acres 1,025,000 net acres

3 Strategy Internally generated drillbit growth Internally generated drillbit growth Complementary acquisitions in core areas Complementary acquisitions in core areas Maintain a 10+ year reserve life Maintain a 10+ year reserve life Achieve attractive rates of return Achieve attractive rates of return

4 Reserve Profile 38% 28% 93% 71% 72% 7% 50% 12% (1) (1)As of December 31, % 9% Gas Oil NGL Operated Non-Operated Southwest Appalachia GulfCoast Developed Undeveloped

5 Diversified Property Base SouthwestGulfAppalachiaTotal Reserve life (yrs.) Reserve volumes 50%12%38%100% Percent Gas & NGLs (1) 73%90%87%80% Production (2) 57%23%20%100% (1)As of December 31, 2003 (2)2004 Projection (1)

6 Drilling Inventory Midcontinent Brown Dolomite Dolomite MidcontinentSpringer MidcontinentTonkawa Gulf of Mexico Deep Structures High Low High ReserveImpact Low Gulf Coast Yegua AppalachiaCoalbed Methane Methane AppalachiaClinton/Medina PermianCisco/Canyon Permian San Andres RiskProfile New/Enhanced AppalachiaTrenton Black River Midcontinent Red Fork East Texas Wilcox AppalachiaKnox PermianStrawn AppalachiaUpperDevonian AppalachiaOriskany Woodbine MisissippiNorphlet Gulf Coast Oligocene MidcontinentHunton MidcontinentMorrow New/Enhanced New/Enhanced Existing

7 Two Years of Solid Growth Average Reserve growth 13%18%16% Reserve replacement 222%286%254% Drill bit replacement 188%130%158% F&D costs per mcfe $0.92$1.25$1.11 PUD% of total reserves 27%28%28%

Reserve Replacement % Mean = 193% 1) 1)Based on Howard Weil 2003 Reserve and Finding Cost Study. (1) % RRC = 286% Average = 236%

Finding Costs Average = $1.48/mcfe 1) 1)Based on Howard Weil Reserve & Finding Cost Study 2) 2)Excludes companies with the five highest finding costs $/mcfe (1) RRC = $1.25/mcfe Mean = $1.43/mcfe (2)

Focus – “Exploit the Inventory” Lower Risk Development Lower Risk Development West Texas – Conger and Val VerdeWest Texas – Conger and Val Verde West Texas Fuhrman-MaschoWest Texas Fuhrman-Mascho Appalachia – Clinton/Medina and Upper DevonianAppalachia – Clinton/Medina and Upper Devonian Medium Risk Exploitation Medium Risk Exploitation Midcontinent – Morrow, Springer, Hunton, Brown Dolomite, TonkawaMidcontinent – Morrow, Springer, Hunton, Brown Dolomite, Tonkawa Onshore Gulf Coast – Oligocene and YeguaOnshore Gulf Coast – Oligocene and Yegua Appalachia – Knox and OriskanyAppalachia – Knox and Oriskany Higher Risk, Higher Impact Projects Higher Risk, Higher Impact Projects GOM Deep StructuresGOM Deep Structures East Texas WoodbineEast Texas Woodbine Appalachia Trenton Black RiverAppalachia Trenton Black River Onshore Gulf Coast NorphletOnshore Gulf Coast Norphlet Complementary acquisitions to add incremental growth Complementary acquisitions to add incremental growth

11 Quarterly Production Outlook Mmcfe/day Anticipate both sequential and Y-O-Y quarterly production growth in Anticipate both sequential and Y-O-Y quarterly production growth in First quarter 2004 production increased 15.2% y-o-y. First quarter 2004 production increased 15.2% y-o-y. Actual Analyst Estimates

12 Financial Snapshot (1)Excludes gains on debt retirement and mark-to-market compensation. (2) Per analysts’ estimates (See website for EBITDAX and cash flow calculations) (Millions except per share) F Revenues$195$230$260 EBITDAX Cash Flow Pre-tax Income Net Income Per Share – Diluted Cash Flow Cash Flow$2.17$2.49$2.60 Net Income Net Income$0.44$0.46$0.60 (1) (2)

13 Debt Status Total Debt Reduced 53% (millions) (1) (1)Includes debt and trust preferred (2)Analyst estimates for 2004 (2) Debt reduced 51% to $358 million Debt reduced 51% to $358 million Debt 2.2x cash flow Debt 2.2x cash flow Debt 1.9x EBITDAX Debt 1.9x EBITDAX Interest coverage now 10.3x Interest coverage now 10.3x Debt per mcfe $0.52 Debt per mcfe $0.52 Conger acquisition added $87 MM in debt $754 $605 $463 $392 $368 $358 $304 (2) (2) (2)

14 Hedging Status GAS GAS OIL OILNGLs VolumeHedged(MMBtu/d)AverageHedgePricesVolumeHedged(Bbl/d)AverageHedgedPricesVolumeHedged(Bbl/d)AverageHedgedPrices 2Q ’04 Fwd Swaps89,745$4.002,643$25.911,377$21.88 Collars7,131 $ ,336 $ $ Swaps50,695$ $ $ Collars26,688 $ $6.47 2,115 $ $ Swaps3,288$ Collars13,288 $ $ $ $ As of 3/31/04 (1) Collars now represent 16% in 2004, 41% in 2005 and 83% in 2006 of total hedges. (1)

Capital Budget Acreage Exploration Pipeline 3% 10% & Facilities Development 72% 2003 $ 108MM Drilling 2004 (1)No acquisitions are included in the budget. & Seismic $126MM Drilling 15% Development 75% Acreage & Seismic 12% Exploration12% Pipeline & Facilities 1% 95MM Acquisitions $ 203MM Total - Acquisitions - Acquisitions $126MM Total (1)

16 Drilling Program Capital Expenditures (In millions) Net Wells Drilled $53 $86 $ (1)Excludes acquisitions. (1) $ $

Operational Overview

Operating Goals Grow production 10-15% Grow production 10-15% Replace over 100% of production by the drillbit Replace over 100% of production by the drillbit Drilling IRR over 40% based on strip prices Drilling IRR over 40% based on strip prices Continue building drilling inventory Continue building drilling inventory

19 Multi-year Inventory Will Drive Growth Gross Wells in 2004 Gross Wells in Inventory Net Unrisked Reserves , Risk Profile Reserve Impact Range’s multi-year inventory will provide baseline growth over the next several years.

20 Range’s E&P Action Plan Focus in existing core areas Focus in existing core areas - Expand on current successes and proven plays - Look deeper in existing areas Niche player: Range’s projects are too tedious for majors and too technically extensive for smaller independents Niche player: Range’s projects are too tedious for majors and too technically extensive for smaller independents Make acquisitions to complement drill bit growth Make acquisitions to complement drill bit growth Integrated teamwork & disciplined “pick and shovel work” Integrated teamwork & disciplined “pick and shovel work” Use state-of-the-art technology judiciously Use state-of-the-art technology judiciously

21 39,700 gross (29,700 net) acres Original 32 sq. mi. 3-D seismic Shot additional 21 sq. mi. 3-D in 2003 Current Net Rate of 5,722 Mcfe/Day from 8 wells 1 Well WOPL 5 Locations Pending Identified 8-12 New Locations Expanding Play from Morrow Texas Panhandle Original & 2003 Merged 3-D 3-D Seismic Outline

22 Texas Panhandle - Upper Morrow Sand Upper Morrow Sand Current Production 79 Bo + 2,031 Mcf/day WI: 72.75% NRI: 54.56% Cum. Prod. 26,100 Bbls oil & 335 Mmcf Upper Morrow Sand Current Rate 380 Bo Mcf/Day WI: 72.75% NRI: 54.56% Commenced sales 1/28/04 Middle Morrow Sand Tested 3 BOPH & 335 MCFD Upper Morrow Sand - Drilling 6 New Upper Morrow Locations Identified on recent 3-D Extension Potential Upper Morrow Locations Upper Morrow Sand Current Prod 40 Bo Mcf/day WI: 72.75% NRI: 54.56% Cum. Prod. 42,270 Bbls oil & 316 Mmcf

23 Fuhrman-Mascho – West Texas 2002 – 2003 DRILLING PROGRAM 2004 DRILLING PROGRAM REMAINING PUDS 89 Additional Locations 89 Additional Locations

24 Sterling Area – Conger Field RANGE EXISTING ACQUISITION wells drilled 12 wells drilled $4.4 MM Cap Ex $4.4 MM Cap Ex 3.5 Net BCFE 3.5 Net BCFE $1.26/mcfe Dev. Cost $1.26/mcfe Dev. Cost wells planned 24 wells planned $12.0 MM Cap Ex $12.0 MM Cap Ex 13.7 Net BCFE 13.7 Net BCFE $0.89/mcfe Dev. Cost $0.89/mcfe Dev. Cost 2 rigs operating 2 rigs operating Lowering operating Lowering operating costs costs 69,000 gross 69,000 gross acres acres 64 locations 64 locations Largest Largest operator in field operator in field 20% of expected 20% of expected 2004 production 2004 production

25 Falcon Prospect – Gulf of Mexico Structure – Within Marg A Prop EC 33 #9 Location 85 Bcfe Potential Marg A Targets – 12,500’ to Marg A Targets – 12,500’ to 17,500’ 17,500’ Range WI 25% BCP / 37.5% ACP Range WI 25% BCP / 37.5% ACP Range NRI 30.1% Range NRI 30.1% Gross DHC $6.8 MM, Net $1.7 MM Gross DHC $6.8 MM, Net $1.7 MM Potential 85 (26.1 net) Bcfe Potential 85 (26.1 net) Bcfe Spud projected by July Spud projected by July

26 Coalbed Methane Projects

27 Trenton Black River Play Five Trenton Black River wells planned for 2004, ranging in depth from 3,000 to 12,500 feet.

28 Range Today Diversified asset base; strong technical team Diversified asset base; strong technical team 70% natural gas; 11+ year reserve life 70% natural gas; 11+ year reserve life Two years of solid results executing new strategy Two years of solid results executing new strategy Significant free cash flow to exploit large inventory of drilling opportunities Significant free cash flow to exploit large inventory of drilling opportunities Company is positioned for above average production and reserve growth in 2004 and beyond Company is positioned for above average production and reserve growth in 2004 and beyond

29 Forward-Looking Statements Statements concerning results of future capital expenditures, production volumes, reserve volumes, reserve values, number of development and exploration projects, total assets, operating costs, overhead costs, cash flow and earnings are forward- looking statements. These statements are based on assumptions concerning commodity prices, recompletions and drilling results, lease operating expenses, administrative expenses, interest and other financing costs and the market for oil and gas properties that management believes are reasonable based on currently available information; however, management’s assumptions and the Company’s future performance are both subject to a wide range of business risks and there is no assurance that these results, goals and projections can or will be met. Further information is available in the Company’s filings with the Securities and Exchange Commission, which are incorporated by reference.

Visit us at For supplemental tables, press releases, SEC filings, proxy and annual reports Visit us at For supplemental tables, press releases, SEC filings, proxy and annual reports