RANGE RESOURCES CORPORATION (NYSE:RRC) today announced that it has made several enhancements to its bank credit facility. After reviewing its mid-year reserves and results from operations, Range’s twenty-two member bank group approved a $1.5 billion borrowing base representing a $300 million increase. Also, the maturity date of the facility was extended one year to October 2012. At September 30, 2007, Range had $266 million outstanding under the facility.
Roger S. Manny, Range’s Chief Financial Officer, commented, “This affirmation by the bank group of our continued growth and success, combined with the recent issuance of $250 million of ten year notes, provides Range substantial liquidity and financial strength.” The Range bank group, led by Administrative Agent, J.P. Morgan Chase Bank, also includes: Bank of America, Bank of Scotland, BMO Capital Markets, Calyon, Fortis Capital, Bank of Nova Scotia, Comerica Bank, Union Bank of California, Citibank, Deutsche Bank, Key Bank, Natixis, Societe Generale, SunTrust Bank, U.S. Bank, Wachovia Bank, Credit Suisse, Amegy Bank, Capital One, Compass Bank, and Frost Bank.
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.
Except for historical information, statements made in this release, including those relating to capital structure, liquidity, debt-to-capital ratio and profitable production and reserve growth are forward-looking statements as defined by the Securities and Exchange Commission. These statements are based on assumptions and estimates that management believes are reasonable based on currently available information; however, management’s assumptions and the Company’s future performance are subject to a wide range of business risks and uncertainties and there is no assurance that these goals and projections can or will be met. Any number of factors could cause actual results to differ materially from those in the forward-looking statements, including, but not limited to, the volatility of oil and gas prices, the costs and results of drilling and operations, the timing of production, mechanical and other inherent risks associated with oil and gas production, weather, the availability of drilling equipment, changes in interest rates, litigation, uncertainties about reserve estimates, and environmental risks. The Company undertakes no obligation to publicly update or revise any forward-looking statements. Further information on risks and uncertainties is available in the Company’s filings with the Securities and Exchange Commission, which are incorporated by reference.
Contacts:
Rodney Waller, Senior Vice
President, 817-870-2601
or
David Amend, IR Manager,
817-870-2601
or
Karen Giles, Sr. IR Specialist, 817-870-2601
www.rangeresources.com
