Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: marc chatman who wrote (52353)	10/4/1999 1:09:00 PM
From: stevedhu	Respond to of 95453

Monday October 4, 12:25 pm Eastern Time Company Press Release Range Continues to Reduce Debt FORT WORTH, Texas--(BUSINESS WIRE)--Oct. 4, 1999--Range Resources Corporation (NYSE:RRC - news) today announced that the Company has reduced the amount outstanding on its recourse bank credit facility from $365 million at year end 1998 to $147 million at September 30, 1999. The reduction is attributable to the completion of the Appalachia joint venture, Great Lakes Energy Partners, LLC, non-strategic asset sales and application of excess cash flow to debt retirement. The Company also announced that it has amended its recourse bank credit facility. Under the amendment, the Company's borrowing base has been established at $160 million. The borrowing base redeterminations will be made each six months beginning April 1, 2000. The Company is continuing to execute its deleveraging plan and expects with current commodity prices, capital spending and assets sales to end the year with less than $140 million drawn on the recourse facility. Range will include its 50% interest in the assets, liabilities and operations of Great Lakes Energy Partners in its financial statements. Half of the joint venture's debt will be included as a non-recourse liability on Range's balance sheet. John H. Pinkerton, President and CEO of Range noted, ``The objective of our deleveraging plan is to reduce debt while preserving equity value. So far, we have decreased our exposure to recourse bank debt by $218 million, while reducing total debt by $136 million. As a result, our credit statistics have improved substantially. Additionally, we have focused on improving our operational performance and increasing our return on capital deployed. Through the first nine months of 1999, our capital program has exceeded our expectations. While much progress has been made, we remain focused on our plan and are exploring a number of additional opportunities to reduce debt and increase our financial flexibility.' Range Resources Corporation is an independent oil and gas company operating in the Permian, Midcontinent, Gulf Coast and Appalachia regions of the United States. This release contains certain forward looking statements that are based on assumptions the Company believes are reasonable, but which are subject to a wide range of uncertainties and business risks. Factors that could cause actual results to differ from those anticipated include commodity prices, levels of capital expenditures, hydrocarbon production rates, results of exploration and development drilling, completion of production and gathering facilities in a timely manner, the market for oil and gas properties and the Company's ability to complete asset sales and/or strategic alliances on acceptable terms. Additional factors are discussed in the Company's periodic filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 1998. Contact: Range Resources Corporation, Fort Worth Rodney Waller/Jennifer Hensley, 817/870-2601 www.rangeresources.com