--- Leaves Capex Guidance Unchanged ---
--- Updates Hedge Positions ---

HOUSTON, Dec. 06, 2021 (GLOBE NEWSWIRE) -- Ranger Oil Corporation ("Ranger" or the "Company") (Nasdaq: ROCC) today announced an increase in the Company’s oil sales guidance for the fourth quarter 2021 and updated its current hedge position.

Darrin Henke, President and Chief Executive Officer of Ranger commented, “I am very pleased to announce that, due to the observed outperformance of existing wells, faster cycle times and less anticipated downtime, we now expect our fourth quarter sales volumes to be considerably higher than initially anticipated. As a result, we are positively revising as well as narrowing our guidance of anticipated sales volumes for the fourth quarter from a range of 25,700 - 27,700 barrels of oil per day (“bbl/d”), to a range of 26,700 - 28,000 bbl/d.”

“Several factors are contributing to this outperformance, all of which we expect to continue in the future to drive best in class returns for our shareholders. First, our unwavering focus on increasing operating efficiencies resulted in decreased drilling and completion cycle times and accelerated turn-in-line dates for the quarter. In addition, of the wells recently turned-in-line, we continue to see initial outperformance relative to our forecasts as we optimize our completion and production designs, revealing the inherent quality of our acreage position. Third, we have seen very favorable initial results of our Lonestar integration efforts, resulting in the application of best practices on newly producing wells, such as deploying jet pumps for artificial lift. Lastly, the previously announced field infrastructure upgrades have largely been completed and at a faster pace than anticipated, resulting in less anticipated downtime, while also contributing to positive well performance.”

“Given the continued operating efficiencies driving the revised guidance, the Company does not anticipate a change to its previously disclosed capital expenditure guidance of between $65 million and $75 million for the quarter.”

Updated Hedge Position

Mr. Henke continued, “The use of commodity hedging is an integral part of the Company’s risk management strategy. Given the attractiveness of recent markets, we continued to lean forward on our hedge strategy, resetting the acquired Lonestar hedges to at the market swaps upon closing in early October, as well as proactively placing additional hedge collars prior to the recent pull back in prices. Our collar levels placed quarter to date for the first half of 2022 have an average of approximately $63 per barrel downside protection, with an average upside exposure of $87 per barrel.”

For Ranger’s updated commodity hedge positions, please visit the presentation section of Ranger’s website at www.Rangeroil.com.

About Ranger Oil Corporation

Ranger Oil Corporation is a pure-play independent oil and gas company engaged in the development and production of oil, NGLs, and natural gas, with operations in the Eagle Ford shale in South Texas. For more information, please visit our website at www.Rangeroil.com.

Cautionary Statements Regarding Guidance

The estimates and guidance presented in this release are based on assumptions of current and future capital expenditure levels, prices for oil, NGLs, and natural gas, and NGLs, available liquidity, indications of supply and demand for oil, well results, and operating costs. The guidance provided in this release does not constitute any form of guarantee or assurance that the matters indicated will be achieved. While we believe these estimates and the assumptions on which they are based are reasonable as of the date on which they are made, they are inherently uncertain and are subject to, among other things, significant business, economic, operational, and regulatory risks, and uncertainties, some of which are not known as of the date of the statement. Guidance and estimates, and the assumptions on which they are based, are subject to material revision. Actual results may differ materially from estimates and guidance. Please read the "Forward-Looking Statements" section below, as well as "Risk Factors" in our annual report on Form 10-K and our quarterly reports on Form 10-Q, which are incorporated herein.

Forward-Looking Statements

This communication contains certain "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not historical facts are forward-looking statements, and such statements include, words such as "anticipate," "guidance," "assumptions," "projects," "forward," "estimates," "outlook," "expects," "continues,", “project”, "intends," "plans," "believes," "future," "potential," "may," "foresee," "possible," "should," "would," "could," "focus" and variations of such words or similar expressions, including the negative thereof, to identify forward-looking statements. Because such statements include assumptions, risks, uncertainties, and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to, the following: the risk that the benefits of the acquisition of Lonestar may not be fully realized or may take longer to realize than expected, and that management attention will be diverted to transaction-related issues; the impact of the COVID-19 pandemic, including reduced demand for oil and natural gas, economic slowdown, governmental actions, stay-at-home orders, interruptions to our operations or our customer's operations; risks related to and the impact of actual or anticipated other world health events; our ability to satisfy our short-term and long-term liquidity needs, including our ability to generate sufficient cash flows from operations or to obtain adequate financing; our ability to maintain our relationships with our suppliers, service providers, customers, employees, and other third parties; our ability to develop, explore for, acquire and replace oil and gas reserves and sustain production; our ability to generate profits or achieve targeted reserves in our development and exploratory drilling and well operations; the projected demand for and supply of oil, NGLs and natural gas; our ability to contract for drilling rigs, frac crews, materials, supplies and services at reasonable costs; our ability to renew or replace expiring contracts on acceptable terms; our ability to obtain adequate pipeline transportation capacity or other transportation for our oil and gas production at reasonable cost and to sell our production at, or at reasonable discounts to, market prices; and other risks set forth in our filings with the SEC, including our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Additional Information concerning these and other factors can be found in our press releases and public filings with the SEC. Many of the factors that will determine our future results are beyond the ability of management to control or predict. In addition, readers should not place undue reliance on forward-looking statements, which reflect management's views only as of the date hereof. The statements in this communication speak only as of the date of the communication. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law.

Contact
Clay Jeansonne
Investor Relations
Ph: (713) 722-6540
E-Mail: Invest@Rangeroil.com