A lucrative exit strategy…

April 27, 2004

When Thomas Edelman stepped down as Chairman of Range Resources (RRC) , a Ft. Worth-based oil and gas exploration company last May, he received a lucrative three-year consulting contract. For $50,000 a month, Edelman is required to provide “no more than an average of 20 hours per week in any calendar quarter”. That’s about 70% more than he made when he was presumably working full-time at the company. It’s also 7 times what the person who replaced Edelman is being paid, though to be fair, Charles Blackburn, Edelman’s replacement, is listed as a non-executive chairman. Under the consulting deal, Range is also required to pay for Edelman’s Manhattan office space through mid-2007 at a cost of $6,000 per month and up to $2,500 a month for secretarial services. In the proxy, it noted that Edelman decided to step down from the board to focus his attention on Patina Oil & Gas (POG) , which is based in Denver, and which Edelman founded and where he has served as chairman and CEO of the company since 1996.

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