UPDATE 1-Range to sell West Texas properties for $182 mln

* Range to sell West Texas properties to Energen

* Deal valued at $182 mln

May 5 (Reuters) - Independent oil and gas company Range Resources Corp (RRC.N) said it will sell its West Texas Fuhrman Mascho properties to Energen Resources Corp (EGN.N) for $182 million.

The properties, located in Andrews County, Texas include Range's interests in 445 producing wells and 54 water injection wells located on about 13,200 acres.

Net daily production from the properties averaged 15.5 Million cubic feet of natural gas equivalent (mmcfe) in the first quarter of 2009, comprising of 2,131 barrels of oil and 2.7 million cubic feet of natural gas, the company said.

"Given that Fuhrman's development cost and lease operating costs per unit of production are substantially higher than our Barnett, Nora and Marcellus Shale properties, our further development of Furhman would likely have been delayed several years," Range's Chief executive, John Pinkerton, said.

Separately, Energen, which is focused on developing its Permian Basin properties, said it sees future development costs of about $57 million, bringing the all-in reserve acquisition cost to $16.30 per barrel of oil equivalent.

Shares of Range Resources closed at $42.82, while those of Energen closed at $35.46, Tuesday on the New York Stock Exchange. (Reporting by Antonita Madonna Devotta in Bangalore, Editing by Dinesh Nair)