UPDATE 1-Range Resources Q1 results beat Street view

* Q1 adj. shr $0.24 beat est. of $0.21

* Q1 oil & gas sales fell 34 pct

* Sees higher production from Marcellus Shale

April 28 (Reuters) - Independent oil and gas company Range Resources Corp (RRC.N) reported quarterly results that beat market expectations, as higher production and lower costs offset low oil and gas prices, and forecast doubling its Marcellus Shale production in 2010.

For the first quarter, the company earned $38.4 million, or 24 cents a share, excluding items, compared with $1.8 million, or 1 cent a share, a year ago.

Total revenue rose 34 percent to $276.4 million, helped by derivative gains. Oil and gas sales fell 34 percent to $203.2 million because of low oil and gas prices.

Quarterly production jumped 12 percent to 416 million cubic feet equivalent per day (Mmcfe), while direct operating expenses fell 3 percent to $0.93 per thousand cubic feet (mcfe).

The company, which owns about 900,000 acres in the natural gas-rich Marcellus Shale, expects production to increase this year and in 2010.

"We not only anticipate exiting 2009 at a net Marcellus production rate of 80 to 100 Mmcfe per day, but also now anticipate doubling that in 2010," Chief Executive John Pinkerton said in a statement.