UPDATE 1-Carrizo Oil & Gas Q1 adjusted profit beats Street

* Q1 adj EPS $0.42/shr vs est $0.16/shr

* Posts net loss after non-cash impairment

* Rev falls 43 pct to $30.7 mln, misses estimate

* Production volumes rise 30 pct

May 11 (Reuters) - Carrizo Oil & Gas Inc (CRZO.O) posted an adjusted first-quarter profit that beat estimates as production volumes reached a record high, but it posted a net loss after taking a non-cash impairment of oil and gas properties.

Excluding a net $161.4 million charge, largely for the impairment, the independent oil and gas exploration company reported adjusted net income of 42 cents a share.

But after the impairment, offset by an income tax benefit of $79.8 million, the company reported a net loss of $148.3 million, or $4.80 a share. That compared with a loss of $5.3 million, or 18 cents a share, a year earlier.

Revenue fell 43 percent to $30.7 million, largely because of lower realized natural gas prices.

Analysts were expecting earnings of 16 cents a share with revenue of $44.9 million, according to Reuters Estimates.

Production volumes for the quarter rose 30 percent to 8.26 billion cubic feet equivalent of natural gas.

Shares of the Houston-based company closed at $19.29 Friday on Nasdaq. (Reporting by Kunal Raina in Bangalore; Editing by Mike Miller)