RPT-UPDATE 1-Continental Resources Q3 profit beats Street view

(Repeats to attach headline)

* Q3 adj profit $0.26 vs est of $0.23

* Sees exiting 2009 with 12 rigs

* Says to raise drilling activity for 2010 * Raises 2009 production outlook

Nov 5 (Reuters) - Independent oil and natural gas company Continental Resources Inc (CLR.N) reported a third-quarter profit that beat Wall Street estimates, helped by higher crude oil prices and lower production costs, and said it planned to accelerate drilling activity in the fourth quarter and next year.

Continental raised its 2009 production forecast to about 13.3 million barrels of oil equivalent (mmboe) from 12.5 to 13 mmboe, and its capital spending forecast to $415 million from $390 million.

The company also sees 2010 capital expenditure of $650 million and said it expects to have up to 23 operated drilling rigs deployed by mid-2010.

"We expect this budget to drive 2010 production growth of approximately 10 percent," Chief Executive Harold Hamm said in a statement.

For the third quarter, the company's net income was $34.9 million, or 21 cents a share, compared with $105.3 million, or 62 cents a share, a year ago. Excluding items, net income was 26 cents a share.

Total revenue fell 42 percent to $170.2 million.

Analysts on average were expecting the company to earn 23 cents a share, on revenue of $171.1 million, according to Thomson Reuters I/B/E/S.

Shares of Continental closed at $39.13 Wednesday on the New York Stock Exchange

For the alerts, please double click [ID:nWNAB0658] (Reporting by Arup Roychoudhury in Bangalore; Editing by Vinu Pilakkott)