UPDATE 1-Comstock posts Q1 profit on higher production, prices

Mon May 3, 2010 4:48pm EDT

* Q1 EPS $0.16 vs loss of $0.12/shr year ago

* Sales rose 55 pct to $106.1 mln

* Production in Q1 grew 34 pct to 18.8 bcfe

May 3 (Reuters) - Independent oil and gas company Comstock Resources Inc (CRK.N) posted a quarterly profit on increased natural gas production and higher oil and natural gas prices.

For the first quarter, the company reported a net income of $7.3 million, or 16 cents a share, compared to a net loss of $5.7 million, or 12 cents a share a year ago.

Sales rose by 55 percent to $106.1 million.

Comstock said its production for the quarter rose 34 percent to 18.8 billion cubic feet equivalent of natural gas (bcfe) on higher output from its Haynesville shale.

Realized oil prices improved by 91 percent while natural gas prices increased 12 percent.

Shares of the company closed at $33.07 Monday on the New York Stock Exchange. (Reporting by Krishna N. Das in Bangalore; Editing by Don Sebastian)

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