UPDATE 1-Denbury Resources Q2 beats Street on strong production

* Q2 adj EPS $0.18 vs est $0.16

* Rev more than doubles to $497.2 mln

* Shares rise 3 pct before the bell

Aug 5 (Reuters) - Independent oil and gas company Denbury Resources Inc (DNR.N) posted better-than-expected quarterly results, helped by increased production.

For the second quarter, the company -- an expert in producing carbon dioxide and injecting it into old oil wells -- said its net income was $135.4 million, or 34 cents a share, compared with net loss of $87.2 million, or 35 cents a share, a year ago.

Revenue more than doubled to $497.2 million.

Excluding items, Denbury earned 18 cents a share.

Analysts on average had expected earnings of 16 cents a share, excluding items, on revenue of $451.9 million, according to Thomson Reuters I/B/E/S.

Denbury's quarterly average production rose 61 percent to 84,111 barrels of oil equivalent per day (boe/d).

The company also added 65.4 million barrels of oil equivalent (mmboe) of proved reserves. Shares of the company were trading up 3 percent at $16.78 before the bell Thursday. They closed at $16.78 Wednesday on the New York Stock Exchange. (Reporting by Vinay Sarawagi in Bangalore; Editing by Don Sebastian) ((vinay.sarawagi@thomsonreuters.com; within U.S. +646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: vinay.sarawagi.reuters.com@reuters.net))