UPDATE 1-Comstock posts narrower-than-expected Q4 loss

Mon Feb 7, 2011 5:22pm EST

* Q4 adj $0.08 loss/shr vs est $0.22 loss/shr

* Q4 rev up 21 pct to $72.7 mln vs est $78 mln

Feb 7 (Reuters) - Gas-focused explorer Comstock Resources Inc (CRK.N) posted a narrower-than-expected loss, helped by higher production and realized oil prices.

October-December production was 187.6 million cubic feet of natural gas equivalent per day, half of it from Haynesville shale that straddles parts of Louisiana and Texas.

Average realized oil price for the quarter increased by 15 percent. Average realized natural gas price fell 16 percent.

For the fourth quarter, the company reported a net loss of $20.6 million, or 45 cents a share, compared with a loss of $6.8 million, or 15 cents a share, a year ago.

Excluding items, the company posted a loss of 8 cents a share.

Revenue for the Frisco, Texas-based company, fell 21 percent to $72.7 million.

Analysts were expecting a loss of 22 cents a share, on revenue of $78 million.

Shares of the company, which have gained 14 percent of their value since third-quarter results in November, were trading up about 2 percent at $27.1. (Reporting by Swetha Gopinath in Bangalore)

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