UPDATE 2-Comstock to exit Haynesville, eyes oil-rich shales

* Q4 loss 0.89/shr vs loss of $0.45/shr yr ago

* Expects half of its revenue from oil this year

* Shares rise as much as 9 pct

Feb 6 (Reuters) - Comstock Resources Inc said it plans to exit the gas-rich Haynesville shale by March as the explorer focuses on more lucrative oil-rich shales like its peers who are hit by falling natural gas prices.

"We plan..to focus for the remainder of this year on our Eagle Ford Shale program in South Texas and our Wolfcamp program in West Texas," Mark Williams, Comstock's vice president of operations, said on a conference call with analysts.

Exploration and production companies are trimming their gas production, and instead spending more on oil and natural gas liquids such as ethane, propane and butane, which command higher price than dry gas.

Companies such as Chesapeake, Conoco and Occidental have reduced drilling operations as gas prices fell 17 percent to average $ 3.54 per million British thermal unit in October-December.

Comstock expects half of its revenue from oil this year, compared with 18 percent a year ago, a company executive said on the call.

The Frisco, Texas-based company plans to ramp up oil production by about 20 percent by end of the year and expects oil wells to comprise 92 percent of net wells drilled.

It expects to sell non-core oil and gas assets, including its shares in Stone Energy for about $150-$190 million in 2012.

The Haynesville shale made up for about 66 percent of the gas-focused company's production in the fourth quarter, but the company posted a wider-than-expected loss as average realized natural gas price fell 9 percent.

The company's loss widened to 89 cents a share from 45 cents a share a year ago.

The company's shares closed up 6 percent at $12.45 on Monday on the New York Stock Exchange. They have more than halved in the last one year.