UPDATE 1-SandRidge Energy profit beats on higher oil production

* Q1 adj EPS $0.04 vs est $0.02

* Q1 rev up 28 pct to $341 mln

May 3 (Reuters) - Oil and gas producer SandRidge Energy Inc's first-quarter adjusted profit beat analysts' estimates, helped by an increase in oil output and realized oil prices.

Oil production increased 33 percent to 3.4 million barrels from year ago period.

In the January-March quarter, U.S. crude oil prices rose 9 percent from the last year to average $103 per barrel.

First-quarter net loss applicable to common stockholders narrowed to $232 million, or 58 cents per share, compared with $316 million, or 79 cents per share.

Adjusted net income was 4 cents per share.

Analysts were expecting the company to post a profit of 2 cents per share, according to Thomson Reuters I/B/E/S.

Oil and natural gas revenue increased 28 percent to $341 million. Analysts were expecting revenue of $380.5 million.

Shares of the company, valued at $3.02 billion, closed at $6.91 on Thursday on the New York Stock Exchange.