UPDATE 1-Carrizo Oil Q3 adj profit beats estimates, shares up

* Q3 adj shr $0.37 vs est. $0.26 * Rev falls about 20 pct * Production volumes up 37 pct y-o-y * Shares up as much as 9 pct

Nov 9 (Reuters) - Independent oil and gas exploration company Carrizo Oil & Gas Inc (CRZO.O) reported a third-quarter adjusted profit that beat analysts' expectations, helped by higher production, sending its shares up as much as 9 percent. For the third quarter, net loss was $4.8 million, or 15 cents a share, compared with profit of $65.7 million, or $2.12 a share, last year. Excluding items, net income was 37 cents a share. Quarterly adjusted revenues from the sale of oil and natural gas production, which includes oil and gas revenues and realized hedge settlements, fell 20 percent to $46 million. Analysts, on average, expected the company to post earnings of 26 cents a share, excluding items, on revenue of $42.2 million, according to Thomson Reuters I/B/E/S.

Production volumes increased 37 percent year-over-year, driven by new production contributions from Barnett Shale development. However, oil and natural gas revenue at the Houston-based Carrizo more-than-halved to $27.3 million, hurt by a slump in average oil and gas sales prices. Shares of Carrizo were up $1.78 at $26.44 Monday on the New York Stock Exchange. They touched a high of $26.90 earlier in the session. (Reporting by Thyagaraju Adinarayan in Bangalore; Editing by Aradhana Aravindan)