UPDATE 1-Goodrich Petroleum posts Q3 loss; shares fall

* Q3 shr loss $0.87; rev halves

* Drop in avg realized prices, charges hurt results

* Sees sequentially lower capex in Q4

* Shares fall 7 pct post-market

Nov 4 (Reuters) - Independent oil and gas explorer Goodrich Petroleum Corp (GDP.N) reported a third-quarter loss, hurt by a drop in average realized prices, sending its shares down 7 percent in after-market trade.

The company said it currently expects fourth-quarter drilling and completion capital expenditures of $35 million to $40 million, down from $41 million in the third quarter.

Goodrich also forecast fourth-quarter net daily production volumes of between 82,000 Mcfe and 85,000 Mcfe. Third-quarter average production was 82,500 Mcfe per day.

For the third quarter, the company posted a loss of $31 million, or 87 cents a share, compared with earnings of $184.8 million, or $4.47 per share, last year.

The latest quarter includes a $1.5 million charge, while the year-ago period had gains of $229.5 million.

Revenue, excluding realized gains of $27.6 million, more than halved to $23.5 million.

Average net natural gas prices were down 68 percent, while oil prices fell 45 percent from last year.

Analysts on average were looking for a third-quarter loss of 17 cents a share, on revenue of $52.1 million, according to Thomson Reuters I/B/E/S.

Shares of the Houston-based company were down 7 percent at $24.55 in after-market trade. The stock, which has so far doubled since touching a year-low in March, closed at $26.41 Wednesday on the New York Stock Exchange. (Reporting by Adveith Nair in Bangalore; Editing by Ratul Ray Chaudhuri)