UPDATE 1-Goodrich Petroleum Q2 loss on derivative charges

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Aug 6 (Reuters) - Independent oil and gas explorer Goodrich Petroleum Corp (GDP.N) posted an eight-fold increase in its second-quarter net loss as it was hurt by charges on derivatives trading.

The company reported a net loss applicable to common stock of $39.0 million, or $1.21 a share, compared with a net loss of $4.8 million, or 19 cents a share, a year earlier.

The Houston-based company said the latest second-quarter results include losses of $48.9 million on derivatives not designated as hedges, which include non-cash, unrealized losses of $46.9 million.

Revenue more than doubled to $65.2 million, as production rose 64 percent to 6.1 billion cubic feet equivalent. Average sale price of oil doubled to $121.51 per barrel and the average sale price of natural gas rose 38 percent to $10.18 per thousand cubic feet.

Analysts on average expected the company to earn 7 cents a share, excluding exceptional items, on revenue of $56.3 million for the quarter, according to Reuters Estimates.

Shares of the company closed up about 8 percent at $45.95 Wednesday on the New York Stock Exchange. (Reporting by Abhishek Chanda in Bangalore; Editing by Pratish Narayanan)