While

Carrizo Oil & Gas

(CRZO) - Get Report

swung to a loss in the first-quarter, minus charges the company actually posted a profit greater than estimates.

Nonetheless, shares dropped 7% to $17.92 in morning trading.

The company recorded a loss of $148.3 million, or $4.80 a share, compared with a loss of $5.3 million, or 18 cents a share, a year earlier. Excluding the charges Carrizo earned 42 cents a share, far surpassing analysts' projects of 16 cents.

Revenue tanked 43% to $30.7 million, due to lower natural-gas prices. But the company said production levels soared 30% to 8.26 billion cubic feet equivalent of natural gas.

Last week, rival

Brigham Exploration

( BEXP) said it lost $119 million, or $2.60 a share, compared with a profit of $1.5 million, or 3 cents a share, last year.

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