* Q3 EPS $0.59 vs est of $0.28

* Q3 revenue $269.3 mln

* Raises FY exploration and development budget

* Shares rise 1 pct in after-mkt trading

Oct 28 (Reuters) - Whiting Petroleum Corp (WLL.N), an independent exploration and production company, reported quarterly profit above analysts' estimates, helped by an increase in production, and raised its production growth outlook.

For the third quarter, net income was $35.9 million, or 59 cents a share, compared with $112.4 million, or $2.65 per share, a year earlier.

Revenue fell 31 percent to $269.3 million.

Analysts on average had expected Whiting to post a profit of 28 cents a share, on revenue of $238.6 million, according to Thomson Reuters I/B/E/S. Average production for the quarter rose 10 percent to 55,760 barrels of oil equivalent per day (boepd). Oil comprised 77 percent of the total production.

"We have increased our year-over-year production growth estimate to a range of 14 percent to 16 percent, up from a previous range of 10 percent to 12 percent," Whiting Chief Executive James Volker said in a statement. Whiting sees full-year production of 20 million barrels of oil equivalent (mmboe) to 23 mmboe. It also forecast fourth quarter production of 5 mmboe to 5.20 mmboe.

The company also raised its full-year exploration and development budget to $470 million from $440 million. Shares of Whiting rose more than 1 percent in trading after the bell. They closed at $56.38 Wednesday on the New York Stock Exchange.