Oct 29 (Reuters) - Oil and gas producer Whiting Petroleum Corp said on Wednesday its quarterly profit fell 23 percent, largely due to declining crude prices and rising costs.

The company posted net income of $158 million, or $1.32 per share, compared with $204 million, or $1.71 per share, in the year-ago period.

Oil production rose 26 percent to 10.7 million barrels of oil equivalent (boe).

Whiting expects to produce 11.1 million to 11.5 million boe in the fourth quarter.

(Reporting by Ernest Scheyder; Editing by Bernard Orr)