Comstock Resources, Inc. Announces Results of 1999 Drilling Programs
Gulf of Mexico Region
The Company's 1999 Gulf of Mexico drilling program was primarily focused
on drilling offshore exploration wells which have been delineated by 3-D
seismic data. During 1999 Comstock drilled 14 wells (4.0 net) in federal and
Louisiana state waters in the Gulf of Mexico. Eleven of the 14 wells were
successful. The remaining three were dry holes. The successful wells had a
combined initial test production rate of 9.6 million cubic feet of natural gas
equivalent ("mmcfe") per day (net to Comstock's revenue interest). Comstock's
most recent discovery in this region was the OCS-G 2601 #14 well at Eugene
Island Block 57. The well was drilled to a total depth of 12,862 feet and was
recently completed as a dual producer from both the BB1 and BB5 reservoirs,
flowing a combined rate of 8.9 mmcfe per day with 3,916 psig flowing tubing
pressure on 14/64 inch choke. Comstock owns a 16.1% working interest and Bois
d'Arc Offshore Ltd. is the operator of this new well. Comstock Resources,
Inc. and Bois d'Arc plan to drill a second well this year to develop the
reserves identified by this exploratory well. Comstock and Bois d' Arc are
currently drilling the OCS-G 12027 #6, a 14,900 foot exploratory well at South
Pelto Block 5, the first of 23 wells that Comstock plans to drill in the
region in 2000.
East Texas/North Louisiana Region
During 1999, Comstock drilled nine wells (5.5 net) in its East Texas and
North Louisiana region. Eight of the nine wells (5.4 net) have been completed
as producers with a combined initial production rate of 6.5 mmcfe per day (net
to Comstock's revenue interest). The Company achieved an 89% success rate in
its East Texas and North Louisiana development program during 1999. This
program was focused primarily on infill development drilling which targeted
natural gas in Hosston, Travis Peak and Cotton Valley sands at depths of 6,000
to 11,000 feet. Comstock plans to have a similar drilling program in this
region in 2000.
Southeast Texas Region
In the Company's Southeast Texas region, Comstock had very successful
results in its redevelopment and exploratory program in its Double A Wells
field in Polk County, Texas. The new program is based on the evaluation of a
3-D seismic survey completed in this field in early 1999. Comstock's most
recent success in this program is the W.T. Carter & Brothers #12 well which
was drilled to a total depth of 15,382 feet and was completed in the upper
Woodbine formation through perforations from 14,070 feet to 14,226 feet. The
well's completion was tested at 8.0 mmcfe per day flowing on a 36/64 choke at
980 psig flowing tubing pressure. The lower Woodbine targets for this well
were not productive. Comstock owns a 32.3% working interest and is the
operator of this new well. Comstock is still evaluating the Molly Luhrs #4
well, the fifth well drilled at Double A Wells field, which appears to be
non-commercial at this time. In 1999 Comstock drilled and completed four
successful wells in the Double A Wells field (2.2 net wells). The four
successful 1999 wells (W.T. Carter & Brothers #E-12, Molly Luhrs #3,
W.T. Carter & Brothers #11 and the W.T. Carter & Brothers #12) had a combined
initial production rate of 16.4 mmcfe per day (net to Comstock's revenue
interest). Comstock is currently drilling the W.T. Carter & Brothers #14
development well and the Vastar Fee #1, an exploratory well to test the
Company's Ross prospect, as part of a proposed 13 well drilling program in
this region in 2000.
Certain statements in this news release regarding future expectations, plans for drilling, estimates of oil and gas reserves and production and pricing may be regarded as "forward looking statements " within the meaning of the Securities Litigation Reform Act. They are subject to various risks, such as operating hazards, drilling risks, and the inherent uncertainties in interpreting engineering data relating to underground accumulations of oil and gas. Actual results may vary materially.
Comstock Resources, Inc. is a rapidly growing independent energy company based in Frisco, Texas and is engaged in oil and gas acquisitions, exploration and development primarily in Texas, Louisiana and the Gulf of Mexico.