UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of
Report (Date of Earliest Event Reported): November
2, 2006
COMSTOCK
RESOURCES, INC.
(Exact
Name of Registrant as Specified in Charter)
|
STATE
OF NEVADA
|
000-16741
|
94-1667468
|
|
(State
or other
jurisdiction
incorporation)
|
(Commission
File Number)
|
(I.R.S.
Employer
Identification
Number)
|
5300
Town And Country Boulevard
Suite
500
Frisco,
Texas
75034
(Address
of principal executive offices)
(972)
668-8800
(Registrant's
Telephone No.)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
|
¨
¨
¨
¨
|
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
Soliciting
material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR
240.14d-2(b))
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR
240.13e-4(c))
|
Item
2.02. Results
of Operations and Financial Condition
The
information in this Form 8-K and the Exhibit attached hereto shall not be deemed
"filed" for purposes of Section 18 of the Securities Exchange Act of 1934,
nor
shall it be deemed incorporated by reference in any filing under the Securities
Act of 1933, except as shall be expressly set forth by specific reference in
such filing.
On
November 2, 2006, Comstock Resources, Inc. ("Comstock") announced financial
results for the three months and nine months ended September 30, 2006. A copy
of
the press release announcing Comstock's earnings results for three months and
nine months ended September 30, 2006 is attached hereto as Exhibit
99.1.
The
earnings press release contains financial measures that are not in accordance
with generally accepted accounting principles in the United States ("GAAP").
Comstock has provided reconciliations within the earnings release of the
non-GAAP financial measures to the most directly comparable GAAP financial
measures. Operating cash flow is presented in the earnings release because
management believes it to be useful to investors as a common alternative measure
of cash flows. EBITDAX is presented in the earnings release because management
believes that EBITDAX, which represents Comstock's results from operations
before interest, income taxes, and certain non-cash items, including
depreciation, depletion and amortization and exploration expense, is a common
alternative measure of operating performance used by certain investors and
financial analysts. The non-GAAP financial measures described above should
be
considered in addition to, but not as a substitute for, measures of financial
performance prepared in accordance with GAAP that are presented in the earnings
release.
Item
9.01. Financial
Statements and Exhibits
|
Exhibit
99.1
|
Press
Release dated November 2, 2006.
|
SIGNATURES
Pursuant
to
the requirements of the Securities Exchange Act of 1934, as amended, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
|
COMSTOCK
RESOURCES, INC.
|
||
|
Dated:
November
2,
2006
|
By:
|
/s/
M. JAY ALLISON
|
|
M.
Jay Allison
|
||
|
President
and Chief Executive Officer
|
Exhibit
99.1
|
5300
Town and Country Blvd., Suite 500
|
|
 |
Frisco,
Texas 75034
|
|
Telephone:
(972) 668-8800
|
|
|
Contact:
Roland O. Burns
|
|
|
Sr.
Vice President and Chief Financial
Officer
|
|
|
Web
Site:
www.comstockresources.com
|
NEWS
RELEASE
For
Immediate Release
COMSTOCK
RESOURCES, INC. REPORTS
THIRD
QUARTER 2006 FINANCIAL AND OPERATING RESULTS
FRISCO,
TEXAS, November 2, 2006
-
Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today
reported financial and operating results for the quarter and nine months ended
September 30, 2006. During the third quarter of 2006, Comstock increased its
ownership in Bois d'Arc Energy, Inc. ("Bois d'Arc Energy" NYSE: BDE) by
acquiring additional common shares of Bois d'Arc Energy and as a result changed
its method of accounting for its ownership in Bois d'Arc Energy to consolidation
from the equity method. Comstock has applied consolidation accounting for its
ownership in Bois d'Arc Energy retroactively as of January 1, 2006. The
inclusion of Bois d'Arc Energy as a consolidated subsidiary had no impact on
Comstock's reported net income for the current or prior periods. Pro forma
results for the three and nine months ended September 30, 2005 assuming Bois
d'Arc Energy was included as a consolidated subsidiary have been provided to
facilitate comparison of the 2006 results to 2005 results in this press
release.
Financial
Results for the Three Months and Nine Months Ended September 30,
2006
Comstock
reported net income of $17.0 million or 39¢ per diluted share for the three
months ended September 30, 2006 as compared to net income of $14.1 million
or
33¢ per diluted share in the same quarter of 2005. Results for the third quarter
of 2006 include a $1.2 million unrealized gain on derivative financial
instruments and results for the third quarter of 2005 include an unrealized
loss
on derivatives of $17.7 million. Without these items Comstock would have
reported net income of $16.3 million or 37¢ per diluted share in the third
quarter of 2006 and $25.6 million or 60¢ per diluted share for the third quarter
of 2005. Oil and gas sales increased by 12% to $129.3 million in the three
months ended September 30, 2006 as compared to pro forma consolidated sales
of
$115.1 million in the same period last year. Comstock generated $89.3 million
in
operating cash flow (before changes in working capital accounts) in 2006's
third
quarter, which represents a 6% increase over 2005's third quarter pro forma
consolidated cash flow of $84.3 million. EBITDAX or earnings before interest,
taxes, depreciation, depletion, amortization, exploration expense and other
noncash expenses was $98.8 million in 2006's third quarter as compared to 2005's
pro forma consolidated third quarter EBITDAX of $93.5 million.
For
the
nine months ended September 30, 2006, Comstock's oil and gas sales of $385.2
million increased $78 million or 25% from pro forma consolidated sales of $307.0
million for the same period last year. Net income for the nine months ended
September 30, 2006 was $62.3 million, or $1.42 per diluted share, as compared
to
net income of $19.1 million or 47¢ per diluted share in 2005. Net income for the
nine months ended September 30, 2006 includes a loss on the pending sale of
the
Company's Kentucky properties, unrealized gains on derivative financial
instruments of $11.3 million and the impact of the new Texas business tax of
$1.1 million. Without these items, Comstock would have reported net income
of
$61.1 million or $1.40 per diluted share. Excluding the one time adjustments
to
reflect Bois d'Arc's conversion to a corporation and its initial public offering
and unrealized losses on derivatives, Comstock's net income for the nine months
ended September 30, 2005 would have been $78.6 million, or $1.94 per diluted
share. Operating cash flow (before changes in working capital accounts)
generated by Comstock was $267.7 million for the first nine months of 2006
as
compared to pro forma consolidated cash flow of $214.4 million for the same
period in 2005. For the nine months ended September 30, 2006, EBITDAX was $293.7
million as compared to pro forma consolidated EBITDAX of $244.7 million for
the
same period in 2005.
Production
in the third quarter of 2006 totaled 17.1 Bcf equivalent of natural gas
("Bcfe"), a 28% increase from 2005's third quarter pro forma consolidated
production of 13.4 Bcfe. For the first nine months of 2006, production totaled
49.1 Bcfe, an increase of 19%, as compared to pro forma consolidated production
in the same period of 2005 of 41.3 Bcfe.
The
Company's realized natural gas price averaged $6.63 per Mcf in 2006's third
quarter as compared to $8.41 per Mcf in 2005's third quarter. Realized oil
prices in the third quarter of 2006 averaged $65.95 per barrel as compared
to
$56.63 per barrel for the third quarter of 2005. For the first nine months
of
2006, Comstock's realized natural gas price averaged $7.13 per Mcf as compared
to $7.16 per Mcf in the same period in 2005. For the first nine months of 2006,
Comstock's realized oil price was $63.06 per barrel as compared to $50.65 per
barrel in the third quarter of 2005.
Nine
Months 2006 Drilling Results
Comstock
also announced the results to date of its 2006 onshore drilling program. In
the
first nine months of 2006 Comstock drilled 76 wells (52.2 net). Seventy-four
of
the 76 wells drilled were successful, resulting in a drilling success rate
of
97%.
During
the first nine months of 2006, Comstock drilled 50 wells (38.9 net) in its
East
Texas and North Louisiana region. All of these wells were successful development
wells. These wells have been tested at an average per well initial production
rate of 1.4 Mmcfe per day. At September 30, 2006 Comstock had eight additional
wells in this region that were being drilled. These wells are part of Comstock's
96 well Cotton Valley drilling program planned in this region for 2006. Comstock
plans to have eight drilling rigs working in this region during the fourth
quarter.
In
South
Texas, Comstock drilled seven successful wells (2.1 net) during the first nine
months of 2006, which had an average per well initial production rate of 4.8
Mmcfe per day. Comstock drilled six wells (4.4 net) in its Mid Continent region,
five of which (3.4 net) were successful and one (1.0 net) was a dry hole.
Comstock drilled six wells (5.7 net) in its Laurel field in Mississippi. Four
of
these wells were tested at an average initial production rate of 193 barrels
per
day. Seven wells (1.1 net) were drilled in the San Juan Basin in New Mexico.
Six
wells (0.9 net) were successful, and one well (0.2 net) was a dry hole.
Bois
d'Arc has also had successful results from its exploration focused offshore
drilling program to date in 2006. Since the beginning of 2006, Bois d'Arc has
drilled nine (7.7 net) successful wells out of a total of twelve (10.2 net)
drilled for a 75% success rate. During the third quarter two of Bois d'Arc's
largest 2006 discoveries began producing. The OCS-G 18054 #54 ST, which was
drilled to test the "Sockeye" prospect at South Pelto 22, began producing
at 17.0 Mmcfe per day in August 2006 and the OCS-G 24924 No. 1 ST drilled
to test the "Steelhead" prospect at Ship Shoal block 111 began producing
at 6.5 Mmcfe per day in September 2006.
This
press release may contain "forward-looking statements" as that term is defined
in the Private Securities Litigation Reform Act of 1995. Such statements are
based on management's current expectations and are subject to a number of
factors and uncertainties which could cause actual results to differ materially
from those described herein. Although the Company believes that the expectations
in such statements to be reasonable, there can be no assurance that such
expectations will prove to be correct.
Comstock
Resources, Inc. is a 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. The Company's stock is
traded on the New York Stock Exchange under the symbol
CRK.
COMSTOCK
RESOURCES, INC.
CONSOLIDATED
OPERATING RESULTS
(In
thousands, except per share amounts)
|
Three
Months Ended September 30,
|
Nine
Months Ended September 30,
|
||||||||||||||||||||||||
|
2005
|
2005
|
||||||||||||||||||||||||
|
2006
|
As
Reported
|
Pro
Forma(1)
|
2006
|
As
Reported
|
Pro
Forma(1)
|
||||||||||||||||||||
|
Oil
and gas sales
|
$
|
129,251
|
$
|
71,619
|
$
|
115,053
|
$
|
385,153
|
$
|
209,970
|
$
|
307,035
|
|||||||||||||
|
Operating
expenses:
|
|||||||||||||||||||||||||
|
Oil
and gas operating
|
26,904
|
10,803
|
19,146
|
78,220
|
36,869
|
54,494
|
|||||||||||||||||||
|
Exploration
|
8,069
|
2,423
|
5,249
|
16,662
|
19,709
|
27,399
|
|||||||||||||||||||
|
Depreciation,
depletion and amortization
|
40,709
|
14,036
|
23,331
|
104,457
|
47,368
|
71,054
|
|||||||||||||||||||
|
Impairment
|
1,389
|
3,400
|
3,400
|
2,235
|
3,400
|
3,400
|
|||||||||||||||||||
|
Loss
on disposal of assets
|
—
|
—
|
—
|
7,934
|
$
|
—
|
89
|
||||||||||||||||||
|
General
and administrative, net
|
7,370
|
3,058
|
4,942
|
22,738
|
11,015
|
15,437
|
|||||||||||||||||||
|
|
|||||||||||||||||||||||||
|
Total
operating expenses
|
84,441
|
33,720
|
56,068
|
232,246
|
118,361
|
171,873
|
|||||||||||||||||||
|
|
|||||||||||||||||||||||||
|
Income
from operations
|
44,810
|
37,899
|
58,985
|
152,907
|
91,609
|
135,162
|
|||||||||||||||||||
|
Other
income (expenses):
|
|||||||||||||||||||||||||
|
Other
income
|
187
|
37
|
(13
|
)
|
616
|
173
|
123
|
||||||||||||||||||
|
Interest
income
|
258
|
242
|
221
|
724
|
1,449
|
407
|
|||||||||||||||||||
|
Interest
expense
|
(6,733
|
)
|
(4,982
|
)
|
(5,220
|
)
|
(18,322
|
)
|
(15,499
|
)
|
(15,904
|
)
|
|||||||||||||
|
Gain
on sale of stock by Bois d'Arc
|
—
|
—
|
—
|
—
|
28,797
|
28,797
|
|||||||||||||||||||
|
Gain
(loss) on derivatives
|
1,180
|
(17,814
|
)
|
(17,814
|
)
|
10,608
|
(21,045
|
)
|
(21,045
|
)
|
|||||||||||||||
|
|
|||||||||||||||||||||||||
|
Total
other income (expenses)
|
(5,108
|
)
|
(22,517
|
)
|
(22,826
|
)
|
(6,374
|
)
|
(6,125
|
)
|
(7,622
|
)
|
|||||||||||||
|
|
|||||||||||||||||||||||||
|
Income
before income taxes, minority interest
|
|||||||||||||||||||||||||
|
and
equity in earnings of Bois d'Arc Energy
|
39,702
|
15,382
|
36,159
|
146,533
|
85,484
|
127,540
|
|||||||||||||||||||
|
Provision
for income taxes
|
(16,662
|
)
|
(7,602
|
)
|
(15,120
|
)
|
(61,847
|
)
|
(11,469
|
)
|
(131,112
|
)
|
|||||||||||||
|
Equity
in earnings (loss) of Bois d'Arc
|
|||||||||||||||||||||||||
|
Energy
|
—
|
6,358
|
—
|
—
|
(54,867
|
)
|
—
|
||||||||||||||||||
|
Minority
interest in earnings of Bois d'Arc
|
|||||||||||||||||||||||||
|
Energy
|
(6,004
|
)
|
—
|
(6,901
|
)
|
(22,433
|
)
|
—
|
22,720
|
||||||||||||||||
|
|
|||||||||||||||||||||||||
|
Net
income
|
$
|
17,036
|
$
|
14,138
|
$
|
14,138
|
$
|
62,253
|
$
|
19,148
|
$
|
19,148
|
|||||||||||||
|
Net
income per share:
|
|||||||||||||||||||||||||
|
Basic
|
$
|
0.40
|
$
|
0.35
|
$
|
0.35
|
$
|
1.48
|
$
|
0.50
|
$
|
0.50
|
|||||||||||||
|
Diluted
|
$
|
0.39
|
$
|
0.33
|
$
|
0.33
|
$
|
1.42
|
$
|
0.47
|
$
|
0.47
|
|||||||||||||
|
Weighted
average common and common stock
|
|||||||||||||||||||||||||
|
equivalent
shares outstanding:
|
|||||||||||||||||||||||||
|
Basic
|
42,243
|
40,432
|
40,432
|
42,128
|
38,417
|
38,417
|
|||||||||||||||||||
|
Diluted
|
43,553
|
42,380
|
42,380
|
43,505
|
40,516
|
40,516
|
|||||||||||||||||||
|
(1)
Pro forma amounts include Bois d'Arc Energy as a consolidated
subsidiary.
|
|||||||||||||||||||||||||
COMSTOCK
RESOURCES, INC.
CONSOLIDATED
OPERATING RESULTS
(In
thousands)
|
Three
Months Ended September 30,
|
Nine
Months Ended September 30,
|
|||||||||||||||||||||||
|
2005
|
2005
|
|||||||||||||||||||||||
|
2006
|
As
Reported
|
Pro
Forma(1)
|
2006
|
As
Reported
|
Pro
Forma(1)
|
|||||||||||||||||||
|
Cash
flow from operations:
|
||||||||||||||||||||||||
|
Net
cash provided by operating activities
|
$
|
98,236
|
$
|
55,657
|
$
|
92,243
|
$
|
274,300
|
$
|
155,254
|
$
|
228,997
|
||||||||||||
|
Excess
tax benefit from stock based compensation
|
—
|
—
|
—
|
922
|
—
|
—
|
||||||||||||||||||
|
Increase
(decrease) in accounts receivable
|
2,366
|
7,460
|
(5,990
|
)
|
(10,774
|
)
|
4,741
|
8,403
|
||||||||||||||||
|
Increase
(decrease) in other current assets
|
(10,560
|
)
|
(1,663
|
)
|
2,227
|
139
|
(1,659
|
)
|
4,422
|
|||||||||||||||
|
Decrease
(increase) in accounts payable and
|
||||||||||||||||||||||||
|
accrued
expenses
|
(763
|
)
|
(8,076
|
)
|
(4,136
|
)
|
3,153
|
(11,085
|
)
|
(27,433
|
)
|
|||||||||||||
|
Cash
flow from operations
|
$
|
89,279
|
$
|
53,378
|
$
|
84,344
|
$
|
267,740
|
$
|
147,251
|
$
|
214,389
|
||||||||||||
|
EBITDAX:
|
||||||||||||||||||||||||
|
Net
income
|
$
|
17,036
|
$
|
14,138
|
$
|
14,138
|
$
|
62,253
|
$
|
19,148
|
$
|
19,148
|
||||||||||||
|
Interest
expense
|
6,733
|
4,982
|
5,220
|
18,322
|
15,499
|
15,904
|
||||||||||||||||||
|
Income
tax expense
|
16,662
|
7,602
|
15,120
|
61,847
|
11,469
|
131,112
|
||||||||||||||||||
|
Depreciation,
depletion and amortization
|
40,709
|
14,036
|
23,331
|
104,457
|
47,368
|
71,054
|
||||||||||||||||||
|
Exploration
expense
|
8,069
|
2,423
|
5,249
|
16,662
|
19,709
|
27,399
|
||||||||||||||||||
|
Other
non-cash items:
|
||||||||||||||||||||||||
|
Impairment
|
1,389
|
3,400
|
3,400
|
2,235
|
3,400
|
3,400
|
||||||||||||||||||
|
Loss
on disposal of assets
|
—
|
—
|
—
|
7,934
|
—
|
89
|
||||||||||||||||||
|
Equity
in earnings (loss) of Bois d'Arc Energy
|
—
|
(6,358
|
)
|
—
|
—
|
54,867
|
—
|
|||||||||||||||||
|
Minority
interests in earnings of Bois d'Arc Energy
|
6,004
|
—
|
6,901
|
22,433
|
—
|
(22,720
|
)
|
|||||||||||||||||
|
Gain
on sale of stock by Bois d'Arc Energy
|
—
|
—
|
—
|
—
|
(28,797
|
)
|
(28,797
|
)
|
||||||||||||||||
|
Stock-based
compensation
|
3,342
|
1,017
|
2,438
|
8,912
|
4,195
|
7,192
|
||||||||||||||||||
|
Unrealized
(gain) loss on derivatives
|
(1,180
|
)
|
17,674
|
17,674
|
(11,311
|
)
|
20,905
|
20,905
|
||||||||||||||||
|
EBITDAX
|
$
|
98,764
|
$
|
58,914
|
$
|
93,471
|
$
|
293,744
|
$
|
167,763
|
$
|
244,686
|
||||||||||||
|
|
||||||||||||||||||||||||
|
As
of September 30,
|
|||||||||||||
|
2005
|
|||||||||||||
|
2006
|
As
Reported
|
Pro
Forma(1)
|
|||||||||||
|
Balance
Sheet Data:
|
|||||||||||||
|
Cash
and cash equivalents
|
$
|
27,084
|
$
|
1,847
|
$
|
4,905
|
|||||||
|
Other
current assets
|
78,089
|
38,911
|
64,828
|
||||||||||
|
Property
and equipment, net
|
1,676,234
|
695,430
|
1,300,664
|
||||||||||
|
Investment
in Bois d'Arc Energy
|
—
|
247,128
|
—
|
||||||||||
|
Other
|
11,477
|
5,071
|
5,955
|
||||||||||
|
Total
assets
|
$
|
1,792,884
|
$
|
988,387
|
$
|
1,376,352
|
|||||||
|
Current
liabilities
|
$
|
122,899
|
$
|
70,846
|
$
|
125,610
|
|||||||
|
Long-term
debt
|
455,000
|
282,000
|
306,000
|
||||||||||
|
Deferred
income taxes
|
305,062
|
95,265
|
213,157
|
||||||||||
|
Asset
retirement obligation
|
44,327
|
2,769
|
33,909
|
||||||||||
|
Other
|
—
|
4,245
|
4,245
|
||||||||||
|
Minority
interest in Bois d'Arc Energy
|
212,683
|
—
|
160,169
|
||||||||||
|
Stockholders'
equity
|
652,913
|
533,262
|
533,262
|
||||||||||
|
Total
liabilities and stockholders' equity
|
$
|
1,792,884
|
$
|
988,387
|
$
|
1,376,352
|
|||||||
|
(1)
Pro forma amounts include Bois d'Arc Energy as a consolidated
subsidiary.
|
||
COMSTOCK
RESOURCES, INC.
OPERATING
RESULTS
($
In
thousands, except per unit amounts)
|
For
the Three Months Ended September 30, 2006
|
For
the Three Months Ended September 30, 2005
|
|||||||||||||||||||||||
|
Bois
d'Arc
|
Bois
d'Arc
|
Pro
Forma
|
||||||||||||||||||||||
|
Onshore(1)
|
Energy
|
Total
|
Onshore(1)
|
Energy
|
Total(2)
|
|||||||||||||||||||
|
Oil
production (thousand barrels)
|
231
|
370
|
601
|
208
|
245
|
453
|
||||||||||||||||||
|
Gas
production (million cubic
|
||||||||||||||||||||||||
|
feet
- Mmcf
|
7,409
|
6,106
|
13,515
|
7,328
|
3,306
|
10,634
|
||||||||||||||||||
|
Total
production (Mmcfe)
|
8,792
|
8,328
|
17,120
|
8,575
|
4,775
|
13,350
|
||||||||||||||||||
|
Oil
sales
|
$
|
13,696
|
$
|
25,935
|
$
|
39,631
|
$
|
10,960
|
$
|
14,683
|
$
|
25,643
|
||||||||||||
|
Gas
sales
|
48,559
|
41,061
|
89,620
|
60,659
|
28,751
|
89,410
|
||||||||||||||||||
|
Total
oil and gas sales
|
$
|
62,255
|
$
|
66,996
|
$
|
129,251
|
$
|
71,619
|
$
|
43,434
|
$
|
115,053
|
||||||||||||
|
Average
oil price (per barrel)
|
$
|
59.42
|
$
|
70.01
|
$
|
65.95
|
$
|
52.71
|
$
|
59.96
|
$
|
56.63
|
||||||||||||
|
Average
gas price (per thousand
|
||||||||||||||||||||||||
|
cubic
feet - Mcf)
|
$
|
6.55
|
$
|
6.72
|
$
|
6.63
|
$
|
8.28
|
$
|
8.70
|
$
|
8.41
|
||||||||||||
|
Average
price (per Mcf equivalent)
|
$
|
7.08
|
$
|
8.04
|
$
|
7.75
|
$
|
8.35
|
$
|
9.10
|
$
|
8.62
|
||||||||||||
|
Lifting
cost
|
$
|
13,365
|
$
|
13,538
|
$
|
26,903
|
$
|
10,803
|
$
|
8,343
|
$
|
19,146
|
||||||||||||
|
Lifting
cost (per Mcf equivalent)
|
$
|
1.52
|
$
|
1.63
|
$
|
1.57
|
$
|
1.26
|
$
|
1.75
|
$
|
1.43
|
||||||||||||
|
Oil
and Gas Capital Expenditures
|
$
|
120,656
|
$
|
77,500
|
$
|
198,156
|
$
|
47,714
|
$
|
53,364
|
$
|
101,078
|
||||||||||||
|
For
the Nine Months Ended September 30, 2006
|
For
the Nine Months Ended September 30, 2005
|
|||||||||||||||||||||||
|
Bois
d'Arc
|
Bois
d'Arc
|
Pro
Forma
|
||||||||||||||||||||||
|
Onshore(1)
|
Energy
|
Total
|
Onshore(1)
|
Energy
|
Total(2)
|
|||||||||||||||||||
|
Oil
production (thousand barrels)
|
696
|
1,033
|
1,729
|
501
|
956
|
1,457
|
||||||||||||||||||
|
Gas
production (million cubic
|
||||||||||||||||||||||||
|
feet
- Mmcf
|
22,327
|
16,388
|
38,715
|
20,874
|
11,718
|
32,592
|
||||||||||||||||||
|
Total
production (Mmcfe)
|
26,501
|
22,587
|
49,088
|
23,881
|
17,457
|
41,338
|
||||||||||||||||||
|
Oil
sales
|
$
|
39,808
|
$
|
69,215
|
$
|
109,023
|
$
|
24,534
|
$
|
49,294
|
$
|
73,828
|
||||||||||||
|
Gas
sales
|
156,909
|
119,221
|
276,130
|
146,906
|
86,301
|
233,207
|
||||||||||||||||||
|
Total
oil and gas sales
|
$
|
196,717
|
$
|
188,436
|
$
|
385,153
|
$
|
171,440
|
$
|
135,595
|
$
|
307,035
|
||||||||||||
|
Average
oil price (per barrel)
|
$
|
57.22
|
$
|
67.00
|
$
|
63.06
|
$
|
48.96
|
$
|
51.54
|
$
|
50.65
|
||||||||||||
|
Average
gas price (per thousand
|
||||||||||||||||||||||||
|
cubic
feet - Mcf)
|
$
|
7.03
|
$
|
7.27
|
$
|
7.13
|
$
|
7.04
|
$
|
7.36
|
$
|
7.16
|
||||||||||||
|
Average
price (per Mcf equivalent)
|
$
|
7.42
|
$
|
8.34
|
$
|
7.85
|
$
|
7.18
|
$
|
7.77
|
$
|
7.43
|
||||||||||||
|
Lifting
cost
|
$
|
40,420
|
$
|
37,799
|
$
|
78,219
|
$
|
30,170
|
$
|
24,324
|
$
|
54,494
|
||||||||||||
|
Lifting
cost (per Mcf equivalent)
|
$
|
1.53
|
$
|
1.67
|
$
|
1.59
|
$
|
1.26
|
$
|
1.39
|
$
|
1.32
|
||||||||||||
|
Oil
and Gas Capital Expenditures
|
$
|
212,938
|
$
|
191,798
|
$
|
404,736
|
$
|
296,398
|
$
|
123,723
|
$
|
420,121
|
||||||||||||
|
(1)
Includes the onshore results of operations of Comstock Resources,
Inc.
|
|||||||||||||||||||||||||
|
(2)
Pro forma amounts include Bois d'Arc Energy as a consolidated
subsidiary.
|
|||||||||||||||||||||||||
COMSTOCK
RESOURCES, INC.
REGIONAL
ONSHORE OPERATING RESULTS
($
In
thousands, except per unit amounts)
|
For
the Three Months ended September 30, 2006
|
For
the Three Months Ended September 30, 2005
|
|||||||||||||||||||||||||||||||
|
East
Texas/
|
East
Texas/
|
|||||||||||||||||||||||||||||||
|
North
|
South
|
Total
|
North
|
South
|
Total
|
|||||||||||||||||||||||||||
|
Louisiana
|
Texas
|
Other
|
Onshore
|
Louisiana
|
Texas
|
Other
|
Onshore
|
|||||||||||||||||||||||||
|
Oil
production (thousand barrels)
|
29
|
51
|
151
|
231
|
23
|
50
|
135
|
208
|
||||||||||||||||||||||||
|
Gas
production (million cubic feet - Mmcf)
|
4,507
|
2,065
|
837
|
7,409
|
3,930
|
2,412
|
986
|
7,328
|
||||||||||||||||||||||||
|
Total
production (Mmcfe)
|
4,679
|
2,371
|
1,742
|
8,792
|
4,069
|
2,711
|
1,795
|
8,575
|
||||||||||||||||||||||||
|
Oil
sales
|
$
|
1,906
|
$
|
3,498
|
$
|
8,292
|
$
|
13,696
|
$
|
1,230
|
$
|
3,683
|
$
|
6,047
|
$
|
10,960
|
||||||||||||||||
|
Gas
sales
|
28,737
|
14,625
|
5,197
|
48,559
|
32,226
|
20,557
|
7,876
|
60,659
|
||||||||||||||||||||||||
|
Total
oil and gas sales
|
$
|
30,643
|
$
|
18,123
|
$
|
13,489
|
$
|
62,255
|
$
|
33,456
|
$
|
24,240
|
$
|
13,923
|
$
|
71,619
|
||||||||||||||||
|
Average
oil price (per barrel)
|
$
|
65.72
|
$
|
68.59
|
$
|
54.91
|
$
|
59.42
|
$
|
53.48
|
$
|
73.66
|
$
|
44.79
|
$
|
52.71
|
||||||||||||||||
|
Average
gas price (per thousand
|
||||||||||||||||||||||||||||||||
|
cubic
feet - Mcf)
|
$
|
6.38
|
$
|
7.08
|
$
|
6.21
|
$
|
6.55
|
$
|
8.20
|
$
|
8.52
|
$
|
7.99
|
$
|
8.28
|
||||||||||||||||
|
Average
price (per Mcf equivalent)
|
$
|
6.55
|
$
|
7.64
|
$
|
7.74
|
$
|
7.08
|
$
|
8.22
|
$
|
8.94
|
$
|
7.76
|
$
|
8.35
|
||||||||||||||||
|
Lifting
cost(1)
|
$
|
5,568
|
$
|
3,437
|
$
|
4,360
|
$
|
13,365
|
$
|
3,061
|
$
|
2,919
|
$
|
4,822
|
$
|
10,803
|
||||||||||||||||
|
Lifting
cost (per Mcf equivalent)
|
$
|
1.19
|
$
|
1.45
|
$
|
2.50
|
$
|
1.52
|
$
|
0.75
|
$
|
1.08
|
$
|
2.69
|
$
|
1.26
|
||||||||||||||||
|
Oil
and Gas Capital Expenditures:
|
||||||||||||||||||||||||||||||||
|
Acquisitions
|
$
|
—
|
$
|
67,263
|
$
|
—
|
$
|
67,263
|
$
|
10,157
|
$
|
—
|
$
|
—
|
$
|
10,157
|
||||||||||||||||
|
Leasehold
costs
|
259
|
882
|
689
|
1,830
|
347
|
399
|
295
|
1,041
|
||||||||||||||||||||||||
|
Exploratory
drilling
|
—
|
—
|
—
|
—
|
—
|
1,832
|
43
|
1,875
|
||||||||||||||||||||||||
|
Development
drilling
|
39,066
|
6,296
|
732
|
46,094
|
24,735
|
1,615
|
4,364
|
30,714
|
||||||||||||||||||||||||
|
Other
development
|
3,149
|
353
|
1,967
|
5,469
|
1,806
|
162
|
1,959
|
3,927
|
||||||||||||||||||||||||
|
Total
|
$
|
42,474
|
$
|
74,794
|
$
|
3,388
|
$
|
120,656
|
$
|
37,045
|
$
|
4,008
|
$
|
6,661
|
$
|
47,714
|
||||||||||||||||
|
(1)
Includes production taxes of $2,487 and $2,575 for the three months
ended
September 30, 2006 and 2005,
respectively.
|
|||||||||||||||||||||||||||||||
|
For
the Nine Months ended September 30, 2006
|
For
the Nine Months Ended September 30, 2005
|
|||||||||||||||||||||||||||||||
|
East
Texas/
|
East
Texas/
|
|||||||||||||||||||||||||||||||
|
North
|
South
|
Total
|
North
|
South
|
Total
|
|||||||||||||||||||||||||||
|
Louisiana
|
Texas
|
Other
|
Onshore
|
Louisiana
|
Texas
|
Other
|
Onshore
|
|||||||||||||||||||||||||
|
Oil
production (thousand barrels)
|
89
|
164
|
443
|
696
|
63
|
178
|
260
|
501
|
||||||||||||||||||||||||
|
Gas
production (million cubic feet - Mmcf)
|
13,075
|
6,728
|
2,524
|
22,327
|
9,854
|
8,147
|
2,873
|
20,874
|
||||||||||||||||||||||||
|
Total
production (Mmcfe)
|
13,609
|
7,715
|
5,177
|
26,501
|
10,232
|
9,215
|
4,434
|
23,881
|
||||||||||||||||||||||||
|
Oil
sales
|
$
|
5,637
|
$
|
10,785
|
$
|
23,386
|
$
|
39,808
|
$
|
3,183
|
$
|
9,395
|
$
|
11,956
|
$
|
24,534
|
||||||||||||||||
|
Gas
sales
|
89,802
|
50,415
|
16,692
|
156,909
|
69,173
|
57,965
|
19,768
|
146,906
|
||||||||||||||||||||||||
|
Total
oil and gas sales
|
$
|
95,439
|
$
|
61,200
|
$
|
40,078
|
$
|
196,717
|
$
|
72,356
|
$
|
67,360
|
$
|
31,724
|
$
|
171,440
|
||||||||||||||||
|
Average
oil price (per barrel)
|
$
|
63.34
|
$
|
65.76
|
$
|
52.79
|
$
|
57.22
|
$
|
50.52
|
$
|
52.78
|
$
|
45.98
|
$
|
48.96
|
||||||||||||||||
|
Average
gas price (per thousand
|
||||||||||||||||||||||||||||||||
|
cubic
feet - Mcf)
|
$
|
6.87
|
$
|
7.49
|
$
|
6.21
|
$
|
7.03
|
$
|
7.02
|
$
|
7.11
|
$
|
6.88
|
$
|
7.04
|
||||||||||||||||
|
Average
price (per Mcf equivalent)
|
$
|
7.01
|
$
|
7.93
|
$
|
7.74
|
$
|
7.42
|
$
|
7.07
|
$
|
7.31
|
$
|
7.15
|
$
|
7.18
|
||||||||||||||||
|
Lifting
cost(2)
|
$
|
17,229
|
$
|
10,770
|
$
|
12,421
|
$
|
40,420
|
$
|
11,700
|
$
|
9,892
|
$
|
8,578
|
$
|
30,170
|
||||||||||||||||
|
Lifting
cost (per Mcf equivalent)
|
$
|
1.27
|
$
|
1.40
|
$
|
2.40
|
$
|
1.53
|
$
|
1.14
|
$
|
1.07
|
$
|
1.93
|
$
|
1.26
|
||||||||||||||||
|
Oil
and Gas Capital Expenditures:
|
||||||||||||||||||||||||||||||||
|
Acquisitions
|
$
|
912
|
$
|
67,263
|
$
|
—
|
$
|
68,175
|
$
|
128,397
|
$
|
—
|
$
|
73,334
|
$
|
201,731
|
||||||||||||||||
|
Leasehold
costs
|
493
|
1,067
|
1,823
|
3,383
|
612
|
969
|
1,107
|
2,688
|
||||||||||||||||||||||||
|
Exploratory
drilling
|
—
|
75
|
—
|
75
|
—
|
14,913
|
276
|
15,189
|
||||||||||||||||||||||||
|
Development
drilling
|
91,525
|
11,903
|
20,488
|
123,916
|
52,056
|
6,814
|
7,234
|
66,104
|
||||||||||||||||||||||||
|
Other
development
|
11,320
|
996
|
5,073
|
17,389
|
6,911
|
1,143
|
2,632
|
10,686
|
||||||||||||||||||||||||
|
Total
|
$
|
104,250
|
$
|
81,304
|
$
|
27,384
|
$
|
212,938
|
$
|
187,976
|
$
|
23,839
|
$
|
84,583
|
$
|
296,398
|
||||||||||||||||
|
(2)
Includes production taxes of $8,793 and $7,448 for the nine months
ended
September 30, 2006 and 2005,
respectively.
|
|||||||||||||||||||||||||||||||