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): January 4, 2007
COMSTOCK
RESOURCES, INC.
(Exact
Name of Registrant as Specified in Charter)
|
STATE
OF NEVADA
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000-16741
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94-1667468
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|
(State
or other
jurisdiction
incorporation)
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(Commission
File Number)
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(I.R.S.
Employer
Identification
Number)
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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)
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| ¨ |
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))
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| ¨ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR
240.13e-4(c))
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Item
8.01 Other Events.
On
January 4, 2007, Comstock Resources, Inc. ("Comstock") issued a press release,
attached hereto as Exhibit 99.1 and incorporated herein by reference, announcing
it expects to spend $478 million in 2007 on its drilling programs.
Item
9.01 Financial Statements and Exhibits
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Exhibit
99.1
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Press
Release, dated January 4, 2007.
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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.
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COMSTOCK
RESOURCES, INC.
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Dated:
January
4, 2007
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By:
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/s/
M. JAY ALLISON
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M.
Jay Allison
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President
and Chief Executive Officer
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Exhibit
99.1
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5300
Town and Country Blvd., Suite 500
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 |
Frisco,
Texas 75034
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Telephone:
(972) 668-8800
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Contact:
Roland O. Burns
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Sr.
Vice President and Chief Financial
Officer
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Web
Site:
www.comstockresources.com
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NEWS
RELEASE
For
Immediate Release
COMSTOCK
RESOURCES, INC. ANNOUNCES
2007
EXPLORATION AND DEVELOPMENT BUDGET
FRISCO,
TEXAS, January 4, 2007 --
Comstock
Resources, Inc. ("Comstock" or the "Company") (NYSE:CRK) announced that its
consolidated budget for development and exploration activities for 2007 will
be
$478 million. This budget represents an approximate 11% increase over the
Company's estimated consolidated spending in 2006 of $431 million for
development and exploration activities. The 2007 budget includes capital
expenditures of $278 million for onshore properties and $200 million to be
made
by Bois d'Arc Energy, Inc. ("Bois d'Arc") (NYSE:BDE) in its offshore Gulf
of
Mexico drilling program.
Onshore
development projects comprise $250 million of the 2006 budget and $28 million
of
the onshore budget is allocated to exploration activities. Comstock expects
to
drill approximately 170 (118.9 net) onshore wells in 2007 including 158 (111.5
net) development wells and 12 (7.4 net) exploratory wells. Comstock's East
Texas/North Louisiana operating region accounts for the largest portion of
the
2007 budget with forecasted expenditures of $175 million. Comstock has budgeted
to drill 116 (88.6 net) development wells in this region in 2007. Comstock
expects to spend $56 million in its South Texas region to drill 21 (11.5
net)
wells in 2007. Included in the South Texas totals are 13 (8.1 net) development
wells and 8 (3.4 net) exploration wells. Comstock has budgeted a total of
$45
million to drill 14 (12.4 net) development wells and four (4.0 net) exploration
wells on its Mississippi properties in 2007. The remaining $2 million will
be
spent on Comstock's onshore properties in its other regions. Comstock currently
has 9 drilling rigs contracted for its 2007 onshore operated drilling
activities.
Comstock
is currently evaluating its East Texas/North Louisiana Cotton Valley acreage
for
potential horizontal drilling applications. This evaluative effort involves
conducting certain reservoir tests in wells that Comstock is currently drilling.
These reservoir tests will allow Comstock to appropriately select not only
optimum horizontal drilling locations but also the most appropriate completion
technology to apply. Comstock believes that this evaluation effort is crucial
to
the prudent and successful application of horizontal drilling technology
to its
Cotton Valley development program. Based on the results of these tests, Comstock
anticipates that it should be able to commence its first Cotton Valley
horizontal drilling project some time during the first quarter of
2007.
Bois
d'Arc has budgeted $104 million to drill 15 (11.8 net) offshore wells in
2007.
Bois d'Arc has budgeted an additional $69 million for completion and facilities
costs related to these wells. Six of the wells in the 2007 drilling program
will
be drilled deeper than 15,000 feet to test high potential exploration prospects.
In addition Bois d'Arc plans to spend $17 million on acquiring seismic data
and
acreage and estimates that it will spend $11 million for recompletions and
for
abandonment work in 2007.
"In
2007,
our onshore drilling program represents a 29% increase from what we spent
in
2006 reflecting a substantial increase in the number of wells we plan to
drill
in our East Texas/North Louisiana region and in South Texas and Mississippi,"
stated M. Jay Allison, Chairman and Chief Executive Officer of Comstock.
"Our
offshore drilling program will primarily focus on drilling exploration
prospects. The increased drilling program will be the primary driver of our
production growth that we expect to have this year."
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 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 Louisiana and Texas and in the Gulf of Mexico through its ownership
in Bois d'Arc Energy, Inc. (NYSE: BDE). The Company's stock is traded on
the New
York Stock Exchange under the symbol CRK.