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): February 1, 2007
COMSTOCK
RESOURCES, INC.
(Exact
Name of Registrant as Specified in Charter)
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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:
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¨
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
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¨
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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¨
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
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¨
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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
February 1, 2007 Comstock Resources, Inc. ("Comstock") issued a press release,
attached hereto as Exhibit 99.1 and incorporated herein by reference, announcing
its proved oil and gas reserves as of December 31, 2006.
Item
9.01 Financial Statements and Exhibits
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Exhibit
99.1
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Press
Release, dated February 1, 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:
February
2, 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
PROVED
OIL AND GAS RESERVES AS OF DECEMBER 31, 2006
FRISCO,
TEXAS, February 1, 2007
--
Comstock
Resources, Inc. ("Comstock" or the "Company")(NYSE:CRK) announced today that
Comstock's total consolidated proved oil and natural gas reserves as of December
31, 2006 are estimated at 657 billion cubic feet ("Bcf") of natural gas and
32.4
million barrels of crude oil or 851 Bcf equivalent of natural gas ("Bcfe"),
as
compared to total pro forma proved oil and natural gas reserves as of December
31, 2005 of 828 Bcfe. The consolidated and the 2005 pro forma reserves include
the proved reserves of Bois d'Arc Energy, Inc. ("Bois d'Arc"). Natural gas
reserves account for 77% of total proved reserves and 66% of the total proved
reserves were classified as proved developed at the end of 2006. Comstock or
Bois d'Arc operates 86% of the proved reserve base.
The
present value, using a 10% discount rate, of the future net cash flows before
income taxes of the estimated proved oil and natural gas reserves at the end
of
2006 is approximately $2.3 billion using oil and natural gas prices of $56.17
per barrel for oil and $5.70 per Mcf for natural gas.
Comstock
replaced 135% of its 2006 consolidated production of 67.3 Bcfe in 2006.
Exploration, development and acquisition activities added approximately 149
Bcfe
of new proved oil and natural gas reserves. Acquisitions accounted for 23 Bcfe
of the additions with discoveries and extensions adding 126 Bcfe. These reserve
gains were partially offset by 59 Bcfe of downward revisions on last year's
reserve base. These revisions were primarily due to the lower natural gas prices
used in the determination of the proved reserves in accordance with the rules
of
the Securities and Exchange Commission and to a lower per well reserve
assignment to certain of the Company's recently drilled wells. The Company's
average realized natural gas price at December 31, 2006 had fallen to $5.70
per
Mcf as compared to $8.89 on the last day of 2005.
Proved
oil and natural gas reserves relating to Comstock's onshore properties as of
December 31, 2006 are estimated at 436 Bcf of natural gas and 12 million barrels
of crude oil or 507 Bcfe, as compared to onshore proved oil and natural gas
reserves as of December 31, 2005 of 505 Bcfe. Natural gas reserves account
for
86% of total proved reserves and 57% of the total proved reserves were
classified as proved developed at the end of 2006. Comstock operates 79% of
its
onshore reserve base. The present value, using a 10% discount rate, of the
future net cash flows before income taxes of Comstock's estimated proved onshore
oil and natural gas reserves at the end of 2006 is approximately $981 million
using oil and natural gas prices of $50.86 per barrel for oil and $5.63 per
Mcf
for natural gas. Such prices were based on the December 31, 2006 market prices
as adjusted for Comstock's average basis differentials.
Comstock
replaced 108% of its 2006 onshore production of 35.8 Bcfe in 2006. Comstock's
2006 onshore exploration, development and acquisition activities added
approximately 97 Bcfe of new proved oil and natural gas reserves. Acquisitions
accounted for 16 Bcfe of the additions with discoveries and extensions adding
81
Bcfe. These reserve gains were partially offset by the 59 Bcfe of downward
revisions on last year's reserve base.
Comstock's
offshore reserves relate to its ownership in Bois d'Arc. Bois d'Arc's total
proved
oil and natural gas reserves
as of
December 31, 2006 are estimated at 221 Bcf of natural gas and 20.4 million
barrels of crude oil or 344 Bcfe, as compared to total proved oil and natural
gas reserves as of December 31, 2005 of 323 Bcfe. Natural gas reserves account
for 64% of total proved reserves and 80% of the total proved reserves were
classified as proved developed at the end of 2006. Bois d'Arc operates 98%
of
its proved reserve base.
The
present value, using a 10% discount rate, of the future net cash flows before
income taxes of Bois d'Arc's estimated proved oil and natural gas reserves
at
the end of 2006 is approximately $1.3 billion using oil and natural gas prices
of $59.28 per barrel for oil and $5.85 per Mcf for natural gas.
Bois
d'Arc replaced 166% of its 2006 production of 31.5 Bcfe through its 2006
acquisition and exploration activities. New discoveries added approximately
45
Bcfe of new proved oil and natural gas reserves and an additional 42 Bcfe of
probable reserves. Bois d'Arc also acquired 7 Bcfe of proved reserves in
2006.
The
minority interest in Bois d'Arc's proved oil and natural gas reserves not owned
by Comstock is 174 Bcfe as of December 31, 2006. The present value, using a
10%
discount rate, of the future net cash flows before income taxes relating to
the
minority interest in Bois d'Arc's estimated proved oil and natural gas reserves
at the end of 2006 is approximately $666 million.
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.