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 12,
2007
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
February 12, 2007, Comstock Resources, Inc. ("Comstock") announced financial
results for the three months and twelve months ended December 31, 2006. A
copy
of the press release announcing Comstock's earnings results for three months
and
twelve months ended December 31, 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 February 12, 2007.
|
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:
February
12, 2007
|
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
FOURTH
QUARTER AND ANNUAL 2006 FINANCIAL AND OPERATING RESULTS
FRISCO,
TEXAS, February 12, 2007
-
Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today
reported financial and operating results for the quarter and year ended December
31, 2006. The financial results include the operations of Bois d'Arc Energy,
Inc. ("Bois d'Arc Energy" NYSE: BDE) effective January 1, 2006. Pro forma
results for the three months and year ended December 31, 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 Year Ended December 31,
2006
Comstock
reported net income of $8.4 million or 19¢ per diluted share for the three
months ended December 31, 2006 as compared to net income of $41.3 million
or 96¢
per diluted share in the same quarter of 2005. Results for the fourth quarter
of
2005 include an unrealized gain on derivatives of $9.8 million. Without this
item Comstock would have reported net income of $35.5 million or 82¢ per diluted
share for the fourth quarter of 2005. Lower natural gas prices caused oil
and
gas sales in the fourth quarter of 2006 to decrease by 11% to $126.8 million
as
compared to pro forma consolidated sales of $142.2 million in the same period
last year. Comstock generated $80.8 million in consolidated operating cash
flow
(before changes in working capital accounts) in 2006's fourth quarter, which
represents an 18% decrease from 2005's fourth quarter pro forma consolidated
cash flow of $98.4 million. EBITDAX or earnings before interest, taxes,
depreciation, depletion, amortization, exploration expense and other noncash
expenses was $92.7 million in 2006's fourth quarter as compared to 2005's
pro
forma consolidated third quarter EBITDAX of $107.4 million.
For
the
year ended December 31, 2006, Comstock's oil and gas sales increased $62.7
million or 14% to $511.9 million from pro forma consolidated sales of $449.2
million in 2005. Net income for the year ended December 31, 2006 was $70.7
million, or $1.61 per diluted share, as compared to net income of $60.5 million
or $1.47 per diluted share in 2005. Net income for the year ended December
31,
2006 includes unrealized gains on derivative financial instruments of $11.2
million and the impact of the new Texas business tax of $1.3 million. Without
these items, Comstock would have reported net income of $64.6 million or
$1.48
per diluted share. Excluding the one time adjustments to reflect Bois d'Arc
Energy's conversion to a corporation and its initial public offering and
unrealized losses on derivatives, Comstock's net income for the year ended
December 31, 2005 would have been $91.0 million, or $2.21 per diluted share.
Operating cash flow (before changes in working capital accounts) generated
by
Comstock was $348.5 million during 2006 as compared to pro forma consolidated
cash flow of $312.8 million for the same period in 2005. For the year ended
December 31, 2006, EBITDAX was $387.4 million as compared to pro forma
consolidated EBITDAX of $352.1 million for 2005.
Production
in the fourth quarter of 2006 totaled 18.2 Bcf equivalent of natural gas
("Bcfe"), a 33% increase from 2005's pro forma consolidated production of
13.6
Bcfe. For the year ended December 31, 2006 production totaled 67.3 Bcfe,
an
increase of 22%, as compared to pro forma consolidated production in 2005
of
55.0 Bcfe.
The
Company's realized natural gas price averaged $6.47 per Mcf in 2006's fourth
quarter which was significantly lower than the average price of $10.75 per
Mcf
in 2005's fourth quarter. Realized oil prices in the fourth quarter of 2006
averaged $54.51 per barrel as compared to $54.36 per barrel for the fourth
quarter of 2005. For the year ended December 31, 2006, Comstock's realized
natural gas price averaged $6.95 per Mcf as compared to $8.06 per Mcf in
2005.
Comstock's realized oil price in 2006 was $60.93 per barrel as compared to
$51.50 per barrel in 2005.
2006
Drilling Results
Comstock
made capital expenditures of $288.7 million during 2006 for its onshore
acquisition, exploration and development activities and spent an additional
$1.1
million on other exploration costs. Onshore, Comstock drilled 122 onshore
wells
(89.6 net) in 2006. 117 (85.7 net) of the wells drilled were development
wells
and five (4.0 net) were exploratory. 113 of the development wells were
successful and three (2.0 net) of the exploratory wells were successful.
Comstock's drilling success rate for its onshore drilling program was 95%
in
2006.
Comstock
drilled 88 wells (69.3 net) in its East Texas/North Louisiana region. All
but
two of these were successful. These wells have been tested at a per well
average
rate of 1.4 million cubic feet of gas equivalent ("Mmcfe") per day. In 2007,
Comstock plans to drill 116 (88.6 net) development wells in this region and
currently has seven drilling rigs working in this region. In its South Texas
region, Comstock drilled ten (4.3 net) successful wells in 2006. These
wells have been tested at a per well average rate of 5.6 Mmcfe per day.
In
2007,
Comstock plans to drill 21 (11.5 net) wells in this region. Comstock drilled
24
wells (16.0 net) in its other regions during 2006. Seven (1.1 net) of the
wells
drilled were coal bed methane wells in the San Juan Basin in New Mexico.
All but
one of these were successful. These wells have been tested at a per well
average
rate of 0.9 Mmcfe per day. Comstock drilled eleven (10.5 net) wells in
Mississippi. Nine of the eleven were successful and two were dry holes. These
wells have been tested at a per well average rate of 153 barrels of oil per
day.
The remaining six (4.4 net) successful wells were drilled in Arkansas and
Oklahoma. All but one of these were successful. In 2007, Comstock plans to
drill
18 (16.4 net) wells in Mississippi and 15 (2.4 net) wells in certain of its
other fields.
Comstock's
offshore operations are conducted exclusively through its ownership of Bois
d'Arc Energy. Bois
d'Arc Energy made capital expenditures of $244.6 million during 2006 for
its
acquisition, exploration and development activities and spent an additional
$4.6
million on geological and geophysical costs primarily for 3-D seismic data
acquisition. Bois
d'Arc successfully replaced 166% of 2006's production primarily through its
2006
drilling program. In 2006, Bois d'Arc Energy drilled ten (8.7 net) successful
wells out of a total of 13 (11.2 net) wells drilled with three (2.5 net)
dry
holes. The largest discoveries made in 2006 included a well drilled at South
Pelto 22, which proved up the "Sockeye" prospect and a discovery at Ship
Shoal
block 111, which proved up the "Steelhead" prospect.
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 Texas, Louisiana and 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.
COMSTOCK
RESOURCES, INC.
CONSOLIDATED
OPERATING RESULTS
(In
thousands, except per share amounts)
|
Three
Months Ended December 31,
|
Twelve
Months Ended December 31,
|
||||||||||||||||||||||||
|
2005
|
2005
|
||||||||||||||||||||||||
|
2006
|
As
Reported
|
Pro
Forma(1)
|
2006
|
As
Reported
|
Pro
Forma(1)
|
||||||||||||||||||||
|
Oil
and gas sales
|
$
|
126,775
|
$
|
93,366
|
$
|
142,207
|
$
|
511,928
|
$
|
303,336
|
$
|
449,242
|
|||||||||||||
|
Operating
expenses:
|
|||||||||||||||||||||||||
|
Oil
and gas operating
|
29,083
|
14,097
|
26,862
|
107,303
|
50,966
|
81,356
|
|||||||||||||||||||
|
Exploration
|
3,470
|
16
|
6,294
|
20,132
|
19,725
|
33,693
|
|||||||||||||||||||
|
Depreciation,
depletion and amortization
|
49,465
|
15,970
|
24,923
|
153,922
|
63,338
|
95,977
|
|||||||||||||||||||
|
Impairment
|
275
|
—
|
590
|
10,444
|
3,400
|
3,990
|
|||||||||||||||||||
|
General
and administrative, net
|
9,031
|
5,518
|
8,580
|
31,769
|
16,533
|
24,017
|
|||||||||||||||||||
|
|
|||||||||||||||||||||||||
|
Total
operating expenses
|
91,324
|
35,601
|
67,249
|
323,570
|
153,962
|
239,033
|
|||||||||||||||||||
|
|
|||||||||||||||||||||||||
|
Income
from operations
|
35,451
|
57,765
|
74,958
|
188,358
|
149,374
|
210,209
|
|||||||||||||||||||
|
Other
income (expenses):
|
|||||||||||||||||||||||||
|
Interest
income
|
288
|
155
|
203
|
1,012
|
1,604
|
610
|
|||||||||||||||||||
|
Other
income
|
165
|
36
|
86
|
781
|
209
|
209
|
|||||||||||||||||||
|
Interest
expense
|
(9,107
|
)
|
(4,773
|
)
|
(5,461
|
)
|
(27,429
|
)
|
(20,272
|
)
|
(21,365
|
)
|
|||||||||||||
|
Loss
on disposal of assets
|
— | — | — | — | — | (89 | ) | ||||||||||||||||||
|
Gain
on sale of stock by Bois d'Arc Energy
|
—
|
—
|
—
|
—
|
28,797
|
28,797
|
|||||||||||||||||||
|
Gain
(loss) on derivatives
|
108
|
7,489
|
7,489
|
10,716
|
(13,556
|
)
|
(13,556
|
)
|
|||||||||||||||||
|
|
|||||||||||||||||||||||||
|
Total
other income (expenses)
|
(8,546
|
)
|
2,907
|
2,317
|
(14,920
|
)
|
(3,218
|
)
|
(5,394
|
)
|
|||||||||||||||
|
|
|||||||||||||||||||||||||
|
Income
before income taxes, minority interest
|
|||||||||||||||||||||||||
|
and
equity in earnings of Bois d'Arc Energy
|
26,905
|
60,672
|
77,275
|
173,438
|
146,156
|
204,815
|
|||||||||||||||||||
|
Provision
for income taxes
|
(12,492
|
)
|
(24,346
|
)
|
(30,511
|
)
|
(74,339
|
)
|
(35,815
|
)
|
(161,623
|
)
|
|||||||||||||
|
Equity
in (earnings) loss of Bois 'Arc
|
|||||||||||||||||||||||||
| Energy | — | 5,005 | — | — | (49,862 | ) | — | ||||||||||||||||||
|
Minority
interest in earnings (loss) of
|
|||||||||||||||||||||||||
|
Bois d'Arc Energy
|
(6,001
|
)
|
—
|
(5,433
|
)
|
(28,434
|
)
|
—
|
17,287
|
||||||||||||||||
|
|
|||||||||||||||||||||||||
|
Net
income
|
$
|
8,412
|
$
|
41,331
|
$
|
41,331
|
$
|
70,665
|
$
|
60,479
|
$
|
60,479
|
|||||||||||||
|
Net
income per share:
|
|||||||||||||||||||||||||
|
Basic
|
$
|
0.20
|
$
|
0.99
|
$
|
0.99
|
$
|
1.67
|
$
|
1.54
|
$
|
1.54
|
|||||||||||||
|
Diluted
|
$
|
0.19
|
$
|
0.96
|
$
|
0.96
|
$
|
1.61
|
$
|
1.47
|
$
|
1.47
|
|||||||||||||
|
Weighted
average common and common stock
|
|||||||||||||||||||||||||
|
equivalent
shares outstanding:
|
|||||||||||||||||||||||||
|
Basic
|
42,493
|
41,652
|
41,652
|
42,220
|
39,216
|
39,216
|
|||||||||||||||||||
|
Diluted
|
43,707
|
43,114
|
43,114
|
43,556
|
41,154
|
41,154
|
|||||||||||||||||||
|
(1)
Pro forma amounts include Bois d'Arc Energy as a consolidated
subsidiary.
|
|||||||||||||||||||||||||
COMSTOCK
RESOURCES, INC.
CONSOLIDATED
OPERATING RESULTS
(In
thousands)
|
Three
Months Ended December 31,
|
Twelve
Months Ended December 31,
|
|||||||||||||||||||||||
|
2005
|
2005
|
|||||||||||||||||||||||
|
2006
|
As
Reported
|
Pro
Forma(1)
|
2006
|
As
Reported
|
Pro
Forma(1)
|
|||||||||||||||||||
|
Cash
flow from operations:
|
||||||||||||||||||||||||
|
Net
cash provided by operating activities
|
$
|
90,305
|
$
|
62,700
|
$
|
93,747
|
$
|
364,605
|
$
|
217,954
|
$
|
322,744
|
||||||||||||
|
Excess
tax benefit from stock based
|
||||||||||||||||||||||||
|
compensation
|
5,296
|
—
|
6,218
|
—
|
||||||||||||||||||||
|
Increase
in accounts receivable
|
13,691
|
8,289
|
23,813
|
2,917
|
13,030
|
32,216
|
||||||||||||||||||
|
Increase
(decrease) in other current assets
|
(3,665
|
)
|
1,043
|
(2,303
|
)
|
(3,526
|
)
|
2,119
|
||||||||||||||||
|
Increase
in accounts payable and
|
(616
|
)
|
||||||||||||||||||||||
|
accrued
expenses
|
(24,819
|
)
|
(2,994
|
)
|
(16,882
|
)
|
(21,666
|
)
|
(14,079
|
)
|
(44,315
|
)
|
||||||||||||
|
Cash
flow from operations
|
$
|
80,808
|
$
|
69,038
|
$
|
98,375
|
$
|
348,548
|
$
|
216,289
|
$
|
312,764
|
||||||||||||
|
EBITDAX:
|
||||||||||||||||||||||||
|
Net
income
|
$
|
8,412
|
$
|
41,331
|
$
|
41,331
|
$
|
70,665
|
$
|
60,479
|
$
|
60,479
|
||||||||||||
|
Interest
expense
|
9,107
|
4,773
|
5,461
|
27,429
|
20,272
|
21,365
|
||||||||||||||||||
|
Income
tax expense
|
12,492
|
24,346
|
30,511
|
74,339
|
35,815
|
161,623
|
||||||||||||||||||
|
Depreciation,
depletion and amortization
|
49,465
|
15,970
|
24,923
|
153,922
|
63,338
|
95,977
|
||||||||||||||||||
|
Exploration
expense
|
3,470
|
16
|
6,294
|
20,132
|
19,725
|
33,693
|
||||||||||||||||||
|
Other
non-cash items:
|
||||||||||||||||||||||||
|
Impairment
|
275
|
—
|
590
|
10,444
|
3,400
|
3,990
|
||||||||||||||||||
|
Loss
on disposal of assets
|
—
|
—
|
—
|
—
|
—
|
89
|
||||||||||||||||||
|
Minority
interest in earnings
|
||||||||||||||||||||||||
|
(loss)
of Bois d'Arc Energy
|
6,001
|
—
|
5,433
|
28,434
|
—
|
(17,287
|
)
|
|||||||||||||||||
|
Equity
in (earnings) loss of
|
||||||||||||||||||||||||
|
Bois
d'Arc Energy
|
—
|
(5,005
|
)
|
—
|
—
|
49,862
|
—
|
|||||||||||||||||
|
Gain
on sale of stock by Bois d'Arc
|
||||||||||||||||||||||||
|
Energy
|
—
|
—
|
—
|
—
|
(28,797
|
)
|
(28,797
|
)
|
||||||||||||||||
|
Stock-based
compensation
|
3,415
|
1,224
|
2,693
|
13,249
|
5,419
|
9,885
|
||||||||||||||||||
|
Unrealized
(gain) loss on
derivatives |
69
|
(9,818
|
)
|
(9,818
|
)
|
(11,242
|
)
|
11,087
|
11,087
|
|||||||||||||||
|
EBITDAX
|
$
|
92,706
|
$
|
72,837
|
$
|
107,418
|
$
|
387,372
|
$
|
240,600
|
$
|
352,104
|
||||||||||||
|
As
of December 31,
|
|||||||||||||
|
2005
|
|||||||||||||
|
2006
|
As
Reported
|
Pro
Forma(1)
|
|||||||||||
|
Balance
Sheet Data:
|
|||||||||||||
|
Cash
and cash equivalents
|
$
|
10,715
|
$
|
89
|
$
|
12,132
|
|||||||
|
Other
current assets
|
88,113
|
52,681
|
90,686
|
||||||||||
|
Property
and equipment, net
|
1,773,626
|
706,928
|
1,368,859
|
||||||||||
|
Investment
in Bois d'Arc Energy
|
—
|
252,134
|
—
|
||||||||||
|
Other
|
5,671
|
4,831
|
5,630
|
||||||||||
|
Total
assets
|
$
|
1,878,125
|
$
|
1,016,663
|
$
|
1,477,307
|
|||||||
|
Current
liabilities
|
$
|
151,861
|
$
|
68,117
|
$
|
134,399
|
|||||||
|
Long-term
debt
|
455,000
|
243,000
|
312,000
|
||||||||||
|
Deferred
income taxes
|
311,236
|
119,481
|
242,737
|
||||||||||
|
Asset
retirement obligation
|
57,116
|
3,206
|
38,240
|
||||||||||
|
Minority
interest in Bois d'Arc Energy
|
220,349
|
—
|
167,072
|
||||||||||
|
Stockholders'
equity
|
682,563
|
582,859
|
582,859
|
||||||||||
|
Total
liabilities and stockholders' equity
|
$
|
1,878,125
|
$
|
1,016,663
|
$
|
1,477,307
|
|||||||
|
(1)
Pro forma amounts include Bois d'Arc Energy as a consolidated
subsidiary.
|
||
COMSTOCK
RESOURCES, INC.
OPERATING
RESULTS
($
In
thousands, except per unit amounts)
|
Pro
Forma Consolidated
|
|||||||||||||||||||||||||
|
For
the Three Months Ended December 31, 2006
|
For
the Three Months ended December 31, 2005
|
||||||||||||||||||||||||
|
Onshore(1)
|
Bois
d'Arc Energy
|
Total
|
Onshore(1)
|
Bois
d'Arc Energy
|
Pro
Forma
Total(2) |
||||||||||||||||||||
|
Oil
production (thousand barrels)
|
225
|
350
|
575
|
234
|
199
|
433
|
|||||||||||||||||||
|
Gas
production (million cubic
|
|||||||||||||||||||||||||
|
feet
- Mmcf
|
7,944
|
6,795
|
14,739
|
7,868
|
3,178
|
11,046
|
|||||||||||||||||||
|
Total
production (Mmcfe)
|
9,296
|
8,894
|
18,190
|
9,270
|
4,368
|
13,638
|
|||||||||||||||||||
|
Oil
sales
|
$
|
11,147
|
$
|
20,206
|
$
|
31,353
|
$
|
11,725
|
$
|
11,770
|
$
|
23,495
|
|||||||||||||
|
Gas
sales
|
49,354
|
46,068
|
95,422
|
81,641
|
37,071
|
118,712
|
|||||||||||||||||||
|
Total
oil and gas sales
|
$
|
60,501
|
$
|
66,274
|
$
|
126,775
|
$
|
93,366
|
$
|
48,841
|
$
|
142,207
|
|||||||||||||
|
Average
oil price (per barrel)
|
$
|
49.46
|
$
|
57.77
|
$
|
54.51
|
$
|
50.17
|
$
|
59.29
|
$
|
54.36
|
|||||||||||||
|
Average
gas price (per thousand
|
|||||||||||||||||||||||||
|
cubic
feet - Mcf)
|
$
|
6.21
|
$
|
6.78
|
$
|
6.47
|
$
|
10.38
|
$
|
11.67
|
$
|
10.75
|
|||||||||||||
|
Average
price (per Mcf equivalent)
|
$
|
6.51
|
$
|
7.45
|
$
|
6.97
|
$
|
10.07
|
$
|
11.18
|
$
|
10.43
|
|||||||||||||
|
Lifting
cost
|
$
|
13,482
|
$
|
15,601
|
$
|
29,083
|
$
|
14,097
|
$
|
12,765
|
$
|
26,862
|
|||||||||||||
|
Lifting
cost (per Mcf equivalent)
|
$
|
1.45
|
$
|
1.75
|
$
|
1.60
|
$
|
1.52
|
$
|
2.92
|
$
|
1.97
|
|||||||||||||
|
Oil
and Gas Capital Expenditures
|
$
|
75,790
|
$
|
52,812
|
$
|
128,602
|
$
|
26,864
|
$
|
63,839
|
$
|
90,703
|
|||||||||||||
|
Pro
Forma Consolidated
|
|||||||||||||||||||||||||
|
For
the Year Ended December 31, 2006
|
For
the Year ended December 30, 2005
|
||||||||||||||||||||||||
|
Onshore(1)
|
Bois
d'Arc Energy
|
Total
|
Onshore(1)
|
Bois
d'Arc Energy
|
Pro
Forma
Total(2) |
||||||||||||||||||||
|
Oil
production (thousand barrels)
|
921
|
1,383
|
2,304
|
735
|
1,155
|
1,890
|
|||||||||||||||||||
|
Gas
production (million cubic
|
|||||||||||||||||||||||||
|
feet
- Mmcf)
|
30,271
|
23,183
|
53,454
|
28,742
|
14,896
|
43,638
|
|||||||||||||||||||
|
Total
production (Mmcfe)
|
35,797
|
31,481
|
67,278
|
33,151
|
21,825
|
54,976
|
|||||||||||||||||||
|
Oil
sales
|
$
|
50,955
|
$
|
89,421
|
$
|
140,376
|
$
|
36,259
|
$
|
61,064
|
$
|
97,323
|
|||||||||||||
|
Gas
sales
|
206,263
|
165,289
|
371,552
|
228,547
|
123,372
|
351,919
|
|||||||||||||||||||
|
Total
oil and gas sales
|
$
|
257,218
|
$
|
254,710
|
$
|
511,928
|
$
|
264,806
|
$
|
184,436
|
$
|
449,242
|
|||||||||||||
|
Average
oil price (per barrel)
|
$
|
55.32
|
$
|
64.66
|
$
|
60.93
|
$
|
49.34
|
$
|
52.88
|
$
|
51.50
|
|||||||||||||
|
Average
gas price (per thousand
|
|||||||||||||||||||||||||
|
cubic
feet - Mcf)
|
$
|
6.81
|
$
|
7.13
|
$
|
6.95
|
$
|
7.95
|
$
|
8.28
|
$
|
8.06
|
|||||||||||||
|
Average
price (per Mcf equivalent)
|
$
|
7.19
|
$
|
8.09
|
$
|
7.61
|
$
|
7.99
|
$
|
8.45
|
$
|
8.17
|
|||||||||||||
|
Lifting
cost
|
$
|
53,903
|
$
|
53,400
|
$
|
107,303
|
$
|
44,267
|
$
|
37,089
|
$
|
81,356
|
|||||||||||||
|
Lifting
cost (per Mcf equivalent)
|
$
|
1.51
|
$
|
1.70
|
$
|
1.59
|
$
|
1.34
|
$
|
1.70
|
$
|
1.48
|
|||||||||||||
|
Oil
and Gas Capital Expenditures
|
$
|
288,729
|
$
|
244,610
|
$
|
533,339
|
$
|
323,953
|
$
|
187,562
|
$
|
511,515
|
|||||||||||||
|
(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 December 31, 2006
|
For
the Three Months Ended December 31, 2005
|
||||||||||||||||||||||||||||||||
|
East
Texas/
|
East
Texas/
|
||||||||||||||||||||||||||||||||
|
North
|
South
|
Total
|
North
|
South
|
Total
|
||||||||||||||||||||||||||||
|
Louisiana
|
Texas
|
Other
|
Onshore
|
Louisiana
|
Texas
|
Other
|
Onshore
|
||||||||||||||||||||||||||
|
Oil
production (thousand barrels)
|
28
|
45
|
152
|
225
|
34
|
61
|
139
|
234
|
|||||||||||||||||||||||||
|
Gas
production (million cubic
|
|||||||||||||||||||||||||||||||||
|
feet
-
Mmcf)
|
4,775
|
2,345
|
824
|
7,944
|
4,276
|
2,008
|
1,584
|
7,868
|
|||||||||||||||||||||||||
|
Total
production (Mmcfe)
|
4,941
|
2,613
|
1,742
|
9,296
|
4,478
|
2,371
|
2,421
|
9,270
|
|||||||||||||||||||||||||
|
Oil
sales
|
$
|
1,658
|
$
|
2,547
|
$
|
6,942
|
$
|
11,147
|
$
|
2,060
|
$
|
3,562
|
$
|
6,103
|
$
|
11,725
|
|||||||||||||||||
|
Gas
sales
|
29,304
|
15,179
|
4,871
|
49,354
|
45,013
|
21,755
|
14,873
|
81,641
|
|||||||||||||||||||||||||
|
Total
oil and gas sales
|
$
|
30,962
|
$
|
17,726
|
$
|
11,813
|
$
|
60,501
|
$
|
47,073
|
$
|
25,317
|
$
|
20,976
|
$
|
93,366
|
|||||||||||||||||
|
Average
oil price (per barrel)
|
$
|
59.21
|
$
|
56.60
|
$
|
45.67
|
$
|
49.46
|
$
|
60.59
|
$
|
58.39
|
$
|
43.91
|
$
|
50.17
|
|||||||||||||||||
|
Average
gas price (per thousand
|
|||||||||||||||||||||||||||||||||
|
cubic
feet - Mcf)
|
$
|
6.14
|
$
|
6.47
|
$
|
5.91
|
$
|
6.21
|
$
|
10.53
|
$
|
10.83
|
$
|
9.39
|
$
|
10.38
|
|||||||||||||||||
|
Average
price (per Mcf
|
|||||||||||||||||||||||||||||||||
|
equivalent)
|
$
|
6.27
|
$
|
6.78
|
$
|
6.78
|
$
|
6.51
|
$
|
10.51
|
$
|
10.68
|
$
|
8.66
|
$
|
10.07
|
|||||||||||||||||
|
Lifting
cost(1)
|
$
|
5,878
|
$
|
3,842
|
$
|
3,762
|
$
|
13,482
|
$
|
6,123
|
$
|
4,955
|
$
|
3,019
|
$
|
14,097
|
|||||||||||||||||
|
Lifting
cost (per Mcf equivalent)
|
$
|
1.19
|
$
|
1.47
|
$
|
2.16
|
$
|
1.45
|
$
|
1.37
|
$
|
2.09
|
$
|
1.25
|
$
|
1.52
|
|||||||||||||||||
|
Oil
and Gas Capital Expenditures:
|
|||||||||||||||||||||||||||||||||
|
Acquisitions
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
58
|
$
|
— |
$
|
— |
$
|
58
|
|||||||||||||||||
|
Leasehold
costs
|
127
|
(1,266
|
)
|
1,132
|
(7
|
)
|
803
|
463
|
423
|
1,689
|
|||||||||||||||||||||||
|
Exploratory
drilling
|
—
|
5,964
|
1,737
|
7,701
|
— |
20
|
1
|
21
|
|||||||||||||||||||||||||
|
Development
drilling
|
53,511
|
2,634
|
8,070
|
64,215
|
19,460
|
3,289
|
(1,553
|
)
|
21,196
|
||||||||||||||||||||||||
|
Other
development
|
1,987
|
1,378
|
516
|
3,881
|
1,721
|
424
|
1,755
|
3,900
|
|||||||||||||||||||||||||
|
Total
|
$
|
55,625
|
$
|
8,710
|
$
|
11,455
|
$
|
75,790
|
$
|
22,042
|
$
|
4,196
|
$
|
626
|
$
|
26,864
|
|||||||||||||||||
|
(1)
Includes production taxes of $2,551 and $3,893 for the three months
ended
December 31, 2006 and 2005, respectively.
|
|||||||||||||||||||||||||||||||||
|
For
the Year ended December 31, 2006
|
For
the Year Ended December 31, 2005
|
||||||||||||||||||||||||||||||||
|
East
Texas/
|
East
Texas/
|
||||||||||||||||||||||||||||||||
|
North
|
South
|
Total
|
North
|
South
|
Total
|
||||||||||||||||||||||||||||
|
Louisiana
|
Texas
|
Other
|
Onshore
|
Louisiana
|
Texas
|
Other
|
Onshore
|
||||||||||||||||||||||||||
|
Oil
production (thousand barrels)
|
117
|
209
|
595
|
921
|
97
|
239
|
399
|
735
|
|||||||||||||||||||||||||
|
Gas
production (million cubic
|
|||||||||||||||||||||||||||||||||
|
feet
- Mmcf)
|
17,850
|
9,073
|
3,348
|
30,271
|
14,130
|
10,155
|
4,457
|
28,742
|
|||||||||||||||||||||||||
|
Total
production (Mmcfe)
|
18,550
|
10,328
|
6,919
|
35,797
|
14,710
|
11,586
|
6,855
|
33,151
|
|||||||||||||||||||||||||
|
Oil
sales
|
$
|
7,295
|
$
|
13,332
|
$
|
30,328
|
$
|
50,955
|
$
|
5,243
|
$
|
12,957
|
$
|
18,059
|
$
|
36,259
|
|||||||||||||||||
|
Gas
sales
|
119,106
|
65,594
|
21,563
|
206,263
|
114,186
|
79,720
|
34,641
|
228,547
|
|||||||||||||||||||||||||
|
Total
oil and gas sales
|
$
|
126,401
|
$
|
78,926
|
$
|
51,891
|
$
|
257,218
|
$
|
119,429
|
$
|
92,677
|
$
|
52,700
|
$
|
264,806
|
|||||||||||||||||
|
Average
oil price (per barrel)
|
$
|
62.35
|
$
|
63.79
|
$
|
50.97
|
$
|
55.32
|
$
|
54.05
|
$
|
54.21
|
$
|
45.26
|
$
|
49.34
|
|||||||||||||||||
|
Average
gas price (per thousand
|
|||||||||||||||||||||||||||||||||
|
cubic
feet - Mcf)
|
$
|
6.67
|
$
|
7.23
|
$
|
6.44
|
$
|
6.81
|
$
|
8.08
|
$
|
7.85
|
$
|
7.77
|
$
|
7.95
|
|||||||||||||||||
|
Average
price (per Mcf
|
|||||||||||||||||||||||||||||||||
|
equivalent)
|
$
|
6.81
|
$
|
7.64
|
$
|
7.50
|
$
|
7.19
|
$
|
8.12
|
$
|
8.00
|
$
|
7.69
|
$
|
7.99
|
|||||||||||||||||
|
Lifting
cost(2)
|
$
|
23,107
|
$
|
14,612
|
$
|
16,184
|
$
|
53,903
|
$
|
17,823
|
$
|
14,847
|
$
|
11,597
|
$
|
44,267
|
|||||||||||||||||
|
Lifting
cost (per Mcf equivalent)
|
$
|
1.25
|
$
|
1.41
|
$
|
2.34
|
$
|
1.51
|
$
|
1.21
|
$
|
1.28
|
$
|
1.69
|
$
|
1.34
|
|||||||||||||||||
|
Oil
and Gas Capital Expenditures:
|
|||||||||||||||||||||||||||||||||
|
Acquisitions
|
$
|
912
|
$
|
60,707
|
$
|
—
|
$
|
61,619
|
$
|
128,455
|
$
|
— |
$
|
73,334
|
$
|
201,789
|
|||||||||||||||||
|
Leasehold
costs
|
620
|
6,358
|
2,955
|
9,933
|
1,415
|
2,123
|
1,530
|
5,068
|
|||||||||||||||||||||||||
|
Exploratory
drilling
|
—
|
6,039
|
1,737
|
7,776
|
— |
14,933
|
277
|
15,210
|
|||||||||||||||||||||||||
|
Development
drilling
|
145,036
|
14,537
|
28,558
|
188,131
|
71,516
|
10,103
|
5,681
|
87,300
|
|||||||||||||||||||||||||
|
Other
development
|
13,307
|
2,374
|
5,589
|
21,270
|
8,632
|
1,567
|
4,387
|
14,586
|
|||||||||||||||||||||||||
|
Total
|
$
|
159,875
|
$
|
90,015
|
$
|
38,839
|
$
|
288,729
|
$
|
210,018
|
$
|
28,726
|
$
|
85,209
|
$
|
323,953
|
|||||||||||||||||
|
(2)
Includes production taxes of $11,341 and $11,344 for the years
ended
December 31, 2006 and 2005, respectively.
|
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