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 5,
2007
COMSTOCK
RESOURCES, INC.
(Exact
Name of Registrant as Specified in Charter)
|
STATE
OF NEVADA
|
000-16741
|
94-1667468
|
|
(State
or other
jurisdiction
of 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 5, 2007, Comstock Resources, Inc. ("Comstock") announced financial
results for the three months and nine months ended September 30,
2007. A copy of the press release announcing Comstock's earnings and
operating results for the three months and nine months ended September 30,
2007
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 5, 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: November
5, 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
THIRD
QUARTER 2007 FINANCIAL AND OPERATING RESULTS
FRISCO,
TEXAS, November 5, 2007– Comstock Resources, Inc. ("Comstock" or the
"Company") (NYSE: CRK) today reported financial and operating results for the
quarter and nine months ended September 30, 2007.
Financial
Results for the Three Months and Nine Months Ended September 30,
2007
Comstock
reported net income of $16.4 million or 37¢ per diluted share for the three
months ended September 30, 2007 as compared to 2006's third quarter net income
of $17.0 million or 39¢ per diluted share. The 2006 results include a
$1.2 million unrealized gain on derivative financial
instruments. Without this gain Comstock would have had net income of
$16.3 million or 37¢ per diluted share. The third quarter results
reflect strong production growth from the Company's successful drilling
activities. Comstock's production in the third quarter of 2007
increased 35% to 23.1 billion cubic feet equivalent of natural gas ("Bcfe")
as
compared to production of 17.1 Bcfe in the third quarter of
2006. Onshore production has increased 38% and offshore production
was up 31% from the third quarter of 2006. The third quarter average
daily production rate of 251 million cubic feet of natural gas equivalent
("Mmcfe") also has increased 6% from the second quarter 2007 production rate
of
236 Mmcfe per day. Oil prices also improved from the third quarter of
2006. Realized oil prices in the third quarter of 2007 averaged
$72.57 per barrel, 10% higher than the $65.95 per barrel in 2006's third
quarter. Natural gas prices realized in the third quarter of 2007
averaged $6.35 per Mcf, 4% lower than the $6.63 per Mcf for 2006. The
35% production increase caused third quarter 2007's oil and gas sales to
increase 32% to $171.1 million from 2006's third quarter sales of $129.3
million. Operating cash flow (before changes in working capital
accounts) generated by Comstock in 2007's third quarter of $115.9 million
increased 30% over 2006's third quarter cash flow of $89.3
million. EBITDAX or earnings before interest, taxes, depreciation,
depletion, amortization, exploration expense and other noncash expenses
increased 35% to $133.2 million in 2007's third quarter over 2006's third
quarter EBITDAX of $98.8 million.
Comstock
reported net income of $47.2 million or $1.05 per diluted share for the nine
months ended September 30, 2007 as compared to 2006's net income of $62.3
million or $1.42 per diluted share. The 2006 results include a $11.3
million unrealized gain on derivative financial instruments. Without
this gain, Comstock would have had net income of $54.7 million or $1.25 per
diluted share.
Financial
results for the first nine months of 2007 also reflect the Company's strong
production growth in 2007. Comstock's production in the first nine
months of 2007 increased 32% to 64.6 Bcfe as compared to production of 49.1
Bcfe
in the first nine months of 2006. Onshore production has increased
25% and offshore production was up 40% over the first nine months of
2006. Realized oil prices in the first nine months of 2007 averaged
$63.45 per barrel, slightly above the $63.06 per barrel realized in
2006. The production gains and higher crude oil prices for the first
nine months of 2007 were offset in part by lower natural gas
prices. The Company's realized natural gas price averaged $6.93 per
Mcf in 2007's first nine months, 3% lower than the $7.13 per Mcf in 2006's
first
nine months. Oil and gas sales of $491.3 million for the first nine
months of 2007 increased 28% from 2006's first nine months sales of $385.2
million. Operating cash flow (before changes in working capital
accounts) generated by Comstock in 2007's first nine months of $343.7 million
increased 28% from 2006's first nine months cash flow of $267.7
million. EBITDAX was $388.0 million in 2007's first nine months, a
32% increase over 2006's first nine months EBITDAX of $294.7
million.
Nine
Months 2007 Drilling Results
Comstock
also announced the results to date of its 2007 drilling program. In
the first nine months of 2007 Comstock drilled 142 wells (111.2
net). One hundred twenty-nine of the wells drilled were successful
and thirteen were dry holes.
Comstock
has spent $287.0 million during the first nine months of 2007 for its onshore
acquisition, exploration and development activities, comprised of $31.2 million
for acquisitions of producing properties, $255.6 million in capital expenditures
for lease acquisition, drilling and other development activity and $0.2 million
for seismic data acquisition and other geologic and geophysical
costs. During the last quarter of 2007, the Company expects to make
an additional $74.0 million in capital expenditures on its onshore
properties.
Onshore,
Comstock drilled 124 (97.5 net) development wells in the first nine months
of
2007 with 122 (95.8 net) being successful. Of the four (2.7 net)
onshore exploratory wells, one (0.6 net) was successful. Comstock
drilled 95 successful wells (76.0 net) in its East Texas and North Louisiana
region which have been tested at an average per well initial production rate
of
1.3 Mmcfe per day. At September 30, 2007 Comstock had six additional
wells in this region that were being drilled which are part of Comstock's 125
well drilling program planned in this region for 2007. Production in
this region has increased 37% in the first nine months of 2007 as compared
to
the first nine months of 2006 as a result of this drilling program.
In
South
Texas, Comstock drilled eighteen successful wells (12.5 net) and one (0.1 net)
unsuccessful well during the first nine months of 2007. The
successful wells had an average per well initial production rate of 5.9 Mmcfe
per day. Six of the successful wells were in the Las Hermanitas field
in Duval County, Texas, five were in the Javelina Field in Hidalgo County,
four
were in the Company's Ball Ranch field, two were in the Double A Wells field
and
one was in the Tom East field. Comstock had two rigs drilling in this
region on September 30, 2007.
Comstock
drilled thirteen wells (11.5 net) in Mississippi during the first nine months
of
2007, eleven of which were successful. Six of these wells were tested
at an average per well initial production rate of 184 barrels of oil per day
and
two wells tested at 1.7 Mmcf of natural gas per day. Comstock also
had one (0.2 net) successful well in the San Juan Basin.
Comstock's
offshore operations are conducted by its 49% owned subsidiary, Bois d'Arc
Energy, Inc. (NYSE: BDE) ("Bois d'Arc"). Bois d'Arc spent $172.1
million during the first nine months of 2007 for its exploration and development
activities, comprised of $167.1 million in capital expenditures for lease
acquisition, drilling, facilities and other development activity and $5.0
million for seismic data acquisition and other geologic and geophysical
costs. Since the beginning of 2007, Bois d'Arc has drilled six (5.6
net) successful wells out of a total of fourteen (11.0 net) wells
drilled. Despite the lower drilling success rate, Bois d'Arc has had
successful results from its exploration focused drilling
program. Bois d'Arc estimates that 2007 discoveries and the
performance of its M-8 Sand water flood project at its Ship Shoal 113 unit
have
added in excess of 100 Bcfe of net proved reserves in 2007. During
the last quarter of 2007, Bois d'Arc expects to make an additional $48.0 million
in capital expenditures. Bois d'Arc is currently drilling a
development well in the Ship Shoal 113 Unit and will then drill an 18,500 foot
well to test its "Chinook" prospect in South Pelto block 21.
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. 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,
|
|||||||||||||||
|
2007
|
2006
|
2007
|
2006
|
|||||||||||||
|
Oil
and gas sales
|
$
|
171,074
|
$
|
129,251
|
$
|
491,309
|
$
|
385,153
|
||||||||
|
Operating
expenses:
|
||||||||||||||||
|
Oil
and gas operating
|
34,005
|
26,904
|
91,268
|
78,220
|
||||||||||||
|
Exploration
|
5,710
|
8,069
|
36,709
|
16,662
|
||||||||||||
|
Depreciation,
depletion and amortization
|
62,420
|
40,709
|
178,887
|
104,457
|
||||||||||||
|
Impairment
|
826
|
1,389
|
826
|
10,169
|
||||||||||||
|
General
and administrative
|
8,676
|
7,370
|
26,540
|
22,738
|
||||||||||||
|
Total
operating expenses
|
111,637
|
84,441
|
334,230
|
232,246
|
||||||||||||
|
|
||||||||||||||||
|
Income
from operations
|
59,437
|
44,810
|
157,079
|
152,907
|
||||||||||||
|
Other
income (expenses):
|
||||||||||||||||
|
Interest
income
|
410
|
258
|
1,041
|
724
|
||||||||||||
|
Other
income
|
154
|
187
|
505
|
616
|
||||||||||||
|
Interest
expense
|
(11,225
|
)
|
(6,733
|
)
|
(29,880
|
)
|
(18,322
|
)
|
||||||||
|
Gain
on derivatives
|
—
|
1,180
|
—
|
10,608
|
||||||||||||
|
Total
other income (expenses)
|
(10,661
|
)
|
(5,108
|
)
|
(28,334
|
)
|
(6,374
|
)
|
||||||||
|
Income
before income taxes and minority interest
|
48,776
|
39,702
|
128,745
|
146,533
|
||||||||||||
|
Provision
for income taxes
|
(21,570
|
)
|
(16,662
|
)
|
(55,955
|
)
|
(61,847
|
)
|
||||||||
|
Minority
interest in earnings of Bois d'Arc Energy
|
(10,778
|
)
|
(6,004
|
)
|
(25,587
|
)
|
(22,433
|
)
|
||||||||
|
Net
income
|
$
|
16,428
|
$
|
17,036
|
$
|
47,203
|
$
|
62,253
|
||||||||
|
Net
income per share:
|
||||||||||||||||
|
Basic
|
$
|
0.38
|
$
|
0.40
|
$
|
1.09
|
$
|
1.48
|
||||||||
|
Diluted
|
$
|
0.37
|
$
|
0.39
|
$
|
1.05
|
$
|
1.42
|
||||||||
|
Weighted
average common and common stock
equivalent
shares outstanding:
|
||||||||||||||||
|
Basic
|
43,379
|
42,243
|
43,372
|
42,128
|
||||||||||||
|
Diluted
|
44,434
|
43,553
|
44,345
|
43,505
|
||||||||||||
COMSTOCK
RESOURCES, INC.
CONSOLIDATED
OPERATING RESULTS
(In
thousands)
|
Three
Months Ended
September 30, |
Nine
Months Ended
September 30, |
|||||||||||||||
|
2007
|
2006
|
2007
|
2006
|
|||||||||||||
|
Cash
flow from operations:
|
||||||||||||||||
|
Net
cash provided by operating activities
|
$
|
97,332
|
$
|
98,236
|
$
|
324,885
|
$
|
274,300
|
||||||||
|
Excess
tax benefit from stock-based compensation
|
2
|
—
|
602
|
922
|
||||||||||||
|
Increase
(decrease) in accounts receivable
|
(14,183
|
)
|
2,366
|
1,230
|
(10,774
|
)
|
||||||||||
|
Increase
(decrease) in other current assets
|
24
|
(10,560
|
)
|
2,588
|
139
|
|||||||||||
|
Decrease
(increase) in accounts payable
|
||||||||||||||||
|
and
accrued expenses
|
32,735
|
(763
|
)
|
14,346
|
3,153
|
|||||||||||
|
Cash
flow from operations
|
$
|
115,910
|
$
|
89,279
|
$
|
343,651
|
$
|
267,740
|
||||||||
|
EBITDAX:
|
||||||||||||||||
|
Net
income
|
$
|
16,428
|
$
|
17,036
|
$
|
47,203
|
$
|
62,253
|
||||||||
|
Interest
expense
|
11,225
|
6,733
|
29,880
|
18,322
|
||||||||||||
|
Income
tax expense
|
21,570
|
16,662
|
55,955
|
61,847
|
||||||||||||
|
Depreciation,
depletion and amortization
|
62,420
|
40,709
|
178,887
|
104,457
|
||||||||||||
|
Impairment
|
826
|
1,389
|
826
|
10,169
|
||||||||||||
|
Minority
interest in earnings of Bois d'Arc Energy
|
10,778
|
6,004
|
25,587
|
22,433
|
||||||||||||
|
Stock-based
compensation
|
4,280
|
3,342
|
12,910
|
9,834
|
||||||||||||
|
Exploration
expense
|
5,710
|
8,069
|
36,709
|
16,662
|
||||||||||||
|
Unrealized
gain on derivatives
|
—
|
(1,180
|
)
|
—
|
(11,311
|
)
|
||||||||||
|
EBITDAX
|
$
|
133,237
|
$
|
98,764
|
$
|
387,957
|
$
|
294,666
|
||||||||
|
As
of September 30,
|
||||||||
|
2007
|
2006
|
|||||||
|
Balance
Sheet Data:
|
||||||||
|
Cash
and cash
equivalents
|
$
|
17,032
|
$
|
27,084
|
||||
|
Other
current
assets
|
93,857
|
78,089
|
||||||
|
Property
and equipment,
net
|
2,020,736
|
1,682,758
|
||||||
|
Other
|
4,734
|
4,959
|
||||||
|
Total
assets
|
$
|
2,136,359
|
$
|
1,792,890
|
||||
|
Current
liabilities
|
$
|
132,878
|
$
|
122,899
|
||||
|
Long-term
debt
|
597,000
|
455,000
|
||||||
|
Deferred
income taxes
|
356,050
|
305,062
|
||||||
|
Asset
retirement obligation
|
60,436
|
44,333
|
||||||
|
Minority
interest in Bois d'Arc Energy
|
251,443
|
212,683
|
||||||
|
Stockholders'
equity
|
738,552
|
652,913
|
||||||
|
Total
liabilities and stockholders' equity
|
$
|
2,136,359
|
$
|
1,792,890
|
||||
COMSTOCK
RESOURCES, INC.
CONSOLIDATED
OPERATING RESULTS
(In
thousands, except per unit amounts)
|
For
the Three Months Ended September 30, 2007
|
For
the Three Months Ended September 30, 2006
|
|||||||||||||||||||||||
|
Onshore(1)
|
Bois
d'Arc Energy
|
Total
|
Onshore(1)
|
Bois
d'Arc Energy
|
Total
|
|||||||||||||||||||
|
Oil
production (thousand barrels)
|
260
|
448
|
708
|
231
|
370
|
601
|
||||||||||||||||||
|
Gas
production (million cubic
feet – Mmcf) |
10,612
|
8,241
|
18,853
|
7,409
|
6,106
|
13,515
|
||||||||||||||||||
|
Total
production (Mmcfe)
|
12,170
|
10,930
|
23,100
|
8,792
|
8,328
|
17,120
|
||||||||||||||||||
|
Oil
sales
|
$
|
16,628
|
$
|
34,738
|
$
|
51,366
|
$
|
13,696
|
$
|
25,935
|
$
|
39,631
|
||||||||||||
|
Gas
sales
|
66,459
|
53,249
|
119,708
|
48,559
|
41,061
|
89,620
|
||||||||||||||||||
|
Total
oil and gas sales
|
$
|
83,087
|
$
|
87,987
|
$
|
171,074
|
$
|
62,255
|
$
|
66,996
|
$
|
129,251
|
||||||||||||
|
Average
oil price (per barrel)
|
$
|
64.06
|
$
|
77.50
|
$
|
72.57
|
$
|
59.42
|
$
|
70.01
|
$
|
65.95
|
||||||||||||
|
Average
gas price (per thousand cubic feet – Mcf)
|
$
|
6.26
|
$
|
6.46
|
$
|
6.35
|
$
|
6.55
|
$
|
6.72
|
$
|
6.63
|
||||||||||||
|
Average
price (per Mcf equivalent)
|
$
|
6.83
|
$
|
8.05
|
$
|
7.41
|
$
|
7.08
|
$
|
8.04
|
$
|
7.55
|
||||||||||||
|
Lifting
cost
|
$
|
17,030
|
$
|
16,975
|
$
|
34,005
|
$
|
13,366
|
$
|
13,538
|
$
|
26,904
|
||||||||||||
|
Lifting
cost (per Mcf equivalent)
|
$
|
1.40
|
$
|
1.55
|
$
|
1.47
|
$
|
1.52
|
$
|
1.63
|
$
|
1.57
|
||||||||||||
|
Oil
and Gas Capital Expenditures
|
$
|
84,669
|
$
|
44,905
|
$
|
129,574
|
$
|
120,656
|
$
|
77,500
|
$
|
198,156
|
||||||||||||
|
For
the Nine Months Ended September 30, 2007
|
For
the Nine Months Ended September 30, 2006
|
|||||||||||||||||||||||
|
Onshore(1)
|
Bois
d'Arc Energy
|
Total
|
Onshore(1)
|
Bois
d'Arc Energy
|
Total
|
|||||||||||||||||||
|
Oil
production (thousand barrels)
|
766
|
1,233
|
1,999
|
696
|
1,033
|
1,729
|
||||||||||||||||||
|
Gas
production (million cubic feet
–Mmcf)
|
28,462
|
24,136
|
52,598
|
22,327
|
16,388
|
38,715
|
||||||||||||||||||
|
Total
production (Mmcfe)
|
33,056
|
31,535
|
64,591
|
26,501
|
22,587
|
49,088
|
||||||||||||||||||
|
Oil
sales
|
$
|
42,993
|
$
|
83,844
|
$
|
126,837
|
$
|
39,808
|
$
|
69,215
|
$
|
109,023
|
||||||||||||
|
Gas
sales
|
193,101
|
171,371
|
364,472
|
156,909
|
119,221
|
276,130
|
||||||||||||||||||
|
Total
oil and gas sales
|
$
|
236,094
|
$
|
255,215
|
$
|
491,309
|
$
|
196,717
|
$
|
188,436
|
$
|
385,153
|
||||||||||||
|
Average
oil price (per barrel)
|
$
|
56.15
|
$
|
67.99
|
$
|
63.45
|
$
|
57.22
|
$
|
67.00
|
$
|
63.06
|
||||||||||||
|
Average
gas price (per thousand cubic feet – Mcf)
|
$
|
6.78
|
$
|
7.10
|
$
|
6.93
|
$
|
7.03
|
$
|
7.27
|
$
|
7.13
|
||||||||||||
|
Average
price (per Mcf equivalent)
|
$
|
7.14
|
$
|
8.09
|
$
|
7.61
|
$
|
7.42
|
$
|
8.34
|
$
|
7.85
|
||||||||||||
|
Lifting
cost
|
$
|
48,709
|
$
|
42,559
|
$
|
91,268
|
$
|
40,421
|
$
|
37,799
|
$
|
78,220
|
||||||||||||
|
Lifting
cost (per Mcf equivalent)
|
$
|
1.47
|
$
|
1.35
|
$
|
1.41
|
$
|
1.53
|
$
|
1.67
|
$
|
1.59
|
||||||||||||
|
Oil
and Gas Capital Expenditures
|
$
|
286,804
|
$
|
167,069
|
$
|
453,783
|
$
|
212,938
|
$
|
191,798
|
$
|
404,736
|
||||||||||||
|
(1) Includes
the onshore results of operations of Comstock Resources,
Inc.
|
||||||||||||||||||||||||
COMSTOCK
RESOURCES, INC.
REGIONAL
OPERATING RESULTS
(In
thousands, except per unit amounts)
|
For
the Three Months Ended September 30, 2007
|
For
the Three Months Ended September 30, 2006
|
|||||||||||||||||||||||||||||||
|
East
Texas/
|
East
Texas/
|
|||||||||||||||||||||||||||||||
|
North
|
South
|
Total
|
North
|
South
|
Total
|
|||||||||||||||||||||||||||
|
Louisiana
|
Texas
|
Other
|
Onshore
|
Louisiana
|
Texas
|
Other
|
Onshore
|
|||||||||||||||||||||||||
|
Oil
production (thousand
barrels) |
37
|
51
|
172
|
260
|
29
|
51
|
151
|
231
|
||||||||||||||||||||||||
|
Gas
production (million cubic
feet
–
Mmcf)
|
6,395
|
3,426
|
791
|
10,612
|
4,507
|
2,065
|
837
|
7,409
|
||||||||||||||||||||||||
|
Total
production (Mmcfe)
|
6,616
|
3,735
|
1,819
|
12,170
|
4,679
|
2,371
|
1,742
|
8,792
|
||||||||||||||||||||||||
|
Oil
sales
|
$
|
2,610
|
$
|
3,820
|
$
|
10,198
|
$
|
16,628
|
$
|
1,906
|
$
|
3,498
|
$
|
8,292
|
$
|
13,696
|
||||||||||||||||
|
Gas
sales
|
38,802
|
22,919
|
4,738
|
66,459
|
28,737
|
14,625
|
5,197
|
48,559
|
||||||||||||||||||||||||
|
Total
oil and gas sales
|
$
|
41,412
|
$
|
26,739
|
$
|
14,936
|
$
|
83,087
|
$
|
30,643
|
$
|
18,123
|
$
|
13,489
|
$
|
62,255
|
||||||||||||||||
|
Average
oil price (per barrel)
|
$
|
70.54
|
$
|
74.90
|
$
|
59.29
|
$
|
64.06
|
$
|
65.72
|
$
|
68.59
|
$
|
54.91
|
$
|
59.42
|
||||||||||||||||
|
Average
gas price (per thousand cubic
feet – Mcf)
|
$
|
6.07
|
$
|
6.69
|
$
|
5.99
|
$
|
6.26
|
$
|
6.38
|
$
|
7.08
|
$
|
6.61
|
$
|
6.55
|
||||||||||||||||
|
Average
price (per Mcf
equivalent) |
$
|
6.26
|
$
|
7.16
|
$
|
8.21
|
$
|
6.83
|
$
|
6.55
|
$
|
7.64
|
$
|
7.74
|
$
|
7.08
|
||||||||||||||||
|
Lifting
cost(1)
|
$
|
7,822
|
$
|
4,276
|
$
|
4,932
|
$
|
17,030
|
$
|
5,568
|
$
|
3,437
|
$
|
4,361
|
$
|
13,366
|
||||||||||||||||
|
Lifting
cost (per Mcf
equivalent) |
$
|
1.18
|
$
|
1.14
|
$
|
2.71
|
$
|
1.40
|
$
|
1.19
|
$
|
1.45
|
$
|
2.50
|
$
|
1.52
|
||||||||||||||||
|
Oil
and Gas Capital Expenditures:
|
||||||||||||||||||||||||||||||||
|
Acquisitions
|
$
|
—
|
$
|
(776
|
)
|
$
|
—
|
$
|
(776
|
)
|
$
|
—
|
$
|
67,263
|
$
|
—
|
$
|
67,263
|
||||||||||||||
|
Leasehold
costs
|
2,266
|
460
|
75
|
2,801
|
259
|
882
|
689
|
1,830
|
||||||||||||||||||||||||
|
Exploratory
drilling
|
—
|
2,607
|
229
|
2,836
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||
|
Development
drilling
|
48,045
|
22,333
|
6,971
|
77,349
|
39,066
|
6,296
|
732
|
46,094
|
||||||||||||||||||||||||
|
Other
development
|
808
|
642
|
1,009
|
2,459
|
3,149
|
353
|
1,967
|
5,469
|
||||||||||||||||||||||||
|
Total
|
$
|
51,119
|
$
|
25,266
|
$
|
8,284
|
$
|
84,669
|
$
|
42,474
|
$
|
74,794
|
$
|
3,388
|
$
|
120,656
|
||||||||||||||||
|
(1) Includes
production taxes of $4,009 and $2,487 for the three months ended
September
30, 2007 and 2006, respectively.
|
||||||||||||||||||||||||||||||||
COMSTOCK
RESOURCES, INC.
REGIONAL
OPERATING RESULTS
(In
thousands, except per unit amounts)
|
For
the Nine Months Ended September 30, 2007
|
For
the Nine Months Ended September 30, 2006
|
|||||||||||||||||||||||||||||||
|
East
Texas/
|
East
Texas/
|
|||||||||||||||||||||||||||||||
|
North
|
South
|
Total
|
North
|
South
|
Total
|
|||||||||||||||||||||||||||
|
Louisiana
|
Texas
|
Other
|
Onshore
|
Louisiana
|
Texas
|
Other
|
Onshore
|
|||||||||||||||||||||||||
|
Oil
production (thousand barrels)
|
122
|
158
|
486
|
766
|
89
|
164
|
443
|
696
|
||||||||||||||||||||||||
|
Gas
production (million cubic
feet
–
Mmcf)
|
17,848
|
8,426
|
2,188
|
28,462
|
13,075
|
6,728
|
2,524
|
22,327
|
||||||||||||||||||||||||
|
Total
production (Mmcfe)
|
18,578
|
9,375
|
5,103
|
33,056
|
13,609
|
7,715
|
5,177
|
26,501
|
||||||||||||||||||||||||
|
Oil
sales
|
$
|
7,500
|
$
|
10,121
|
$
|
25,372
|
$
|
42,993
|
$
|
5,637
|
$
|
10,785
|
$
|
23,386
|
$
|
39,808
|
||||||||||||||||
|
Gas
sales
|
118,793
|
60,310
|
13,998
|
193,101
|
89,802
|
50,415
|
16,692
|
156,909
|
||||||||||||||||||||||||
|
Total
oil and gas sales
|
$
|
126,293
|
$
|
70,431
|
$
|
39,370
|
$
|
236,094
|
$
|
95,439
|
$
|
61,200
|
$
|
40,078
|
$
|
196,717
|
||||||||||||||||
|
Average
oil price (per barrel)
|
$
|
61.48
|
$
|
64.06
|
$
|
52.21
|
$
|
56.15
|
$
|
63.34
|
$
|
65.76
|
$
|
52.79
|
$
|
57.22
|
||||||||||||||||
|
Average
gas price (per thousand cubic
feet – Mcf)
|
$
|
6.66
|
$
|
7.16
|
$
|
6.40
|
$
|
6.78
|
$
|
6.87
|
$
|
7.49
|
$
|
6.21
|
$
|
7.03
|
||||||||||||||||
|
Average
price (per Mcf
equivalent) |
$
|
6.80
|
$
|
7.51
|
$
|
7.72
|
$
|
7.14
|
$
|
7.01
|
$
|
7.93
|
$
|
7.74
|
$
|
7.42
|
||||||||||||||||
|
Lifting
cost(2)
|
$
|
22,817
|
$
|
12,060
|
$
|
13,832
|
$
|
48,709
|
$
|
17,229
|
$ |
10,770
|
$
|
12,422
|
$
|
40,421
|
||||||||||||||||
|
Lifting
cost (per Mcf equivalent)
|
$
|
1.23
|
$
|
1.29
|
$
|
2.71
|
$
|
1.47
|
$
|
1.27
|
$
|
1.40
|
$
|
2.40
|
$
|
1.53
|
||||||||||||||||
|
Oil
and Gas Capital Expenditures:
|
||||||||||||||||||||||||||||||||
|
Acquisitions
|
$
|
—
|
$
|
31,189
|
$
|
—
|
$
|
31,189
|
$
|
912
|
$
|
67,263
|
$
|
—
|
$
|
68,175
|
||||||||||||||||
|
Leasehold
costs
|
2,801
|
1,965
|
2,780
|
7,546
|
493
|
1,067
|
1,823
|
3,383
|
||||||||||||||||||||||||
|
Exploratory
drilling
|
—
|
7,994
|
2,430
|
10,424
|
—
|
75
|
—
|
75
|
||||||||||||||||||||||||
|
Development
drilling
|
159,139
|
49,818
|
22,913
|
231,870
|
91,525
|
11,903
|
20,488
|
123,916
|
||||||||||||||||||||||||
|
Other
development
|
1,822
|
1,627
|
2,326
|
5,775
|
11,320
|
996
|
5,073
|
17,389
|
||||||||||||||||||||||||
|
Total
|
$
|
163,762
|
$
|
92,593
|
$
|
30,449
|
$
|
286,804
|
$
|
104,250
|
$
|
81,304
|
$
|
27,384
|
$
|
212,938
|
||||||||||||||||
|
(2) Includes
production taxes of $10,511 and $8,793 for the nine months ended
September
30, 2007 and 2006, respectively.
|
||||||||||||||||||||||||||||||||