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 8,
2008
COMSTOCK
RESOURCES, INC.
(Exact
Name of Registrant as Specified in Charter)
|
STATE
OF NEVADA
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001-03262
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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
Suite500
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
January 8, 2008, Comstock Resources, Inc. ("Comstock") issued a press release,
attached hereto as Exhibit 99.1 and incorporated herein by reference, announcing
its 2008 capital expenditure budget of $526 million and
a
natural gas price hedge for the period February 2008 through December 31,
2009.
Item
9.01 Financial Statements and Exhibits
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Exhibit
99.1
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Press
Release, dated January 8, 2008.
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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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||
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Dated:
January 8, 2008
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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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|
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Contact:
Roland O.
Burns
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|
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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
2008
EXPLORATION AND DEVELOPMENT BUDGET
FRISCO,
TEXAS, January 8, 2008
-- Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE:CRK)
announced that it plans to spend $526 million in 2008 for development and
exploration activities. The 2008 budget is comprised of $276 million to be
spent
on its onshore properties and $250 million to be spent by Bois d'Arc Energy,
Inc. ("Bois d'Arc") (NYSE:BDE) for its offshore Gulf of Mexico drilling
program.
Onshore
development projects comprise $239 million of the 2008 budget with $37 million
of the onshore budget allocated to exploration activities. Comstock expects
to
drill approximately 116 (78.3 net) onshore wells in 2008 including 106 (73.2
net) development wells and ten (5.1 net) exploratory wells. Comstock's East
Texas/North Louisiana operating region accounts for the largest portion of
the
2008 budget with forecasted expenditures of $149 million. Comstock has budgeted
to drill 80 (53.9 net) development wells in this region in 2008, which includes
seven Cotton Valley horizontal wells. Comstock will drill fewer wells
in this region in 2008 as compared to 2007 but will focus on higher return
opportunities in 2008, including the seven horizontal wells and drilling in
its
more prolific Logansport and Terryville fields. Comstock expects to
spend $122 million in its South Texas region to drill 30 (22.7 net) wells in
2008. Included in the South Texas totals are 20 (17.6 net) development wells
and
ten (5.1 net) exploration wells. The remaining $5 million will be
spent on Comstock's onshore properties in its other regions.
Bois
d'Arc has budgeted $139 million to drill 21 (18.5 net) offshore wells in 2008.
Bois d'Arc has budgeted an additional $92 million for completion and facilities
costs related to these wells. Eleven of the wells in the 2008 drilling program
will be drilled deeper than 15,000 feet to test high potential exploration
prospects. In addition Bois d'Arc plans to spend $19 million on acquiring
seismic data and acreage.
"Our
2008
onshore drilling program is focused on continued exploitation of our East
Texas/North Louisiana acreage position and continued exploration and development
of our properties in our growing South Texas region" stated M. Jay Allison,
Chairman and Chief Executive Officer of Comstock. "Our 2008 offshore drilling
program will focus more on increasing our offshore production rate while at
the
same time exposing us to reserve growth by drilling high potential exploration
prospects. The onshore and offshore drilling programs will be the primary driver
of our production growth that we expect to have this year."
Comstock
also announced that it has entered into a natural gas price hedge in connection
with the Company's recently announced $170.0 million acquisition of producing
natural gas properties in South Texas. The hedge was structured as a
natural gas price swap which fixed the price at $8.00 per Mmbtu (at the Houston
Ship Channel) for 520,000 Mmbtus per month of the Company's South Texas natural
gas production for the period February 2008 to December 2009. The
swap has an equivalent NYMEX price of approximately $8.30 per
Mmbtu.
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.