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 28, 2008
COMSTOCK
RESOURCES, INC.
(Exact
Name of Registrant as Specified in Charter)
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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 28, 2008 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, 2007.
Item
9.01 Financial Statements and Exhibits
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Exhibit
99.1
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Press
Release, dated January 28, 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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Dated: January
28, 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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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, 2007
FRISCO,
TEXAS, January 28,
2008 -- 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, 2007 are estimated at 838
billion cubic feet ("Bcf") of natural gas and 35.1 million barrels of crude
oil
or 1,049 Bcf equivalent of natural gas ("Bcfe"), as compared to total proved
consolidated oil and natural gas reserves as of December 31, 2006 of 851
Bcfe. Natural gas reserves account for 80% of total proved reserves
and 68% of the total proved reserves were classified as proved developed at
the
end of 2007. Comstock operates 84% 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 2007 is approximately $3.8 billion using oil and natural
gas prices of $90.67 per barrel for oil and $6.87 per Mcf for natural
gas.
Comstock
replaced 326% of its 2007 consolidated production of 87.5 Bcfe in
2007. Comstock spent approximately $740 million in 2007 on
acquisition, exploration and development activities which added 285 Bcfe to
its
proved reserve base resulting in an "all in" finding cost of $2.60 per Mcfe
for
2007. Acquisitions accounted for 79 Bcfe of the additions with
discoveries and extensions and revisions of previous estimates adding 206
Bcfe.
Proved
oil and natural gas reserves relating to Comstock's onshore properties as of
December 31, 2007 are estimated at 588 Bcf of natural gas and 10.5 million
barrels of crude oil or 651 Bcfe, as compared to onshore proved oil and natural
gas reserves as of December 31, 2006 of 507 Bcfe. Natural gas
reserves account for 90% of total proved reserves and 64% of the total proved
reserves were classified as proved developed at the end of
2007. Comstock operates 76% 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 2007 is approximately $1.6 billion using
oil
and natural gas prices of $81.36 per barrel for oil and $6.70 per Mcf for
natural gas. Such prices were based on the December 31, 2007 market
prices as adjusted for Comstock's average basis differentials.
Comstock
replaced 417% of its 2007 onshore production of 45.3 Bcfe in
2007. Comstock spent approximately $526 million in 2007 on onshore
acquisition, exploration and development activities which added 189 Bcfe
to its
proved reserve base resulting in an onshore "all in" finding cost of $2.79
per
Mcfe for 2007. Acquisitions accounted for 79 Bcfe of the additions
with discoveries and extensions and revisions of previous estimates adding
110
Bcfe.
Comstock's
offshore reserves relate to its ownership in Bois d'Arc Energy, Inc. ("Bois
d'Arc"). Bois d'Arc's total proved oil and natural gas reserves as of
December 31, 2007 are estimated at 250 Bcf of natural gas and 24.6 million
barrels of crude oil or 398 Bcfe, as compared to total proved oil and natural
gas reserves as of December 31, 2006 of 344 Bcfe. Natural gas
reserves account for 63% of total proved reserves and 74% of the total proved
reserves were classified as proved developed at the end of 2007. Bois
d'Arc operates 99% 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
2007 is
approximately $2.2 billion using oil and natural gas prices of $94.64 per
barrel
for oil and $7.26 per Mcf for natural gas.
Bois
d'Arc replaced 228% of its 2007 production of 42.2 Bcfe through its exploration
activities. Bois d'Arc spent approximately $214 million in 2007 on
exploration and development activities which added 96 Bcfe to its proved reserve
base resulting in an "all in" finding cost of $2.22 per Mcfe for
2007.
The
minority interest in Bois d'Arc's proved oil and natural gas reserves not owned
by Comstock is 202.9 Bcfe as of December 31, 2007. 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 2007 is approximately $1.1
billion.
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.