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 11, 2008
COMSTOCK
RESOURCES, INC.
(Exact
Name of Registrant as Specified in Charter)
|
STATE
OF NEVADA
|
001-03262
|
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
February 11, 2008, Comstock Resources, Inc. ("Comstock") announced financial
results for the three months and year ended December 31, 2007. A copy
of the press release announcing Comstock's earnings and operating results for
the three months and year ended December 31, 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 February 11, 2008.
|
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
11, 2008
|
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 2007
FINANCIAL
AND OPERATING RESULTS
FRISCO,
TEXAS, February 11,
2008– Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK)
today reported financial and operating results for the quarter and year ended
December 31, 2007.
Financial
Results for the Three Months and Year Ended December 31, 2007
Comstock
reported net income of $21.7 million or 48¢ per diluted share for the three
months ended December 31, 2007 as compared to 2006's fourth quarter net income
of $8.4 million or 19¢ per diluted share. The fourth quarter results
reflect continued strong production growth from the Company's successful
drilling activities. Comstock's production in the fourth quarter of
2007 increased 26% to 22.9 billion cubic feet equivalent of natural gas ("Bcfe")
as compared to production of 18.2 Bcfe in the fourth quarter of
2006. Comstock's onshore production increased 32% and offshore
production increased 20% over the fourth quarter of 2006. Oil and
natural gas prices also improved from the fourth quarter of
2006. Realized oil prices in the fourth quarter of 2007 averaged
$86.01 per barrel, 58% higher than the $54.51 per barrel realized in 2006's
fourth quarter. Natural gas prices realized in the fourth quarter of
2007 averaged $7.29 per Mcf, 13% higher than the $6.47 per Mcf realized in
the
fourth quarter of 2006. The 26% increase in production and higher oil
and gas prices caused fourth quarter 2007's oil and gas sales to increase 54%
to
$195.8 million as compared to 2006's fourth quarter sales of $126.8
million. Operating cash flow (before changes in working capital
accounts) generated by Comstock in 2007's fourth quarter of $133.6 million
increased 65% over 2006's fourth quarter cash flow of $80.8
million. EBITDAX or earnings before interest, taxes, depreciation,
depletion, amortization, exploration expense and other noncash expenses
increased 66% to $154.0 million in 2007's fourth quarter over 2006's fourth
quarter EBITDAX of $92.7 million.
Comstock
reported net income of $68.9 million or $1.54 per diluted share for the year
ended December 31, 2007 as compared to 2006's net income of $70.7 million or
$1.61 per diluted share. The 2006 results include a $11.2 million
unrealized gain on derivative financial instruments. Without this
gain, Comstock would have had net income of $63.2 million or $1.44 per diluted
share in 2006. Financial results for 2007 reflect the Company's
strong production growth in 2007 which is primarily attributable to the
Company's drill bit activities. Comstock's production in 2007
increased 30% to 87.5 Bcfe as compared to production of 67.3 Bcfe in
2006. Onshore production increased 27% and offshore production was up
34% over 2006. Realized oil prices in 2007 averaged $69.18 per
barrel, 14% above the $60.93 per barrel realized in 2006 and the Company's
realized natural gas price averaged $7.03 per Mcf in 2007, slightly higher
than
the $6.95 per Mcf realized in 2006. The higher production and
improved oil and gas prices in 2007 increased Comstock's oil and gas sales
to $687.1 million, 34% above 2006's sales of $511.9
million. Operating cash flow (before changes in working capital
accounts) generated by Comstock in 2007 of $477.3 million increased 37% from
2006's cash flow of $348.5 million. EBITDAX was $542.0 million in
2007, a 40% increase over 2006's EBITDAX of $387.4 million.
Year
2007 Drilling Results
Comstock
also announced the results of its 2007 drilling program. In 2007
Comstock drilled 180 wells (138.2 net). One hundred sixty-five of the
wells drilled were successful and fifteen were dry holes.
Comstock
spent $525.9 million during 2007 for its onshore acquisition, exploration
and
development activities, comprised of $191.3 million for acquisitions of
producing properties, $334.4 million in capital expenditures for drilling
and
other development activity and $0.2 million for geologic and geophysical
costs. Onshore, Comstock drilled 160 (123.1 net) development wells in
2007 with 157 (120.5 net) being successful. Of the five (3.1 net)
onshore exploratory wells, only one (0.6 net) was successful.
Comstock
drilled 128 successful wells (100.2 net) in its East Texas and North Louisiana
region in 2007. These wells were tested at an average per well
initial production rate of 1.4 Mmcfe per day. Comstock's production
in this region has increased 38% in 2007 as compared to 2006 as a result
of this
drilling program. During the fourth quarter of 2007, Comstock drilled
its first successful horizontal Cotton Valley gas well in the Waskom field
in
East Texas. The Bell #11A-H well was drilled to a total vertical
depth of 9,490 feet with a 2,548 foot horizontal leg drilled through the
upper
and lower Taylor Cotton Valley sands. The Bell #11-A-H was
successfully completed with a seven stage frac and was tested at an initial
production rate of 8.4 Mmcfe per day.
In
South
Texas, Comstock drilled twenty successful wells (13.7 net) and two (0.5 net)
dry
holes during 2007. The successful wells had an average per well
initial production rate of 5.5 Mmcfe per day. Seven of the successful
wells were in the Las Hermanitas field in Duval County, Texas, five were
in the
Javelina Field in Hidalgo County, five 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
drilled thirteen wells (11.5 net) in Mississippi during 2007, eight of which
were successful. Five of these wells were tested at an average per
well initial production rate of 214 barrels of oil per day and three wells
tested at 1.8 Mmcf of natural gas per day. Comstock also drilled two
(0.3 net) successful wells in its other regions.
Comstock's
offshore operations are conducted by its 49% owned subsidiary, Bois d'Arc
Energy, Inc. (NYSE: BDE) ("Bois d'Arc"). Bois d'Arc made capital
expenditures of $206.9 million during 2007 for its exploration and development
activities and spent an additional $7.0 million on geological and geophysical
costs primarily for 3-D seismic data acquisition. In 2007, Bois d'Arc
drilled seven (6.6 net) successful wells out of a total of 15 (12.0 net)
wells
drilled with eight (5.4 net) dry holes. The largest discoveries made
in 2007 included a well drilled at Ship Shoal block 93, which proved up the
"Walleye" prospect, a second well drilled at South Timbalier block 75 which
extended its "Doc Holliday" discovery made in 2005, and the ultra deep well
drilled at South Timbalier block 81 which proved up the "Butch Cassidy"
prospect. Bois d'Arc also drilled three successful wells as part of
its M-8 sand water flood project in the Ship Shoal 113 unit. During
the fourth quarter of 2007, Bois d'Arc drilled a successful development well
at
Ship Shoal block 119 with the OCS-G 69 #25 well which was drilled to a depth
of
10,108 feet and encountered 89 net feet of pay sands in three commercial
reservoirs. Bois d'Arc's 2008 drilling program is off to a strong
start with two successful development wells, one at Ship Shoal block 97 and
one
which successfully tested the "Perch" prospect at Ship Shoal block
120. Bois d'Arc is also currently drilling an 18,500 foot exploratory
well to test its "Chinook" prospect at 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
December 31, |
Year
Ended
December
31,
|
|||||||||||||||
|
2007
|
2006
|
2007
|
2006
|
|||||||||||||
|
Oil
and gas
sales
|
$
|
195,764
|
$
|
126,775
|
$
|
687,073
|
$
|
511,928
|
||||||||
|
Operating
expenses:
|
||||||||||||||||
|
Oil
and gas
operating
|
32,364
|
29,083
|
123,632
|
107,303
|
||||||||||||
|
Exploration
|
6,370
|
3,470
|
43,079
|
20,132
|
||||||||||||
|
Depreciation,
depletion and amortization
|
64,732
|
49,465
|
243,619
|
153,922
|
||||||||||||
|
Impairment
|
—
|
275
|
826
|
10,444
|
||||||||||||
|
General
and
administrative
|
16,142
|
9,031
|
42,682
|
31,769
|
||||||||||||
|
Total
operating
expenses
|
119,608
|
91,324
|
453,838
|
323,570
|
||||||||||||
|
|
||||||||||||||||
|
Income
from
operations
|
76,156
|
35,451
|
233,235
|
188,358
|
||||||||||||
|
Other
income
(expenses):
|
||||||||||||||||
|
Interest
income
|
348
|
288
|
1,389
|
1,012
|
||||||||||||
|
Other
income
|
180
|
165
|
685
|
781
|
||||||||||||
|
Interest
expense
|
(11,446
|
)
|
(9,107
|
)
|
(41,326
|
)
|
(27,429
|
)
|
||||||||
|
Gain
on
derivatives
|
—
|
108
|
—
|
10,716
|
||||||||||||
|
Total
other income
(expenses)
|
(10,918
|
)
|
(8,546
|
)
|
(39,252
|
)
|
(14,920
|
)
|
||||||||
|
Income
before
income taxes and minority interest
|
65,238
|
26,905
|
193,983
|
173,438
|
||||||||||||
|
Provision
for
income taxes
|
(29,222
|
)
|
(12,492
|
)
|
(85,177
|
)
|
(74,339
|
)
|
||||||||
|
Minority
interest
in earnings of Bois d'Arc Energy
|
(14,318
|
)
|
(6,001
|
)
|
(39,905
|
)
|
(28,434
|
)
|
||||||||
|
Net
income
|
$
|
21,698
|
$
|
8,412
|
$
|
68,901
|
$
|
70,665
|
||||||||
|
Net
income per
share:
|
||||||||||||||||
|
Basic
|
$
|
0.50
|
$
|
0.20
|
$
|
1.59
|
$
|
1.67
|
||||||||
|
Diluted
|
$
|
0.48
|
$
|
0.19
|
$
|
1.54
|
$
|
1.61
|
||||||||
|
Weighted
average
common and common stock
equivalent
shares outstanding:
|
||||||||||||||||
|
Basic
|
43,544
|
42,493
|
43,415
|
42,220
|
||||||||||||
|
Diluted
|
44,583
|
43,707
|
44,405
|
43,556
|
||||||||||||
COMSTOCK
RESOURCES, INC.
CONSOLIDATED
OPERATING RESULTS
(In
thousands)
|
Three
Months Ended
December 31,
|
Year
Ended
December 31,
|
|||||||||||||||
|
2007
|
2006
|
2007
|
2006
|
|||||||||||||
|
Cash
flow from
operations:
|
||||||||||||||||
|
Net
cash provided
by operating activities
|
$
|
121,421
|
$
|
90,305
|
$
|
446,305
|
$
|
364,605
|
||||||||
|
Excess
tax benefit
from stock-based compensation
|
5,920
|
5,296
|
6,522
|
6,218
|
||||||||||||
|
Increase in
accounts receivable
|
13,870
|
13,691
|
15,100
|
2,917
|
||||||||||||
|
Decrease
in other
current assets
|
(5,040
|
)
|
(3,665
|
)
|
(2,452
|
)
|
(3,526
|
)
|
||||||||
|
Decrease
(increase) in accounts payable and accrued
expenses |
(2,572
|
)
|
(24,819
|
)
|
11,775
|
(21,666
|
)
|
|||||||||
|
Cash
flow from
operations
|
$
|
133,599
|
$
|
80,808
|
$
|
477,250
|
$
|
348,548
|
||||||||
|
EBITDAX:
|
||||||||||||||||
|
Net
income
|
$
|
21,698
|
$
|
8,412
|
$
|
68,901
|
$
|
70,665
|
||||||||
|
Interest
expense
|
11,446
|
9,107
|
41,326
|
27,429
|
||||||||||||
|
Income
tax
expense
|
29,222
|
12,492
|
85,177
|
74,339
|
||||||||||||
|
Depreciation,
depletion and amortization
|
64,732
|
49,465
|
243,619
|
153,922
|
||||||||||||
|
Impairment
|
—
|
275
|
826
|
10,444
|
||||||||||||
|
Minority
interest
in earnings of Bois d'Arc Energy
|
14,318
|
6,001
|
39,905
|
28,434
|
||||||||||||
|
Stock-based
compensation
|
6,252
|
3,415
|
19,162
|
13,249
|
||||||||||||
|
Exploration
expense
|
6,370
|
3,470
|
43,079
|
20,132
|
||||||||||||
|
Unrealized
loss
(gain) on derivatives
|
—
|
69
|
—
|
(11,242
|
)
|
|||||||||||
|
EBITDAX
|
$
|
154,038
|
$
|
92,706
|
$
|
541,995
|
$
|
387,372
|
||||||||
|
As
of December
31,
|
||||||||
|
2007
|
2006
|
|||||||
|
Balance
Sheet
Data:
|
||||||||
|
Cash
and cash
equivalents
|
$
|
24,406
|
$
|
10,715
|
||||
|
Other
current
assets
|
100,099
|
88,113
|
||||||
|
Property
and
equipment, net
|
2,222,875
|
1,773,626
|
||||||
|
Other
|
7,007
|
5,671
|
||||||
|
Total
assets
|
$
|
2,354,387
|
$
|
1,878,125
|
||||
|
Current
liabilities
|
$
|
130,800
|
$
|
151,861
|
||||
|
Long-term
debt
|
760,000
|
455,000
|
||||||
|
Deferred
income
taxes
|
371,896
|
311,236
|
||||||
|
Reserve
for future
abandonment costs
|
52,606
|
57,116
|
||||||
|
Minority
interest
in Bois d'Arc Energy
|
267,441
|
220,349
|
||||||
|
Stockholders'
equity
|
771,644
|
682,563
|
||||||
|
Total
liabilities
and stockholders' equity
|
$
|
2,354,387
|
$
|
1,878,125
|
||||
COMSTOCK
RESOURCES, INC.
CONSOLIDATED
OPERATING RESULTS
(In
thousands, except per unit amounts)
|
For
the Three
Months Ended December 31, 2007
|
For
the Three
Months Ended December 31, 2006
|
|||||||||||||||||||||||
|
Onshore(1)
|
Bois
d'Arc
Energy
|
Total
|
Onshore(1)
|
Bois
d'Arc
Energy
|
Total
|
|||||||||||||||||||
|
Oil
production
(thousand barrels)
|
242
|
438
|
680
|
225
|
350
|
575
|
||||||||||||||||||
|
Gas
production
(million cubic
feet – Mmcf)
|
10,769
|
8,050
|
18,819
|
7,944
|
6,795
|
14,739
|
||||||||||||||||||
|
Total
production
(Mmcfe)
|
12,226
|
10,676
|
22,902
|
9,296
|
8,894
|
18,190
|
||||||||||||||||||
|
Oil
sales
|
$
|
18,481
|
$
|
40,051
|
$
|
58,532
|
$
|
11,147
|
$
|
20,206
|
$
|
31,353
|
||||||||||||
|
Gas
sales
|
77,038
|
60,194
|
137,232
|
49,354
|
46,068
|
95,422
|
||||||||||||||||||
|
Total
oil and gas sales
|
$
|
95,519
|
$
|
100,245
|
$
|
195,764
|
$
|
60,501
|
$
|
66,274
|
$
|
126,775
|
||||||||||||
|
Average
oil price
(per barrel)
|
$
|
76.10
|
$
|
91.51
|
$
|
86.01
|
$
|
49.46
|
$
|
57.77
|
$
|
54.51
|
||||||||||||
|
Average
gas price
(per thousand cubic feet – Mcf)
|
$
|
7.15
|
$
|
7.48
|
$
|
7.29
|
$
|
6.21
|
$
|
6.78
|
$
|
6.47
|
||||||||||||
|
Average
price (per
Mcf equivalent)
|
$
|
7.81
|
$
|
9.39
|
$
|
8.55
|
$
|
6.51
|
$
|
7.45
|
$
|
6.97
|
||||||||||||
|
Lifting
cost
|
$
|
16,082
|
$
|
16,282
|
$
|
32,364
|
$
|
13,482
|
$
|
15,601
|
$
|
29,083
|
||||||||||||
|
Lifting
cost (per
Mcf equivalent)
|
$
|
1.32
|
$
|
1.53
|
$
|
1.41
|
$
|
1.45
|
$
|
1.75
|
$
|
1.60
|
||||||||||||
|
Oil
and Gas
Capital Expenditures
|
$
|
238,912
|
$
|
39,794
|
$
|
278,706
|
$
|
75,790
|
$
|
52,812
|
$
|
128,602
|
||||||||||||
|
For
the Year Ended
December 31, 2007
|
For
the Year Ended
December 31, 2006
|
|||||||||||||||||||||||
|
Onshore(1)
|
Bois
d'Arc
Energy
|
Total
|
Onshore(1)
|
Bois
d'Arc
Energy
|
Total
|
|||||||||||||||||||
|
Oil
production
(thousand barrels)
|
1,008
|
1,671
|
2,679
|
921
|
1,383
|
2,304
|
||||||||||||||||||
|
Gas
production
(million cubic
feet – Mmcf)
|
39,231
|
32,186
|
71,417
|
30,271
|
23,183
|
53,454
|
||||||||||||||||||
|
Total
production
(Mmcfe)
|
45,282
|
42,211
|
87,493
|
35,797
|
31,481
|
67,278
|
||||||||||||||||||
|
Oil
sales
|
$
|
61,474
|
$
|
123,895
|
$
|
185,369
|
$
|
50,955
|
$
|
89,421
|
$
|
140,376
|
||||||||||||
|
Gas
sales
|
270,139
|
231,565
|
501,704
|
206,263
|
165,289
|
371,552
|
||||||||||||||||||
|
Total
oil and gas sales
|
$
|
331,613
|
$
|
355,460
|
$
|
687,073
|
$
|
257,218
|
$
|
254,710
|
$
|
511,928
|
||||||||||||
|
Average
oil price
(per barrel)
|
$
|
60.96
|
$
|
74.15
|
$
|
69.18
|
$
|
55.32
|
$
|
64.66
|
$
|
60.93
|
||||||||||||
|
Average
gas price
(per thousand cubic feet – Mcf)
|
$
|
6.89
|
$
|
7.19
|
$
|
7.03
|
$
|
6.81
|
$
|
7.13
|
$
|
6.95
|
||||||||||||
|
Average
price (per
Mcf equivalent)
|
$
|
7.32
|
$
|
8.42
|
$
|
7.85
|
$
|
7.19
|
$
|
8.09
|
$
|
7.61
|
||||||||||||
|
Lifting
cost
|
$
|
64,791
|
$
|
58,841
|
$
|
123,632
|
$
|
53,903
|
$
|
53,400
|
$
|
107,303
|
||||||||||||
|
Lifting
cost (per
Mcf equivalent)
|
$
|
1.43
|
$
|
1.39
|
$
|
1.41
|
$
|
1.51
|
$
|
1.70
|
$
|
1.59
|
||||||||||||
|
Oil
and Gas
Capital Expenditures
|
$
|
525,714
|
$
|
206,863
|
$
|
732,577
|
$
|
288,729
|
$
|
244,610
|
$
|
533,339
|
||||||||||||
|
(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 December 31, 2007
|
For
the Three
Months Ended December 31, 2006
|
|||||||||||||||||||||||||||||||
|
East
Texas/
|
East
Texas/
|
|||||||||||||||||||||||||||||||
|
North
|
South
|
Total
|
North
|
South
|
Total
|
|||||||||||||||||||||||||||
|
Louisiana
|
Texas
|
Other
|
Onshore
|
Louisiana
|
Texas
|
Other
|
Onshore
|
|||||||||||||||||||||||||
|
Oil
production
(thousand
barrels) |
40
|
56
|
146
|
242
|
28
|
45
|
152
|
225
|
||||||||||||||||||||||||
|
Gas
production
(million cubic
feet – Mmcf) |
6,559
|
3,364
|
846
|
10,769
|
4,775
|
2,345
|
824
|
7,944
|
||||||||||||||||||||||||
|
Total
production
(Mmcfe)
|
6,800
|
3,702
|
1,724
|
12,226
|
4,941
|
2,613
|
1,742
|
9,296
|
||||||||||||||||||||||||
|
Oil
sales
|
$
|
3,552
|
$
|
5,068
|
$
|
9,861
|
$
|
18,481
|
$
|
1,658
|
$
|
2,547
|
$
|
6,942
|
$
|
11,147
|
||||||||||||||||
|
Gas
sales
|
46,133
|
25,117
|
5,788
|
77,038
|
29,304
|
15,179
|
4,871
|
49,354
|
||||||||||||||||||||||||
|
Total
oil and gas sales
|
$
|
49,685
|
$
|
30,185
|
$
|
15,649
|
$
|
95,519
|
$
|
30,962
|
$
|
17,726
|
$
|
11,813
|
$
|
60,501
|
||||||||||||||||
|
Average
oil price
(per barrel)
|
$
|
88.80
|
$
|
90.50
|
$
|
67.54
|
$
|
76.10
|
$
|
59.21
|
$
|
56.60
|
$
|
45.67
|
$
|
49.46
|
||||||||||||||||
|
Average
gas price
(per
thousand
cubic feet –
Mcf)
|
$
|
7.03
|
$
|
7.47
|
$
|
6.84
|
$
|
7.15
|
$
|
6.14
|
$
|
6.47
|
$
|
5.91
|
$
|
6.21
|
||||||||||||||||
|
Average
price (per
Mcf
equivalent)
|
$
|
7.31
|
$
|
8.15
|
$
|
9.08
|
$
|
7.81
|
$
|
6.27
|
$
|
6.78
|
$
|
6.78
|
$
|
6.51
|
||||||||||||||||
|
Lifting
cost(1)
|
$
|
6,710
|
$
|
4,772
|
$
|
4,600
|
$
|
16,082
|
$
|
5,878
|
$
|
3,842
|
$
|
3,762
|
$
|
13,482
|
||||||||||||||||
|
Lifting
cost (per
Mcf
equivalent) |
$
|
0.99
|
$
|
1.29
|
$
|
2.67
|
$
|
1.32
|
$
|
1.19
|
$
|
1.47
|
$
|
2.16
|
$
|
1.45
|
||||||||||||||||
|
Oil
and Gas
Capital Expenditures:
|
||||||||||||||||||||||||||||||||
|
Acquisitions
|
$
|
—
|
$
|
160,101
|
$
|
—
|
$
|
160,101
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||||||||||
|
Leasehold
costs
|
576
|
789
|
71
|
1,436
|
127
|
(1,266
|
)
|
1,132
|
(7
|
)
|
||||||||||||||||||||||
|
Exploratory
drilling
|
—
|
3,916
|
(51
|
)
|
3,865
|
—
|
5,964
|
1,737
|
7,701
|
|||||||||||||||||||||||
|
Development
drilling
|
56,454
|
11,922
|
2,111
|
70,487
|
53,511
|
2,634
|
8,070
|
64,215
|
||||||||||||||||||||||||
|
Other
development
|
798
|
1,710
|
515
|
3,023
|
1,987
|
1,378
|
516
|
3,881
|
||||||||||||||||||||||||
|
Total
|
$
|
57,828
|
$
|
178,438
|
$
|
2,646
|
$
|
238,912
|
$
|
55,625
|
$
|
8,710
|
$
|
11,455
|
$
|
75,790
|
||||||||||||||||
|
(1) Includes
production taxes of $3,319 and $2,551 for the three months ended
December
31, 2007 and 2006, respectively.
|
||||||||||||||||||||||||||||||||
COMSTOCK
RESOURCES, INC.
REGIONAL
OPERATING RESULTS
(In
thousands, except per unit amounts)
|
For
the Year Ended
December 31, 2007
|
For
the Year Ended
December 31, 2006
|
|||||||||||||||||||||||||||||||
|
East
Texas/
|
East
Texas/
|
|||||||||||||||||||||||||||||||
|
North
|
South
|
Total
|
North
|
South
|
Total
|
|||||||||||||||||||||||||||
|
Louisiana
|
Texas
|
Other
|
Onshore
|
Louisiana
|
Texas
|
Other
|
Onshore
|
|||||||||||||||||||||||||
|
Oil
production
(thousand
barrels) |
162
|
214
|
632
|
1,008
|
117
|
209
|
595
|
921
|
||||||||||||||||||||||||
|
Gas
production
(million cubic
feet – Mmcf) |
24,407
|
11,790
|
3,034
|
39,231
|
17,850
|
9,073
|
3,348
|
30,271
|
||||||||||||||||||||||||
|
Total
production
(Mmcfe)
|
25,378
|
13,077
|
6,827
|
45,282
|
18,550
|
10,328
|
6,919
|
35,797
|
||||||||||||||||||||||||
|
Oil
sales
|
$
|
11,052
|
$
|
15,189
|
$
|
35,233
|
$
|
61,474
|
$
|
7,295
|
$
|
13,332
|
$
|
30,328
|
$
|
50,955
|
||||||||||||||||
|
Gas
sales
|
164,926
|
85,427
|
19,786
|
270,139
|
119,106
|
65,594
|
21,563
|
206,263
|
||||||||||||||||||||||||
|
Total
oil and gas sales
|
$
|
175,978
|
$
|
100,616
|
$
|
55,019
|
$
|
331,613
|
$
|
126,401
|
$
|
78,926
|
$
|
51,891
|
$
|
257,218
|
||||||||||||||||
|
Average
oil price
(per barrel)
|
$
|
68.22
|
$
|
70.98
|
$
|
55.75
|
$
|
60.96
|
$
|
62.35
|
$
|
63.79
|
$
|
50.97
|
$
|
55.32
|
||||||||||||||||
|
Average
gas price
(per
thousand cubic feet – Mcf) |
$
|
6.76
|
$
|
7.25
|
$
|
6.52
|
$
|
6.89
|
$
|
6.67
|
$
|
7.23
|
$
|
6.44
|
$
|
6.81
|
||||||||||||||||
|
Average
price (per
Mcf
equivalent) |
$
|
6.93
|
$
|
7.69
|
$
|
8.06
|
$
|
7.32
|
$
|
6.81
|
$
|
7.64
|
$
|
7.50
|
$
|
7.19
|
||||||||||||||||
|
Lifting
cost(2)
|
$
|
29,527
|
$
|
16,832
|
$
|
18,432
|
$
|
64,791
|
$
|
23,107
|
$
|
14,612
|
$
|
16,184
|
$
|
53,903
|
||||||||||||||||
|
Lifting
cost (per
Mcf
equivalent) |
$
|
1.16
|
$
|
1.29
|
$
|
2.70
|
$
|
1.43
|
$
|
1.25
|
$
|
1.41
|
$
|
2.34
|
$
|
1.51
|
||||||||||||||||
|
Oil
and Gas
Capital Expenditures:
|
||||||||||||||||||||||||||||||||
|
Acquisitions
|
$
|
—
|
$
|
191,290
|
$
|
—
|
$
|
191,290
|
$
|
912
|
$
|
60,707
|
$
|
—
|
$
|
61,619
|
||||||||||||||||
|
Leasehold
costs
|
3,377
|
2,755
|
2,850
|
8,982
|
620
|
6,358
|
2,955
|
9,933
|
||||||||||||||||||||||||
|
Exploratory
drilling
|
—
|
11,910
|
2,379
|
14,289
|
—
|
6,039
|
1,737
|
7,776
|
||||||||||||||||||||||||
|
Development
drilling
|
215,593
|
61,738
|
25,024
|
302,355
|
145,036
|
14,537
|
28,558
|
188,131
|
||||||||||||||||||||||||
|
Other
development
|
2,620
|
3,337
|
2,841
|
8,798
|
13,307
|
2,374
|
5,589
|
21,270
|
||||||||||||||||||||||||
|
Total
|
$
|
221,590
|
$
|
271,030
|
$
|
33,094
|
$
|
525,714
|
$
|
159,875
|
$
|
90,015
|
$
|
38,839
|
$
|
288,729
|
||||||||||||||||
|
(2) Includes
production taxes of $13,830 and $11,344 for the years ended December
31,
2007 and 2006, respectively.
|
||||||||||||||||||||||||||||||||