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): May 5, 2008
COMSTOCK
RESOURCES, INC.
(Exact
Name of Registrant as Specified in Charter)
|
STATE
OF NEVADA
|
001-03262
|
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 May 5,
2008, Comstock Resources, Inc. ("Comstock") announced financial results for the
three months ended March 31, 2008. A copy of the press release
announcing Comstock's earnings and operating results for the three months ended
March 31, 2008 and other matters 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 May 5, 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:
May 5, 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
FIRST
QUARTER 2008 FINANCIAL AND OPERATING RESULTS
FRISCO, TEXAS, May 5, 2008 –
Comstock Resources, Inc. ("Comstock" or the
"Company") (NYSE: CRK) today reported financial and operating results for the
quarter ended March 31, 2008.
First
Quarter 2008 Financial Results
Comstock
reported net income of $41.1 million or 91¢ per diluted share for the three
months ended March 31, 2008 as compared to 2007's first quarter net income of
$12.6 million or 28¢ per diluted share.
The
outstanding first quarter financial results reflect strong market prices for oil
and natural gas and the Company's production growth from acquisitions, onshore
development drilling and offshore exploration activities. Comstock's
production in the first quarter of 2008 increased 25% to 25.1 billion cubic feet
equivalent of natural gas ("Bcfe") as compared to production of 20.0 Bcfe in the
first quarter of 2007. Onshore production has increased 44% and
offshore production was up 6% from the first quarter of 2007. The
first quarter average daily production rate of 275 million cubic feet of natural
gas equivalent ("Mmcfe") also has increased 11% from the fourth quarter
production rate of 249 Mmcfe per day. The Company's realized natural
gas price averaged $8.46 per Mcf in 2008's first quarter, 23% higher than the
$6.89 per Mcf in 2007's first quarter and $1.17 per Mcfe above the natural gas
price realized in the fourth quarter of 2007. Realized oil prices in
the first quarter of 2008 averaged $93.93 per barrel, 73% higher than the $54.15
per barrel for 2007 and $7.92 per barrel above the oil price realized in the
fourth quarter of 2007. Driven by the 25% increase in production and
the much stronger oil and natural gas prices, first quarter 2008's oil and gas
sales of $241.0 million increased 65% from 2007's first quarter sales of $146.0
million. Operating cash flow (before changes in working capital
accounts) generated by Comstock in 2008's first quarter of $170.5 million was
70% higher than 2007's first quarter cash flow of $100.5
million. EBITDAX or earnings before interest, taxes, depreciation,
depletion, amortization, exploration expense and other noncash expenses was
$199.5 million in 2008's first quarter, a 75% increase from 2007's first quarter
EBITDAX of $114.0 million.
First
Quarter 2008 Drilling Results
Comstock announced
the results to date of its 2008 drilling program. In the first three
months of 2008 Comstock drilled 36 wells (23.2 net). Thirty-five of
the wells drilled were successful and one was a dry hole.
Onshore,
Comstock drilled 31 (19.6 net) successful development wells in the first quarter
of 2008. Comstock drilled 26 successful wells (16.3 net) in its East
Texas/North Louisiana region which have been tested at an average per well
initial production rate of 2.1 Mmcfe per day. At March 31, 2008
Comstock had four additional wells in this region that were being drilled which
are part of Comstock's 84 well drilling program planned in this region for
2008. In
South Texas, Comstock drilled four successful wells (3.5 net) and had one
exploratory dry hole (0.5 net) during the first quarter of 2008. The
successful wells were tested at an average per well initial production rate of
3.9 Mmcfe per day. Three of the wells were in the Javelina field and
the other was a successful exploratory well. Comstock also drilled
two successful wells (0.3 net) in the San Juan Basin in New Mexico
during the first quarter.
Comstock
also announced that it plans to increase its 2008 budget for its onshore
drilling program to $322 million from the $278 million previously
announced. The increase is primarily attributable to increased
spending in its East Texas/North Louisiana region on acreage acquisitions and
drilling related to the Company's Haynesville shale program. The
Company estimates that it has 65,500 (50,400 net) acres that are
prospective for Haynesville shale development. The onshore drilling
program now includes 105 (70.2 net) development wells and 12 (7.7) exploratory
wells. Capital spending in the Company's East Texas/North Louisiana
operating region is forecasted to be $200 million, which includes 84 total wells
(57.6 net), nine of which will be horizontal wells. Comstock also
expects to spend $115 million in its South Texas operating region,
including 28 wells (19.5 net). The remaining $7 million will be
spent on Comstock's other onshore regions.
Comstock's
offshore operations are conducted by its 49% owned subsidiary, Bois d'Arc
Energy, Inc. (NYSE: BDE). Bois d'Arc has drilled three successful
wells (2.6 net) so far in 2008. The OCS-G 24922 #1 at Ship Shoal
block 97 was drilled to a depth of 12,983 feet and encountered 71 net feet of
pay in two high quality sands. This well was put on production in
February at a rate of 10.3 MMcfe per day. Bois d'Arc has a 78%
working interest in this well. The OCS-G 24926 #1 was drilled to test
the "Perch" prospect at Ship Shoal block 120. This well was drilled
to a depth of 5,000 feet and encountered 94 feet of pay in eight commercial
sands. First production for the well is expected in the second
quarter. Bois d'Arc has a 100% working interest in this
well. Bois d'Arc also drilled the OCS-G 24977 #1 at South Pelto block
21 to test the "Chinook" prospect. This exploratory well was drilled
to a depth of 18,250 feet and encountered 38 feet of pay in the objective
sand. First production for the well is expected July 1,
2008. Bois d'Arc has a 79% working interest in this
well. Bois d'Arc is currently drilling a 16,500 foot exploratory well
to test its "Kelsie" prospect at Ship Shoal block 95. Bois d'Arc has
a 100% working interest in this well.
Proposed
Sale of Bois d'Arc Energy
As
previously announced, on April 30, 2008 Bois d'Arc Energy entered into a
definitive merger agreement with Stone Energy Corporation ("Stone") (NYSE: SGY)
pursuant to which Stone will acquire Bois d'Arc. Under the terms of
the merger agreement, Bois d'Arc shareholders, including Comstock, will receive
$13.65 in cash and 0.165 shares of Stone common stock for each share of Bois
d'Arc. Comstock will receive $440 million in cash and 5,317,069
shares of the common stock of Stone for its stake in Bois
d'Arc. Completion of the transaction is subject to approval by the
Bois d'Arc and Stone stockholders, regulatory approvals, and other customary
conditions. Concurrent with the execution of the merger agreement,
Comstock entered into a stockholder agreement in which it has agreed to vote in
favor of the merger.
Property
Divestiture
Comstock
also announced today that it has accepted offers whereby it intends to
sell certain properties in East and South Texas for $122.0
million. The properties include Comstock's interests in the J.C.
Martin, AWP and East Seven Sisters fields in South Texas and the Gilmer field in
East Texas. Comstock owns net profit interests in these fields which
are operated by other parties. The sales are expected to close in
June 2008 with an effective date of April 1, 2008. The estimated
proved reserves attributable to the properties being sold are
44.3 Bcfe. Production in the first quarter of 2008 attributable
to Comstock's interest in these properties was 8.5 MMcfe per day. Comstock
expects to realize an after tax gain of $16.6 million on these sales.
Scotia Waterous (USA) Inc. acted as financial advisor to Comstock with respect
to these sales.
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 March 31,
|
||||||||
|
2008
|
2007
|
|||||||
|
Oil
and gas sales
|
$
|
240,987
|
$
|
146,029
|
||||
|
Operating
expenses:
|
||||||||
|
Oil
and gas operating
|
36,640
|
27,083
|
||||||
|
Exploration
|
8,655
|
11,133
|
||||||
|
Depreciation,
depletion and amortization
|
70,562
|
56,707
|
||||||
|
General
and administrative
|
9,339
|
9,702
|
||||||
|
Loss
on disposal of assets
|
240
|
—
|
||||||
|
Total
operating expenses
|
125,436
|
104,625
|
||||||
|
Income
from operations
|
115,551
|
41,404
|
||||||
|
Other
income (expenses):
|
||||||||
|
Interest
income
|
244
|
296
|
||||||
|
Other
income
|
157
|
130
|
||||||
|
Interest
expense
|
(11,314
|
)
|
(8,449
|
)
|
||||
|
Total
other income (expenses)
|
(10,913
|
)
|
(8,023
|
)
|
||||
|
Income
before income taxes and minority interest
|
104,638
|
33,381
|
||||||
|
Provision
for income taxes
|
(44,073
|
)
|
(14,824
|
)
|
||||
|
Minority
interest in earnings of Bois d'Arc Energy
|
(19,470
|
)
|
(5,999
|
)
|
||||
|
Net
income
|
$
|
41,095
|
$
|
12,558
|
||||
|
Net
income per share:
|
||||||||
|
Basic
|
$
|
0.93
|
$
|
0.29
|
||||
|
Diluted
|
$
|
0.91
|
$
|
0.28
|
||||
|
Weighted
average common and common stock
equivalent shares outstanding:
|
||||||||
|
Basic
|
44,179
|
43,364
|
||||||
|
Diluted
|
44,994
|
44,238
|
||||||
COMSTOCK
RESOURCES, INC.
CONSOLIDATED
OPERATING RESULTS
(In
thousands)
|
Three
Months Ended March 31,
|
|||||||||
|
2008
|
2007
|
||||||||
|
Cash
flow from operations:
|
|||||||||
|
Net
cash provided by operating activities
|
$
|
128,181
|
$
|
78,746
|
|||||
|
Excess
tax benefit from stock based compensation
|
670
|
166
|
|||||||
|
Increase
in accounts
receivable
|
22,112
|
4,874
|
|||||||
|
Decrease
in other current
assets
|
1,392
|
1,237
|
|||||||
|
Decrease
in accounts payable and accrued expenses
|
18,124
|
15,521
|
|||||||
|
Cash
flow from
operations
|
$
|
170,479
|
$
|
100,544
|
|||||
|
EBITDAX:
|
|||||||||
|
Net
income
|
$
|
41,095
|
$
|
12,558
|
|||||
|
Interest
expense
|
11,314
|
8,449
|
|||||||
|
Income
tax
expense
|
44,073
|
14,824
|
|||||||
|
Depreciation,
depletion and amortization
|
70,562
|
56,707
|
|||||||
|
Loss
on disposal of
assets
|
240
|
—
|
|||||||
|
Minority
interest in earnings of Bois d'Arc Energy
|
19,470
|
5,999
|
|||||||
|
Stock-based
compensation
|
4,052
|
4,312
|
|||||||
|
Exploration
expense
|
8,655
|
11,133
|
|||||||
|
EBITDAX
|
$
|
199,461
|
$
|
113,982
|
|||||
|
As
of March 31,
|
||||||||
|
2008
|
2007
|
|||||||
|
Balance
Sheet Data:
|
||||||||
|
Cash
and cash
equivalents
|
$
|
15,520
|
$
|
12,003
|
||||
|
Other
current
assets
|
125,609
|
90,974
|
||||||
|
Property
and equipment,
net
|
2,271,982
|
1,857,521
|
||||||
|
Other
|
6,505
|
5,361
|
||||||
|
Total
assets
|
$
|
2,419,616
|
$
|
1,965,859
|
||||
|
Current
liabilities
|
$
|
129,804
|
$
|
147,153
|
||||
|
Long-term
debt
|
736,000
|
511,000
|
||||||
|
Deferred
income taxes
|
400,964
|
323,507
|
||||||
|
Other
long-term liabilities
|
57,968
|
58,113
|
||||||
|
Minority
interest in Bois d'Arc Energy
|
287,819
|
228,006
|
||||||
|
Stockholders'
equity
|
807,061
|
698,080
|
||||||
|
Total
liabilities and stockholders' equity
|
$
|
2,419,616
|
$
|
1,965,859
|
||||
COMSTOCK
RESOURCES, INC.
CONSOLIDATED
OPERATING RESULTS
($
In thousands, except per unit amounts)
|
For
the Three Months ended March 31, 2008
|
|||||||||||
|
Onshore(1)
|
Bois
d'Arc Energy
|
Total
|
|||||||||
|
Oil
production (thousand barrels)
|
243
|
427
|
670
|
||||||||
|
Gas
production (million cubic feet – Mmcf)
|
13,130
|
7,927
|
21,057
|
||||||||
|
Total
production (Mmcfe)
|
14,586
|
10,486
|
25,072
|
||||||||
|
Oil
sales
|
$
|
19,772
|
$
|
43,091
|
$
|
62,863
|
|||||
|
Gas
sales
|
108,193
|
70,175
|
178,368
|
||||||||
|
Realized
hedging losses
|
(244
|
)
|
—
|
(244
|
)
|
||||||
|
Total
gas sales
|
107,949
|
70,175
|
178,124
|
||||||||
|
Total
oil and gas sales
|
$
|
127,721
|
$
|
113,266
|
$
|
240,987
|
|||||
|
Average
oil price (per barrel)
|
$
|
81.49
|
$
|
101.01
|
$
|
93.93
|
|||||
|
Average
gas price excluding realized hedging losses (per
thousand cubic feet – Mcf) |
$
|
8.24
|
$
|
8.85
|
$
|
8.47
|
|||||
|
Average
gas price including hedging losses (per thousand cubic feet
– Mcf)
|
$
|
8.22
|
$
|
8.85
|
$
|
8.46
|
|||||
|
Average
price excluding hedging losses (per Mcf equivalent)
|
$
|
8.77
|
$
|
10.80
|
$
|
9.62
|
|||||
|
Average
price including hedging losses (per Mcf equivalent)
|
$
|
8.76
|
$
|
10.80
|
$
|
9.61
|
|||||
|
Lifting
cost
|
$
|
21,202
|
$
|
15,438
|
$
|
36,640
|
|||||
|
Lifting
cost (per Mcf equivalent)
|
$
|
1.45
|
$
|
1.47
|
$
|
1.46
|
|||||
|
Oil
and gas capital expenditures
|
$
|
62,041
|
$
|
58,315
|
$
|
120,356
|
|||||
|
(1) Includes
the onshore results of operations of Comstock Resources,
Inc.
|
|
For
the Three Months ended March 31, 2007
|
|||||||||||
|
Onshore(1)
|
Bois
d'Arc Energy
|
Total
|
|||||||||
|
Oil
production (thousand barrels)
|
251
|
368
|
619
|
||||||||
|
Gas
production (million cubic feet – Mmcf)
|
8,635
|
7,701
|
16,336
|
||||||||
|
Total
production (Mmcfe)
|
10,140
|
9,909
|
20,049
|
||||||||
|
Oil
sales
|
$
|
12,054
|
$
|
21,468
|
$
|
33,522
|
|||||
|
Gas
sales
|
57,793
|
54,714
|
112,507
|
||||||||
|
Total
oil and gas sales
|
$
|
69,847
|
$
|
76,182
|
$
|
146,029
|
|||||
|
Average
oil price (per barrel)
|
$
|
48.03
|
$
|
58.33
|
$
|
54.15
|
|||||
|
Average
gas price (per thousand cubic feet – Mcf)
|
$
|
6.69
|
$
|
7.10
|
$
|
6.89
|
|||||
|
Average
price (per Mcf equivalent)
|
$
|
6.89
|
$
|
7.69
|
$
|
7.28
|
|||||
|
Lifting
cost
|
$
|
14,055
|
$
|
13,028
|
$
|
27,083
|
|||||
|
Lifting
cost (per Mcf equivalent)
|
$
|
1.39
|
$
|
1.31
|
$
|
1.35
|
|||||
|
Oil
and gas capital expenditures
|
$
|
84,251
|
$
|
62,753
|
$
|
147,004
|
|||||
|
(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 March 31, 2008
|
East
Texas/
North
Louisiana
|
South
Texas
|
Other
|
Total
Onshore
|
|||||||||||||
|
Oil
production (thousand barrels)
|
47
|
46
|
150
|
243
|
||||||||||||
|
Gas
production (million cubic feet – Mmcf)
|
6,727
|
5,630
|
773
|
13,130
|
||||||||||||
|
Total
production (Mmcfe)
|
7,008
|
5,907
|
1,671
|
14,586
|
||||||||||||
|
Oil
sales
|
$
|
4,424
|
$
|
4,520
|
$
|
10,828
|
$
|
19,772
|
||||||||
|
Gas
sales
|
55,731
|
46,135
|
6,327
|
108,193
|
||||||||||||
|
Realized
hedging losses
|
—
|
(244
|
)
|
—
|
(244
|
)
|
||||||||||
|
Total
gas sales
|
55,731
|
45,891
|
6,327
|
107,949
|
||||||||||||
|
Total
oil and gas sales
|
$
|
60,155
|
$
|
50,411
|
$
|
17,155
|
$
|
127,721
|
||||||||
|
Average
oil price (per barrel)
|
$
|
94.13
|
$
|
98.26
|
$
|
72.19
|
$
|
81.49
|
||||||||
|
Average
gas price excluding hedging losses (per
thousand cubic feet – Mcf)
|
$
|
8.28
|
$
|
8.19
|
$
|
8.18
|
$
|
8.24
|
||||||||
|
Average
gas price including hedging losses (per Mcf)
|
$
|
8.28
|
$
|
8.15
|
$
|
8.18
|
$
|
8.22
|
||||||||
|
Average
price excluding hedging losses (per Mcf equivalent)
|
$
|
8.58
|
$
|
8.58
|
$
|
10.27
|
$
|
8.77
|
||||||||
|
Average
price including hedging losses (per Mcf equivalent)
|
$
|
8.58
|
$
|
8.53
|
$
|
10.27
|
$
|
8.76
|
||||||||
|
Lifting
cost
|
$
|
8,769
|
$
|
7,056
|
$
|
5,377
|
$
|
21,202
|
||||||||
|
Lifting
cost (per Mcf equivalent)
|
$
|
1.25
|
$
|
1.19
|
$
|
3.22
|
$
|
1.45
|
||||||||
|
Oil
and Gas Capital Expenditures:
|
||||||||||||||||
|
Leasehold
costs
|
$
|
2,861
|
$
|
1,124
|
$
|
49
|
$
|
4,034
|
||||||||
|
Exploratory
drilling
|
—
|
2,356
|
123
|
2,479
|
||||||||||||
|
Development
drilling
|
39,373
|
11,403
|
1,389
|
52,165
|
||||||||||||
|
Other
development
|
930
|
717
|
1,716
|
3,363
|
||||||||||||
|
Total
|
$
|
43,164
|
$
|
15,600
|
$
|
3,277
|
$
|
62,041
|
||||||||
COMSTOCK
RESOURCES, INC.
REGIONAL
OPERATING RESULTS
($
In thousands, except per unit amounts)
For
the Three Months ended March 31, 2007
|
East
Texas/
North
Louisiana
|
South
Texas
|
Other
|
Total
Onshore
|
|||||||||||||
|
Oil
production (thousand barrels)
|
46
|
53
|
152
|
251
|
||||||||||||
|
Gas
production (million cubic feet – Mmcf)
|
5,381
|
2,577
|
677
|
8,635
|
||||||||||||
|
Total
production (Mmcfe)
|
5,657
|
2,896
|
1,587
|
10,140
|
||||||||||||
|
Oil
sales
|
$
|
2,492
|
$
|
2,958
|
$
|
6,604
|
$
|
12,054
|
||||||||
|
Gas
sales
|
35,501
|
18,101
|
4,191
|
57,793
|
||||||||||||
|
Total
oil and gas sales
|
$
|
37,993
|
$
|
21,059
|
$
|
10,795
|
$
|
69,847
|
||||||||
|
Average
oil price (per barrel)
|
$
|
54.17
|
$
|
55.81
|
$
|
43.45
|
$
|
48.03
|
||||||||
|
Average
gas price (per thousand cubic feet – Mcf)
|
$
|
6.60
|
$
|
7.02
|
$
|
6.19
|
$
|
6.69
|
||||||||
|
Average
gas price (per thousand cubic feet –
Mcf
equivalent)
|
$
|
6.72
|
$
|
7.27
|
$
|
6.80
|
$
|
6.89
|
||||||||
|
Lifting
cost
|
$
|
6,684
|
$
|
3,322
|
$
|
4,049
|
$
|
14,055
|
||||||||
|
Lifting
cost (per Mcf equivalent)
|
$
|
1.18
|
$
|
1.15
|
$
|
2.55
|
$
|
1.39
|
||||||||
|
Oil
and Gas Capital Expenditures:
|
||||||||||||||||
|
Leasehold
costs
|
$
|
398
|
$
|
816
|
$
|
2,400
|
$
|
3,614
|
||||||||
|
Exploratory
drilling
|
—
|
2,255
|
442
|
2,697
|
||||||||||||
|
Development
drilling
|
54,707
|
11,677
|
10,009
|
76,393
|
||||||||||||
|
Other
development
|
242
|
483
|
822
|
1,547
|
||||||||||||
|
Total
|
$
|
55,347
|
$
|
15,231
|
$
|
13,673
|
$
|
84,251
|
||||||||