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): October 5, 2009
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
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:
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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
7.01 Regulation FD
Disclosure
On
October 5, 2009, we issued a press release with an operational update of our
drilling results, production and outstanding debt through September 30,
2009. A copy of this press release is attached as Exhibit 99.1 and
incorporated herein by reference.
The
information being furnished pursuant to Item 7.01 of this Form 8-K and in
Exhibit 99.1 shall not be deemed to be "filed" for the purposes of
Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or
otherwise subject to the liabilities of that section, nor shall it be
incorporated by reference into a filing under the Securities Act of 1933, or the
Exchange Act, except as shall be expressly set forth by specific reference in
such a filing.
Item
9.01 Financial Statements and
Exhibits
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Exhibit 99.1
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Press
Release dated October 5, 2009 reporting the third quarter 2009 operational
update.
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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: October
5, 2009
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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. PROVIDES
THIRD
QUARTER 2009 OPERATIONAL UPDATE
FRISCO, TEXAS, October 5, 2009
– Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today
provided an update on its operations in its recently completed third
quarter.
Comstock's
drilling program continues to be successful. During the first nine
months of 2009, Comstock drilled 38 wells (28.2 net), all of which were
successful. Thirty-one of the 38 wells drilled were horizontal
wells.
The
Company's drilling program this year is primarily focused on developing its
Haynesville shale properties in East Texas and North
Louisiana. Through the end of the third quarter, the Company has
drilled 28 horizontal wells (20.8 net) in the Haynesville or Bossier shale in
2009, twenty-two of which are currently producing. The remaining six are in the
process of being completed or awaiting pipeline connection prior to completion
operations commencing. Comstock is currently drilling six horizontal
wells and participating in drilling a nonoperated horizontal
well. All of these wells are targeting the Haynesville
shale.
Since the
Company's last operational update, Comstock has completed seven successful
operated Haynesville shale horizontal wells in DeSoto Parish in North
Louisiana. Three wells are in its Toledo Bend North field, three are
in the Logansport field and one is in the Mansfield field. These seven wells
were tested at an average initial production rate of 15.6 million cubic feet of
natural gas equivalent ("MMcfe") per day per well. These results were
23% higher than the seven wells reported with the second quarter
results.
In Toledo
Bend North, the BSMC 17 #1H was drilled to a vertical depth of 11,725 feet with
a 3,950 foot horizontal lateral. The BSMC 5 #1H was drilled to a vertical depth
of 11,573 feet with a 4,145 foot horizontal lateral and the BSMC 6 #1H was
drilled to a vertical depth of 11,458 feet with a 4,710 foot horizontal
lateral. Each of these wells was completed with 10 frac stages and
each was tested with an initial production rate of 10.3 MMcfe per
day. Comstock has an 88% working interest in the Toledo Bend North
field.
In the
Logansport field, the Caraway #3H well was drilled to a vertical depth of 11,103
feet with a 4,181 foot horizontal lateral. The well was completed
with 10 frac stages and was tested at an initial production rate of 21.1 MMcfe
per day. The Collins 15 #2H well was drilled to a vertical depth of
11,239 feet with a 3,680 foot horizontal lateral. The well was
completed with 10 frac stages and was tested at an initial production rate of
21.9 MMcfe per day. Comstock has a 100% working interest in both
these wells. The third Logansport well, the Miller Land HZ #1, was
drilled to a vertical depth of 11,523 feet with a 4,180 foot horizontal
lateral. The well was completed with 10 frac stages and was tested at
an initial production rate of 15.0 MMcfe per day. Comstock has a 63%
working interest in this well.
In the
Mansfield field, the RLS #1H well was drilled to a vertical depth of 12,317 feet
with a 4,398 foot horizontal lateral. This well was completed with
ten frac stages and was tested at an initial production rate of 20.6 MMcfe per
day. Comstock has an 81% working interest in this well.
Comstock's
production in the third quarter averaged approximately 184 MMcfe per
day. This represents an increase of 15 MMcfe per day (9%) above the
second quarter of 2009 average production rate of 169 MMcfe per
day.
Comstock
also reported that its total debt outstanding at September 30, 2009 was $340.0
million. Of this amount, $165.0 million was outstanding under its
bank credit facility.
Comstock
plans to report its financial results for the quarter ended September 30, 2009
on November 2, 2009 and has planned a conference call for 9:30 a.m. central time
on Tuesday, November 3, 2009, to discuss the
operational and financial results for the third quarter of 2009.
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 and Louisiana. The Company's stock is traded on
the New York Stock Exchange under the symbol
CRK.