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 22, 2015
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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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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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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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 January 22, 2015 we issued a press release, attached hereto as Exhibit 99.1 and incorporated herein by reference, announcing our estimated proved oil and gas reserves as of December 31, 2014 as well as certain operating results for the year ended December 31, 2014.
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.
Item 9.01 Financial Statements and Exhibits
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Exhibit 99.1
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Press Release, dated January 22, 2015.
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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 22, 2015
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By:
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/s/ ROLAND O. BURNS
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Roland O. Burns
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President and Chief Financial 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) 668-8834
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Contact: Gary H. Guyton
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Director of Planning and Investor Relations
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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, 2014
FRISCO, TEXAS, January 22, 2015 -- Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE:CRK) announced today that its proved oil and natural gas reserves as of December 31, 2014 were estimated at 20.9 million barrels of crude oil and 495 billion cubic feet ("Bcf") of natural gas or 620.4 billion cubic feet of natural gas equivalent ("Bcfe") as compared to total proved reserves as of December 31, 2013 of 585 Bcfe. 68% of the proved reserves at December 31, 2014 are classified as proved developed and 96% are operated by Comstock. The present value, using a 10% discount rate, of the future net cash flows before income taxes of the proved reserves (the "PV-10 Value") was approximately $1.1 billion, using average 2014 prices of $3.96 per Mcf for natural gas and $92.55 per barrel for oil.
The following table reflects the changes in the proved reserve estimates since the end of 2013:
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Oil
MBBLs
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Natural Gas
Bcf
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Total
Bcfe
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Proved Reserves at December 31, 2013
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21,976
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452.7
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584.5
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Production
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(4,313
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)
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(39.8
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)
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(65.6
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)
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Extensions and Discoveries
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5,373
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78.4
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110.6
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Revisions
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(2,182
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)
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4.0
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(9.1
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)
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Proved Reserves at December 31, 2014
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20,854
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495.3
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620.4
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In 2014, Comstock's production totaled 65.6 Bcfe or 180 million cubic feet equivalent ("MMcfe") per day. Oil production in 2014 grew 86% to 4.3 million barrels while natural gas production in 2014 decreased by 29% to 39.8 Bcf. Oil comprised 39% of Comstock's 2014's total production as compared to only 20% in 2013. Production in the fourth quarter of 2014 was 15.9 Bcfe or 173 MMcfe per day which was comprised of 12,403 barrels of oil and 98 MMcf of natural gas. Production in the fourth quarter of 2014 was 43% oil and 57% natural gas.
Comstock's drilling program in the Eagle Ford shale added 5.1 million barrels of oil and 5 Bcf of natural gas or 5.9 million barrels of oil equivalent to proved reserves in 2014. Reserves in the Haynesville shale and other regions added 74 Bcf of proved natural gas reserves in 2014. Comstock plans to restart its Haynesville shale development program in 2015.
Comstock spent $486.4 million for its drilling activities in 2014 and an additional $94.9 million to acquire leases for future exploration and development activities. Excluding the acreage costs that were primarily for the acquisition of new leases to be drilled in the future, Comstock's 2014 finding costs came in at approximately $28.75 per barrel of oil equivalent. In response to low oil prices, Comstock plans to focus its 2015 capital budget on natural gas projects in the Haynesville shale in East Texas/North Louisiana.
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 an 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.