View Filing Data

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2016	Nov. 09, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q3
Trading Symbol	CRK
Entity Registrant Name	COMSTOCK RESOURCES INC
Entity Central Index Key	0000023194
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		13,455,559

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
ASSETS
Cash and Cash Equivalents	$ 26,584	$ 134,006
Accounts Receivable:
Oil and gas sales	16,659	15,241
Joint interest operations	2,033	3,552
Derivative Financial Instruments		1,446
Assets Held for Sale	29,442
Other Current Assets	1,975	1,993
Total current assets	76,693	156,238
Property and Equipment:
Unproved oil and gas properties		84,144
Oil and gas properties, successful efforts method	3,774,780	4,332,222
Other	19,577	19,521
Accumulated depreciation, depletion and amortization	(2,986,614)	(3,397,467)
Net property and equipment	807,743	1,038,420
Other Assets	1,076	1,192
Total Assets	885,512	1,195,850
LIABILITIES AND STOCKHOLDERS' DEFICIT
Accounts Payable	37,786	57,276
Accrued Liabilities	20,398	38,444
Total current liabilities	58,184	95,720
Long-term Debt	1,025,522	1,249,330
Deferred Income Taxes	5,677	1,965
Reserve for Future Abandonment Costs	16,152	20,093
Total liabilities	1,105,535	1,367,108
Commitments and Contingencies
Stockholders' Deficit:
Common stock — $0.50 par, 50,000,000 shares authorized, 13,383,016 and 9,544,035 shares outstanding at September 30, 2016 and December 31, 2015, respectively	6,692	4,772
Common stock warrants	7,938
Additional paid-in capital	526,248	504,670
Accumulated deficit	(760,901)	(680,700)
Total stockholders' deficit	(220,023)	(171,258)
Total liabilities and stockholders' deficit	$ 885,512	$ 1,195,850

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2016	Dec. 31, 2015
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.50	$ 0.50
Common stock, shares authorized	50,000,000
Common stock, shares outstanding	13,383,016	9,544,035

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues:
Natural gas sales	$ 36,852	$ 33,654	$ 87,726	$ 80,411
Oil sales	13,478	27,706	39,482	124,783
Total oil and gas sales	50,330	61,360	127,208	205,194
Operating expenses:
Production taxes	1,556	2,170	4,069	8,951
Gathering and transportation	3,829	3,729	12,219	9,842
Lease operating	12,301	16,687	38,249	49,650
Exploration	76,391	5,040	84,144	70,309
Depreciation, depletion and amortization	37,545	79,445	112,410	261,907
General and administrative	4,188	5,653	15,426	20,795
Impairment of oil and gas properties	113	544,714	24,573	547,101
Loss (gain) on sales and exchange of oil and gas properties	13,196	(52)	14,103	111,778
Total operating expenses	149,119	657,386	305,193	1,080,333
Operating loss	(98,789)	(596,026)	(177,985)	(875,139)
Other income (expenses):
Net gain on extinguishment of debt	100,540	51,054	190,116	55,586
Gain from derivative financial instruments		1,078	674	1,705
Other income	175	411	770	1,054
Interest expense	(31,227)	(32,159)	(90,053)	(86,720)
Total other income (expenses)	69,488	20,384	101,507	(28,375)
Loss before income taxes	(29,301)	(575,642)	(76,478)	(903,514)
Benefit from (provision for) income taxes	825	30,646	(3,723)	144,948
Net loss	$ (28,476)	$ (544,996)	$ (80,201)	$ (758,566)
Net loss per share – basic and diluted	$ (2.32)	$ (59.05)	$ (7.13)	$ (82.27)
Weighted average shares outstanding – basic and diluted	12,293	9,230	11,255	9,220

CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIT (Unaudited) - 9 months ended Sep. 30, 2016 - USD ($) $ in Thousands	Total	Common Stock	Common Stock Warrants	Additional Paid-in Capital	Accumulated Deficit
Beginning Balance at Dec. 31, 2015	$ (171,258)	$ 4,772		$ 504,670	$ (680,700)
Beginning Balance, Shares at Dec. 31, 2015		9,544,000
Stock-based compensation	3,571	$ 116		3,455
Stock-based compensation, Shares		232,000
Restricted stock used for tax withholdings	(313)	$ (21)		(292)
Restricted stock used for tax withholdings, Shares		(42,000)
Stock issued in exchange for debt	13,603	$ 1,385		12,218
Stock issued in exchange for debt, Shares		2,771,000
Common stock warrants issued	14,051		$ 14,051
Common stock warrants exercised	$ 627	$ 440	(6,113)	6,300
Common stock warrants exercised, Shares	877,026	878,000
Stock issuance costs	$ (103)			(103)
Net loss	(80,201)				(80,201)
Ending Balance at Sep. 30, 2016	$ (220,023)	$ 6,692	$ 7,938	$ 526,248	$ (760,901)
Ending Balance, Shares at Sep. 30, 2016		13,383,000

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (80,201)	$ (758,566)
Adjustments to reconcile net loss to net cash provided by (used for) operating activities:
Loss on sales and exchange of oil and gas properties	14,103	111,778
Impairment of unproved oil and gas properties	84,144	70,309
Impairment of proved oil and gas properties	24,573	547,101
Depreciation, depletion and amortization	112,410	261,907
Gain on derivative financial instruments	(674)	(1,705)
Settlements of derivative financial instruments	2,120	391
Net gain on extinguishment of debt	(190,116)	(55,586)
Amortization of debt discount, premium and issuance costs	6,413	3,952
Interest paid in-kind	2,576
Deferred income taxes	3,687	(146,118)
Stock-based compensation	3,571	6,061
Excess income taxes from stock-based compensation		1,943
Decrease in accounts receivable	101	25,277
Decrease in other current assets	18	7,292
Decrease in accounts payable and accrued liabilities	(37,443)	(50,560)
Net cash provided by (used for) operating activities	(54,718)	23,476
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(41,142)	(232,896)
Proceeds from asset sales	2,067	102,674
Net cash used for investing activities	(39,075)	(130,222)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings		790,000
Payments to retire debt	(3,388)	(502,815)
Debt and equity issuance costs	(9,928)	(16,201)
Tax withholdings related to restricted stock	(313)	(526)
Excess income taxes from stock-based compensation		(1,943)
Net cash provided by (used for) financing activities	(13,629)	268,515
Net increase (decrease) in cash and cash equivalents	(107,422)	161,769
Cash and cash equivalents, beginning of period	134,006	2,071
Cash and cash equivalents, end of period	$ 26,584	$ 163,840

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2016

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES —

Basis of Presentation

In management's opinion, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the financial position of Comstock Resources, Inc. and subsidiaries ("Comstock" or the "Company") as of September 30, 2016, the related results of operations for the three and nine months ended September 30, 2016 and 2015, and cash flows for the nine months ended September 30, 2016 and 2015. Net loss and comprehensive loss are the same in all periods presented. All adjustments are of a normal recurring nature unless otherwise disclosed.

The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States have been omitted pursuant to those rules and regulations, although Comstock believes that the disclosures made are adequate to make the information presented not misleading. These unaudited consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in Comstock's Annual Report on Form 10-K for the year ended December 31, 2015 and its Current Report on Form 8-K dated August 1, 2016.

The results of operations for the three and nine months ended September 30, 2016 are not necessarily an indication of the results expected for the full year.

These unaudited consolidated financial statements include the accounts of Comstock and its wholly-owned and controlled subsidiaries.

On July 29, 2016, the Company effected a one-for-five (1:5) reverse split of its outstanding shares of common stock. All amounts disclosed in these financial statements have been adjusted to give effect to this reverse stock split in all periods.

Property and Equipment

The Company follows the successful efforts method of accounting for its oil and gas properties. Costs incurred to acquire oil and gas leasehold are capitalized.

At September 30, 2016, the Company reflected certain of its natural gas properties located in South Texas as assets held for sale in the accompanying consolidated balance sheet. On October 14, 2016, the Company entered into an agreement with a third party to sell such properties for $28.0 million, with an effective date of August 1, 2016. The sale is expected to close in December 2016 and is subject to customary closing conditions. At September 30, 2016, these assets were reflected on the balance sheet at $29.4 million, representing their estimated net realizable value from the pending sale less selling costs. The asset retirement obligation related to these properties of $3.4 million is included in accrued liabilities at September 30, 2016. The Company has recognized a loss on the pending sale totaling $13.2 million for the three and nine months ended September 30, 2016, respectively in addition to an impairment charge of $20.8 million that was recognized in the nine months ended September 30, 2016 to adjust the carrying value of these assets to their net realizable value. The Company also sold certain oil and gas properties during the first nine months of 2016 for total proceeds of $2.1 million. The Company recognized a loss of $1.6 million on these divestitures. During the nine months ended September 30, 2015, the Company completed the sale of certain oil and gas properties located in and near Burleson County, Texas under which it received net proceeds of $102.7 million and recognized a net loss on sale of $111.8 million.

Results of operations for the properties that were sold or are being held for sale were as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
	(In thousands)
Total oil and gas sales	$	2,345		$	5,096		$	5,873		$	27,851
Total operating expenses⁽¹⁾		(1,124	)		(5,022	)		(4,522	)		(77,999	)
Operating income (loss)	$	1,221		$	74		$	1,351		$	(50,148	)

(1)

Includes direct operating expenses, depreciation, depletion and amortization and exploration expense. Excludes interest expense, general and administrative expenses and depreciation, depletion and amortization expense subsequent to the date the assets were designated as held for sale.

In January 2016, the Company exchanged certain oil and gas properties with another operator in a non-monetary exchange. Under the exchange, the Company received 3,637 net acres in DeSoto Parish, Louisiana, prospective for the Haynesville shale, including four producing wells (3.5 net). The Company exchanged 2,547 net acres in Atascosa County, Texas, including seven producing wells (5.3 net) for the Haynesville shale properties. The Company recognized a gain of $0.7 million on this transaction which is included in the loss on sales and exchange of oil and gas properties for the nine months ended September 30, 2016.

Unproved oil and gas properties are periodically assessed and any impairment in value is charged to exploration expense. The costs of unproved properties which are determined to be productive are transferred to oil and gas properties and amortized on an equivalent unit-of-production basis. The capitalized costs reflected as unproved oil and gas properties at December 31, 2015 related to the Company's undeveloped leases in the Tuscaloosa Marine shale in Louisiana and Mississippi. Given the continued low oil prices, the Company has determined that it is unlikely that oil prices will recover in a time period to allow the development of its Tuscaloosa Marine shale leases prior to their expiration. Accordingly, the Company recognized an impairment included in exploration expense of $76.4 million in the three months ended September 30, 2016. Comstock had $5.1 million of impairments in the three months ended September 30, 2015 and $84.1 million and $68.6 million during the nine months ended September 30, 2016 and 2015, respectively.

The Company also assesses the need for an impairment of the capitalized costs for its proved oil and gas properties on a property basis. Reductions to management's oil and natural gas price outlooks in 2016 and 2015 resulted in indications of impairment of certain of the Company's properties. Accordingly, the Company recognized additional impairments of its oil and gas properties of $0.1 million and $544.7 million for the three months ended September 30, 2016 and 2015, respectively, and $24.6 million and $547.1 million for the nine months ended September 30, 2016 and 2015, respectively, to reduce the carrying value of these properties to their estimated fair value.

The Company determines the fair values of its oil and gas properties using a discounted cash flow model and proved and risk adjusted probable reserves. Undrilled acreage can also be valued based on sales transactions in comparable areas. Significant Level 3 assumptions associated with the calculation of discounted future cash flows included in the cash flow model include management's outlook for oil and natural gas prices, production costs, capital expenditures, and future production as well as estimated proved reserves and risk-adjusted probable reserves. Management's oil and natural gas price outlook is developed based on third-party longer-term price forecasts as of each measurement date. The expected future net cash flows are discounted using an appropriate discount rate in determining a property's fair value.

It is reasonably possible that the Company's estimates of undiscounted future net cash flows attributable to its oil and gas properties may change in the future. The primary factors that may affect estimates of future cash flows include future adjustments, both positive and negative, to proved and appropriate risk-adjusted probable oil and gas reserves, results of future drilling activities, future prices for oil and natural gas, and increases or decreases in production and capital costs. As a result of these changes, or if in the future the Company does not have access to sufficient capital to develop any undrilled reserves used in its assessment, there may be further impairments in the carrying values of these or other properties.

Accrued Liabilities

Accrued liabilities at September 30, 2016 and December 31, 2015 consist of the following:

	As of September 30, 2016		As of December 31, 2015
	(In thousands)
Accrued interest	$	5,685	$	29,075
Accrued drilling costs		876		5,306
Accrued ad valorem taxes		3,600		—
Asset retirement obligation of assets held for sale		3,442		—
Accrued transportation costs		2,466		2,818
Other accrued liabilities		4,329		1,245
	$	20,398	$	38,444

Reserve for Future Abandonment Costs

Comstock's asset retirement obligations relate to future plugging and abandonment expenses on its oil and gas properties and related facilities disposal. The following table summarizes the changes in Comstock's total estimated liability for such obligations during the nine months ended September 30, 2016 and 2015:

	Nine Months Ended September 30,
	2016			2015
	(In thousands)
Future abandonment costs — beginning of period	$	20,093		$	14,900
Accretion expense		716			600
New wells placed on production		2			309
Liabilities settled and assets disposed of		(1,217	)		(703	)
Assets held for sale		(3,442	)		—
Future abandonment costs — end of period	$	16,152		$	15,106

Derivative Financial Instruments and Hedging Activities

Comstock periodically uses swaps, floors and collars to hedge oil and natural gas prices and interest rates. Swaps are settled monthly based on differences between the prices specified in the instruments and the settlement prices of futures contracts. Generally, when the applicable settlement price is less than the price specified in the contract, Comstock receives a settlement from the counterparty based on the difference multiplied by the volume or amounts hedged. Similarly, when the applicable settlement price exceeds the price specified in the contract, Comstock pays the counterparty based on the difference. Comstock generally receives a settlement from the counterparty for floors when the applicable settlement price is less than the price specified in the contract, which is based on the difference multiplied by the volumes hedged. For collars, generally Comstock receives a settlement from the counterparty when the settlement price is below the floor and pays a settlement to the counterparty when the settlement price exceeds the cap. No settlement occurs when the settlement price falls between the floor and cap. All of the Company's derivative financial instruments are used for risk management purposes and, by policy, none are held for trading or speculative purposes. Comstock minimizes credit risk to counterparties of its derivative financial instruments through formal credit policies, monitoring procedures, and diversification. The Company is not required to provide any credit support to its counterparties other than cross collateralization with the assets securing its bank credit facility. None of the Company's derivative financial instruments involve payment or receipt of premiums.

The Company had derivative financial instruments outstanding on December 31, 2015 that hedged production through June 30, 2016 and had no derivative financial instruments outstanding on September 30, 2016. None of the Company's derivative contracts were designated as cash flow hedges. The Company recognized cash settlements and changes in the fair value of its derivative financial instruments as a single component of other income (expenses). The Company recognized gains of $0.7 million related to the change in fair value of its natural gas swap agreements during the nine months ended September 30, 2016. The Company recognized a gain of $1.1 million and $1.7 million related to the change in fair value of its natural gas swap agreements during the three and nine months ended September 30, 2015, respectively. The Company received cash settlements of $2.1 million and $0.4 million from derivative financial instruments for the nine months ended September 30, 2016 and 2015, respectively.

Subsequent to September 30, 2016, the Company has entered into natural gas swaps for approximately 12.6 billion cubic feet of natural gas to be produced in 2017 at an average price of $3.27 per Mcf.

Stock-Based Compensation

Comstock accounts for employee stock-based compensation under the fair value method. Compensation cost is measured at the grant date based on the fair value of the award and is recognized over the award vesting period. During the three months ended September 30, 2016 and 2015, the Company recognized $1.1 million and $2.1 million, respectively, of stock-based compensation expense within general and administrative expenses related to awards of restricted stock and performance stock units ("PSUs") to its employees and directors. For the nine months ended September 30, 2016 and 2015, the Company recognized $3.6 million and $6.1 million, respectively, of stock-based compensation expense within general and administrative expenses.

During the nine months ended September 30, 2016, the Company granted 229,644 shares of restricted stock with a grant date fair value of $1.8 million, or $5.46 per share, to its employees. The fair value of each restricted share on the date of grant was equal to its market price. As of September 30, 2016, Comstock had 354,986 shares of unvested restricted stock outstanding at a weighted average grant date fair value of $15.27 per share. Total unrecognized compensation cost related to unvested restricted stock grants of $3.6 million as of September 30, 2016 is expected to be recognized over a period of 1.5 years.

During the nine months ended September 30, 2016, the Company granted 60,015 PSUs with a grant date fair value of $0.4 million, or $7.00 per unit, to its employees. As of September 30, 2016, Comstock had 134,650 PSUs outstanding at a weighted average grant date fair value of $22.09 per unit. The number of shares of common stock to be issued related to the PSUs is based on the Company's stock price performance as compared to its peers which could result in the issuance of anywhere from zero to 269,300 shares of common stock. Total unrecognized compensation cost related to these grants of $1.4 million as of September 30, 2016 is expected to be recognized over a period of 1.5 years.

As of September 30, 2016, Comstock had outstanding options to purchase 11,730 shares of common stock at a weighted average exercise price of $166.10 per share which expire on December 14, 2016. All of the stock options were exercisable and there were no unrecognized compensation costs related to the stock options as of September 30, 2016. No stock options were granted or exercised during the nine months ended September 30, 2016.

Income Taxes

Deferred income taxes are provided to reflect the future tax consequences or benefits of differences between the tax basis of assets and liabilities and their reported amounts in the financial statements using enacted tax rates. The deferred tax provision in the first nine months of 2016 related to an increase in the Company's deferred income tax liability resulting from certain state tax law changes enacted during the period. In recording deferred income tax assets, the Company considers whether it is more likely than not that some portion or all of its deferred income tax assets will be realized in the future. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those deferred income tax assets would be deductible. The Company believes that after considering all the available objective evidence, historical and prospective, with greater weight given to historical evidence, management is not able to determine that it is more likely than not that all of its deferred tax assets will be realized and, therefore, has recorded a valuation allowance of $27.6 million and $8.3 million against its net federal deferred tax assets and state deferred tax assets (net of the federal tax benefit), respectively, during the nine months ended September 30, 2016. The Company will continue to assess the valuation allowance against deferred tax assets considering all available information obtained in future reporting periods.

The following is an analysis of consolidated income tax expense (benefit):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016		2015
	(In thousands)
Current provision	$	7		$	687		$	36	$	1,170
Deferred provision (benefit)		(832	)		(31,333	)		3,687		(146,118	)
Provision for (benefit from) income taxes	$	(825	)	$	(30,646	)	$	3,723	$	(144,948	)

The difference between the Company's effective tax rate and the 35% federal statutory rate is caused by valuation allowances on deferred taxes and state taxes. The impact of these items varies based upon the Company's projected full year loss and the jurisdictions that are expected to generate the projected losses. The difference between the Company's customary rate of 35% and the effective tax rate on the loss before income taxes is due to the following:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
	(In thousands)
Tax at statutory rate		35.0	%		35.0	%		35.0	%		35.0	%
Tax effect of:
Valuation allowance on deferred tax assets		(45.0	)		(31.7	)		(47.8	)		(21.0	)
State income taxes net of federal benefit		12.4			2.0			7.8			2.1
Nondeductible stock-based compensation		0.4			—			—			(0.1	)
Other		0.1			—			—			—
Effective tax rate		2.9	%		5.3	%		(5.0	)%	16.0		%

The Company's federal income tax returns for the years subsequent to December 31, 2012, remain subject to examination. The Company's income tax returns in major state income tax jurisdictions remain subject to examination for the year ended December 31, 2008 and for various periods subsequent to December 31, 2010. A state tax return in one state jurisdiction is currently under review. The Company has evaluated the preliminary findings in this jurisdiction and believes it is more likely than not that the ultimate resolution of these matters will not have a material effect on the Company's financial statements. The Company currently believes that all other significant filing positions are highly certain and that all of its other significant income tax positions and deductions would be sustained under audit or the final resolution would not have a material effect on the consolidated financial statements. Therefore, the Company has not established any significant reserves for uncertain tax positions.

As a result of the debt exchange the Company completed on September 6, 2016 and repurchases of its senior notes in exchange for common stock and cash that occurred prior to the debt exchange, Comstock generated approximately $258.5 million of taxable cancellation of debt income which is expected to be offset by utilizing net operating loss carryforwards.

Future use of the Company's federal and state net operating loss carryforwards may be limited in the event that a cumulative change in the ownership of Comstock's common stock by more than 50% occurs within a three-year period. Such a change in ownership could result in a substantial portion of the Company's net operating loss carryforwards being eliminated or becoming restricted, and the Company may need to recognize an additional valuation allowance reflecting the restricted use of these net operating loss carryforwards in the period when such an ownership change occurred. It is highly likely that a change in ownership that would result from conversion of the Company's convertible notes would result in limits on the future use of its net operating loss carryforwards.

Fair Value Measurements

The Company holds or has held certain items that are required to be measured at fair value. These include cash and cash equivalents held in bank accounts and derivative financial instruments in the form of oil and natural gas price swap agreements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A three-level hierarchy is followed for disclosure to show the extent and level of judgment used to estimate fair value measurements:

Level 1 — Inputs used to measure fair value are unadjusted quoted prices that are available in active markets for the identical assets or liabilities as of the reporting date.

Level 2 — Inputs used to measure fair value, other than quoted prices included in Level 1, are either directly or indirectly observable as of the reporting date through correlation with market data, including quoted prices for similar assets and liabilities in active markets and quoted prices in markets that are not active. Level 2 also includes assets and liabilities that are valued using models or other pricing methodologies that do not require significant judgment since the input assumptions used in the models, such as interest rates and volatility factors, are corroborated by readily observable data from actively quoted markets for substantially the full term of the financial instrument.

Level 3 — Inputs used to measure fair value are unobservable inputs that are supported by little or no market activity and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management's estimates of market participant assumptions.

The Company's valuation of cash and cash equivalents is a Level 1 measurement. The Company's natural gas price swap agreements are not traded on a public exchange. Their value is determined utilizing a discounted cash flow model based on inputs that are readily available in public markets and, accordingly, the valuation of these swap agreements is categorized as a Level 2 measurement. There were no price swap agreements outstanding as of September 30, 2016.

As of September 30, 2016, the Company's financial assets and liabilities accounted for at fair value consisted of cash and cash equivalents of $26.6 million, a Level 1 measurement. As of September 30, 2016, the Company's other financial instruments, comprised solely of its fixed rate debt, had a carrying value of $1.0 billion and a fair value of $980.9 million. The fair market value of the Company's fixed rate debt was based on quoted prices as of September 30, 2016, a Level 2 measurement. As part of the Company's debt exchange in September 2016, the Company determined the fair value of its new two new convertible second lien PIK notes based upon the average trading prices for those notes subsequent to closing of the exchange. This valuation, a Level 2 measurement, resulted in the determination of discounts to the face value of these notes of $111.9 million which was recognized as a component of the net gain on extinguishment of debt for the three and nine months ended September 30, 2016. The discounts are being amortized over the life of the notes using the effective interest rate method.

Earnings Per Share

Basic earnings per share is determined without the effect of any outstanding potentially dilutive stock options, PSUs, unexercised common stock warrants or shares issuable for convertible debt and diluted earnings per share is determined with the effect of outstanding stock options, PSUs, unexercised stock warrants and shares issuable for convertible debt that are potentially dilutive. Unvested share-based payment awards containing nonforfeitable rights to dividends are considered to be participatory securities and are included in the computation of basic and diluted earnings per share pursuant to the two-class method. PSUs represent the right to receive a number of shares of the Company's common stock that may range from zero to up to two times the number of PSUs granted on the award date based on the achievement of certain performance measures during a performance period. The number of potentially dilutive shares related to PSUs is based on the number of shares, if any, which would be issuable at the end of the respective period, assuming that date was the end of the contingency period. The treasury stock method is used to measure the dilutive effect of PSUs. Unexercised common stock warrants represent the right to convert the warrants into common stock at an exercise price of $0.01 per share. The treasury stock method is used to measure the dilutive effect of unexercised common stock warrants. The shares that would be issuable upon exercise of the conversion rights contained in the Company's convertible debt for each period are based on the if-converted method for computing potentially dilutive shares of common stock that could be issued upon conversion.

Basic and diluted loss per share for the three and nine months ended September 30, 2016 and 2015 were determined as follows:

	Three Months Ended September 30,
	2016								2015
	Loss			Shares		Per Share			Loss			Shares		Per Share
	(In thousands, except per share amounts)

Basic and Diluted net loss attributable to common stock	$	(28,476	)		12,293	$	(2.32	)	$	(544,996	)		9,230	$	(59.05	)

	Nine Months Ended September 30,
	2016								2015
	Loss			Shares		Per Share			Loss			Shares		Per Share
	(In thousands, except per share amounts)

Basic and Diluted net loss attributable to common stock	$	(80,201	)		11,255	$	(7.13	)	$	(758,566	)		9,220	$	(82.27	)

At September 30, 2016 and December 31, 2015, 354,986 and 314,060 shares of restricted stock, respectively, are included in common stock outstanding as such shares have a nonforfeitable right to participate in any dividends that might be declared and have the right to vote on matters submitted to the Company's stockholders. Weighted average shares of unvested restricted stock outstanding during the three months and nine months ended September 30, 2016 and 2015 were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
	(In thousands)
Unvested restricted stock		355		315		340		286

For the three and nine months ended September 30, 2016 and 2015, all stock options, unvested PSUs, warrants exercisable into common stock and contingently issuable shares related to the convertible debt were anti-dilutive to earnings and excluded from weighted average shares used in the computation of earnings per share in all periods presented due to the net loss in those periods. Options to purchase common stock, warrants exercisable into common stock, PSUs that were outstanding and contingently issuable shares related to the convertible debt that were excluded as anti-dilutive from the determination of diluted earnings per share are as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
	(In thousands except per share/unit data)
Weighted average stock options		12		21		12		21
Weighted average exercise price per share	$	166.10	$	164.72	$	166.10	$	164.89

Weighted average warrants for common stock		377		—		127		—
Weighted average exercise price per share	$	0.01	$	—	$	0.01	$	—

Weighted average PSUs		135		134		137		126
Weighted average grant date fair value per unit	$	22.09	$	45.67	$	22.09	$	45.67

Weighted average contingently convertible shares		9,770		—		3,257		—
Weighted average conversion price per share	$	12.32	$	—	$	12.32	$	—

Supplementary Information With Respect to the Consolidated Statements of Cash Flows

For the purpose of the consolidated statements of cash flows, the Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

The following is a summary of cash payments made for interest and income taxes:

	Nine Months Ended September 30,
	2016		2015
	(In thousands)
Interest payments	$	109,642	$	68,877
Income tax payments	$	—	$	77

The Company capitalizes interest on its unevaluated oil and gas property costs during periods when it is conducting exploration activity on this acreage. No interest was capitalized during the nine months ended September 30, 2016. The Company capitalized interest of $0.9 million for the nine months ended September 30, 2015 which reduced interest expense. Interest of $2.6 million in the three months and nine months ended September 30, 2016 is being paid in kind.

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"), which supersedes nearly all existing revenue recognition guidance under existing generally accepted accounting principles. This new standard is based upon the principal that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. ASU 2014-09 is effective for annual and interim periods beginning after December 15, 2017. Early adoption is permitted beginning with periods after December 15, 2016 and entities have the option of using either a full retrospective or modified approach to adopt ASU 2014-09. The Company is currently evaluating the new guidance and has not determined the impact this standard may have on its financial statements or decided upon the method of adoption.

In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements — Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern ("ASU 2014-15"). ASU 2014-15 provides guidance about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and sets rules for how this information should be disclosed in the financial statements. ASU 2014-15 is effective for annual periods ending after December 15, 2016 and interim periods thereafter. Early adoption is permitted. The Company has elected to not adopt ASU 2014-15 early.

In February 2016, the FASB issued ASU No. 2016-02, Leases, ("ASU 2016-02"). ASU 2016-02 requires lessees to put most leases on their balance sheets, but recognize lease costs in their financial statements in a manner similar to accounting for leases prior to ASC 2016-02. ASU 2016-02 is effective for annual periods ending after December 15, 2018 and interim periods thereafter. Early adoption is permitted. The Company is currently evaluating the new guidance and has not determined the impact this standard may have on its financial statements or decided upon the method of adoption.

In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting, ("ASU 2016-09"). ASU 2016-09 will change how companies account for certain aspects of share-based payments, including recognizing the income tax effects of awards in the income statement when the awards vest or are settled. ASC 2016-09 revises guidance on employers' accounting for employee's use of shares to satisfy the employer's statutory income tax withholding obligation and the treatment of forfeitures. ASU 2016-09 is effective for annual periods ending after December 15, 2016 and interim periods thereafter. Early adoption is permitted, but all guidance must be adopted in the same period. The Company is currently evaluating the new guidance and has not determined the impact this standard may have on its financial statements.

Long-Term Debt

9 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Long-Term Debt

(2) LONG-TERM DEBT –

At September 30, 2016, long-term debt was comprised of the following:

	(In thousands)

10% Senior Secured Toggle Notes due 2020:
Principal	$	697,195
Discount, net of amortization		(13,072	)
7³⁄₄% Convertible Second Lien PIK Notes due 2019:
Principal	$	270,557
Accrued interest payable in kind		1,456
Discount, net of amortization		(67,944	)
9½% Convertible Second Lien PIK Notes due 2020:
Principal		169,747
Accrued interest payable in kind		1,120
Discount, net of amortization		(41,618	)
10% Senior Notes due 2020:
Principal		2,805
7³⁄₄% Senior Notes due 2019:
Principal		17,959
Premium, net of amortization		132
9½% Senior Notes due 2020:
Principal		4,860
Discount, net of amortization		(105	)
Debt issuance costs, net of amortization		(17,570	)
	$	1,025,522

On September 6, 2016, Comstock completed a debt exchange offer with the holders of approximately 98% of the Company's outstanding senior notes. Specifically, the Company issued (i) $697.2 million of new 10% Senior Secured Toggle Notes due 2020 and warrants exercisable for 1,917,342 shares of Comstock's common stock, in exchange for $697.2 million of the Company's 10% Senior Secured Notes due 2020, (ii) $270.6 million of new 7¾% Convertible Second Lien PIK Notes due 2019 in exchange for $270.6 million of the Company's 7¾% Senior Notes due 2019, and (iii) $169.7 million of new 9½% Convertible Second Lien PIK Notes due 2020 in exchange for $169.7 million of the Company's 9½% Senior Notes due 2020. Accrued and unpaid interest on notes tendered for exchange was paid in cash on the closing date. Following the exchange, $2.8 million of the 10% Senior Notes, $18.0 million of the 7¾% Senior Notes and $4.9 million of the 9½% Senior Notes remained outstanding.

The exchange of the 10% Senior Secured Notes for the 10% Senior Secured Toggle Notes was accounted for as a modification of debt. Accordingly no gain or loss was recognized on the exchange. The value of the warrants issued to the noteholders in consideration of the exchange of $13.4 million is being amortized to interest expense over the life of the notes. Transaction costs of $4.4 million related to the exchange have been recognized in the three months ended September 30, 2016 as a reduction to the gain on extinguishment of debt which is reported as a component of other income (loss). The exchange of the 7¾% Senior Notes and the 9½% Senior Notes for the Convertible Second Lien PIK Notes was accounted for as a debt extinguishment given the substantial difference in the terms of the exchanged notes. A gain of $106.2 million on extinguishment of debt was recognized on this exchange representing the difference between the fair market value of the new convertible second lien notes and the carrying amount of the 7¾% Senior Notes and the 9½% Senior Notes that were exchanged. Transaction costs of $6.5 million related to these exchanges have been reflected as debt issuance costs which are being amortized to interest expense over the life of the notes.

Interest on the 10% Senior Secured Toggle Notes is payable on March 15 and September 15, commencing March 15, 2017 and the notes mature on March 15, 2020. The Company has the option to pay up to $75.0 million of interest on these notes in kind. To the extent that interest is paid in kind the interest rate increases to 12¼% only for that interest payment.

Interest on the 7¾% Convertible Second Lien PIK Notes is payable on April 1 and October 1, commencing April 1, 2017 and these notes mature on April 1, 2019. Interest on the 9½% Convertible Second Lien PIK Notes is payable on June 15 and December 15, commencing December 15, 2016 and these notes mature on June 15, 2020. Interest on the convertible second lien notes is only payable in kind. Each series of the convertible second lien notes are convertible, at the option of the holder, into 81.2 shares of the Company's common stock for each $1,000 of principal amount of notes. The convertible second lien notes will mandatorily convert into shares of common stock following a 15 consecutive trading day period during which the daily volume weighted average price of the Company's common stock is equal to or greater than $12.32 per share.

Prior to the completion of the debt exchange, the Company retired $87.5 million in principal amount of the 7¾% Senior Notes and $19.8 million of the 9½% Senior Notes in 2016 in exchange for the issuance of 2,748,403 shares of common stock and $3.5 million in cash. A gain of $89.6 million was recognized on the retirement of the senior notes during the nine months ended September 30, 2016 for the difference between the market value of the stock on the closing date of the exchanges and the net carrying value of the debt. The gain is included in the net gain on extinguishment of debt. During the nine months ended September 30, 2015, the Company acquired $12.5 million in principal amount of the 7¾% Senior Notes and $88.4 million in principal amount of the 9½% Senior Notes for $37.8 million, and recognized a gain of $59.3 million on the retirement of such notes. The Company also retired its bank credit facility in 2015 with the issuance of the 10% Senior Secured Notes and incurred a $3.7 million loss on the early retirement.

Comstock has a $50.0 million revolving credit facility with Bank of Montreal and Bank of America, N.A. The revolving credit facility matures on March 4, 2019. Indebtedness under the revolving credit facility is guaranteed by all of the Company's subsidiaries and is secured by substantially all of Comstock's and its subsidiaries' assets. Borrowings under the revolving credit facility bear interest, at Comstock's option, at either (1) LIBOR plus 2.5% or (2) the base rate (which is the higher of the administrative agent's prime rate, the federal funds rate plus 0.5% or 30 day LIBOR plus 1.0%) plus 1.5%. A commitment fee of 0.5% per annum is payable quarterly on the unused credit line. The revolving credit facility contains covenants that, among other things, restrict the payment of cash dividends and repurchases of common stock, limit the amount of additional debt that Comstock may incur and limit the Company's ability to make certain loans, investments and divestitures. The only financial covenants are the maintenance of a current ratio of at least 1.0 to 1.0 and the maintenance of an asset coverage ratio of proved developed reserves to amount outstanding under the revolving credit facility of at least 2.5 to 1.0. The Company was in compliance with these covenants as of September 30, 2016.

All of the Company's subsidiaries guarantee the bank credit facility, the 10% Senior Secured Toggle Notes, the 7¾% Convertible Second Lien PIK Notes, the 9½% Convertible Second Lien PIK Notes, and the other outstanding senior notes. The bank credit facility, the 10% Senior Secured Toggle Notes and the convertible second lien notes are secured by liens on substantially all of the assets of the Company and its subsidiaries. The allocation of proceeds related to the liens on the Company's assets are governed by intercreditor agreements granting priority to the bank credit facility. Proceeds from liens on the convertible second lien notes are also subject to the priority of the 10% Senior Secured Toggle Notes. The liens that previously secured the 10% Senior Secured Notes that were not tendered for exchange were released and these notes are no longer secured.

Stockholders' Equity	9 Months Ended
Stockholders' Equity	Sep. 30, 2016
Equity [Abstract]
Stockholders' Equity	(3) STOCKHOLDERS' EQUITY – On September 6, 2016, the Company completed a debt exchange in which it issued warrants to acquire 1,917,342 shares of Comstock's common stock for $0.01 per share. As of September 30, 2016, warrants have been exercised for 877,026 shares of common stock, and 1,040,316 warrants remained outstanding. At a special meeting of stockholders held on November 8, 2016, the stockholders (i) approved an amendment to the Company's restated articles of incorporation to increase the authorized shares of common stock to 75 million shares, (ii) authorized the issuance of up to 46,444,212 shares of common stock upon the potential conversion of the Company's second lien convertible debt, and (iii) authorized 2,500,000 shares for future awards under the Company's amended and restated 2009 Long-term Incentive Plan. In March 2016, the Company received a notification from the New York Stock Exchange (the "NYSE") notifying the Company that it was not in compliance with the NYSE's continued listing standards. The Company was considered below criteria established by the NYSE as a result of the Company's average stock price trading below $1.00 per share and its average market capitalization being less than $50.0 million, in each case over a consecutive 30 trading-day period. The Company submitted and the NYSE accepted a business plan to regain compliance with the NYSE's continued listing standards. On July 29, 2016, Comstock effected a one-for-five (1:5) reverse split of its common stock to address the minimum stock price requirement. On September 2, 2016, the Company received a notification from the NYSE informing the Company that it had regained compliance with the NYSE's continued listing requirements related to the minimum required stock price. The NYSE will review the Company's compliance with the minimum market capitalization in November 2016.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

+ Details

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2016
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	(4) Commitments and Contingencies – From time to time, Comstock is involved in certain litigation that arises in the normal course of its operations. The Company records a loss contingency for these matters when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company does not believe the resolution of these matters will have a material effect on the Company's financial position or results of operations. The Company has entered into natural gas transportation and treating agreements through July 2019. Maximum commitments under these transportation agreements as of September 30, 2016 totaled $4.8 million. As of September 30, 2016, the Company had commitments for contracted drilling services through October 2016 of $0.4 million.

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2016

Accounting Policies [Abstract]

Basis of Presentation

The results of operations for the three and nine months ended September 30, 2016 are not necessarily an indication of the results expected for the full year.

These unaudited consolidated financial statements include the accounts of Comstock and its wholly-owned and controlled subsidiaries.

Property and Equipment

The Company follows the successful efforts method of accounting for its oil and gas properties. Costs incurred to acquire oil and gas leasehold are capitalized.

Results of operations for the properties that were sold or are being held for sale were as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
	(In thousands)
Total oil and gas sales	$	2,345		$	5,096		$	5,873		$	27,851
Total operating expenses⁽¹⁾		(1,124	)		(5,022	)		(4,522	)		(77,999	)
Operating income (loss)	$	1,221		$	74		$	1,351		$	(50,148	)

(1)

Accrued Liabilities

Accrued liabilities at September 30, 2016 and December 31, 2015 consist of the following:

	As of September 30, 2016		As of December 31, 2015
	(In thousands)
Accrued interest	$	5,685	$	29,075
Accrued drilling costs		876		5,306
Accrued ad valorem taxes		3,600		—
Asset retirement obligation of assets held for sale		3,442		—
Accrued transportation costs		2,466		2,818
Other accrued liabilities		4,329		1,245
	$	20,398	$	38,444

Reserve for Future Abandonment Costs

	Nine Months Ended September 30,
	2016			2015
	(In thousands)
Future abandonment costs — beginning of period	$	20,093		$	14,900
Accretion expense		716			600
New wells placed on production		2			309
Liabilities settled and assets disposed of		(1,217	)		(703	)
Assets held for sale		(3,442	)		—
Future abandonment costs — end of period	$	16,152		$	15,106

Derivative Financial Instruments and Hedging Activities

Subsequent to September 30, 2016, the Company has entered into natural gas swaps for approximately 12.6 billion cubic feet of natural gas to be produced in 2017 at an average price of $3.27 per Mcf.

Stock-Based Compensation

Income Taxes

The following is an analysis of consolidated income tax expense (benefit):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016		2015
	(In thousands)
Current provision	$	7		$	687		$	36	$	1,170
Deferred provision (benefit)		(832	)		(31,333	)		3,687		(146,118	)
Provision for (benefit from) income taxes	$	(825	)	$	(30,646	)	$	3,723	$	(144,948	)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
	(In thousands)
Tax at statutory rate		35.0	%		35.0	%		35.0	%		35.0	%
Tax effect of:
Valuation allowance on deferred tax assets		(45.0	)		(31.7	)		(47.8	)		(21.0	)
State income taxes net of federal benefit		12.4			2.0			7.8			2.1
Nondeductible stock-based compensation		0.4			—			—			(0.1	)
Other		0.1			—			—			—
Effective tax rate		2.9	%		5.3	%		(5.0	)%	16.0		%

Fair Value Measurements

Level 1 — Inputs used to measure fair value are unadjusted quoted prices that are available in active markets for the identical assets or liabilities as of the reporting date.

Earnings Per Share

Basic and diluted loss per share for the three and nine months ended September 30, 2016 and 2015 were determined as follows:

	Three Months Ended September 30,
	2016								2015
	Loss			Shares		Per Share			Loss			Shares		Per Share
	(In thousands, except per share amounts)

Basic and Diluted net loss attributable to common stock	$	(28,476	)		12,293	$	(2.32	)	$	(544,996	)		9,230	$	(59.05	)

	Nine Months Ended September 30,
	2016								2015
	Loss			Shares		Per Share			Loss			Shares		Per Share
	(In thousands, except per share amounts)

Basic and Diluted net loss attributable to common stock	$	(80,201	)		11,255	$	(7.13	)	$	(758,566	)		9,220	$	(82.27	)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
	(In thousands)
Unvested restricted stock		355		315		340		286

	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
	(In thousands except per share/unit data)
Weighted average stock options		12		21		12		21
Weighted average exercise price per share	$	166.10	$	164.72	$	166.10	$	164.89

Weighted average warrants for common stock		377		—		127		—
Weighted average exercise price per share	$	0.01	$	—	$	0.01	$	—

Weighted average PSUs		135		134		137		126
Weighted average grant date fair value per unit	$	22.09	$	45.67	$	22.09	$	45.67

Weighted average contingently convertible shares		9,770		—		3,257		—
Weighted average conversion price per share	$	12.32	$	—	$	12.32	$	—

Supplementary Information With Respect to the Consolidated Statements of Cash Flows

For the purpose of the consolidated statements of cash flows, the Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

The following is a summary of cash payments made for interest and income taxes:

	Nine Months Ended September 30,
	2016		2015
	(In thousands)
Interest payments	$	109,642	$	68,877
Income tax payments	$	—	$	77

Recent Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2016

Accounting Policies [Abstract]

Results of Operations for Properties

Results of operations for the properties that were sold or are being held for sale were as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
	(In thousands)
Total oil and gas sales	$	2,345		$	5,096		$	5,873		$	27,851
Total operating expenses⁽¹⁾		(1,124	)		(5,022	)		(4,522	)		(77,999	)
Operating income (loss)	$	1,221		$	74		$	1,351		$	(50,148	)

(1)

Summary of Accrued Liabilities

Accrued liabilities at September 30, 2016 and December 31, 2015 consist of the following:

	As of September 30, 2016		As of December 31, 2015
	(In thousands)
Accrued interest	$	5,685	$	29,075
Accrued drilling costs		876		5,306
Accrued ad valorem taxes		3,600		—
Asset retirement obligation of assets held for sale		3,442		—
Accrued transportation costs		2,466		2,818
Other accrued liabilities		4,329		1,245
	$	20,398	$	38,444

Summary of Changes in Reserve for Future Abandonment Costs

The following table summarizes the changes in Comstock's total estimated liability for such obligations during the nine months ended September 30, 2016 and 2015:

	Nine Months Ended September 30,
	2016			2015
	(In thousands)
Future abandonment costs — beginning of period	$	20,093		$	14,900
Accretion expense		716			600
New wells placed on production		2			309
Liabilities settled and assets disposed of		(1,217	)		(703	)
Assets held for sale		(3,442	)		—
Future abandonment costs — end of period	$	16,152		$	15,106

Income Tax Expense (Benefit)

The following is an analysis of consolidated income tax expense (benefit):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016		2015
	(In thousands)
Current provision	$	7		$	687		$	36	$	1,170
Deferred provision (benefit)		(832	)		(31,333	)		3,687		(146,118	)
Provision for (benefit from) income taxes	$	(825	)	$	(30,646	)	$	3,723	$	(144,948	)

Difference Between Customary Rate and Effective Tax Rate on the Loss Before Income Taxes Due

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
	(In thousands)
Tax at statutory rate		35.0	%		35.0	%		35.0	%		35.0	%
Tax effect of:
Valuation allowance on deferred tax assets		(45.0	)		(31.7	)		(47.8	)		(21.0	)
State income taxes net of federal benefit		12.4			2.0			7.8			2.1
Nondeductible stock-based compensation		0.4			—			—			(0.1	)
Other		0.1			—			—			—
Effective tax rate		2.9	%		5.3	%		(5.0	)%	16.0		%

Basic and Diluted Losses Per Share

Basic and diluted loss per share for the three and nine months ended September 30, 2016 and 2015 were determined as follows:

	Three Months Ended September 30,
	2016								2015
	Loss			Shares		Per Share			Loss			Shares		Per Share
	(In thousands, except per share amounts)

Basic and Diluted net loss attributable to common stock	$	(28,476	)		12,293	$	(2.32	)	$	(544,996	)		9,230	$	(59.05	)

	Nine Months Ended September 30,
	2016								2015
	Loss			Shares		Per Share			Loss			Shares		Per Share
	(In thousands, except per share amounts)

Basic and Diluted net loss attributable to common stock	$	(80,201	)		11,255	$	(7.13	)	$	(758,566	)		9,220	$	(82.27	)

Weighted Average Shares of Unvested Restricted Stock

Weighted average shares of unvested restricted stock outstanding during the three months and nine months ended September 30, 2016 and 2015 were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
	(In thousands)
Unvested restricted stock		355		315		340		286

Common Stock Stock Options and Convertible Stock Excluded as Anti-Dilutive from Determination of Diluted Earnings Per Share

	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
	(In thousands except per share/unit data)
Weighted average stock options		12		21		12		21
Weighted average exercise price per share	$	166.10	$	164.72	$	166.10	$	164.89

Weighted average warrants for common stock		377		—		127		—
Weighted average exercise price per share	$	0.01	$	—	$	0.01	$	—

Weighted average PSUs		135		134		137		126
Weighted average grant date fair value per unit	$	22.09	$	45.67	$	22.09	$	45.67

Weighted average contingently convertible shares		9,770		—		3,257		—
Weighted average conversion price per share	$	12.32	$	—	$	12.32	$	—

Cash Payments Made for Interest and Income Taxes

The following is a summary of cash payments made for interest and income taxes:

	Nine Months Ended September 30,
	2016		2015
	(In thousands)
Interest payments	$	109,642	$	68,877
Income tax payments	$	—	$	77

Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Long-Term Debt

At September 30, 2016, long-term debt was comprised of the following:

	(In thousands)

10% Senior Secured Toggle Notes due 2020:
Principal	$	697,195
Discount, net of amortization		(13,072	)
7³⁄₄% Convertible Second Lien PIK Notes due 2019:
Principal	$	270,557
Accrued interest payable in kind		1,456
Discount, net of amortization		(67,944	)
9½% Convertible Second Lien PIK Notes due 2020:
Principal		169,747
Accrued interest payable in kind		1,120
Discount, net of amortization		(41,618	)
10% Senior Notes due 2020:
Principal		2,805
7³⁄₄% Senior Notes due 2019:
Principal		17,959
Premium, net of amortization		132
9½% Senior Notes due 2020:
Principal		4,860
Discount, net of amortization		(105	)
Debt issuance costs, net of amortization		(17,570	)
	$	1,025,522

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

+ Details

Summary of Significant Accounting Policies - Additional Information 1 (Detail) Bcf in Billions		1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 14, 2016 USD ($)	Jan. 31, 2016 a Well	Sep. 30, 2016 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2016 USD ($)	Sep. 30, 2015 USD ($)	Nov. 08, 2016 $ / Mcf Bcf
Operations And Summary Of Significant Accounting Policies [Line Items]
Reverse share split					0.2
Reverse share split description					a one-for-five (1:5) reverse split
Carrying value of assets held for sale			$ 29,442,000		$ 29,442,000
Loss on sale of Assets Held for Sale			13,200,000		13,200,000
Assets Held for Sale impairment					20,800,000
Asset retirement obligation - Assets Held For Sale			3,400,000		$ 3,400,000
Assets held for Sale effective date					Aug. 01, 2016
Net proceeds from sale of oil and gas properties					$ 2,100,000	$ 102,700,000
Net loss on sale of oil and gas properties excluding Assets Held for Sale					1,600,000	111,800,000
Property Exchange Net Acres Received \| a		3,637
Property Exchange Gross Wells Received \| Well		4
Property Exchange Net Wells Received \| a		3.5
Property Exchange Net Acres Disposed \| a		2,547
Property Exchange Gross Wells Disposed \| Well		7
Property Exchange Net Wells Disposed \| a		5.3
Gain on Property Exchange of Oil and Gas Properties					700,000
Impairment of unproved oil and natural gas properties			76,400,000	$ 5,100,000	84,100,000	68,600,000
Impairment of oil and gas properties			113,000	544,714,000	24,573,000	547,101,000
Cash flow hedges derivative instruments			0		0
Receipts on derivative financial instruments					2,120,000	391,000
Derivative financial instruments			0		0
Commodity Derivatives \| Natural Gas Properties
Operations And Summary Of Significant Accounting Policies [Line Items]
Total gain (loss) on oil price swaps				1,100,000	700,000	1,700,000
Receipts on derivative financial instruments					2,100,000	400,000
Oil and Gas Properties Impairment excluding Assets Held For Sale
Operations And Summary Of Significant Accounting Policies [Line Items]
Impairment of oil and gas properties			$ 100,000	$ 544,700,000	$ 24,600,000	$ 547,100,000
Subsequent Event
Operations And Summary Of Significant Accounting Policies [Line Items]
Sale price of Assets Held For Sale	$ 28,000,000
Commodity Derivatives Contract Volume \| Bcf							12.6
Commodity Derivatives Average contract Price \| $ / Mcf							3.27

Summary of Significant Accounting Policies - Operating Income (Loss) Results of Operations (Detail) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2016

Sep. 30, 2015

Sep. 30, 2016

Sep. 30, 2015

Oil And Gas Properties Sold [Abstract]

Total oil and gas sales

$ 2,345

$ 5,096

$ 5,873

$ 27,851

Total operating expenses

^[1]

(1,124)

(5,022)

(4,522)

(77,999)

Operating income (loss)

$ 1,221

$ 74

$ 1,351

$ (50,148)

[1]	Includes direct operating expenses, depreciation, depletion and amortization and exploration expense. Excludes interest expense, general and administrative expenses and depreciation, depletion and amortization expense subsequent to the date the assets were designated as held for sale.

Summary of Significant Accounting Policies - Summary of Accrued Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Accrued Liabilities, Current [Abstract]
Accrued interest	$ 5,685	$ 29,075
Accrued drilling costs	876	5,306
Accrued ad valorem taxes	3,600
Asset retirement obligation of assets held for sale	3,442
Accrued transportation costs	2,466	2,818
Other accrued liabilities	4,329	1,245
Total accrued expenses	$ 20,398	$ 38,444

Summary of Significant Accounting Policies - Summary of Changes in Reserve for Future Abandonment Costs (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Asset Retirement Obligations Noncurrent [Abstract]
Future abandonment costs — beginning of period	$ 20,093	$ 14,900
Accretion expense	716	600
New wells placed on production	2	309
Liabilities settled and assets disposed of	(1,217)	(703)
Assets held for sale	(3,442)
Future abandonment costs — end of period	$ 16,152	$ 15,106

Summary of Significant Accounting Policies - Additional Information 2 (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2016 USD ($) Unit $ / shares $ / EquityUnit shares	Sep. 30, 2015 USD ($)	Sep. 30, 2016 USD ($) Unit $ / shares $ / EquityUnit shares	Sep. 30, 2015 USD ($)	Dec. 31, 2015 shares
Operations And Summary Of Significant Accounting Policies [Line Items]
Stock-based compensation expense recognized			$ 3,571,000	$ 6,061,000
U.S. Federal
Operations And Summary Of Significant Accounting Policies [Line Items]
Additional valuation allowance on net operating loss carryforwards, net of federal tax benefit	$ 27,600,000		27,600,000
State and Local Jurisdiction
Operations And Summary Of Significant Accounting Policies [Line Items]
Additional valuation allowance on net operating loss carryforwards, net of federal tax benefit	$ 8,300,000		$ 8,300,000
Restricted Stock
Operations And Summary Of Significant Accounting Policies [Line Items]
Number of shares granted \| shares			229,644
Restricted stock grant date fair value			$ 1,800,000
Grant date fair value of share units, per unit \| $ / shares			$ 5.46
Shares of unvested restricted stock outstanding \| shares	354,986		354,986		314,060
Weighted average grant date fair value of stock grants per share \| $ / shares	$ 15.27		$ 15.27
Unrecognized compensation cost	$ 3,600,000		$ 3,600,000
Period in which compensation cost expected to be recognized			1 year 6 months
Potential Performance Shares (PSU)
Operations And Summary Of Significant Accounting Policies [Line Items]
Unrecognized compensation cost	$ 1,400,000		$ 1,400,000
Period in which compensation cost expected to be recognized			1 year 6 months
Number of units granted \| Unit			60,015
Performance units grant date fair value			$ 400,000
Grant date fair value of share units, per unit \| $ / EquityUnit			7.00
Number of performance stock units ("PSUs") outstanding \| Unit	134,650		134,650
Weighted average grant date fair value of PSUs per unit \| $ / EquityUnit	22.09		22.09
Potential Performance Shares (PSU) \| Minimum
Operations And Summary Of Significant Accounting Policies [Line Items]
Common stock, shares, potentially issuable in exchange for Share Units \| shares	0		0
Potential Performance Shares (PSU) \| Maximum
Operations And Summary Of Significant Accounting Policies [Line Items]
Common stock, shares, potentially issuable in exchange for Share Units \| shares	269,300		269,300
Stock Options
Operations And Summary Of Significant Accounting Policies [Line Items]
Unrecognized compensation cost	$ 0		$ 0
Number of Options Outstanding \| shares	11,730		11,730
Weighted average exercise price \| $ / shares	$ 166.10		$ 166.10
Options, expiration date			Dec. 14, 2016
Number of option, granted \| shares			0
Number of option, Exercised \| shares			0
General and Administrative Expense
Operations And Summary Of Significant Accounting Policies [Line Items]
Stock-based compensation expense recognized	$ 1,100,000	$ 2,100,000	$ 3,600,000	$ 6,100,000

Summary of Significant Accounting Policies - Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Current provision	$ 7	$ 687	$ 36	$ 1,170
Deferred provision (benefit)	(832)	(31,333)	3,687	(146,118)
Provision for (benefit from) income taxes	$ (825)	$ (30,646)	$ 3,723	$ (144,948)

Summary of Significant Accounting Policies - Additional Information 3 (Detail)		3 Months Ended		9 Months Ended
	Sep. 06, 2016 USD ($) $ / shares	Sep. 30, 2016 USD ($) $ / shares shares	Sep. 30, 2015	Sep. 30, 2016 USD ($) Jurisdictions $ / shares shares	Sep. 30, 2015 USD ($)	Dec. 31, 2015 shares
Operations And Summary Of Significant Accounting Policies [Line Items]
Customary rate		35.00%	35.00%	35.00%	35.00%
State jurisdiction currently under review \| Jurisdictions				1
Cancellation of debt income	$ 258,500,000
Operating loss carryforwards, Description				Future use of the Company's federal and state net operating loss carryforwards may be limited in the event that a cumulative change in the ownership of Comstock's common stock by more than 50% occurs within a three-year period.
Minimum percentage of ownership change that would have impact in Net operating loss carryforward				50.00%
Effect of ownership changes in net operating loss carryforward series of transactions period				3 years
Performance multiplier, minimum				0.00%
Performance multiplier, maximum				200.00%
Warrants for Common Stock exercise price \| $ / shares	$ 0.01	$ 0.01		$ 0.01
Interest costs, capitalized during period				$ 0	$ 900,000
Interest paid in-kind		$ 2,600,000		$ 2,576,000
Restricted Stock
Operations And Summary Of Significant Accounting Policies [Line Items]
Shares of unvested restricted stock outstanding \| shares		354,986		354,986		314,060
Fixed Rate Debt
Operations And Summary Of Significant Accounting Policies [Line Items]
Long-term debt, including current portion, Carrying Value		$ 1,000,000,000		$ 1,000,000,000
Convertible Second Lien PIK Notes
Operations And Summary Of Significant Accounting Policies [Line Items]
Debt discount recognized to reduce to fair value		111,900,000		111,900,000
Level 2 \| Fixed Rate Debt
Operations And Summary Of Significant Accounting Policies [Line Items]
Long-term debt, including current portion, Fair Value		980,900,000		980,900,000
Fair Value, Measurements, Recurring \| Level 1
Operations And Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents		$ 26,600,000		$ 26,600,000

Summary of Significant Accounting Policies - Difference Between Customary Rate and Effective Tax Rate on the Loss Before Income Taxes Due (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Tax at statutory rate	35.00%	35.00%	35.00%	35.00%
Tax effect of:
Valuation allowance on deferred tax assets	(45.00%)	(31.70%)	(47.80%)	(21.00%)
State income taxes net of federal benefit	12.40%	2.00%	7.80%	2.10%
Nondeductible stock-based compensation	0.40%			(0.10%)
Other	0.10%
Effective tax rate	2.90%	5.30%	(5.00%)	16.00%

Summary of Significant Accounting Policies - Basic and Diluted Loss Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share [Abstract]
Basic and diluted net loss attributable to common stock	$ (28,476)	$ (544,996)	$ (80,201)	$ (758,566)
Weighted average shares outstanding - basic and diluted	12,293	9,230	11,255	9,220
Net loss per share - basic and diluted	$ (2.32)	$ (59.05)	$ (7.13)	$ (82.27)

Summary of Significant Accounting Policies - Weighted Average Shares of Unvested Restricted Stock (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Unvested restricted stock	355	315	340	286

Summary of Significant Accounting Policies - Common Stock Stock Options and Convertible Stock Excluded as Anti-Dilutive from Determination of Diluted Earnings Per Share (Detail) shares in Thousands, EquityUnit in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016 EquityUnit $ / shares $ / EquityUnit shares	Sep. 30, 2015 EquityUnit $ / shares $ / EquityUnit shares	Sep. 30, 2016 EquityUnit $ / shares $ / EquityUnit shares	Sep. 30, 2015 EquityUnit $ / shares $ / EquityUnit shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted average stock options \| shares	12	21	12	21
Weighted average warrants for common stock \| shares	377		127
Weighted average PSUs \| EquityUnit	135	134	137	126
Weighted average grant date fair value per unit \| $ / EquityUnit	22.09	45.67	22.09	45.67
Weighted average contingently convertible shares \| shares	9,770		3,257
Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted average exercise price per share \| $ / shares	$ 166.10	$ 164.72	$ 166.10	$ 164.89
Warrants for Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted average exercise price per share \| $ / shares	0.01		0.01
Contingently Convertible Shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted average exercise price per share \| $ / shares	$ 12.32		$ 12.32

Summary of Significant Accounting Policies - Cash Payments Made for Interest and Income Taxes (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash Payments [Abstract]
Interest payments	$ 109,642	$ 68,877
Income tax payments		$ 77

Long-Term Debt - Long-Term Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Debt issuance costs, net of amortization	$ (17,570)
Long-term Debt	1,025,522	$ 1,249,330
10 % Senior Secured Toggle Notes due 2020
Debt Instrument [Line Items]
Principal	697,195
Discount, net of amortization	(13,072)
7 3/4% Convertible Second Lien PIK Notes due 2019
Debt Instrument [Line Items]
Principal	270,557
Accrued interest payable in kind	1,456
Discount, net of amortization	(67,944)
10% Senior Notes due 2020
Debt Instrument [Line Items]
Principal	2,805
9½ % Convertible Second Lien PIK Notes due 2020
Debt Instrument [Line Items]
Principal	169,747
Accrued interest payable in kind	1,120
Discount, net of amortization	(41,618)
9 1/2% Senior Notes due 2020
Debt Instrument [Line Items]
Principal	4,860
Discount, net of amortization	(105)
7 3/4% Senior Notes due 2019
Debt Instrument [Line Items]
Principal	17,959
Premium, net of amortization	$ 132

Long-term Debt - Long-Term Debt (Parenthetical) (Detail)	Sep. 30, 2016
10 % Senior Secured Toggle Notes due 2020
Debt Instrument [Line Items]
Interest rate on debt instrument	10.00%
7 3/4% Convertible Second Lien PIK Notes due 2019
Debt Instrument [Line Items]
Interest rate on debt instrument	7.75%
9½ % Convertible Second Lien PIK Notes due 2020
Debt Instrument [Line Items]
Interest rate on debt instrument	9.50%
7 3/4% Senior Notes due 2019
Debt Instrument [Line Items]
Interest rate on debt instrument	7.75%
10% Senior Notes due 2020
Debt Instrument [Line Items]
Interest rate on debt instrument	10.00%
9 1/2% Senior Notes due 2020
Debt Instrument [Line Items]
Interest rate on debt instrument	9.50%

Long-Term Debt - Additional Information (Detail) - USD ($)		3 Months Ended		8 Months Ended	9 Months Ended
	Sep. 06, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 05, 2016	Sep. 30, 2016	Sep. 30, 2015
Debt Instrument [Line Items]
Common stock warrants issued					$ 14,051,000
Gain on extinguishment of debt		$ 100,540,000	$ 51,054,000		190,116,000	$ 55,586,000
Unamortized debt issuance costs		$ 17,570,000			$ 17,570,000
Loss on early retirement of debt						3,700,000
10 % Senior Secured Toggle Notes due 2020
Debt Instrument [Line Items]
Interest rate on senior notes		10.00%			10.00%
Principal		$ 697,195,000			$ 697,195,000
Interest payment terms					payable on March 15 and September 15, commencing March 15, 2017 and the notes mature on March 15, 2020
Interest payment commencing date					Mar. 15, 2017
Maturity of senior notes					Mar. 15, 2020
Interest rate on senior notes, payment in kind					12.25%
10 % Senior Secured Toggle Notes due 2020 \| Maximum
Debt Instrument [Line Items]
Interest on notes in kind					$ 75,000,000
10% Senior Notes due 2020
Debt Instrument [Line Items]
Interest rate on senior notes		10.00%			10.00%
Principal		$ 2,805,000			$ 2,805,000
9½ % Convertible Second Lien PIK Notes due 2020
Debt Instrument [Line Items]
Interest rate on senior notes		9.50%			9.50%
Principal		$ 169,747,000			$ 169,747,000
Interest payment terms					payable on June 15 and December 15, commencing December 15, 2016
Interest payment commencing date					Dec. 15, 2016
Maturity of senior notes					Jun. 15, 2020
7 3/4% Convertible Second Lien PIK Notes due 2019
Debt Instrument [Line Items]
Interest rate on senior notes		7.75%			7.75%
Principal		$ 270,557,000			$ 270,557,000
Interest payment terms					payable on April 1 and October 1, commencing April 1, 2017
Interest payment commencing date					Apr. 01, 2017
Maturity of senior notes					Apr. 01, 2019
9 1/2% Senior Notes due 2020
Debt Instrument [Line Items]
Interest rate on senior notes		9.50%			9.50%
Principal amount of notes repurchased			88,400,000	$ 19,800,000		88,400,000
Principal		$ 4,860,000			$ 4,860,000
Payments to purchase debt						37,800,000
7 3/4% Senior Notes due 2019
Debt Instrument [Line Items]
Interest rate on senior notes		7.75%			7.75%
Principal amount of notes repurchased			$ 12,500,000	$ 87,500,000		12,500,000
Principal		$ 17,959,000			$ 17,959,000
7 3/4% Senior Notes due 2019 and 9 1/2% Senior Notes due 2020
Debt Instrument [Line Items]
Common stock shares exchanged for repayment of principal amount				2,748,403
Gain on repurchased amount of notes					$ 89,600,000	$ 59,300,000
Convertible Second Lien PIK Notes
Debt Instrument [Line Items]
Debt instrument convertible conversion ratio					0.0812
Debt instrument convertible threshold consecutive trading days period					15 days
Convertible Second Lien PIK Notes \| Minimum
Debt Instrument [Line Items]
Daily volume weighted average price					$ 12.32
Exchange Offer
Debt Instrument [Line Items]
Percentage of outstanding senior notes	98.00%
Warrants exercisable	1,917,342
Common stock warrants issued	$ 13,400,000
Exchange Offer \| 10 % Senior Secured Toggle Notes due 2020
Debt Instrument [Line Items]
Principal amount of notes issued	$ 697,200,000
Interest rate on senior notes	10.00%
Transaction costs		$ 4,400,000
Exchange Offer \| 10% Senior Notes due 2020
Debt Instrument [Line Items]
Interest rate on senior notes	10.00%
Principal amount of notes repurchased	$ 697,200,000
Gain (loss) on exchange of debt	0
Exchange Offer \| 9½ % Convertible Second Lien PIK Notes due 2020
Debt Instrument [Line Items]
Principal amount of notes issued	$ 169,700,000
Interest rate on senior notes	9.50%
Exchange Offer \| 7 3/4% Convertible Second Lien PIK Notes due 2019
Debt Instrument [Line Items]
Principal amount of notes issued	$ 270,600,000
Interest rate on senior notes	7.75%
Exchange Offer \| 9 1/2% Senior Notes due 2020
Debt Instrument [Line Items]
Interest rate on senior notes	9.50%
Principal amount of notes repurchased	$ 169,700,000
Exchange Offer \| 7 3/4% Senior Notes due 2019
Debt Instrument [Line Items]
Interest rate on senior notes	7.75%
Principal amount of notes repurchased	$ 270,600,000
Exchange Offer \| 7 3/4% Senior Notes due 2019 and 9 1/2% Senior Notes due 2020
Debt Instrument [Line Items]
Gain on extinguishment of debt	106,200,000
Exchange Offer \| Convertible Second Lien PIK Notes
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ 6,500,000
Payment In Cash \| 7 3/4% Senior Notes due 2019 and 9 1/2% Senior Notes due 2020
Debt Instrument [Line Items]
Senior notes exchanged in cash				$ 3,500,000

Long-Term Debt - Additional Information 1 (Detail) - Revolving Credit Facility	9 Months Ended
	Sep. 30, 2016 USD ($)
Debt Instrument [Line Items]
Bank credit facility	$ 50,000,000
Maturity of credit facility	Mar. 04, 2019
Spread rate over LIBOR for interest rate on credit facility	2.50%
Stated percentage over federal funds rate to calculate base rate	0.50%
Stated percentage over 30 day LIBOR to calculate base rate	1.00%
Spread rate over base rate for interest rate on credit facility	1.50%
Commitment fee on unused borrowing base	0.50%
Current ratio	100.00%
Asset coverage ratio	250.00%

Stockholders' Equity - Additional Information (Detail) $ / shares in Units, $ in Millions	1 Months Ended	9 Months Ended
	Mar. 31, 2016 USD ($) $ / shares	Sep. 30, 2016 $ / shares shares	Nov. 08, 2016 shares	Sep. 06, 2016 $ / shares shares
Stockholders Equity [Line Items]
Warrants issued to acquire common stock				1,917,342
Exercise price of warrants for common stock \| $ / shares		$ 0.01		$ 0.01
Warrants exercised		877,026
Warrants outstanding		1,040,316
Authorized common stock approved by stockholders		50,000,000
Number of consecutive trading-day period	30 days
Reverse share split		0.2
Reverse share split description		a one-for-five (1:5) reverse split
NYSE Minimum Criteria
Stockholders Equity [Line Items]
Average stock price per share \| $ / shares	$ 1.00
Average market capitalization \| $	$ 50.0
Subsequent Event \| Special Stockholders Meeting
Stockholders Equity [Line Items]
Authorized common stock approved by stockholders			75,000,000
Authorizing issuance of additional stock approved by stockholders			46,444,212
Shares approved for future awards by stockholders			2,500,000

Commitments and Contingencies - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2016 USD ($)
Commitments And Contingencies Disclosure [Abstract]
Natural gas transportation and treating agreements	through July 2019
Maximum commitments under natural gas transportation and treating agreements	$ 4.8
Contract term related to drilling rigs	through October 2016
Commitments for contracted drilling services	$ 0.4