Comstock Resources, Inc. Reports Third Quarter 2013 Financial And Operating Results

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Comstock Resources is a leading independent natural gas producer with operations focused on the development of the Haynesville Shale in North Louisiana and East Texas

Comstock Resources, Inc. Reports Third Quarter 2013 Financial And Operating Results

Comstock Resources is a leading independent natural gas producer with operations focused
on the development of the Haynesville Shale in North Louisiana and East Texas

FRISCO, Texas, Nov. 4, 2013 /PRNewswire/ -- Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today reported financial and operating results for the quarter and nine months ended September 30, 2013.

Financial Results for the Three Months and Nine Months Ended September 30, 2013

Comstock reported a net loss of $24.0 million or 52¢ per share for the three months ended September 30, 2013 as compared to a loss from continuing operations of $44.2 million or 95¢ per share for the three months ended September 30, 2012. The third quarter of 2013 results include an unrealized loss from derivative financial instruments of $3.8 million ($2.5 million after tax or 5¢ per share), an impairment of unevaluated leases of $3.0 million ($1.9 million after tax or 4¢ per share), and a loss of $2.2 million ($1.4 million after tax or 3¢ per share) from oil and gas property sales and settlements. Results for the three months ended September 30, 2012 included an unrealized loss from derivative financial instruments of $11.1 million ($7.2 million after tax or 16¢ per share), an impairment of unevaluated leases of $1.4 million ($0.9 million after tax or 2¢ per share), and a loss of $2.8 million ($1.8 million after tax or 4¢ per share) from the sale of oil and gas properties.

Comstock's production in the third quarter of 2013 included 632,000 barrels of oil and 13.6 billion cubic feet of natural gas or 17.4 billion cubic feet of natural gas equivalent ("Bcfe"). Oil production in the third quarter averaged 6,870 barrels of oil per day, which increased 14% from the 6,048 barrels per day produced in the second quarter of 2013, and was 30% higher than oil production in the third quarter of 2012 of 5,295 barrels per day. Gas production in the quarter declined 32% from the same period in 2012 due to the lack of drilling activity in the Company's Haynesville shale natural gas properties.

Comstock's average realized price for natural gas improved by 37% to $3.33 per Mcf for the third quarter of 2013 as compared to $2.43 per Mcf realized in the third quarter of 2012. The Company's average realized price for oil, after hedging losses, decreased by 7% to $99.20 per barrel for the third quarter of 2013 as compared to $106.10 per barrel for the third quarter of 2012. Oil and gas sales (including realized gains or losses from hedging) of $108.0 million for the third quarter increased by 8% as compared to 2012's third quarter sales from continuing operations of $100.4 million. Operating cash flow (before changes in working capital accounts) was $62.9 million in the third quarter of 2013, which represented a 5% increase as compared to operating cash flow from continuing operations of $59.7 million in the third quarter of 2012. EBITDAX, or earnings before interest, taxes, depreciation, depletion, amortization, exploration expense and other noncash expenses, of $81.8 million in the third quarter of 2013, increased 11% over EBITDAX from continuing operations of $73.7 million in the third quarter of 2012.

Comstock reported net income of $78.5 million, or $1.63 per share, for the nine months ended September 30, 2013 as compared to a net loss of $21.9 million or 47¢ per share for the nine months ended September 30, 2012. $148.6 million, or $3.08 per share, is related to the Company's West Texas operations that were sold on May 14, 2013, which resulted in a gain of $230.6 million ($149.9 million after tax). The loss from continuing operations for the first nine months of 2013 was $70.1 million, or $1.45 per share, as compared to a loss from continuing operations of $26.1 million or 56¢ per share for the same period in 2012.

The 2013 operating results include an unrealized loss from derivative financial instruments of $12.0 million ($7.8 million after tax or 17¢ per share), a gain of $7.9 million ($5.1 million or 11¢ per share) on the sale of marketable securities, impairments of oil and gas properties and unevaluated leases of $15.6 million ($10.1 million after tax, or 22¢ per share) and a loss of $2.1 million ($1.4 million after tax or 3¢ per share) from oil and gas property sales and settlements. Results for the nine months ended September 30, 2012 included an unrealized gain on derivatives of $13.5 million ($8.8 million after tax or 19¢ per share), a gain of $24.3 million ($15.8 million after tax or 34¢ per share) from the sale of oil and gas properties, a gain on sale of marketable securities of $26.6 million ($17.3 million after tax or 37¢ per share), and impairments of oil and gas properties and unevaluated leases of $8.1 million ($5.3 million or 11¢ per share).

Oil production related to Comstock's continuing operations for the nine months ended September 30, 2013 increased 17% to 1,615,000 barrels as compared to 1,379,000 barrels for the same period in 2012. Gas production decreased 32% to 43.4 Bcf for the first nine months of 2013 as compared to 64.1 Bcf for the same period of 2012. Comstock's average realized price for natural gas increased 44% to $3.39 per Mcf for the first nine months of 2013 as compared to $2.35 per Mcf for the first nine months of 2012. The Company's average realized price for oil for the first nine months of 2013 of $104.49 per barrel, including hedging gains, was 1% below the average realized price of $105.37 per barrel for the first nine months of 2012. Oil and gas sales related to continuing operations increased by 7% to $316.1 million in the first nine months of 2013 as compared to the sales in the first nine months of 2012 of $295.9 million. Operating cash flow related to continuing operations (before changes in working capital accounts) of $185.2 million in the first nine months of 2013 increased 6% from operating cash flow of $174.7 million for 2012's first nine months. EBITDAX related to continuing operations increased 12% to $238.2 million for the first nine months of 2013 from $212.1 million for the first nine months of 2012.

2013 Drilling Results

Comstock reported on the results to date of its 2013 drilling program related to its continuing operations which is focused on developing its Eagle Ford oil shale properties in South Texas. During the first nine months of 2013, Comstock spent $234.1 million on its continuing development and exploration activities and $14.5 million on acreage acquisition costs. Comstock drilled 47 horizontal oil wells (31.6 net) and two horizontal natural gas wells (2.0 net) and had 11 oil wells (8.3 net) in various stages of drilling at September 30, 2013. For all of 2013 Comstock expects to spend $345 million to drill 78 horizontal wells (51.6 net). Comstock is also budgeting to spend $140 million in 2013 to acquire additional acreage including bolt-on acreage to its successful Eagle Ford shale play in South Texas as well as exploratory acreage in several emerging oil plays.

Since the beginning of 2013, the Company has completed 42 (26.4 net) horizontal Eagle Ford shale wells including six (3.8 net) wells drilled in 2012. The 42 Eagle Ford shale wells that were completed had an average per well initial production rate of 793 barrels of oil equivalent ("BOE") per day. Comstock completed 17 Eagle Ford shale wells in the third quarter. The four third quarter wells with the highest initial production rates were the Swenson C #4H, Forrest Wheeler D #1H and the Swenson #7H and #8H which are all located in McMullen County, Texas. These wells had initial production rates of 1,033, 1,128, 1,021 and 1,190 BOE per day, respectively.

Comstock has planned a conference call for 10 a.m. Central Time on November 5, 2013, to discuss the operational and financial results for the third quarter of 2013. Investors wishing to participate should visit the Company's website at www.comstockresources.com for a live web cast or dial 1-877-280-4957 (international dial-in use 857-244-7314) and provide access code 96651078 when prompted. If you are unable to participate in the original conference call, a web replay will be available approximately 24 hours following the completion of the call on Comstock's website at www.comstockresources.com. The web replay will be available for approximately one week. A replay of the conference call will be available beginning at 2:00 p.m. Central Time November 5, 2013 and will continue until 11:59 p.m. November 12, 2013. To hear the replay, call 888-286-8010 (617-801-6888 if calling from outside the US). The conference call ID number is 47625311.

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.

COMSTOCK RESOURCES, INC. OPERATING RESULTS (In thousands, except per share amounts)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012

Revenues:
Oil and gas sales	$	111,590	$	97,141	$	314,430	$	291,242

Operating expenses:
Production taxes		4,168		3,098		10,172		9,206
Gathering and transportation		4,478		6,033		13,034		20,854
Lease operating		12,955		12,962		39,123		38,613
Exploration⁽¹⁾		2,995		1,407		15,342		2,797
Depreciation, depletion and amortization		85,762		91,536		255,973		254,522
General and administrative		8,153		8,142		25,996		25,973
(Gain) loss on sale of oil and gas properties		2,165		2,794		2,084		(24,271)
Impairment of oil and gas properties		—		—		652		5,350
Total operating expenses		120,676		125,972		362,376		333,044

Operating loss		(9,086)		(28,831)		(47,946)		(41,802)

Other income (expenses):
Gain on sale of marketable securities		—		—		7,877		26,621
Realized gain (loss) from derivatives		(3,560)		3,293		1,641		4,658
Unrealized gain (loss) from derivatives		(3,835)		(11,112)		(11,962)		13,498
Interest and other income		423		153		864		675
Interest expense⁽²⁾		(20,530)		(15,527)		(57,348)		(41,181)
Total other income (expenses)		(27,502)		(23,193)		(58,928)		4,271

Loss before income taxes		(36,588)		(52,024)		(106,874)		(37,531)
Benefit from income taxes		12,554		7,812		36,792		11,446
Loss from continuing operations		(24,034)		(44,212)		(70,082)		(26,085)
Income from discontinued operations, net of income taxes		—		13,763		148,609		4,176
Net income (loss)	$	(24,034)	$	(30,449)	$	78,527	$	(21,909)

Net income (loss) per share:
Basic — loss from continuing operations	$	(0.52)	$	(0.95)	$	(1.45)	$	(0.56)
— income from discontinued operations		—		0.29		3.08		0.09
— net income (loss)	$	(0.52)	$	(0.66)	$	1.63	$	(0.47)

Diluted — loss from continuing operations	$	(0.52)	$	(0.95)	$	(1.45)	$	(0.56)
— income from discontinued operations		—		0.29		3.08		0.09
— net income (loss)	$	(0.52)	$	(0.66)	$	1.63	$	(0.47)

Dividends per common share	$	0.125	$	—	$	0.25	$	—

Weighted average shares outstanding:
Basic		46,570		46,443		46,684		46,414
Diluted		46,570		46,443		46,684		46,414




(1)	Includes impairments of unevaluated leases of $3.0 million, $1.4 million, $14.9 million and $2.7 million in the three months and nine months ended September 30, 2013 and 2012, respectively.
(2)	$0.7 million, $3.3 million, $2.4 million and $9.4 million of interest expense was capitalized for the three months and nine months ended September 30, 2013 and 2012, respectively.

COMSTOCK RESOURCES, INC. OPERATING RESULTS (In thousands)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012

OPERATING CASH FLOW:

Net income (loss)	$	(24,034)	$	(30,449)	$	78,527	$	(21,909)
Reconciling items:
Income from discontinued operations		—		(13,763)		(148,609)		(4,176)
Deferred income taxes		(12,554)		(7,800)		(36,792)		(11,235)
Depreciation, depletion and amortization		85,762		91,536		255,973		254,522
Impairment of oil and gas properties		—		—		652		5,350
Dry hole costs and lease impairments		2,995		1,370		14,903		2,685
(Gain) loss on sale of assets		2,165		2,794		(5,793)		(50,892)
Unrealized (gain) loss on derivatives		3,835		11,112		11,962		(13,498)
Debt issuance cost and discount amortization		1,584		1,586		4,802		3,689
Stock-based compensation		3,121		3,329		9,561		10,189
Operating cash flow from continuing operations		62,874		59,715		185,186		174,725
Excess income taxes from stock-based compensation		1		11		2,016		1,681
Decrease (increase) in accounts receivable		(27,425)		(5,454)		(48,185)		12,426
Decrease (increase) in other current assets		1,893		1,176		2,136		(1,713)
Increase in accounts payable and accrued expenses		60,222		21,361		72,139		7,078
Net cash provided by continuing operations		97,565		76,809		213,292		194,197
Net cash provided by (used for) discontinued operations⁽¹⁾		(15)		6,991		(7,730)		31,501
Net cash provided by operating activities	$	97,550	$	83,800	$	205,562	$	225,698

(1)

$10.1 million, $6.7 million and $21.9 million for the three months ended September 30, 2012 and nine months ended September 30, 2013 and 2012, respectively, excluding working capital changes.


EBITDAX:

Net loss from continuing operations	$	(24,034)	$	(44,212)	$	(70,082)	$	(26,085)
Interest expense		20,530		15,527		57,348		41,181
Benefit from income taxes		(12,554)		(7,812)		(36,792)		(11,446)
Depreciation, depletion and amortization		85,762		91,536		255,973		254,522
Exploration		2,995		1,407		15,342		2,797
Impairments of oil and gas properties		—		—		652		5,350
(Gain) loss on sale of assets		2,165		2,794		(5,793)		(50,892)
Unrealized (gain) loss from derivatives		3,835		11,112		11,962		(13,498)
Stock-based compensation		3,121		3,329		9,561		10,189
EBITDAX from continuing operations		81,820		73,681		238,171		212,118
EBITDAX from discontinued operations		—		12,106		13,651		26,066
Total EBITDAX	$	81,820	$	85,787	$	251,822	$	238,184


			As of
			September 30, 2013		December 31, 2012

BALANCE SHEET DATA:

Cash and cash equivalents			$	228,353	$	4,471
Marketable securities				—		12,312
Other current assets				96,827		46,652
Derivative financial instruments				1,820		11,651
Assets of discontinued operations				—		518,934
Property and equipment, net				1,936,813		1,958,687
Other				13,576		19,944
Total assets			$	2,277,389	$	2,572,651

Current liabilities⁽¹⁾			$	378,618⁽¹⁾	$	112,893
Liabilities of discontinued operations				—		33,280
Long-term debt				688,260		1,324,383
Deferred income taxes				198,942		149,901
Other non-current liabilities				19,330		18,660
Stockholders' equity				992,239		933,534
Total liabilities and stockholders' equity			$	2,277,389	$	2,572,651



(1) Includes $195.6 million of debt classified as short-term due to early redemption of senior notes.

COMSTOCK RESOURCES, INC. REGIONAL OPERATING RESULTS (In thousands, except per unit amounts)

	For the Three Months Ended September 30, 2013
	East Texas/ North Louisiana		South Texas		Other		Continuing Operations		Discontinued Operations		Total
Oil production (Mbbls)		17		611		4		632		—		632
Gas production (MMcf)		11,364		1,833		415		13,612		—		13,612
Total production (MMcfe)		11,467		5,499		438		17,404		—		17,404

Oil sales	$	1,824	$	64,015	$	421	$	66,260	$	—	$	66,260
Oil hedging losses⁽¹⁾		—		—		—		(3,560)		—		(3,560)
Total oil sales including hedging		1,824		64,015		421		62,700		—		62,700
Natural gas sales		36,484		7,301		1,545		45,330		—		45,330
Total oil and gas sales and realized losses from derivatives	$	38,308	$	71,316	$	1,966	$	108,030	$	—	$	108,030

Average oil price (per barrel)	$	105.60	$	104.77	$	111.61	$	104.83	$	—	$	104.83
Average oil price including hedging (per barrel)	$	105.60	$	104.77	$	111.61	$	99.20	$	—	$	99.20
Average gas price (per Mcf)	$	3.21	$	3.98	$	3.72	$	3.33	$	—	$	3.33
Average price (per Mcfe)	$	3.34	$	12.97	$	4.49	$	6.41	$	—	$	6.41
Average price including hedging (per Mcfe)	$	3.34	$	12.97	$	4.49	$	6.21	$	—	$	6.21

Production taxes	$	771	$	3,269	$	128	$	4,168	$	—	$	4,168
Gathering and transportation	$	3,508	$	869	$	101	$	4,478	$	—	$	4,478
Lease operating	$	6,683	$	5,647	$	625	$	12,955	$	—	$	12,955

Production taxes (per Mcfe)	$	0.07	$	0.59	$	0.29	$	0.24	$	—	$	0.24
Gathering and transportation (per Mcfe)	$	0.31	$	0.16	$	0.23	$	0.26	$	—	$	0.26
Lease operating (per Mcfe)	$	0.58	$	1.03	$	1.43	$	0.74	$	—	$	0.74

Oil and Gas Capital Expenditures:
Exploratory leasehold	$	—	$	9,575	$	—	$	9,575	$	—	$	9,575
Development leasehold		2		81		—		83		—		83
Development drilling		4,167		100,019		—		104,186		—		104,186
Other development		833		420		5		1,258		—		1,258
Total	$	5,002	$	110,095⁽²⁾	$	5	$	115,102	$	—	$	115,102

COMSTOCK RESOURCES, INC. REGIONAL OPERATING RESULTS (In thousands, except per unit amounts)

	For the Three Months Ended September 30, 2012
	East Texas/ North Louisiana		South Texas		Other		Continuing Operations		Discontinued Operations		Total
Oil production (Mbbls)		22		457		8		487		172		659
Gas production (MMcf)		17,633		1,937		480		20,050		202		20,252
Total production (MMcfe)		17,770		4,677		526		22,973		1,235		24,208

Oil sales	$	2,103	$	45,514	$	777	$	48,394	$	14,678	$	63,072
Oil hedging gains⁽¹⁾		—		—		—		3,293		—		3,293
Total oil sales including hedging		2,103		45,514		777		51,687		14,678		66,365
Natural gas sales		41,342		5,680		1,725		48,747		1,076		49,823
Total oil and gas sales and realized gains from derivatives	$	43,445	$	51,194	$	2,502	$	100,434	$	15,754	$	116,188

Average oil price (per barrel)	$	92.33	$	99.69	$	99.77	$	99.34	$	85.24	$	95.66
Average oil price including hedging (per barrel)	$	92.33	$	99.69	$	99.77	$	106.10	$	85.24	$	100.65
Average gas price (per Mcf)	$	2.34	$	2.93	$	3.59	$	2.43	$	5.33	$	2.46
Average price (per Mcfe)	$	2.44	$	10.95	$	4.76	$	4.23	$	12.76	$	4.66
Average price including hedging (per Mcfe)	$	2.44	$	10.95	$	4.76	$	4.37	$	12.76	$	4.80

Production taxes	$	699	$	2,243	$	156	$	3,098	$	758	$	3,856
Gathering and transportation	$	5,503	$	432	$	98	$	6,033	$	349	$	6,382
Lease operating	$	8,341	$	3,658	$	963	$	12,962	$	2,541	$	15,503

Production taxes (per Mcfe)	$	0.04	$	0.48	$	0.30	$	0.13	$	0.61	$	0.16
Gathering and transportation (per Mcfe)	$	0.31	$	0.09	$	0.19	$	0.26	$	0.28	$	0.26
Lease operating (per Mcfe)	$	0.47	$	0.78	$	1.82	$	0.57	$	2.06	$	0.64

Oil and Gas Capital Expenditures:
Exploratory leasehold	$	1,895	$	1,787	$	—	$	3,682	$	4,135	$	7,817
Development leasehold		120		116		—		236		—		236
Exploratory drilling		408		497		—		905		—		905
Development drilling		9,418		21,706		—		31,124		58,410		89,534
Other development		257		166		64		487		—		487
Total	$	12,098	$	24,272⁽²⁾	$	64	$	36,434	$	62,545	$	98,979

COMSTOCK RESOURCES, INC. REGIONAL OPERATING RESULTS (In thousands, except per unit amounts)

	For the Nine Months Ended September 30, 2013
	East Texas/ North Louisiana		South Texas		Other		Continuing Operations		Discontinued Operations		Total
Oil production (Mbbls)		49		1,551		15		1,615		270		1,885
Gas production (MMcf)		36,801		5,396		1,249		43,446		410		43,856
Total production (MMcfe)		37,094		14,703		1,337		53,134		2,031		55,165

Oil sales	$	4,781	$	160,689	$	1,603	$	167,073	$	22,777	$	189,850
Oil hedging gains⁽¹⁾		—		—		—		1,641		—		1,641
Total oil sales including hedging		4,781		160,689		1,603		168,714		22,777		191,491
Natural gas sales		120,786		21,741		4,830		147,357		2,348		149,705
Total oil and gas sales and realized gains from derivatives	$	125,567	$	182,430	$	6,433	$	316,071	$	25,125	$	341,196

Average oil price (per barrel)	$	97.97	$	103.59	$	109.09	$	103.47	$	84.30	$	100.72
Average oil price including hedging (per barrel)	$	97.97	$	103.59	$	109.09	$	104.49	$	84.30	$	101.59
Average gas price (per Mcf)	$	3.28	$	4.03	$	3.87	$	3.39	$	5.73	$	3.41
Average price (per Mcfe)	$	3.39	$	12.41	$	4.81	$	5.92	$	12.37	$	6.16
Average price including hedging (per Mcfe)	$	3.39	$	12.41	$	4.81	$	5.95	$	12.37	$	6.19

Production taxes	$	1,469	$	8,299	$	404	$	10,172	$	1,120	$	11,292
Gathering and transportation	$	10,544	$	2,263	$	227	$	13,034	$	501	$	13,535
Lease operating	$	20,931	$	15,841	$	2,351	$	39,123	$	9,853	$	48,976

Production taxes (per Mcfe)	$	0.04	$	0.56	$	0.30	$	0.19	$	0.55	$	0.20
Gathering and transportation (per Mcfe)	$	0.28	$	0.15	$	0.17	$	0.25	$	0.25	$	0.25
Lease operating (per Mcfe)	$	0.57	$	1.09	$	1.76	$	0.73	$	4.85	$	0.89

Oil and Gas Capital Expenditures:
Exploratory leasehold	$	—	$	14,114	$	—	$	14,114	$	8,856	$	22,970
Development leasehold		51		315		—		366		—		366
Development drilling		16,473		213,221		—		229,694		81,735		311,429
Other development		2,105		2,249		69		4,423		880		5,303
Total	$	18,629	$	229,899⁽²⁾	$	69	$	248,597	$	91,471	$	340,068

COMSTOCK RESOURCES, INC. REGIONAL OPERATING RESULTS (In thousands, except per unit amounts)

	For the Nine Months Ended September 30, 2012
	East Texas/ North Louisiana		South Texas		Other		Continuing Operations		Discontinued Operations		Total
Oil production (Mbbls)		69		1,285		25		1,379		369		1,748
Gas production (MMcf)		55,745		6,807		1,541		64,093		474		64,567
Total production (MMcfe)		56,162		14,514		1,693		72,369		2,686		75,055

Oil sales	$	6,714	$	131,373	$	2,582	$	140,669	$	31,311	$	171,980
Oil hedging gains⁽¹⁾		—		—		—		4,658		—		4,658
Total oil sales including hedging		6,714		131,373		2,582		145,327		31,311		176,638
Natural gas sales		125,438		20,472		4,663		150,573		2,767		153,340
Total oil and gas sales and realized gains from derivatives	$	132,152	$	151,845	$	7,245	$	295,900	$	34,078	$	329,978

Average oil price (per barrel)	$	96.75	$	102.27	$	102.07	$	101.99	$	84.91	$	98.39
Average oil price including hedging (per barrel)	$	96.75	$	102.27	$	102.07	$	105.37	$	84.91	$	101.05
Average gas price (per Mcf)	$	2.25	$	3.01	$	3.03	$	2.35	$	5.84	$	2.37
Average price (per Mcfe)	$	2.35	$	10.46	$	4.28	$	4.02	$	12.69	$	4.33
Average price including hedging (per Mcfe)	$	2.35	$	10.46	$	4.28	$	4.09	$	12.69	$	4.40

Production taxes	$	2,106	$	6,526	$	574	$	9,206	$	1,667	$	10,873
Gathering and transportation	$	18,580	$	1,939	$	335	$	20,854	$	758	$	21,612
Lease operating	$	24,979	$	10,512	$	3,122	$	38,613	$	5,587	$	44,200

Production taxes (per Mcfe)	$	0.04	$	0.45	$	0.34	$	0.13	$	0.62	$	0.14
Gathering and transportation (per Mcfe)	$	0.33	$	0.13	$	0.20	$	0.29	$	0.28	$	0.29
Lease operating (per Mcfe)	$	0.44	$	0.73	$	1.84	$	0.53	$	2.08	$	0.59

Oil and Gas Capital Expenditures:
Acquisitions	$	—	$	—	$	—	$	—	$	3,235	$	3,235
Exploratory leasehold		5,264		4,886		—		10,150		12,149		22,299
Development leasehold		549		1,332		—		1,881		—		1,881
Exploratory drilling		976		2,825		—		3,801		—		3,801
Development drilling		99,962		158,268		—		258,230		137,467		395,697
Other development		1,241		991		195		2,427		—		2,427
Total	$	107,992	$	168,302⁽²⁾	$	195	$	276,489	$	152,851	$	429,340

SOURCE Comstock Resources, Inc.

Gary H. Guyton, Director of Planning and Investor Relations, (972) 668-8834

(1) Reported as realized loss from derivatives in operating results.

(2) Net of acreage and facility reimbursements received of $13.4 million from joint venture partner.