UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): January 27, 2004
COMSTOCK RESOURCES, INC.
(Exact name of registrant as specified in its charter)
| NEVADA |
000-16741 |
94-1667468 |
| (State or other jurisdiction incorporation) |
(Commission of File Number) | (I.R.S. Employer Identification Number |
5300 Town And Country Boulevard
Suite 500
Frisco, Texas 75034
(Address of principal executive offices)
972-668-8800
(Registrant’s Telephone No.)
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits.
The following Exhibits are hereby filed as part of this Current Report on Form 8-K:
| Exhibit 99.1 Press Release dated January 27, 2004 regarding the Registrant’s oil and gas reserves for the fiscal year ended December 31, 2003. |
Item 12. Results of Operations and Financial Condition.
On January 27, 2004, Comstock Resources, Inc. (“Comstock”) issued a press release announcing its oil and gas reserves for the fiscal year ended December 31, 2003. A copy of the press release announcing Comstock’s oil and gas reserves for the fiscal year ended December 31, 2003 is attached hereto as Exhibit 99.1.
In accordance with General Instruction B.6 of Form 8-K, the information in this Form 8-K and the Exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: January 27, 2004
| COMSTOCK RESOURCES, INC. By:/s/ M. Jay Allison |
||
| _________________________ |
||
| M. JAY ALLISON President and Chief Executive Officer |
Exhibit Index
| Exhibit 99.1 | Press Release dated January 27, 2004 regarding the Registrant's oil and gas reserves for the fiscal year ended December 31, 2004 |
| 5300 Town and Country Blvd., Suite 500 Frisco, Texas 75034 Telephone:(972) 668-8800 Contact: Roland O. Burns Sr.Vice President and Chief Financial Officer Web Site: www.comstockresources.com |
| For Immediate Release | NEWS RELEASE | |
|---|---|---|
COMSTOCK RESOURCES,
INC. ANNOUNCES
PROVED OIL AND GAS RESERVES AS OF DECEMBER 31, 2003
FRISCO, TEXAS, January 27, 2004 — Comstock Resources, Inc. (“Comstock” or the “Company”)(NYSE:CRK) announced today that Comstock’s total proved oil and natural gas reserves as of December 31, 2003 are estimated at 502 billion cubic feet (“Bcf”) of natural gas and 19.2 million barrels of crude oil or 617 Bcf equivalent of natural gas (“Bcfe”), as compared to total proved oil and natural gas reserves as of December 31, 2002 of 614 Bcfe. Natural gas reserves account for 81% of total proved reserves and 67% of the total proved reserves were classified as proved developed at the end of 2003.
The present value, using a 10% discount rate, of the future net cash flows before income taxes of Comstock’s estimated proved oil and natural gas reserves at the end of 2003 is approximately $1.7 billion using oil and natural gas prices of $31.19 per barrel for oil and $6.44 per Mcf for natural gas. Such prices were based on the December 31, 2003 market prices of $32.52 per barrel for oil and $6.19 per MMbtu for natural gas, as adjusted for Comstock’s average basis differentials.
Comstock replaced 108% of its 2003 production of 44 Bcfe in 2003. Successful results from its 2003 exploration, development and acquisition activities added approximately 67 Bcfe of new proved oil and natural gas reserves. These reserve gains were partially offset by 20 Bcfe of performance related downward revisions on last year’s reserve base.
Comstock spent a total of $91 million on its exploratory, development and acquisition activities during 2003. Based on the reserves added in 2003, Comstock’s finding cost per Mcfe in 2003 was approximately $1.36 per Mcfe. Comstock’s finding cost per net Mcfe after taking into account the reserve revisions in 2003 was approximately $1.92 per Mcfe. Over the three year period ended December 31, 2003, Comstock’s weighted average finding cost after reserve revisions was $1.25 per Mcfe.