UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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): November 2, 2004
COMSTOCK RESOURCES, INC.
STATE OF NEVADA (State or other jurisdiction incorporation) |
000-16741 (Commission File Number) |
94-1667468 (I.R.S. Employer Identification Number) |
5300 Town And Country Boulevard
Suite 500
Frisco, Texas 75034
(Address of principal executive offices)
(972) 668-8800
(Registrants Telephone No.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition. | ||||||||
Item 9.01. Financial Statements and Exhibits | ||||||||
SIGNATURES | ||||||||
EXHIBIT INDEX | ||||||||
Press Release |
Item 2.02. Results of Operations and Financial Condition.
The information in this Form 8-K and Exhibit 99.1 attached hereto shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such Securities Act filing.
On November 2, 2004, Comstock Resources, Inc. (Comstock or the Company) reported that it produced 9.4 billion cubic feet (Bcf) of natural gas and 554,000 thousand barrels of oil or 12.7 Bcf of natural gas equivalent in the third quarter of 2004. Third quarter daily production averaged 138.1 million cubic feet of natural gas equivalent per day. Comstocks third quarter production includes Bois dArc Energy, LLCs (Bois dArc) production of 3.1 Bcf of natural gas and 447,000 barrels of oil or 5.8 Bcf of natural gas equivalent. Comstock owns 59.9% of Bois dArc and, began consolidating Bois dArcs financial results into its financial statements in July 2004.
Bois dArcs production level in the third quarter was impacted by Hurricane Ivan which caused Bois dArc to shut in substantially all of its oil and natural gas production for part of September. Bois dArc also had approximately 10.0 million cubic feet of natural gas equivalent per day of its production shut in during October waiting on repairs to a pipeline which was put back in service at the end of October.
Comstocks consolidated third quarter financial results will include a $1.6 million charge for organizational costs incurred in connection with the formation of Bois dArc.
Comstock also reported that its third quarter financial results will include exploration expense of $9.4 million which primarily relates to dry holes drilled in the third quarter. Bois dArc accounted for $6.7 million of the third quarter exploration costs. Of the seven offshore wells drilled by Bois dArc in the third quarter, three were unsuccessful exploratory test wells. The unsuccessful wells include a well drilled at Ship Shoal Block 121 to a depth of 4,159 feet to test the Warmouth Prospect, a well drilled at Ship Shoal Block 110 to a depth of 10,844 feet to test the Newport Prospect and a deep field extension test at South Pelto Block 25 which was drilled to a depth of 17,204 feet which failed to encounter hydrocarbons in commercial quantities. Comstock also had $2.7 million in exploration expense related to its South Texas exploration program in the third quarter. The dry holes include a 10,100 foot well drilled to test a prospect in Kenedy County on the Armstrong Ranch, a well drilled to a depth of 11,500 to test a prospect in the SE Limes Field in Live Oak County and a well drilled in Brazoria County to a depth of 17,000 feet to test the Brazos Bend Prospect.
Item 9.01. Financial Statements and Exhibits
(c) Exhibits
99.1 Press Release dated November 2, 2004.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
COMSTOCK RESOURCES, INC. |
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Dated: November 4, 2004 | By: | /s/ M. Jay Allison | ||
M. Jay Allison | ||||
President and Chief Executive Officer |
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Exhibit 99.1
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. REPORTS THIRD QUARTER PRODUCTION AND DRY HOLE COSTS
FRISCO, TEXAS, November 2, 2004 Comstock Resources, Inc. (Comstock or the Company) (NYSE:CRK) reported today that it produced 9.4 billion cubic feet (Bcf) of natural gas and 554,000 thousand barrels of oil or 12.7 Bcf of natural gas equivalent in the third quarter of 2004. Third quarter daily production averaged 138.1 million cubic feet of natural gas equivalent per day. Comstocks third quarter production includes Bois dArc Energy, LLCs (Bois dArc) production of 3.1 Bcf of natural gas and 447,000 barrels of oil or 5.8 Bcf of natural gas equivalent. Comstock owns 59.9% of Bois dArc and in July 2004, began consolidating Bois dArcs financial results into its financial statements.
Bois dArcs production level in the third quarter was impacted by Hurricane Ivan which caused Bois dArc to shut in substantially all of its oil and natural gas production for part of September. Bois dArc also had approximately 10.0 million cubic feet of natural gas equivalent per day of its production shut in during October waiting on repairs to a pipeline which was put back in service at the end of October.
Comstocks consolidated third quarter financial results will include a $1.6 million charge for organizational costs incurred in connection with the formation of Bois dArc.
Comstock also reported that its third quarter financial results will include exploration expense of $9.4 million which primarily relates to dry holes drilled in the third quarter. Bois dArc accounted for $6.7 million of the third quarter exploration costs. Of the seven offshore wells drilled by Bois dArc in the third quarter, three were unsuccessful exploratory test wells. The unsuccessful wells include a well drilled at Ship Shoal Block 121 to a depth of 4,159 feet to test the Warmouth Prospect, a well drilled at Ship Shoal Block 110 to a depth of 10,844 feet to test the Newport Prospect and a deep field extension test at South Pelto Block 25 which was drilled to a depth of 17,204 feet which failed to encounter hydrocarbons in commercial quantities. Comstock also had $2.7 million in exploration expense related to its South Texas exploration program in the third quarter. The dry holes include a 10,100 foot well drilled to test a prospect in Kenedy County on the Armstrong Ranch, a well drilled to a depth of 11,500 to test a prospect in the SE Limes Field in Live Oak County and a well drilled in Brazoria County to a depth of 17,000 feet to test the Brazos Bend Prospect.
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 managements 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 that the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct.
Comstock Resources, Inc. is a growing independent energy company based in Frisco, Texas and is engaged in oil and gas acquisitions, exploration and development primarily in Texas, Louisiana and the Gulf of Mexico. The companys stock is traded on the New York Stock Exchange under the symbol CRK.