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): July 15, 2005
COMSTOCK RESOURCES, INC.
(Exact Name of Registrant as Specified in Charter)
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:
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events.
On July 15, 2005, Comstock Resources, Inc. (Comstock) issued a press release announcing the results of the BSMC Unit B #1 well drilled in Polk County, Texas to test its Big Sandy prospect. Drilling operations on this well were started on December 1, 2004 and were completed on July 11, 2005 when the well reached a measured depth of 19,093 feet. The wells Lower Woodbine logging operations from 17,100 feet to 18,890 feet were finalized on July 14, 2005. Although some productive pay was logged within this over-all interval it was not sufficient to justify the cost of a completion. Comstock has been unable to log the remaining 203 feet but had other indications that no hydrocarbons were present in the lowest section drilled. Comstock is currently processing and evaluating all of the Upper and Lower Woodbine formation data acquired during the wells various drilling and logging operations. This new data will be evaluated in an effort to improve the Companys geological interpretation of its Robin exploration prospect acreage. After this evaluation is complete, Comstock plans to re-assess its Robin acreage drilling opportunities and risk.
Costs of this project totaled approximately $14 million which was considerably higher than the initial estimate due to several significant drilling problems that were encountered in drilling this deep directional well. Comstocks second quarter financial results will include a charge of $14 million for the write-off of this unsuccessful exploratory well.
Comstocks Press Release announcing the results of the BSMC Unit B #1 well is attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits
Exhibits. The following exhibits are filed with this document:
Regulation S-K Number |
Description | |
99.1
|
Press Release, dated July 15, 2005, regarding the Registrants drilling results for its BSMC Unit B #1 well. |
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. |
||||
Dated: July 18, 2005 | By: | /s/ M. Jay Allison | ||
M. Jay Allison | ||||
President and Chief Executive Officer | ||||
Exhibit 99.1
5300 Town and Country Blvd., Suite 500 |
||
Frisco, Texas 75034 |
||
Telephone: Contact: Web Site: |
(972) 668-8800 Roland O. Burns Sr. Vice President and Chief Financial Officer www.comstockresources.com |
NEWS RELEASE
For Immediate Release
COMSTOCK RESOURCES, INC. REPORTS UNSUCCESSFUL
EXPLORATORY WELL IN POLK COUNTY, TEXAS
FRISCO, TEXAS, July 15, 2005 Comstock Resources, Inc. (Comstock) (NYSE:CRK) today reported the results of the BSMC Unit B #1 well drilled in Polk County, Texas to test its Big Sandy prospect. Drilling operations on this well were started on December 1, 2004 and were completed on July 11, 2005 when the well reached a measured depth of 19,093 feet. The wells Lower Woodbine logging operations from 17,100 feet to 18,890 feet were finalized on July 14, 2005. Although some productive pay was logged within this over-all interval it was not sufficient to justify the cost of a completion. Comstock has been unable to log the remaining 203 feet but had other indications that no hydrocarbons were present in the lowest section drilled. Comstock is currently processing and evaluating all of the Upper and Lower Woodbine formation data acquired during the wells various drilling and logging operations. This new data will be evaluated in an effort to improve the Companys geological interpretation of its Robin exploration prospect acreage. After this evaluation is complete, Comstock plans to re-assess its Robin acreage drilling opportunities and risk.
Costs of this project totaled approximately $14 million which was considerably higher than the initial estimate due to several significant drilling problems that were encountered in drilling this deep directional well. Comstocks second quarter financial results will include a charge of $14 million for the write-off of this unsuccessful exploratory well.
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 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 Louisiana and Texas and in the Gulf of Mexico through its ownership of Bois dArc Energy, Inc. (NYSE: BDE). The Companys stock is traded on the New York Stock Exchange under the symbol CRK.