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): August 8, 2005

COMSTOCK RESOURCES, INC.

(Exact Name of Registrant as Specified in Charter)

STATE OF NEVADA		000-16741		94-1667468

(State or other jurisdiction incorporation)		(Commission 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.)

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 2.02. Results of Operations and Financial Condition

     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 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 filing.

     On August 8, 2005 Comstock Resources, Inc. (“Comstock”) announced financial results for the three months and six months ended June 30, 2005. A copy of the press release announcing Comstock’s earnings results for three months and six months ended June 30, 2005 is attached hereto as Exhibit 99.1.

     On August 10, 2005 Comstock announced a correction to its previously reported net income for the quarter and six months ended June 30, 2005 which is attached hereto as Exhibit 99.2. The corrected results are a net loss of $10.9 million or 27¢ per diluted share for the three months ended June 30, 2005 rather than $12.7 million of net income or 30¢ per diluted share, as originally reported. For the six months ended June 30, 2005, the corrected results are a net income of $5.0 million or 12¢ per diluted share rather than $28.6 million of net income or 72¢ per diluted share, as originally reported. The correction to net income is due to a change in the accounting for the Company’s share of a one time provision for income taxes by Bois d’Arc Energy, Inc. (NYSE: BDE) (“Bois d’Arc”) that was recorded by Bois d’Arc in connection with its conversion from a limited liability company to a corporation and to reflect the gain recognized by Comstock in connection with Bois d’Arc’s initial public offering. There were no other changes to the results reported in the Company’s August 8, 2005 press release. Excluding these one time adjustments for Bois d’Arc’s conversion to a corporation and its initial public offering, Comstock’s net income for the three months and six months ended June 30, 2005 would be the same as was previously reported.

     The earnings press release contains financial measures that are not in accordance with generally accepted accounting principles in the United States (“GAAP”). Comstock has provided reconciliations within the earnings release of the non-GAAP financial measures to the most directly comparable GAAP financial measures. Operating cash flow is presented in the earnings release because management believes it to be useful to investors. EBITDAX is presented in the earnings release because management believes that EBITDAX, which represents Comstock’s results from operations before interest, income taxes, and certain non-cash items, including depreciation, depletion and amortization and exploration expense, is a common alternative measure of operating performance used by certain investors and financial analysts. The non-GAAP financial measures described above should be considered in addition to, but not as a substitute for, measures of financial performance prepared in accordance with GAAP that are presented in the earnings release.

Item 9.01. Financial Statements and Exhibits

     (a) Financial Statements of Business Acquired.

          Not applicable.

     (b) Pro Forma Financial Information.

          Not applicable.

     (c) Exhibits. The following exhibits are filed with this document:

Exhibit No.		Description
99.1		Press Release dated August 8, 2005.
99.2		Press Release dated August 10, 2005.

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.

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

NEWS RELEASE

For Immediate Release

COMSTOCK RESOURCES, INC. REPORTS
SECOND QUARTER 2005 FINANCIAL AND OPERATING RESULTS

FRISCO, TEXAS, August 8, 2005 – Comstock Resources, Inc. (“Comstock” or the “Company”) (NYSE: CRK) today reported financial and operating results for the quarter and six months ended June 30, 2005.

Financial Results for the Three Months and Six Months Ended June 30, 2005

Comstock reported net income of $12.7 million or 30¢ per diluted share for the three months ended June 30, 2005 as compared to net income of $18.7 million or 52¢ per diluted share in the same quarter of 2004. Comstock had $68.5 million in oil and gas sales in 2005’s second quarter, an increase of 3% over 2004’s second quarter oil and gas sales of $66.5 million. Comstock generated $47.3 million in operating cash flow (before changes in working capital accounts) in 2005’s second quarter, which represents a 4% increase over 2004’s second quarter cash flow of $45.4 million. EBITDAX or earnings before interest, taxes, depreciation, depletion, amortization, exploration expense and other noncash expenses was $53.8 million in 2005’s second quarter as compared to 2004’s second quarter EBITDAX of $52.5 million. On May 10, 2005, Comstock began accounting for its interest in Bois d’Arc Energy, Inc. (NYSE: BDE) (“Bois d’Arc”) under the equity method and subsequent to that date no longer is including its share of Bois d’Arc’s revenues, EBITDAX and cash flow in its consolidated results.

For the six months ended June 30, 2005, Comstock’s oil and gas sales totaled $138.4 million, as compared to oil and gas sales of $127.3 million for the same period in 2004. Net income for the six months ended June 30, 2005 was $28.6 million, or 72¢ per diluted share, as compared to net income of $18.7 million or 52¢ per diluted share in 2004. Operating cash flow (before changes in working capital accounts) generated by Comstock was $93.9 million for the first six months of 2005, a 13% increase from the first six months of 2004’s cash flow of $82.9 million. For the six months ended June 30, 2005, EBITDAX was $108.8 million as compared to EBITDAX of $98.7 million for the same period in 2004.

Production from Comstock’s onshore fields in the second quarter of 2005 totaled 8.4 Bcf equivalent of natural gas (“Bcfe”), a 15% increase from 2004’s second quarter production of 7.3 Bcfe. For the first six months of 2005, Comstock produced 15.3 Bcfe from its onshore operations, an increase of 3% as compared to production in the same period of 2004 of 14.8 Bcfe. During the second quarter of 2005, the Company’s share of offshore production from its ownership interest in Bois d’Arc of 3.5 Bcfe was 0.5 Bcfe less than last year’s production of 4.0 Bcfe. The decrease was attributable to the reduction in Comstock’s ownership in Bois d’Arc which decreased from 60% to 48% in May 2005. Offshore production for the six months ended June 30, 2005 of 7.2 Bcfe was comparable to production in the same period last year.

The Company’s realized natural gas price averaged $6.66 per Mcf in 2005’s second quarter as compared to $5.77 per Mcf in 2004’s second quarter. Realized oil prices in the second quarter of 2005 averaged $46.74 per barrel as compared to $37.55 per barrel for 2004. For the first six months of 2005, Comstock’s realized natural gas price averaged $6.46 per Mcf as compared to 2004’s average natural gas price of $5.71 per Mcf. For the first six months of 2005, Comstock’s realized oil price was $47.26 per barrel as compared to $36.24 per barrel in 2004.

During the second quarter, Comstock completed several strategic transactions. These transactions will accelerate its future growth and have strengthened the Company’s balance sheet. On April 4, 2005, Comstock closed a public offering of its common stock and issued 4.5 million shares at $27.50 per share for net proceeds of $121.2 million. On May 12, 2005, Comstock closed an acquisition of producing properties in Texas, Louisiana and Mississippi from EnSight for $191.6 million. The acquisition added proved reserves of 120.2 Bcfe and added 18.1 Mmcfe to the Company’s daily production rate. On May 11, 2005, Bois d’Arc completed its initial public offering of its common stock and used the proceeds to repay Comstock $158.0 million which Comstock had loaned Bois d’Arc on its formation on July 16, 2004. As a result of these transactions, as well as the Company’s second quarter results, Comstock’s total debt fell from $429.3 million at the end of the first quarter to $307.0 million at the end of the second quarter. Comstock’s total stockholders equity increased from $380.9 million at the end of the first quarter to $515.7 million at June 30, 2005. Debt as a percent of total book capitalization fell from 53% at March 31, 2005 to 37% at June 30, 2005.

Year to Date 2005 Drilling Results

Comstock also announced the results to date of its 2005 drilling program. Onshore, Comstock has drilled 42 wells (26.1 net) in the first six months of 2005. Thirty-nine (24.7 net) of the wells drilled were development wells; all of which were successful. Comstock drilled 28 successful development wells (20.8 net) in its East Texas/North Louisiana region. These wells have been tested at a per well average rate of 1.6 Mmcfe per day and are part of Comstock’s expanded drilling program planned in this region for 2005. Comstock currently has three rigs under contract drilling in this region and is working to add a fourth rig.

Comstock also drilled 11 successful development wells (3.9 net) in South Texas and in its other regions in the first half of 2005. Five of the wells (2.2 net) were in South Texas which were tested at a per well average rate of 2.6 Mmcfe per day. The South Texas wells include Comstock’s third successful well drilled in the Javelina field, the Dixie Mortgage Pawalak #3 which was drilled to a total depth of 12,230 feet and is currently producing 4.8 Mmcfe per day. Comstock has a 50% working interest in this well. Comstock also drilled two successful wells (1.1 net) in the Gragg field in Arkansas which were tested at a per well average rate of 2.2 Mmfe per day and participated in drilling four successful coal bed methane wells (0.6 net) in San Juan Basin in New Mexico.

In addition to the development wells, Comstock drilled three exploratory wells (1.4 net) in the first half of 2005. Two of those were dry holes (1.2 net) and one was successful. The successful well was drilled in Hidalgo County, Texas. The Kotara Aldridge #3 was drilled to a depth of 17,174 feet and is currently producing 1.7 Mmcfe per day. Comstock had a 20% working interest in this well.

The unsuccessful exploratory wells include a shallow test well drilled in West Texas and the previously reported unsuccessful exploratory well drilled to test the “Big Sandy” prospect in Polk County, Texas.

The well failed to encounter sufficient pay sand to justify a completion. The total costs of the project of $14.3 million (before income taxes) was written off in the second quarter of 2005 and is included in exploration expense.

Comstock’s offshore operations are conducted exclusively through its 48% ownership of Bois d’Arc. Bois d’Arc has drilled twelve offshore wells (10.2 net) in the Gulf of Mexico to date in 2005 with a 92% success rate. Five of the wells were exploratory and seven were developmental. All of the exploration wells were successful and six of the seven developmental wells were successful. The reserves added as a result of these eleven successful wells are expected to more than replace Bois d’Arc’s 2005 estimated annual production. The larger discoveries were at Ship Shoal blocks 92 and 111 and South Pelto 5. Two successful wells at Ship Shoal 92 proved up the “Paddlefish” Prospect. A discovery well drilled at Ship Shoal 111 proved up the “Laker” Prospect. The first “Laker” well was placed on production in July at a rate of 5.9 Mmcfe per day, while the “Paddlefish” wells at Ship Shoal 92 are expected to be on production in September. Other successes include three discoveries at Ship Shoal 98 and 99 and a deep well at South Pelto 5. The South Pelto well was placed on production in May at a rate of 7.1 Mmcfe per day. The other wells are expected to be on production in the third quarter.

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 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 Louisiana and Texas and in the Gulf of Mexico through its ownership of Bois d‘Arc Energy, Inc. (NYSE: BDE). 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)

		Six Months Ended June 30,								Three Months Ended June 30,
		2005				2004				2005				2004
Oil and gas sales		$	138,351			$	127,269			$	68,529				66,508
Operating expenses:
Oil and gas operating			26,066				25,106				12,879				12,456
Exploration			17,286				5,179				15,201				1,797
Depreciation, depletion and amortization			33,332				31,537				15,979				15,728
General and administrative, net			7,957				5,972				3,769				2,882
Total operating expenses			84,641				67,794				47,828				32,863
Income from operations			53,710				59,475				20,701				33,645
Other income (expenses):
Other income			136				86				32				47
Interest income			1,207				34				459				18
Interest expense			(10,517	)			(10,791	)			(4,719	)			(4,526	)
Equity in earnings of Bois d’Arc Energy.			3,370				—				3,370				—
Loss on early extinguishment of debt			—				(19,599	)			—				(18	)
Loss (gain) on derivatives			(3,231	)			—				7				—
Total other expenses			(9,035	)			(30,270	)			(851	)			(4,479	)
Income before income taxes			44,675				29,205				19,850				29,166
Provision for income taxes			(16,108	)			(10,514	)			(7,171	)			(10,500	)
Net income		$	28,567			$	18,691			$	12,679				18,666
Net income per share:
Basic		$	0.76			$	0.55			$	0.32			$	0.55
Diluted		$	0.72			$	0.52				0.30				0.52
Weighted average common and common stock equivalent shares outstanding:
Basic			37,393				33,977				39,762				34,111
Diluted			39,570				35,990				41,757				36,133

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

		Six Months Ended June 30,								Three Months Ended June 30,
		2005				2004				2005				2004
Cash flow from operations:
Net cash provided by operating activities		$	99,597			$	67,819			$	53,876			$	47,418
Increase (decrease) in accounts receivable			(2,719	)			(4,673	)			1,128				4,471
Increase (decrease) in other current assets			4				(839	)			(966	)			31
Decrease (increase) in accounts payable and accrued expenses			(3,009	)			20,596				(6,703	)			(6,499	)
Cash flow from operations		$	93,873			$	82,903			$	47,335			$	45,421
EBITDAX:
Net income		$	28,567			$	18,691			$	12,679			$	18,666
Interest expense			10,517				10,791				4,719				4,526
Loss from early extinguishment of debt			—				19,599				—				18
Equity in earnings of Bois d’Arc Energy			(3,370	)			—				(3,370	)			—
Income tax expense			16,108				10,514				7,171				10,500
Depreciation, depletion and amortization			33,332				31,537				15,979				15,728
Stock-based compensation			3,178				2,376				1,383				1,222
Exploration expense			17,286				5,179				15,201				1,797
Loss (gain) on derivatives			3,231				—				(7	)			—
EBITDAX		$	108,849			$	98,687			$	53,755			$	52,457

		As of June 30,
		2005				2004
		(In thousands)
Balance Sheet Data:
Current assets		$	36,066			$	45,974
Property and equipment, net			666,616				740,240
Investment in Bois d’Arc Energy			276,568				—
Other			5,382				7,840
Total assets		$	984,632			$	794,054
Current liabilities		$	49,191			$	44,568
Long-term debt			307,000				324,000
Other			112,696				108,189
Stockholders’ equity			515,745				317,297
Total liabilities and stockholders’ equity		$	984,632			$	794,054

COMSTOCK RESOURCES, INC.
SELECTED OPERATING AND FINANCIAL RESULTS

(In thousands, except as noted and per unit amounts)

For the Three Months ended June 30, 2005

		Comstock								Equity Method
		Resources(1)				Bois d'Arc(2)				Adjustments				Total
Oil production (thousand barrels)			204				192				(100	)			296
Gas production (million cubic feet – Mmcf)			7,135				2,316				(1,234	)			8,217
Total production (Mmcfe)			8,356				3,468				(1,835	)			9,989
Oil sales		$	9,286			$	9,528			$	(4,980	)		$	13,834
Gas sales			46,743				16,398				(8,446	)			54,695
Total oil and gas sales		$	56,029			$	25,926			$	(13,426	)		$	68,529
Average oil price (per barrel)		$	45.63			$	49.63							$	46.74
Average gas price (per thousand cubic feet – Mcf)		$	6.55			$	7.08							$	6.66
Average price (per Mcf equivalent)		$	6.70			$	7.48							$	6.86
Lifting cost		$	10,795			$	4,397			$	(2,313	)		$	12,879
Lifting cost (per Mcf equivalent)		$	1.29			$	1.27							$	1.29

For the Six Months ended June 30, 2005

		Comstock								Equity Method
		Resources(1)				Bois d'Arc(2)				Adjustments				Total
Oil production (thousand barrels)			293				402				(100	)			595
Gas production (million cubic feet – Mmcf)			13,547				4,741				(1,234	)			17,054
Total production (Mmcfe)			15,306				7,153				(1,835	)			20,624
Oil sales		$	13,574			$	19,526			$	(4,980	)		$	28,120
Gas sales			86,248				32,429				(8,446	)			110,231
Total oil and gas sales		$	99,822			$	51,955			$	(13,426	)		$	138,351
Average oil price (per barrel)		$	46.30			$	48.58							$	47.26
Average gas price (per thousand cubic feet – Mcf)		$	6.37			$	6.84							$	6.46
Average price (per Mcf equivalent)		$	6.52			$	7.26							$	6.71
Lifting cost		$	19,367			$	9,012			$	(2,313	)		$	26,066
Lifting cost (per Mcf equivalent)		$	1.27			$	1.26							$	1.26

COMSTOCK RESOURCES, INC.
SELECTED OPERATING AND FINANCIAL RESULTS

(In thousands, except as noted and per unit amounts)

Three Months ended June 30, 2005

		East Texas/
		North				Southeast
		Louisiana				Texas				Other				Total Onshore
Oil production (thousand barrels)			22				43				139				204
Gas production (million cubic feet – Mmcf)			3,314				1,678				2,143				7,135
Total production (Mmcfe)			3,443				1,938				2,975				8,356
Oil sales		$	1,120			$	2,192			$	5,974			$	9,286
Gas sales			21,425				11,915				13,403				46,743
Total oil and gas sales		$	22,545			$	14,107			$	19,377			$	56,029
Average oil price (per barrel)		$	50.91			$	50.98			$	42.98			$	45.63
Average gas price (per thousand cubic feet – Mcf)		$	6.46			$	7.10			$	6.25			$	6.55
Average price (per Mcf equivalent)		$	6.55			$	7.28			$	6.51			$	6.70
Lifting cost		$	5,056			$	1,983			$	3,756			$	10,796
Lifting cost (per Mcf equivalent)		$	1.47			$	1.02			$	1.26			$	1.29
Acquisition, development and exploration expenditures		$	139,358			$	5,703			$	79,198			$	224,259

Six Months ended June 30, 2005

		East Texas/
		North				Southeast
		Louisiana				Texas				Other				Total Onshore
Oil production (thousand barrels)			40				86				167				293
Gas production (million cubic feet – Mmcf)			5,924				3,535				4,088				13,547
Total production (Mmcfe)			6,163				4,052				5,091				15,306
Oil sales		$	1,953			$	4,243			$	7,378			$	13,574
Gas sales			36,947				23,587				25,714				86,248
Total oil and gas sales		$	38,900			$	27,830			$	33,092			$	99,822
Average oil price (per barrel)		$	48.83			$	49.34			$	44.18			$	46.30
Average gas price (per thousand cubic feet – Mcf)		$	6.24			$	6.67			$	6.29			$	6.37
Average price (per Mcf equivalent)		$	6.31			$	6.87			$	6.50			$	6.52
Lifting cost		$	8,639			$	4,082			$	6,647			$	19,367
Lifting cost (per Mcf equivalent)		$	1.40			$	1.01			$	1.31			$	1.27
Acquisition, development and exploration expenditures		$	150,931			$	12,962			$	83,955			$	247,848

Exhibit 99.2

		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

NEWS RELEASE

For Immediate Release

FRISCO, TEXAS, August 10, 2005 – Comstock Resources, Inc. (“Comstock” or the “Company”) (NYSE: CRK) today announced a correction to its previously reported net income for the quarter and six months ended June 30, 2005. The corrected results are a net loss of $10.9 million or 27¢ per diluted share for the three months ended June 30, 2005 rather than $12.7 million of net income or 30¢ per diluted share, as originally reported. For the six months ended June 30, 2005, the corrected results are a net income of $5.0 million or 12¢ per diluted share rather than $28.6 million of net income or 72¢ per diluted share, as originally reported. The correction to net income is due to a change in the accounting for the Company’s share of a one time provision for income taxes by Bois d’Arc Energy, Inc. (NYSE: BDE) (“Bois d’Arc”) that was recorded by Bois d’Arc in connection with its conversion from a limited liability company to a corporation and to reflect the gain recognized by Comstock in connection with Bois d’Arc’s initial public offering. There were no other changes to the results reported in the Company’s August 8, 2005 press release. Excluding these one-time adjustments for Bois d’Arc’s conversion to a corporation and its initial public offering, Comstock’s net income for the three months and six months ended June 30, 2005 would be the same as was previously reported.

Comstock will hold an open conference call at 1:00 p.m. central/2:00 p.m. eastern to discuss the revision. Please call: 866-686-6743 (847-413-3136 international) – confirmation number 12443404.

Financial Results for the Three Months and Six Months Ended June 30, 2005

Comstock reported a net loss of $10.9 million or 27¢ per diluted share for the three months ended June 30, 2005 as compared to net income of $18.7 million or 52¢ per diluted share in the same quarter of 2004. Excluding the one time adjustments to reflect Bois d’Arc’s conversion to a corporation and initial public offering, Comstock’s net income would have been $12.7 million or 30¢ per diluted share for the three months ended June 30, 2005. Comstock had $68.5 million in oil and gas sales in 2005’s second quarter, an increase of 3% over 2004’s second quarter oil and gas sales of $66.5 million. Comstock generated $47.3 million in operating cash flow (before changes in working capital accounts) in 2005’s second quarter, which represents a 4% increase over 2004’s second quarter cash flow of $45.4 million. EBITDAX or earnings before interest, taxes, depreciation, depletion, amortization, exploration expense and other noncash expenses was $53.8 million in 2005’s second quarter as compared to 2004’s second quarter EBITDAX of $52.5 million. On May 10, 2005, Comstock began accounting for its interest in Bois d’Arc under the equity method and subsequent to that date no longer is including its share of Bois d’Arc’s revenues, EBITDAX and cash flow in its consolidated results.

For the six months ended June 30, 2005, Comstock’s oil and gas sales totaled $138.4 million, as compared to oil and gas sales of $127.3 million for the same period in 2004. Net income for the six months ended June 30, 2005 was $5.0 million, or 12¢ per diluted share, as compared to net income of $18.7 million or 52¢ per diluted share in 2004. Excluding the one time adjustments to reflect Bois d’Arc’s conversion to a corporation and its initial public offering, Comstock’s net income would have been $28.6 million, or 72¢ per diluted share for the six months ended June 30, 2005. Operating cash flow (before changes in working capital accounts) generated by Comstock was $93.9 million for the first six months of 2005, a 13% increase from the first six months of 2004’s cash flow of $82.9 million. For the six months ended June 30, 2005, EBITDAX was $108.8 million as compared to EBITDAX of $98.7 million for the same period in 2004.

Production from Comstock’s onshore fields in the second quarter of 2005 totaled 8.4 Bcf equivalent of natural gas (“Bcfe”), a 15% increase from 2004’s second quarter production of 7.3 Bcfe. For the first six months of 2005, Comstock produced 15.3 Bcfe from its onshore operations, an increase of 3% as compared to production in the same period of 2004 of 14.8 Bcfe. During the second quarter of 2005, the Company’s share of offshore production from its ownership interest in Bois d’Arc of 3.5 Bcfe was 0.5 Bcfe less than last year’s production of 4.0 Bcfe. The decrease was attributable to the reduction in Comstock’s ownership in Bois d’Arc, which decreased from 60% to 48% in May 2005. Offshore production for the six months ended June 30, 2005 of 7.2 Bcfe was comparable to production in the same period last year.

The Company’s realized natural gas price averaged $6.66 per Mcf in 2005’s second quarter as compared to $5.77 per Mcf in 2004’s second quarter. Realized oil prices in the second quarter of 2005 averaged $46.74 per barrel as compared to $37.55 per barrel for 2004. For the first six months of 2005, Comstock’s realized natural gas price averaged $6.46 per Mcf as compared to 2004’s average natural gas price of $5.71 per Mcf. For the first six months of 2005, Comstock’s realized oil price was $47.26 per barrel as compared to $36.24 per barrel in 2004.

During the second quarter, Comstock completed several strategic transactions. These transactions will accelerate its future growth and have strengthened the Company’s balance sheet. On April 4, 2005, Comstock closed a public offering of its common stock and issued 4.5 million shares at $27.50 per share for net proceeds of $121.2 million. On May 12, 2005, Comstock closed an acquisition of producing properties in Texas, Louisiana and Mississippi from EnSight for $191.6 million. The acquisition added proved reserves of 120.2 Bcfe and added 18.1 Mmcfe to the Company’s daily production rate. On May 11, 2005, Bois d’Arc completed its initial public offering of its common stock and used the proceeds to repay Comstock $158.0 million which Comstock had loaned Bois d’Arc on its formation on July 16, 2004. As a result of these transactions, as well as the Company’s second quarter results, Comstock’s total debt fell from $429.3 million at the end of the first quarter to $307.0 million at the end of the second quarter. Comstock’s total stockholders equity increased from $380.9 million at the end of the first quarter to $492.2 million at June 30, 2005. Debt as a percent of total book capitalization fell from 53% at March 31, 2005 to 38% at June 30, 2005.

Year to Date 2005 Drilling Results

Comstock also announced the results to date of its 2005 drilling program. Onshore, Comstock has drilled 42 wells (26.1 net) in the first six months of 2005. Thirty-nine (24.7 net) of the wells drilled were development wells; all of which were successful. Comstock drilled 28 successful development wells (20.8 net) in its East Texas/North Louisiana region. These wells have been tested at a per well average

rate of 1.6 Mmcfe per day and are part of Comstock’s expanded drilling program planned in this region for 2005. Comstock currently has three rigs under contract drilling in this region and is working to add a fourth rig.

Comstock also drilled 11 successful development wells (3.9 net) in South Texas and in its other regions in the first half of 2005. Five of the wells (2.2 net) were in South Texas which were tested at a per well average rate of 2.6 Mmcfe per day. The South Texas wells include Comstock’s third successful well drilled in the Javelina field, the Dixie Mortgage Pawalak #3 which was drilled to a total depth of 12,230 feet and is currently producing 4.8 Mmcfe per day. Comstock has a 50% working interest in this well. Comstock also drilled two successful wells (1.1 net) in the Gragg field in Arkansas which were tested at a per well average rate of 2.2 Mmfe per day and participated in drilling four successful coal bed methane wells (0.6 net) in San Juan Basin in New Mexico.

In addition to the development wells, Comstock drilled three exploratory wells (1.4 net) in the first half of 2005. Two of those were dry holes (1.2 net) and one was successful. The successful well was drilled in Hidalgo County, Texas. The Kotara Aldridge #3 was drilled to a depth of 17,174 feet and is currently producing 1.7 Mmcfe per day. Comstock had a 20% working interest in this well.

The unsuccessful exploratory wells include a shallow test well drilled in West Texas and the previously reported unsuccessful exploratory well drilled to test the “Big Sandy” prospect in Polk County, Texas. The well failed to encounter sufficient pay sand to justify a completion. The total costs of the project of $14.3 million (before income taxes) was written off in the second quarter of 2005 and is included in exploration expense.

Comstock’s offshore operations are conducted exclusively through its 48% ownership of Bois d’Arc. Bois d’Arc has drilled twelve offshore wells (10.2 net) in the Gulf of Mexico to date in 2005 with a 92% success rate. Five of the wells were exploratory and seven were developmental. All of the exploration wells were successful and six of the seven developmental wells were successful. The reserves added as a result of these eleven successful wells are expected to more than replace Bois d’Arc’s 2005 estimated annual production. The larger discoveries were at Ship Shoal blocks 92 and 111 and South Pelto 5. Two successful wells at Ship Shoal 92 proved up the “Paddlefish” Prospect. A discovery well drilled at Ship Shoal 111 proved up the “Laker” Prospect. The first “Laker” well was placed on production in July at a rate of 5.9 Mmcfe per day, while the “Paddlefish” wells at Ship Shoal 92 are expected to be on production in September. Other successes include three discoveries at Ship Shoal 98 and 99 and a deep well at South Pelto 5. The South Pelto well was placed on production in May at a rate of 7.1 Mmcfe per day. The other wells are expected to be on production in the third quarter.

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 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 Louisiana and Texas and in the Gulf of Mexico through its ownership of Bois d’Arc Energy, Inc. (NYSE: BDE). The company‘s stock is traded on the New York Stock Exchange under the symbol CRK.

		Six Months Ended June 30, 2005								Three Months Ended June 30, 2005
						As Previously								As Previously
		As Corrected				Reported				As Corrected				Reported
Oil and gas sales		$	138,351			$	138,351			$	68,529			$	68,529
Operating expenses:
Oil and gas operating			26,066				26,066				12,879				12,879
Exploration			17,286				17,286				15,201				15,201
Depreciation, depletion and amortization			33,332				33,332				15,979				15,979
General and administrative, net			7,957				7,957				3,769				3,769
Total operating expenses			84,641				84,641				47,828				47,828
Income from operations			53,710				53,710				20,701				20,701
Other income (expenses):
Other income			136				136				32				32
Interest income			1,207				1,207				459				459
Interest expense			(10,517	)			(10,517	)			(4,719	)			(4,719	)
Equity in loss of Bois d’Arc Energy			(61,225	)			3,370				(61,225	)			3,370
Gain on sale of stock by Bois d’Arc Energy			28,797				—				28,797				—
Gain (loss) on derivatives			(3,231	)			(3,231	)			7				7
Total other expenses			(44,833	)			(9,035	)			(36,649	)			(851	)
Income before income taxes			8,877				44,675				(15,948	)			19,850
Provision for income taxes			(3,867	)			(16,108	)			5,070				(7,171	)
Net income (loss)		$	5,010			$	28,567			$	(10,878	)		$	12,679
Net income (loss) per share:
Basic		$	0.13			$	0.76			$	(0.27	)		$	0.32
Diluted		$	0.12			$	0.72			$	(0.27	)		$	0.30
Weighted average common and common stock equivalent shares outstanding:
Basic			37,393				37,393				39,762				39,762
Diluted			39,570				39,570				41,757				41,757

		Six Months Ended June 30, 2005								Three Months Ended June 30, 2005
						As Previously								As Previously
		As Corrected				Reported				As Corrected				Reported
Cash flow from operations:
Net cash provided by operating activities		$	99,597			$	99,597			$	53,876			$	53,876
Increase (decrease) in accounts receivable			(2,719	)			(2,719	)			1,128				1,128
Increase (decrease) in other current assets			4				4				(966	)			(966	)
Decrease (increase) in accounts payable and accrued expenses			(3,009	)			(3,009	)			(6,703	)			(6,703	)
Cash flow from operations		$	93,873			$	93,873			$	47,335			$	47,335
EBITDAX:
Net income (loss)		$	5,010			$	28,567			$	(10,878	)		$	12,679
Interest expense			10,517				10,517				4,719				4,719
Gain on sale of stock by Bois d’Arc Energy			(28,797	)			—				(28,797	)			—
Equity in loss of Bois d’Arc Energy			61,225				(3,370	)			61,225				(3,370	)
Income tax expense			3,867				16,108				(5,070	)			7,171
Depreciation, depletion and amortization			33,332				33,332				15,979				15,979
Stock-based compensation			3,178				3,178				1,383				1,383
Exploration expense			17,286				17,286				15,201				15,201
Loss (gain) on derivatives			3,231				3,231				(7	)			(7	)
EBITDAX		$	108,849			$	108,849			$	53,755			$	53,755

		As of June 30, 2005
						As Previously
		As Corrected				Reported
		(In thousands)
Balance Sheet Data:
Current assets		$	36,066			$	36,066
Property and equipment, net			666,616				666,616
Investment in Bois d’Arc Energy			240,770				276,568
Other			5,382				5,382
Total assets		$	948,834			$	984,632
Current liabilities		$	49,191			$	49,191
Long-term debt			307,000				307,000
Other			100,455				112,696
Stockholders’ equity			492,188				515,745
Total liabilities and stockholders’ equity		$	948,834			$	984,632

		Six Months Ended June 30,								Three Months Ended June 30,
		2005				2004				2005				2004
Oil and gas sales		$	138,351			$	127,269			$	68,529			$	66,508
Operating expenses:
Oil and gas operating			26,066				25,106				12,879				12,456
Exploration			17,286				5,179				15,201				1,797
Depreciation, depletion and amortization			33,332				31,537				15,979				15,728
General and administrative, net			7,957				5,972				3,769				2,882
Total operating expenses			84,641				67,794				47,828				32,863
Income from operations			53,710				59,475				20,701				33,645
Other income (expenses):
Other income			136				86				32				47
Interest income			1,207				34				459				18
Interest expense			(10,517	)			(10,791	)			(4,719	)			(4,526	)
Equity in loss of Bois d’Arc Energy			(61,225	)			—				(61,225	)			—
Gain on sale of stock by Bois d’Arc Energy			28,797				—				28,797				—
Loss on early extinguishment of debt			—				(19,599	)			—				(18	)
Gain (loss) on derivatives			(3,231	)			—				7				—
Total other expenses			(44,833	)			(30,270	)			(36,649	)			(4,479	)
Income before income taxes (loss)			8,877				29,205				(15,948	)			29,166
Provision for income taxes			(3,867	)			(10,514	)			5,070				(10,500	)
Net income (loss)		$	5,010			$	18,691			$	(10,878	)		$	18,666
Net income (loss) per share:
Basic		$	0.13			$	0.55			$	(0.27	)		$	0.55
Diluted		$	0.12			$	0.52			$	(0.27	)		$	0.52
Weighted average common and common stock equivalent shares outstanding:
Basic			37,393				33,977				39,762				34,111
Diluted			39,570				35,990				41,757				36,133

		Six Months Ended June 30,								Three Months Ended June 30,
		2005				2004				2005				2004
Cash flow from operations:
Net cash provided by operating activities		$	99,597			$	67,819			$	53,876			$	47,418
Increase (decrease) in accounts receivable			(2,719	)			(4,673	)			1,128				4,471
Increase (decrease) in other current assets			4				(839	)			(966	)			31
Decrease (increase) in accounts payable and accrued expenses			(3,009	)			20,596				(6,703	)			(6,499	)
Cash flow from operations		$	93,873			$	82,903			$	47,335			$	45,421
EBITDAX:
Net income (loss)		$	5,010			$	18,691			$	(10,878	)		$	18,666
Interest expense			10,517				10,791				4,719				4,526
Loss from early extinguishment of debt			—				19,599				—				18
Equity in loss of Bois d’Arc Energy			61,225				—				61,225				—
Gain on sale of stock by Bois d’Arc Energy			(28,797	)			—				(28,797	)			—
Income tax expense			3,867				10,514				(5,070	)			10,500
Depreciation, depletion and amortization			33,332				31,537				15,979				15,728
Stock-based compensation			3,178				2,376				1,383				1,222
Exploration expense			17,286				5,179				15,201				1,797
Loss (gain) on derivatives			3,231				—				(7	)			—
EBITDAX		$	108,849			$	98,687			$	53,755			$	52,457

		As of June 30,
		2005				2004
		(In thousands)
Balance Sheet Data:
Current assets		$	36,066			$	45,974
Property and equipment, net			666,616				740,240
Investment in Bois d’Arc Energy			240,770				—
Other			5,382				7,840
Total assets		$	948,834			$	794,054
Current liabilities		$	49,191			$	44,568
Long-term debt			307,000				324,000
Other			100,455				108,189
Stockholders’ equity			492,188				317,297
Total liabilities and stockholders’ equity		$	948,834			$	794,054

(In thousands, except as noted and per unit amounts)

For the Three Months ended June 30, 2005

		Comstock								Equity Method
		Resources(1)				Bois d’Arc(2)				Adjustments				Total
Oil production (thousand barrels)			204				192				(100	)			296
Gas production (million cubic feet – Mmcf)			7,135				2,316				(1,234	)			8,217
Total production (Mmcfe)			8,356				3,468				(1,835	)			9,989
Oil sales		$	9,286			$	9,528			$	(4,980	)		$	13,834
Gas sales			46,743				16,398				(8,446	)			54,695
Total oil and gas sales		$	56,029			$	25,926			$	(13,426	)		$	68,529
Average oil price (per barrel)		$	45.63			$	49.63							$	46.74
Average gas price (per thousand cubic feet – Mcf)		$	6.55			$	7.08							$	6.66
Average price (per Mcf equivalent)		$	6.70			$	7.48							$	6.86
Lifting cost		$	10,795			$	4,397			$	(2,313	)		$	12,879
Lifting cost (per Mcf equivalent)		$	1.29			$	1.27							$	1.29

For the Six Months ended June 30, 2005

		Comstock								Equity Method
		Resources(1)				Bois d’Arc(2)				Adjustments				Total
Oil production (thousand barrels)			293				402				(100	)			595
Gas production (million cubic feet – Mmcf)			13,547				4,741				(1,234	)			17,054
Total production (Mmcfe)			15,306				7,153				(1,835	)			20,624
Oil sales		$	13,574			$	19,526			$	(4,980	)		$	28,120
Gas sales			86,248				32,429				(8,446	)			110,231
Total oil and gas sales		$	99,822			$	51,955			$	(13,426	)		$	138,351
Average oil price (per barrel)		$	46.30			$	48.58							$	47.26
Average gas price (per thousand cubic feet – Mcf)		$	6.37			$	6.84							$	6.46
Average price (per Mcf equivalent)		$	6.52			$	7.26							$	6.71
Lifting cost		$	19,367			$	9,012			$	(2,313	)		$	26,066
Lifting cost (per Mcf equivalent)		$	1.27			$	1.26							$	1.26

COMSTOCK RESOURCES, INC.
SELECTED OPERATING AND FINANCIAL RESULTS

(In thousands, except as noted and per unit amounts)

Three Months ended June 30, 2005

		East Texas/
		North Louisiana				Southeast Texas				Other				Total Onshore
Oil production (thousand barrels)			22				43				139				204
Gas production (million cubic feet – Mmcf)			3,314				1,678				2,143				7,135
Total production (Mmcfe)			3,443				1,938				2,975				8,356
Oil sales		$	1,120			$	2,192			$	5,974			$	9,286
Gas sales			21,425				11,915				13,403				46,743
Total oil and gas sales		$	22,545			$	14,107			$	19,377			$	56,029
Average oil price (per barrel)		$	50.91			$	50.98			$	42.98			$	45.63
Average gas price (per thousand cubic feet – Mcf)		$	6.46			$	7.10			$	6.25			$	6.55
Average price (per Mcf equivalent)		$	6.55			$	7.28			$	6.51			$	6.70
Lifting cost		$	5,056			$	1,983			$	3,756			$	10,796
Lifting cost (per Mcf equivalent)		$	1.47			$	1.02			$	1.26			$	1.29
Acquisition, development and exploration expenditures		$	139,358			$	5,703			$	79,198			$	224,259

Six Months ended June 30, 2005

		East Texas/
		North Louisiana				Southeast Texas				Other				Total Onshore
Oil production (thousand barrels)			40				86				167				293
Gas production (million cubic feet – Mmcf)			5,924				3,535				4,088				13,547
Total production (Mmcfe)			6,163				4,052				5,091				15,306
Oil sales		$	1,953			$	4,243			$	7,378			$	13,574
Gas sales			36,947				23,587				25,714				86,248
Total oil and gas sales		$	38,900			$	27,830			$	33,092			$	99,822
Average oil price (per barrel)		$	48.83			$	49.34			$	44.18			$	46.30
Average gas price (per thousand cubic feet – Mcf)		$	6.24			$	6.67			$	6.29			$	6.37
Average price (per Mcf equivalent)		$	6.31			$	6.87			$	6.50			$	6.52
Lifting cost		$	8,639			$	4,082			$	6,647			$	19,367
Lifting cost (per Mcf equivalent)		$	1.40			$	1.01			$	1.31			$	1.27
Acquisition, development and exploration expenditures		$	150,931			$	12,962			$	83,955			$	247,848