Comstock Resources

Comstock Resource operates a 28,000 net acre position across several counties in South Texas that are primarily located in the oil window of the Eagle Ford. The majority of the company’s acreage is located in Atascosa and McMullen counties.

Comstock acquired approximately 20,000 net acres in 2010 and continued to add to its Eagle Ford acreage position through 2011. The company drilled three wells in 2010 and was on pace to drill 16 wells in 2011. Comstock’s capital budget in 2012 is shifting from the Haynesville Shale to the Eagle Ford where liquid prices support better economic returns.

Comstock resources is an independent oil & gas company based in Frisco, TX. The company’s stock is traded on the NYSE under the symbol CRK. The company’s primary operations are in the ArkLaTex Basin of East Texas and North Louisiana, as well as the Gulf Coast Basin in South Texas. Historically, the company’s growth was driven by acquisitions, but corporate strategy has shifted to exploitation of existing reserves over the past few years. Primary drilling targets for the company include the Bossier Shale, Eagle Ford Shale, and Haynesville Shale.

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Counties Where Comstock Resources is Active

Comstock Eagle Ford Map

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  • Atascosa County
  • Duval County (Not Eagle Ford)
  • Karnes County
  • La Salle County
  • McMullen County

Comstock Eagle Ford Shale Quarterly Commentary

Press Release

February 12, 2012

Comstock’s Eagle Ford Production Down Due To Shut-Ins

July 31, 2012

Comstock – KKR Reach Eagle Ford Shale Joint Venture Agreement

July 30, 2012

During the first six months of 2012, Comstock has spent $314.3 million on development and exploration activities and $16.1 million on acreage and other acquisitions.  Comstock drilled 39 wells (31.0 net) and had five wells (3.6 net) drilling at June 30, 2012.  The wells drilled in the second quarter included eight (7.2 net) oil wells in West Texas and eight (7.0 net) oil wells in the Eagle Ford shale in South Texas.  At the end of the second quarter of 2012, the Company’s six operated drilling rigs were all drilling oil wells in South Texas and West Texas as the Company has suspended its natural gas drilling operations until natural gas prices improve.

In 2012, the Company has completed 31 oil wells, fifteen in the vertical Wolfbone program in its West Texas region and sixteen in the horizontal Eagle Ford shale program in the South Texas region.  The sixteen Eagle Ford shale wells that were completed had an average per well initial production rate of 565 barrels of oil equivalent (“BOE”) per day.  Of the eight new Eagle Ford wells completed this quarter, the Donnell C #1H, the Carlson C #1H and the Hubberd #3 H in McMullen County had the highest initial production rates at 938, 862 and 793 BOE per day, respectively.  These wells are being produced under the Company’s restricted choke program.  Longer term production results from the first 29 Eagle Ford shale wells have confirmed the benefit of this program.  The twenty-nine wells, which have been producing for more than 90 days, had an average initial production rate of 679 BOE per day.  The 30 day per well production rate for these wells averaged 514 BOE per day and the 90 day per well production rate averaged 453 BOE per day, or 67% of the initial 24 hour test rate.

May 1, 2012

Comstock reported on the results of its 2012 drilling to date. During the first quarter of 2012, Comstock spent $173.4 million on development and exploration activities and $8.2 million on acreage acquisitions. Comstock drilled 22 gross (15.0 net) wells and had seven gross (4.6 net) wells drilling at March 31, 2012. The wells drilled in the first quarter included eight (5.7 net) oil wells in West Texas, seven (5.9 net) oil wells in the Eagle Ford shale in South Texas, and seven natural gas wells (3.4 net) in its East Texas/North Louisiana region. At the end of the first quarter of 2012, the Company’s six operated drilling rigs were all drilling oil wells in South Texas and West Texas as the Company has suspended its natural gas drilling operations until natural gas prices improve.

Since the beginning of 2012, the Company has completed 18 oil wells, ten in the vertical Wolfbone program in its West Texas region and eight in the horizontal Eagle Ford shale program in the South Texas region. The eight Eagle Ford shale wells that were completed had an average per well initial production rate of 498 barrels of oil equivalent (“BOE”) per day. These wells were primarily drilled in the Company’s northern acreage in Atascosa, La Salle and McMullen counties to earn acreage. Later in 2012 Comstock plans to begin developmental drilling which will allow for cost efficiencies from pad drilling. These wells are being produced under the company’s restricted choke program. Longer term production results from the first nineteen Eagle Ford shale wells have confirmed the benefit of this program. The first nineteen wells, which have been producing for more than 90 days, had an average initial production rate of 782 BOE per day. The 30 day per well production rate for these wells averaged 584 BOE per day and the 90 day per well production rate averaged 514 BOE per day, or 68% of the initial 24 hour test rate.

February 6, 2012

Production from the Company’s Eagle Ford shale operations increased 123% from the third quarter of 2011, averaging 3,300 barrels of oil equivalent per day in the fourth quarter and accounting for 7% of the Company’s total production.

Comstock drilled 20 (19.2 net) horizontal Eagle Ford shale wells in 2011. Comstock completed 17 wells (17.0 net) including one well that was drilled in 2010. These wells had an average per well initial production rate of 820 barrels of oil equivalent (“BOE”) per day. Four wells (3.2 net) were awaiting completion at year end. Since the last update, Comstock has completed four additional wells in its Eagle Ford shale program. The Gloria Wheeler “A” #1H was drilled to a vertical depth of 11,358 feet with a 6,725 foot lateral. This well was tested at an initial rate of 1,070 barrels of oil per day and 1.1 MMcf of natural gas per day or 1,254 BOE per day. The Gloria Wheeler “B” #1H was drilled to a vertical depth of 10,908 feet with a 5,175 foot lateral. This well was tested at an initial rate of 916 barrels of oil per day and 1.0 MMcf of natural gas per day or 1,085 BOE per day. The Donnell “A” #1H was drilled to a vertical depth of 9,404 feet with a 6,481 foot lateral. This well was tested at an initial rate of 646 barrels of oil per day and 0.2 MMcf of natural gas per day or 686 BOE per day. The Cutter Creek #2H was drilled to a vertical depth of 10,013 feet with a 5,541 foot lateral. This well was tested at an initial rate of 471 barrels of oil per day and 0.4 MMcf of natural gas per day or 541 BOE per day. All of the reported well results were obtained while following Comstock’s restricted choke program.

January 30, 2012

Comstock’s successful Eagle Ford shale drilling program in South Texas and its Haynesville shale drilling program in North Louisiana were the primary drivers of the growth in production and proved reserves in 2011……Comstock’s successful drilling program in the Eagle Ford shale in South Texas added 9.3 million barrels of oil and 7.6 Bcf of natural gas or 10.6 million barrels of oil equivalent to proved reserves in 2011. The Haynesville shale drilling program contributed 139.9 Bcfe to the Company’s proved reserves. Proved reserve additions for activities outside of Comstock’s shale operations in the Haynesville or Eagle Ford were 24.8 Bcfe.

Comstock also plans to spend $165.2 million in its South Texas region to drill 24 (21.7 net) Eagle Ford shale horizontal wells in 2012 and $27.7 million to complete four wells (3.2 net) drilled in 2011.

November 1, 2011

In the South Texas region, the Company has drilled twelve Eagle Ford shale (EFS) wells (12.0 net) in the first nine months of 2011. Comstock completed eight wells (8.0 net) including one well that was drilled in 2010. These wells had an average per well initial production rate of 683 barrels of oil equivalent (“BOE”) per day. In the third quarter of 2011, Comstock completed four wells in the EFS.

The Cutter Creek #1H was drilled to a vertical depth of 9,970 feet with a 4,824 foot lateral. This well was tested at an initial rate of 575 barrels of oil per day and 0.2 MMcf of natural gas per day or 608 BOE per day. The Forrest Wheeler #1H was drilled to a vertical depth of 11,142 feet with a 5,458 foot lateral. This well was tested at an initial rate of 480 barrels of oil per day and 0.7 MMcf of natural gas per day or 597 BOE per day. The Rancho Tres Hijos “A” #1H was drilled to a vertical depth of 10,911 feet with a 4,512 foot lateral. This well was tested at an initial rate of 465 barrels of oil per day and 0.6 MMcf of natural gas per day or 565 BOE per day. The Jupe “A” #1H was drilled to a vertical depth of 8,282 feet with a 7,101 foot lateral. This well was tested at an initial rate of 197 barrels of oil per day and 0.1 MMcf of natural gas per day or 218 BOE per day.

All of the reported well results were obtained while following Comstock’s restricted choke program. Currently, Comstock also has five EFS wells that are being completed. Comstock has increased its EFS acreage in South Texas that is prospective for oil to approximately 28,000 net acres. Comstock completed lease acquisitions in the EFS that added approximately 6,000 net acres during October 2011.

Comstock will add one drilling rig during 2012 to the two which are currently drilling for oil in its EFS development program in South Texas.

Comstock has budgeted to spend $207.0 million in its South Texas region to drill 32 (28.9 net) Eagle Ford shale horizontal wells in 2012 and $14.0 million to complete six wells (5.6 net) that were drilled in 2011.

Read the full press release at comstockresources.com

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