Comstock Resources’ Eagle Ford assets will account for almost half of the company’s activity in 2013. Three of six rigs planned to work throughout the year will be active in South Texas. The other three will be working in West Texas as the company works to shift its production mix to higher valued liquids.
Comstock has set its capital budget at $430 million in 2013. Roughly 27 wells will be drilled in the Eagle Ford, 20 vertical wells targeting the Wolfbone in West Texas, 7 horizontal wells targeting the Wolfcamp in West Texas, and less than 4 net wells in the Haynesville & Bossier shales. The Haynesville wells are being drilled to hold acreage. That’s a total of a little more than 58 net wells planned in 2013.
The company’s 35,000 gross (28,000 net) Eagle Ford acres are largely spread across Atascosa, La Salle, and McMullen counties. The company estimates wells will produce over 500,000 boe and that its acreage has net resource potential of 78 million boe. CRK’s partner KKR has the right to participate in 1/3 of the company’s 28,000 net acres.