Comstock Resources Eagle Ford Well Update and Budget

Comstock Resources announced the acquisition of Delaware Basin properties in West Texas along with updated Eagle Ford well results. ¬†All five wells were drilled in McMullen County, TX and came online at an average of 809 barrels of oil per day and o.96 mmcf/d. That’s initial production rates of 969 boe/d.

Comstock also announced its capital budget for 2012. The company will spend $545 million on drilling and completion activities. Over $220 million will be spent drilling new wells and completing Eagle Ford wells that were drilled in 2011. The newly acquired Delaware Basin properties and the Eagle Ford will be the beneficiaries of almost $400 million of the capital budget for 2012. That’s a big shift to liquids-rich production from what was historically a gas weighted company. [Read more…]