Comstock Resources Plans $193 Million With Two Rigs Through 2012

Comstock Resources Eagle Ford assets will have $193 million directed their way in 2012. The company will spend over $165 million to drill and complete 24 gross (21.7 net) wells, while also spending $27.7 million to finish 4 gross (3.2 net) wells that were started in 2011. Comstock Resource's Eagle Ford acreage is predominately located in McMullen and Atascosa counties. The company announced an increase in reported reserves of 25%, along with a 16% cut in capex. 2012 spending was lowered from $545 million to $458 million. The change was a direct response to sub-$3 natural gas prices.

Comstock is making a shift to liquids from gas. Current gas prices the Eagle Ford and West Texas make the areas much more attractive than the company's legacy gas properties.