Comstock Resources, Inc. Reports Third Quarter 2013 Financial And Operating Results

FRISCO, Texas, Nov. 4, 2013 /PRNewswire/ -- Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today reported financial and operating results for the quarter and nine months ended September 30, 2013. 

Financial Results for the Three Months and Nine Months Ended September 30, 2013

Comstock reported a net loss of $24.0 million or 52¢ per share for the three months ended September 30, 2013 as compared to a loss from continuing operations of $44.2 million or 95¢ per share for the three months ended September 30, 2012.  The third quarter of 2013 results include an unrealized loss from derivative financial instruments of $3.8 million ($2.5 million after tax or 5¢ per share), an impairment of unevaluated leases of $3.0 million ($1.9 million after tax or 4¢ per share), and a loss of $2.2 million ($1.4 million after tax or 3¢ per share) from oil and gas property sales and settlements.  Results for the three months ended September 30, 2012 included an unrealized loss from derivative financial instruments of $11.1 million ($7.2 million after tax or 16¢ per share), an impairment of unevaluated leases of $1.4 million ($0.9 million after tax or 2¢ per share), and a loss of $2.8 million ($1.8 million after tax or 4¢ per share) from the sale of oil and gas properties.

Comstock's production in the third quarter of 2013 included 632,000 barrels of oil and 13.6 billion cubic feet of natural gas or 17.4 billion cubic feet of natural gas equivalent ("Bcfe").  Oil production in the third quarter averaged 6,870 barrels of oil per day, which increased 14% from the 6,048 barrels per day produced in the second quarter of 2013, and was 30% higher than oil production in the third quarter of 2012 of 5,295 barrels per day.  Gas production in the quarter declined 32% from the same period in 2012 due to the lack of drilling activity in the Company's Haynesville shale natural gas properties.

Comstock's average realized price for natural gas improved by 37% to $3.33 per Mcf for the third quarter of 2013 as compared to $2.43 per Mcf realized in the third quarter of 2012.  The Company's average realized price for oil, after hedging losses, decreased by 7% to $99.20 per barrel for the third quarter of 2013 as compared to $106.10 per barrel for the third quarter of 2012.  Oil and gas sales (including realized gains or losses from hedging) of $108.0 million for the third quarter increased by 8% as compared to 2012's third quarter sales from continuing operations of $100.4 million.  Operating cash flow (before changes in working capital accounts) was $62.9 million in the third quarter of 2013, which represented a 5% increase as compared to operating cash flow from continuing operations of $59.7 million in the third quarter of 2012.  EBITDAX, or earnings before interest, taxes, depreciation, depletion, amortization, exploration expense and other noncash expenses, of $81.8 million in the third quarter of 2013, increased 11% over EBITDAX from continuing operations of $73.7 million in the third quarter of 2012.

Comstock reported net income of $78.5 million, or $1.63 per share, for the nine months ended September 30, 2013 as compared to a net loss of $21.9 million or 47¢ per share for the nine months ended September 30, 2012.  $148.6 million, or $3.08 per share, is related to the Company's West Texas operations that were sold on May 14, 2013, which resulted in a gain of $230.6 million ($149.9 million after tax). The loss from continuing operations for the first nine months of 2013 was $70.1 million, or $1.45 per share, as compared to a loss from continuing operations of $26.1 million or 56¢ per share for the same period in 2012.

The 2013 operating results include an unrealized loss from derivative financial instruments of $12.0 million ($7.8 million after tax or 17¢ per share), a gain of $7.9 million ($5.1 million or 11¢ per share) on the sale of marketable securities, impairments of oil and gas properties and unevaluated leases of $15.6 million ($10.1 million after tax, or 22¢ per share) and a loss of $2.1 million ($1.4 million after tax or 3¢ per share) from oil and gas property sales and settlements.  Results for the nine months ended September 30, 2012 included an unrealized gain on derivatives of $13.5 million ($8.8 million after tax or 19¢ per share), a gain of $24.3 million ($15.8 million after tax or 34¢ per share) from the sale of oil and gas properties, a gain on sale of marketable securities of $26.6 million ($17.3 million after tax or 37¢ per share), and impairments of oil and gas properties and unevaluated leases of $8.1 million ($5.3 million or 11¢ per share). 

Oil production related to Comstock's continuing operations for the nine months ended September 30, 2013 increased 17% to 1,615,000 barrels as compared to 1,379,000 barrels for the same period in 2012.  Gas production decreased 32% to 43.4 Bcf for the first nine months of 2013 as compared to 64.1 Bcf for the same period of 2012.  Comstock's average realized price for natural gas increased 44% to $3.39 per Mcf for the first nine months of 2013 as compared to $2.35 per Mcf for the first nine months of 2012.  The Company's average realized price for oil for the first nine months of 2013 of $104.49 per barrel, including hedging gains, was 1% below the average realized price of $105.37 per barrel for the first nine months of 2012.  Oil and gas sales related to continuing operations increased by 7% to $316.1 million in the first nine months of 2013 as compared to the sales in the first nine months of 2012 of $295.9 million.  Operating cash flow related to continuing operations (before changes in working capital accounts) of $185.2 million in the first nine months of 2013 increased 6% from operating cash flow of $174.7 million for 2012's first nine months.  EBITDAX related to continuing operations increased 12% to $238.2 million for the first nine months of 2013 from $212.1 million for the first nine months of 2012.

2013 Drilling Results

Comstock reported on the results to date of its 2013 drilling program related to its continuing operations which is focused on developing its Eagle Ford oil shale properties in South Texas.  During the first nine months of 2013, Comstock spent $234.1 million on its continuing development and exploration activities and $14.5 million on acreage acquisition costs.  Comstock drilled 47 horizontal oil wells (31.6 net) and two horizontal natural gas wells (2.0 net) and had 11 oil wells (8.3 net) in various stages of drilling at September 30, 2013.  For all of 2013 Comstock expects to spend $345 million to drill 78 horizontal wells (51.6 net).   Comstock is also budgeting to spend $140 million in 2013 to acquire additional acreage including bolt-on acreage to its successful Eagle Ford shale play in South Texas as well as exploratory acreage in several emerging oil plays.

Since the beginning of 2013, the Company has completed 42 (26.4 net) horizontal Eagle Ford shale wells including six (3.8 net) wells drilled in 2012.  The 42 Eagle Ford shale wells that were completed had an average per well initial production rate of 793 barrels of oil equivalent ("BOE") per day.  Comstock completed 17 Eagle Ford shale wells in the third quarter.  The four third quarter wells with the highest initial production rates were the Swenson C #4H, Forrest Wheeler D #1H and the Swenson #7H and #8H which are all located in McMullen County, Texas.  These wells had initial production rates of 1,033, 1,128, 1,021 and 1,190 BOE per day, respectively.

Comstock has planned a conference call for 10 a.m. Central Time on November 5, 2013, to discuss the operational and financial results for the third quarter of 2013.  Investors wishing to participate should visit the Company's website at www.comstockresources.com for a live web cast or dial 1-877-280-4957 (international dial-in use 857-244-7314) and provide access code 96651078 when prompted.  If you are unable to participate in the original conference call, a web replay will be available approximately 24 hours following the completion of the call on Comstock's website at www.comstockresources.com.  The web replay will be available for approximately one week.  A replay of the conference call will be available beginning at 2:00 p.m. Central Time November 5, 2013 and will continue until 11:59 p.m. November 12, 2013.  To hear the replay, call 888-286-8010 (617-801-6888 if calling from outside the US).  The conference call ID number is 47625311.

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 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 an independent energy company based in Frisco, Texas and is engaged in oil and gas acquisitions, exploration and development primarily in Texas and Louisiana.  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)




Three Months Ended September 30,


Nine Months Ended September 30,



2013


2012


2013


2012














Revenues:













Oil and gas sales


$

111,590


$

97,141


$

314,430


$

291,242














Operating expenses:













Production taxes



4,168



3,098



10,172



9,206

Gathering and transportation



4,478



6,033



13,034



20,854

Lease operating



12,955



12,962



39,123



38,613

Exploration(1)



2,995



1,407



15,342



2,797

Depreciation, depletion and amortization



85,762



91,536



255,973



254,522

General and administrative



8,153



8,142



25,996



25,973

(Gain) loss on sale of oil and gas properties



2,165



2,794



2,084



(24,271)

Impairment of oil and gas properties







652



5,350

Total operating expenses



120,676



125,972



362,376



333,044














Operating loss



(9,086)



(28,831)



(47,946)



(41,802)














Other income (expenses):













Gain on sale of marketable securities







7,877



26,621

Realized gain (loss) from derivatives



(3,560)



3,293



1,641



4,658

Unrealized gain (loss) from derivatives



(3,835)



(11,112)



(11,962)



13,498

Interest and other income



423



153



864



675

Interest expense(2)



(20,530)



(15,527)



(57,348)



(41,181)

Total other income (expenses)



(27,502)



(23,193)



(58,928)



4,271














Loss before income taxes



(36,588)



(52,024)



(106,874)



(37,531)

Benefit from income taxes



12,554



7,812



36,792



11,446

Loss from continuing operations



(24,034)



(44,212)



(70,082)



(26,085)

Income from discontinued operations, net of income taxes





13,763



148,609



4,176

Net income (loss)


$

(24,034)


$

(30,449)


$

78,527


$

(21,909)














Net income (loss) per share:













Basic        — loss from continuing operations


$

(0.52)


$

(0.95)


$

(1.45)


$

(0.56)

             — income from discontinued operations





0.29



3.08



0.09

     — net income (loss)


$

(0.52)


$

(0.66)


$

1.63


$

(0.47)














Diluted      — loss from continuing operations


$

(0.52)


$

(0.95)


$

(1.45)


$

(0.56)

                 — income from discontinued operations





0.29



3.08



0.09

     — net income (loss)


$

(0.52)


$

(0.66)


$

1.63


$

(0.47)














Dividends per common share


$

0.125


$


$

0.25


$














Weighted average shares outstanding:











Basic



46,570



46,443



46,684



46,414

Diluted



46,570



46,443



46,684



46,414















(1)

Includes impairments of unevaluated leases of $3.0 million, $1.4 million, $14.9 million and $2.7 million in the three months and nine months ended September 30, 2013 and 2012, respectively.

(2)

$0.7 million, $3.3 million, $2.4 million and $9.4 million of interest expense was capitalized for the three months and nine months ended September 30, 2013 and 2012, respectively.

 

 






COMSTOCK RESOURCES, INC.
OPERATING RESULTS
(In thousands)




Three Months Ended September 30,


Nine Months Ended September 30,



2013


2012


2013


2012














OPERATING CASH FLOW:


























Net income (loss)


$

(24,034)


$

(30,449)


$

78,527


$

(21,909)

Reconciling items: 













Income from discontinued operations





(13,763)



(148,609)



(4,176)

Deferred income taxes



(12,554)



(7,800)



(36,792)



(11,235)

Depreciation, depletion and amortization



85,762



91,536



255,973



254,522

Impairment of oil and gas properties







652



5,350

Dry hole costs and lease impairments



2,995



1,370



14,903



2,685

(Gain) loss on sale of assets



2,165



2,794



(5,793)



(50,892)

Unrealized (gain) loss on derivatives



3,835



11,112



11,962



(13,498)

Debt issuance cost and discount amortization



1,584



1,586



4,802



3,689

Stock-based compensation



3,121



3,329



9,561



10,189

Operating cash flow from continuing operations



62,874



59,715



185,186



174,725

Excess income taxes from stock-based compensation



1



11



2,016



1,681

Decrease (increase) in accounts receivable



(27,425)



(5,454)



(48,185)



12,426

Decrease (increase) in other current assets



1,893



1,176



2,136



(1,713)

Increase in accounts payable and accrued
expenses



60,222



21,361



72,139



7,078

Net cash provided by continuing operations



97,565



76,809



213,292



194,197

Net cash provided by (used for) discontinued operations(1)



(15)



6,991



(7,730)



31,501

Net cash provided by operating activities


$

97,550


$

83,800


$

205,562


$

225,698




































(1)

$10.1 million, $6.7 million and $21.9 million for the three months ended September 30, 2012 and nine months ended September 30, 2013 and 2012, respectively, excluding working capital changes.














EBITDAX:


























Net loss from continuing operations


$

(24,034)


$

(44,212)


$

(70,082)


$

(26,085)

Interest expense



20,530



15,527



57,348



41,181

Benefit from income taxes



(12,554)



(7,812)



(36,792)



(11,446)

Depreciation, depletion and amortization



85,762



91,536



255,973



254,522

Exploration



2,995



1,407



15,342



2,797

Impairments of oil and gas properties







652



5,350

(Gain) loss on sale of assets



2,165



2,794



(5,793)



(50,892)

Unrealized (gain) loss from derivatives



3,835



11,112



11,962



(13,498)

Stock-based compensation



3,121



3,329



9,561



10,189

EBITDAX from continuing operations



81,820



73,681



238,171



212,118

EBITDAX from discontinued operations





12,106



13,651



26,066

Total EBITDAX


$

81,820


$

85,787


$

251,822


$

238,184


















As of




September 30,

2013


December 31,
2012








BALANCE SHEET DATA:














Cash and cash equivalents


$

228,353


$

4,471

Marketable securities





12,312

Other current assets



96,827



46,652

Derivative financial instruments



1,820



11,651

Assets of discontinued operations





518,934

Property and equipment, net



1,936,813



1,958,687

Other



13,576



19,944

Total assets


$

2,277,389


$

2,572,651








Current liabilities(1)


$

378,618(1)


$

112,893

Liabilities of discontinued operations





33,280

Long-term debt



688,260



1,324,383

Deferred income taxes



198,942



149,901

Other non-current liabilities



19,330



18,660

Stockholders' equity



992,239



933,534

Total liabilities and stockholders' equity


$

2,277,389


$

2,572,651








(1)       Includes $195.6 million of debt classified as short-term due to early redemption of senior notes.


 


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




For the Three Months Ended September 30, 2013



East Texas/ North

Louisiana


South Texas


Other


Continuing Operations


 

Discontinued Operations


 

Total

Oil production (Mbbls)



17



611



4



632





632

Gas production (MMcf)



11,364



1,833



415



13,612





13,612

Total production (MMcfe)



11,467



5,499



438



17,404





17,404




















Oil sales


$

1,824


$

64,015


$

421


$

66,260


$


$

66,260

Oil hedging losses(1)









(3,560)





(3,560)

Total oil sales including hedging



1,824



64,015



421



62,700





62,700

Natural gas sales



36,484



7,301



1,545



45,330





45,330

Total oil and gas sales and realized losses from derivatives


$

38,308


$

71,316


$

1,966


$

108,030


$


$

108,030




















Average oil price
(per barrel)


$

105.60


$

104.77


$

111.61


$

104.83


$


$

104.83

Average oil price including hedging (per barrel)


$

105.60


$

104.77


$

111.61


$

99.20


$


$

99.20

Average gas price
(per Mcf)


$

3.21


$

3.98


$

3.72


$

3.33


$


$

3.33

Average price (per Mcfe)


$

3.34


$

12.97


$

4.49


$

6.41


$


$

6.41

Average price including hedging (per Mcfe)


$

3.34


$

12.97


$

4.49


$

6.21


$


$

6.21




















Production taxes


$

771


$

3,269


$

128


$

4,168


$


$

4,168

Gathering and transportation


$

3,508


$

869


$

101


$

4,478


$


$

4,478

Lease operating


$

6,683


$

5,647


$

625


$

12,955


$


$

12,955




















Production taxes (per Mcfe)


$

0.07


$

0.59


$

0.29


$

0.24


$


$

0.24

Gathering and transportation (per Mcfe)


$

0.31


$

0.16


$

0.23


$

0.26


$


$

0.26

Lease operating (per Mcfe)


$

0.58


$

1.03


$

1.43


$

0.74


$


$

0.74




















Oil and Gas Capital Expenditures:



















Exploratory leasehold


$


$

9,575


$


$

9,575


$


$

9,575

Development leasehold



2



81





83





83

Development drilling



4,167



100,019





104,186





104,186

Other development



833



420



5



1,258





1,258

  Total


$

5,002


$

110,095(2)


$

5


$

115,102


$


$

115,102










(1)    Reported as realized loss from derivatives in operating results.

(2)    Net of acreage and facility reimbursements received of $13.4 million from joint venture partner.

 



COMSTOCK RESOURCES, INC.

REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)




For the Three Months Ended September 30, 2012



East Texas/ North

Louisiana


South Texas


Other


Continuing Operations


 

Discontinued Operations


 

Total

Oil production (Mbbls)



22



457



8



487



172



659

Gas production (MMcf)



17,633



1,937



480



20,050



202



20,252

Total production (MMcfe)



17,770



4,677



526



22,973



1,235



24,208




















Oil sales


$

2,103


$

45,514


$

777


$

48,394


$

14,678


$

63,072

Oil hedging gains(1)









3,293





3,293

Total oil sales including hedging



2,103



45,514



777



51,687



14,678



66,365

Natural gas sales



41,342



5,680



1,725



48,747



1,076



49,823

Total oil and gas sales and realized gains from derivatives


$

43,445


$

51,194


$

2,502


$

100,434


$

15,754


$

116,188




















Average oil price
(per barrel)


$

92.33


$

99.69


$

99.77


$

99.34


$

85.24


$

95.66

Average oil price including hedging (per barrel)


$

92.33


$

99.69


$

99.77


$

106.10


$

85.24


$

100.65

Average gas price
(per Mcf)


$

2.34


$

2.93


$

3.59


$

2.43


$

5.33


$

2.46

Average price (per Mcfe)


$

2.44


$

10.95


$

4.76


$

4.23


$

12.76


$

4.66

Average price including hedging (per Mcfe)


$

2.44


$

10.95


$

4.76


$

4.37


$

12.76


$

4.80




















Production taxes


$

699


$

2,243


$

156


$

3,098


$

758


$

3,856

Gathering and transportation


$

5,503


$

432


$

98


$

6,033


$

349


$

6,382

Lease operating


$

8,341


$

3,658


$

963


$

12,962


$

2,541


$

15,503




















Production taxes (per Mcfe)


$

0.04


$

0.48


$

0.30


$

0.13


$

0.61


$

0.16

Gathering and transportation (per Mcfe)


$

0.31


$

0.09


$

0.19


$

0.26


$

0.28


$

0.26

Lease operating (per Mcfe)


$

0.47


$

0.78


$

1.82


$

0.57


$

2.06


$

0.64




















Oil and Gas Capital Expenditures:



















Exploratory leasehold


$

1,895


$

1,787


$


$

3,682


$

4,135


$

7,817

Development leasehold



120



116





236





236

Exploratory drilling



408



497





905





905

Development drilling



9,418



21,706





31,124



58,410



89,534

Other development



257



166



64



487





487

   Total


$

12,098


$

24,272(2)


$

64


$

36,434


$

62,545


$

98,979










(1)    Reported as realized gain from derivatives in operating results.

(2)    Net of pre-formation cost reimbursements of $23.8 million from the Company's Eagle Ford shale joint venture.

 


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




For the Nine Months Ended September 30, 2013



East Texas/ North

Louisiana


South Texas


Other


Continuing Operations


 

Discontinued Operations


 

Total

Oil production (Mbbls)



49



1,551



15



1,615



270



1,885

Gas production (MMcf)



36,801



5,396



1,249



43,446



410



43,856

Total production (MMcfe)



37,094



14,703



1,337



53,134



2,031



55,165




















Oil sales


$

4,781


$

160,689


$

1,603


$

167,073


$

22,777


$

189,850

Oil hedging gains(1)









1,641





1,641

Total oil sales including hedging



4,781



160,689



1,603



168,714



22,777



191,491

Natural gas sales



120,786



21,741



4,830



147,357



2,348



149,705

Total oil and gas sales and realized gains from derivatives


$

125,567


$

182,430


$

6,433


$

316,071


$

25,125


$

341,196




















Average oil price
(per barrel)


$

97.97


$

103.59


$

109.09


$

103.47


$

84.30


$

100.72

Average oil price including hedging (per barrel)


$

97.97


$

103.59


$

109.09


$

104.49


$

84.30


$

101.59

Average gas price
(per Mcf)


$

3.28


$

4.03


$

3.87


$

3.39


$

5.73


$

3.41

Average price (per Mcfe)


$

3.39


$

12.41


$

4.81


$

5.92


$

12.37


$

6.16

Average price including hedging (per Mcfe)


$

3.39


$

12.41


$

4.81


$

5.95


$

12.37


$

6.19




















Production taxes


$

1,469


$

8,299


$

404


$

10,172


$

1,120


$

11,292

Gathering and transportation


$

10,544


$

2,263


$

227


$

13,034


$

501


$

13,535

Lease operating


$

20,931


$

15,841


$

2,351


$

39,123


$

9,853


$

48,976




















Production taxes (per Mcfe)


$

0.04


$

0.56


$

0.30


$

0.19


$

0.55


$

0.20

Gathering and transportation (per Mcfe)


$

0.28


$

0.15


$

0.17


$

0.25


$

0.25


$

0.25

Lease operating (per Mcfe)


$

0.57


$

1.09


$

1.76


$

0.73


$

4.85


$

0.89




















Oil and Gas Capital Expenditures:



















Exploratory leasehold


$


$

14,114


$


$

14,114


$

8,856


$

22,970

Development leasehold



51



315





366





366

Development drilling



16,473



213,221





229,694



81,735



311,429

Other development



2,105



2,249



69



4,423



880



5,303

   Total


$

18,629


$

229,899(2)


$

69


$

248,597


$

91,471


$

340,068










(1)    Reported as realized gain from derivatives in operating results.

(2)    Net of acreage and facility reimbursements received of $34.9 million from joint venture partner.

 


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




For the Nine Months Ended September 30, 2012



East Texas/ North

Louisiana


South Texas


Other


Continuing Operations


 

Discontinued Operations


 

Total

Oil production (Mbbls)



69



1,285



25



1,379



369



1,748

Gas production (MMcf)



55,745



6,807



1,541



64,093



474



64,567

Total production (MMcfe)



56,162



14,514



1,693



72,369



2,686



75,055




















Oil sales


$

6,714


$

131,373


$

2,582


$

140,669


$

31,311


$

171,980

Oil hedging gains(1)









4,658





4,658

Total oil sales including hedging



6,714



131,373



2,582



145,327



31,311



176,638

Natural gas sales



125,438



20,472



4,663



150,573



2,767



153,340

Total oil and gas sales and realized gains from derivatives


$

132,152


$

151,845


$

7,245


$

295,900


$

34,078


$

329,978




















Average oil price
(per barrel)


$

96.75


$

102.27


$

102.07


$

101.99


$

84.91


$

98.39

Average oil price including hedging (per barrel)


$

96.75


$

102.27


$

102.07


$

105.37


$

84.91


$

101.05

Average gas price
(per Mcf)


$

2.25


$

3.01


$

3.03


$

2.35


$

5.84


$

2.37

Average price (per Mcfe)


$

2.35


$

10.46


$

4.28


$

4.02


$

12.69


$

4.33

Average price including hedging (per Mcfe)


$

2.35


$

10.46


$

4.28


$

4.09


$

12.69


$

4.40




















Production taxes


$

2,106


$

6,526


$

574


$

9,206


$

1,667


$

10,873

Gathering and transportation


$

18,580


$

1,939


$

335


$

20,854


$

758


$

21,612

Lease operating


$

24,979


$

10,512


$

3,122


$

38,613


$

5,587


$

44,200




















Production taxes (per Mcfe)


$

0.04


$

0.45


$

0.34


$

0.13


$

0.62


$

0.14

Gathering and transportation (per Mcfe)


$

0.33


$

0.13


$

0.20


$

0.29


$

0.28


$

0.29

Lease operating (per Mcfe)


$

0.44


$

0.73


$

1.84


$

0.53


$

2.08


$

0.59




















Oil and Gas Capital Expenditures:



















Acquisitions


$


$


$


$


$

3,235


$

3,235

Exploratory leasehold



5,264



4,886





10,150



12,149



22,299

Development leasehold



549



1,332





1,881





1,881

Exploratory drilling



976



2,825





3,801





3,801

Development drilling



99,962



158,268





258,230



137,467



395,697

Other development



1,241



991



195



2,427





2,427

   Total


$

107,992


$

168,302(2)


$

195


$

276,489


$

152,851


$

429,340










(1)    Reported as realized gain from derivatives in operating results.

(2)    Net of pre-formation cost reimbursements of $23.8 million from the Company's Eagle Ford shale joint venture.

 

SOURCE Comstock Resources, Inc.



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