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Comstock Resources, Inc. Reports Fourth Quarter and Annual 2009 Financial and Operating Results


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Comstock Resources, Inc.

Feb 08, 2010, 04:10 ET

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FRISCO, Texas, Feb. 8 /PRNewswire-FirstCall/ -- Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today reported financial and operating results for the three months and year ended December 31, 2009.  Reported results for the year ended December 31, 2008 reflect the Company's offshore operations, which were sold during 2008, as discontinued operations.

Financial Results for the Three Months Ended December 31, 2009

Comstock reported a net loss of $6.8 million or 15 cents per share for the fourth quarter of 2009 as compared to 2008's fourth quarter net loss of $96.4 million or $2.09 per diluted share.  The loss in the fourth quarter of 2009 is primarily attributable to the low natural gas prices in 2009.  The loss in 2008 was primarily due to a $162.7 million ($105.8 million after tax) impairment to the value of the Company's marketable securities.  Comstock averaged $4.34 per Mcf for sales of its natural gas production in the fourth quarter of 2009, 33% less than the $6.44 per Mcf realized in the fourth quarter of 2008.  Realized oil prices in the fourth quarter of 2009 improved to $64.76 per barrel from $52.16 per barrel in the fourth quarter of 2008.

Comstock's production in the fourth quarter of 2009 increased 27% to 19.1 billion cubic feet of natural gas equivalent ("Bcfe") as compared to 15.1 Bcfe produced in the fourth quarter of 2008.  The 2009 fourth quarter average daily production rate of 207.5 million cubic feet of natural gas equivalent ("MMcfe") also increased 13% from the 2009 third quarter production rate of 184.3 MMcfe per day.  The increase in production is primarily attributable to Comstock's successful Haynesville shale drilling program.  Production from the Company's Haynesville shale wells comprised 83.6 MMcfe per day of the total 207.5 MMcfe per day production rate in the fourth quarter of 2009.  The Haynesville shale wells comprised only 1.5 MMcfe per day of the production during the fourth quarter of 2008.

The lower natural gas prices caused oil and gas sales to decrease 10% to $90.2 million in the fourth quarter of 2009 as compared to 2008's fourth quarter sales of $100.2 million, despite the significant increase in production.  Comstock's operating cash flow (before changes in working capital accounts) in the fourth quarter of 2009 was $67.5 million as compared to 2008's fourth quarter operating cash flow of $79.5 million.  EBITDAX, or earnings before interest, taxes, depreciation, depletion, amortization, exploration expense and other noncash expenses, was $64.4 million in 2009's fourth quarter as compared to 2008's fourth quarter EBITDAX of $71.5 million.  

Financial Results for the Year Ended December 31, 2009

Comstock reported a net loss of $36.5 million or 81 cents per share for the year ended December 31, 2009 as compared to net income from continuing operations of $58.2 million or $1.26 per diluted share for the year ended December 31, 2008.  The loss for 2009 is primarily attributable to the low natural gas prices realized during 2009.  Comstock averaged $4.13 per Mcf for sales of its natural gas production in 2009, 53% lower than the $8.83 per Mcf realized in 2008.  Realized oil prices in 2009 averaged $50.94 per barrel, 42% lower than the $87.15 per barrel realized in 2008.  Comstock's production for the year increased 13% to 65.5 Bcfe as compared to pro forma production of 58.2 Bcfe in 2008, which excludes production from properties sold during 2008.  

Oil and gas sales for 2009 decreased 48% to $290.9 million from $563.7 million in 2008.  Operating cash flow (before changes in working capital accounts) generated in 2009 was $224.4 million as compared to operating cash flow from continuing operations of $438.2 million in 2008.  EBITDAX was $198.7 million in 2009 as compared to EBITDAX from continuing operations of $458.7 million in 2008.  

2009 Drilling Results

During 2009, Comstock drilled 54 wells (38.6 net), all of which were successful.  46 of the 54 wells drilled were horizontal wells.  The Company's 2009 drilling program was primarily focused on developing its Haynesville shale properties in East Texas and North Louisiana.  During 2009, Comstock drilled 43 horizontal wells (30.7 net) in the Haynesville or Bossier shale.  Forty of the 43 horizontal Haynesville wells have been successfully completed and were tested at an average per well initial production rate of 13.2 MMcfe per day.  Included in the 40 wells are eight (1.1 net) non-operated wells drilled in DeSoto Parish in North Louisiana.  These wells have an average per well initial production of 13.6 MMcfe per day.

Since the Company's last operational update, Comstock has completed nine additional successful operated Haynesville shale horizontal wells in DeSoto Parish in North Louisiana.  Three wells are in the Company's Toledo Bend North field, five are in the Logansport field and one is in its Mansfield field.

In the Toledo Bend North field, the BSMC 11 #1H was drilled to a vertical depth of 11,488 feet with a 4,431 foot horizontal lateral.  The well was completed with 12 frac stages and was tested at an initial production rate of 7.3 MMcfe per day.  Comstock has an 88% working interest in this well.  The BSMC 13 #1H was drilled to a vertical depth of 11,585 feet with a 4,501 foot horizontal lateral.  The well was completed with 12 frac stages and was tested with an initial production rate of 11.0 MMcfe per day.  Comstock has a 76% working interest in this well.  The BSMC 5 #2H was drilled to a vertical depth of 11,467 feet with a 4,571 foot horizontal lateral.  The well was completed with 12 frac stages and was tested with an initial production rate of 8.7 MMcfe per day.  Comstock has an 88% working interest in this well.

In the Logansport field, the Caraway 29 #1H well was drilled to a vertical depth of 11,080 feet with a 4,461 foot horizontal lateral.  The well was completed with 12 frac stages and was tested at an initial production rate of 18.9 MMcfe per day.  Comstock has an 88% working interest in this well.  The Collins 10 #1H well was drilled to a vertical depth of 11,460 feet with a 4,452 foot horizontal lateral.  The well was completed with 12 frac stages and was tested at an initial production rate of 17.0 MMcfe per day.  Comstock has a 70% working interest in this well.  The Horn 8 #1H well was drilled to a vertical depth of 11,228 feet with a 4,371 foot horizontal lateral.  The well was completed with 12 frac stages and was tested at an initial production rate of 17.5 MMcfe per day.  Comstock has a 98% working interest in this well.  The Lackey 21 #1H well was drilled to a vertical depth of 11,465 feet with a 4,436 foot horizontal lateral.  The well was completed with 12 frac stages and was tested at an initial production rate of 14.7 MMcfe per day.  Comstock has a 100% working interest in this well.  The Whitehead 9 #1H well was drilled to a vertical depth of 11,421 feet with a 4,403 foot horizontal lateral.  The well was completed with 18 frac stages and was tested at an initial production rate of 20.3 MMcfe per day.  Comstock has a 59% working interest in this well.

In the Mansfield field, the Calhoun #1H well was drilled to a vertical depth of 12,306 feet with a 3,723 foot horizontal lateral.  The well was completed with 10 frac stages and was tested at an initial production rate of 17.5 MMcfe per day.  Comstock has a 68% working interest in this well.  

In its South Texas region, Comstock drilled five successful wells (3.4 net) in 2009.  These wells were drilled in the Ball Ranch and Fandango fields and have an average per well initial production rate of 9.5 MMcfe per day.  

Comstock has planned a conference call for 9:30 a.m. Central Time on Tuesday, February 9, 2010, to discuss the operational and financial results for the fourth quarter of 2010.  Investors wishing to participate should visit our website at www.comstockresources.com for a live web cast or dial 1-866-800-8651 (international dial-in use 617-614-2704) and provide access code 91062875 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.

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      Year Ended
                                        December 31,        December 31, 
                                     -----------------   ----------------- 
                                      2009       2008      2009     2008 
                                     -------- --------   -------- -------- 
    Revenues:                               
      Oil and gas sales              $90,201  $100,154  $290,863  $563,749
      Gain on sale of assets             213         -       213    26,560
                                             
    Operating expenses:                     
      Oil and gas operating           18,716    20,610    69,179    86,730
      Exploration                        536         -       907     5,032
      Depreciation, depletion and
       amortization                   61,237    50,309   213,238   182,179
      Impairment of oil and gas
       properties                          -       922       115       922
      General and administrative      11,613    11,938    39,172    32,266
                                      ------    ------    ------    ------
          Total operating expenses    92,102    83,779   322,611   307,129
                                      ------    ------   -------   -------
                                             
    Operating income (loss) from
     continuing operations           (1,688)    16,375  (31,535)   283,180
                                             
    Other income (expenses):                
      Interest income                    210       584       245     1,537
      Other income                        18        32       133       119
      Interest expense                (7,779)   (2,088)  (16,086)  (25,336)
      Marketable securities
       impairment                          -  (162,672)        -  (162,672)
                                      ------    ------    ------    ------
          Total other income
           (expenses)                 (7,551) (164,144)  (15,708) (186,352)
                                      ------    ------    ------    ------
    Income (loss) from continuing 
     operations before income taxes  ( 9,239) (147,769)  (47,243)   96,828
      Benefit from (provision for)
       income taxes                    2,472    51,392    10,772   (38,611)
                                      ------    ------    ------    ------
    Income (loss) from continuing
     operations                       (6,767)  (96,377)  (36,471)   58,217 
                                      ------    ------    ------    ------
    Income from discontinued 
     operations after income taxes
     and minority interest                 -         -         -   193,745 
                                      ------    ------    ------    ------
    Net income (loss)                $(6,767) $(96,377) $(36,471) $251,962 
                                     =======  ========  ========  ========
                                             
    Basic net income (loss) 
     per share:                             
      Continuing operations           $(0.15)   $(2.09)   $(0.81)    $1.27
      Discontinued operations              -         -         -      4.23
                                      ------    ------    ------     ----- 
                                      $(0.15)   $(2.09)   $(0.81)    $5.50
                                      ======    ======    ======     ===== 
    Diluted net income (loss) 
     per share:                             
      Continuing operations           $(0.15)   $(2.09)   $(0.81)    $1.26
      Discontinued operations              -         -         -      4.20
                                      ------    ------    ------     ----- 
                                      $(0.15)   $(2.09)   $(0.81)    $5.46
                                      ======    ======    ======     ===== 
    Weighted average shares
     outstanding:                           
      Basic                           45,042    44,751    45,004    44,524
                                      ======    ======    ======    ====== 
      Diluted(1)                      45,042    44,751    45,004    44,813
                                      ======    ======    ======    ======
          
    (1)  For 2009 and the three months ended December 31, 2008, basic and 
         diluted shares are the same due to the net loss.
    
    
    
                           COMSTOCK RESOURCES, INC.
                              OPERATING RESULTS
                                (In thousands)
    
                                   Three Months Ended      Year Ended
                                       December 31,        December 31, 
                                   -------------------  ------------------
                                     2009       2008      2009      2008
                                   --------   --------  --------  --------
                                             
    OPERATING CASH FLOW:                    
      Net income (loss) from
       continuing operations         $(6,767) $(96,377) $(36,471)  $58,217
      Reconciling items:                    
        Deferred income taxes          8,478   (41,551)   30,796    43,620
        Dry hole costs and
         lease impairments                 -         -         -     4,113
        Depreciation, depletion
         and amortization             61,237    50,309   213,238   182,179
        Gain on sale of assets          (213)        -      (213)  (26,560)
        Impairment of oil and 
         gas properties                    -       922       115       922
        Marketable securities
         impairment                        -   162,672         -   162,672
        Debt issuance cost and
         discount amortization           554       202     1,162       810
        Stock-based compensation       4,250     3,295    15,783    12,263
                                       -----     -----    ------    ------
          Operating cash flow         67,539    79,472   224,410   438,236
            Excess tax benefit
             from stock-based
             compensation               (123)        -    (1,097)   (8,805)
            (Increase) decrease
             in accounts receivable  (10,046)   21,156     1,997     6,418
            Increase in other
             current assets           (4,549)     (888)  (27,927)   (9,646)
            Increase (decrease) in
             accounts payable and
             accrued expenses          5,586    19,757   (21,126)   24,330
                                       -----    ------    ------    ------
              Net cash provided by
               operating activities
               from continuing
               operations            $58,407  $119,497  $176,257  $450,533
                                     =======  ========  ========  ======== 
    EBITDAX:                                
      Income (loss) from 
       continuing operations         $(6,767) $(96,377) $(36,471)  $58,217
      Gain on sale of assets            (213)        -      (213)  (26,560)
      Interest expense                 7,779     2,088    16,086    25,336
      Income tax expense (benefit)    (2,472)  (51,392)  (10,772)   38,611
      Depreciation, depletion and
       amortization                   61,237    50,309   213,238   182,179
      Impairment of oil and gas
       properties                          -       922       115       922
      Marketable securities 
       impairment                          -   162,672         -   162,672
      Stock-based compensation         4,250     3,295    15,783    12,263
      Exploration                        536         -       907     5,032
                                         ---       ---       ---     -----
              EBITDAX from 
               continuing 
               operations            $64,350   $71,517  $198,673  $458,672
                                     =======   =======  ========  ======== 
    
                                                        As of December 31,
                                                      -------------------- 
                                                         2009       2008   
                                                      ---------  ---------
    Balance Sheet Data:                                
      Cash and cash equivalents                         $90,472     $6,281 
      Derivative financial instruments                        -     13,974   
      Income taxes receivable                            42,402      1,824   
      Deferred income taxes receivable                        -      4,995   
      Marketable securities                              95,973     48,868   
      Other current assets                               44,539     54,086   
      Property and equipment, net                     1,576,287  1,444,715   
      Other                                               9,288      3,147 
                                                          -----      -----  
        Total assets                                 $1,858,961 $1,577,890
                                                     ========== ==========   
                                                               
      Accounts payable and accrued expenses             $88,183   $114,455   
      Current deferred income taxes payable               6,588          -   
      Long-term debt                                    470,836    210,000   
      Deferred income taxes                             220,682    185,870   
      Asset retirement obligation                         6,561      5,480   
      Stockholders' equity                            1,066,111  1,062,085
                                                      ---------  ---------   
        Total liabilities and
          stockholders' equity                       $1,858,961 $1,577,890
                                                     ========== ==========   
    
    
                              COMSTOCK RESOURCES, INC.
                             REGIONAL OPERATING RESULTS 
                      (In thousands, except per unit amounts)
    
                                         For the Three Months Ended 
                                              December 31, 2009
                                   ---------------------------------------
                                   East Texas/          
                                     North       South          
                                   Louisiana     Texas     Other    Total 
                                   ----------   -------   -------  -------
           
    Oil production (thousand
     barrels)                             43        42       106       191
    Gas production (Mmcf)             12,770     4,356       817    17,943
    Total production (Mmcfe)          13,031     4,603     1,454    19,088
                                             
    Oil sales                         $3,125    $3,034    $6,199   $12,358
    Gas sales                         48,903    19,279     3,671    71,853
    Gas hedging gains                      -     5,990         -     5,990
                                         ---     -----       ---     -----
      Total gas sales                 48,903    25,269     3,671    77,843
                                      ------    ------     -----    ------
        Total oil and gas sales      $52,028   $28,303    $9,870   $90,201
                                     =======   =======    ======  ======== 
                                             
    Average oil price (per barrel)    $72.04    $73.78    $58.31    $64.76
    Average gas price (per Mcf)        $3.83     $4.43     $4.49     $4.00
    Average gas price including
     hedging (per Mcf)                 $3.83     $5.80     $4.49     $4.34
    Average price (per Mcfe)           $3.99     $4.85     $6.79     $4.41
    Average price including hedging
     (per Mcfe)                        $3.99     $6.15     $6.79     $4.73
    Production taxes                  $2,906     $(329)     $580    $3,157
    Lifting cost                      $8,518    $4,065    $2,976   $15,559
    Production taxes (per Mcfe)        $0.22    $(0.07)    $0.40     $0.17
    Lifting cost (per Mcfe)            $0.66     $0.88     $2.05     $0.81
                                             
    Oil and Gas Capital 
     Expenditures:                          
      Leasehold costs                $17,343      $173       $79   $17,595
      Exploratory drilling            10,196         4         -    10,200
      Development drilling            61,162       846       152    62,160
      Other development                  538       430        17       985
                                         ---     -----       ---     ----- 
        Total                        $89,239    $1,453      $248   $90,940 
                                     =======    ======      ====   =======
    
    
    
                                         For the Three Months Ended 
                                              December 31, 2008
                                   ---------------------------------------
                                   East Texas/          
                                     North       South          
                                   Louisiana     Texas     Other    Total 
                                   ----------   -------   -------  -------
    Oil production (thousand
     barrels)                             73        37       124       234
    Gas production (Mmcf)              7,927     4,903       830    13,660
    Total production (Mmcfe)           8,365     5,126     1,577    15,068
    
    Oil sales                         $4,477    $2,252    $5,509   $12,238
    Gas sales                         51,285    29,668     4,415    85,368
    Gas hedging gains                      -     2,548         -     2,548
                                         ---     -----       ---     -----
      Total gas sales                 51,285    32,216     4,415    87,916
                                      ------    ------     -----    ------
        Total oil and gas sales      $55,762   $34,468    $9,924  $100,154
                                     =======   =======    ======  ========
    
    Average oil price (per barrel)    $61.30    $60.68    $44.26    $52.16
    Average gas price (per Mcf)        $6.47     $6.05     $5.32     $6.25
    Average gas price including
     hedging (per Mcf)                 $6.47     $6.57     $5.32     $6.44
    Average price (per Mcfe)           $6.67     $6.23     $6.29     $6.48
    Average price including hedging 
    (per Mcfe)                         $6.67     $6.72     $6.29     $6.65
    Production taxes                  $1,964     $(823)     $615    $1,756
    Lifting cost                      $8,924    $6,189    $3,741   $18,854
    Production taxes (per Mcfe)        $0.23    $(0.16)    $0.39     $0.12
    Lifting cost (per Mcfe)            $1.07     $1.21     $2.37     $1.25
                                             
    Oil and Gas Capital 
     Expenditures:                          
      Leasehold costs                 $7,711      $547       $67    $8,325
      Exploratory drilling            43,544    12,170     2,221    57,935
      Development drilling            33,269    14,922        31    48,222
      Other development                    3     1,320        97     1,420
                                         ---     -----       ---     -----
        Total                        $84,527   $28,959    $2,416  $115,902
                                     =======   =======    ======  ========
         
    
    
                                             For the Year Ended 
                                              December 31, 2009
                                   ---------------------------------------
                                   East Texas/          
                                     North       South          
                                   Louisiana     Texas     Other    Total 
                                   ----------   -------   -------  -------
    Oil production (thousand
     barrels)                            210       164       401       775
    Gas production (Mmcf)             39,048    18,921     2,851    60,820
    Total production (Mmcfe)          40,309    19,902     5,257    65,468
                                             
    Oil sales                        $11,310    $9,344   $18,802   $39,456
    Gas sales                        139,912    74,572    10,601   225,085
    Gas hedging gains (losses)             -    26,322         -    26,322
                                         ---    ------       ---    ------
      Total gas sales                139,912   100,894    10,601   251,407
                                     -------   -------    ------   -------
        Total oil and gas sales     $151,222  $110,238   $29,403  $290,863
                                    ========  ========   =======  ========
                                             
    Average oil price (per barrel)    $53.83    $57.19    $46.88    $50.94
    Average gas price (per Mcf)        $3.58     $3.94     $3.72     $3.70
    Average gas price including
     hedging (per Mcf)                 $3.58     $5.33     $3.72     $4.13
    Average price (per Mcfe)           $3.75     $4.22     $5.59     $4.04
    Average price including hedging 
    (per Mcfe)                         $3.75     $5.54     $5.59     $4.44
    Production taxes                  $4,862    $2,041    $1,740    $8,643
    Lifting cost                     $30,451   $17,309   $12,776   $60,536
    Production taxes (per Mcfe)        $0.12     $0.10     $0.33     $0.13
    Lifting cost (per Mcfe)            $0.76     $0.87     $2.43     $0.93
                                             
    Oil and Gas Capital 
     Expenditures:                          
      Leasehold costs                $26,887      $817      $234   $27,938
      Exploratory drilling            99,113     1,936         -   101,049
      Development drilling           178,349    27,279       273   205,901
      Other development                4,574     4,662       343     9,579
                                       -----     -----       ---     -----
        Total                       $308,923   $34,694      $850  $344,467
                                    ========  ========      ====  ========
          
    
    
                                             For the Year Ended 
                                              December 31, 2008
                                   ---------------------------------------
                                   East Texas/          
                                     North       South          
                                   Louisiana     Texas     Other    Total 
                                   ----------   -------   -------  -------
    Oil production (thousand
     barrels)                            299       179       531     1,009
    Gas production (Mmcf)             29,322    21,536     3,009    53,867
    Total production (Mmcfe)          31,117    22,611     6,195    59,923 
    
    Oil sales                        $29,690   $18,264   $40,003   $87,957
    Gas sales                        263,740   192,661    24,201   480,602
    Gas hedging gains (losses)             -    (4,810)        -    (4,810)
                                         ---     -----       ---     -----
      Total gas sales                263,740   187,851    24,201   475,792
                                     -------   -------    ------   -------
        Total oil and gas sales     $293,430  $206,115   $64,204  $563,749
                                    ========  =========  =======  ========
                                             
    Average oil price (per barrel)    $99.23   $101.96    $75.34    $87.15
    Average gas price (per Mcf)        $8.99     $8.95     $8.04     $8.92
    Average gas price including
     hedging (per Mcf)                 $8.99     $8.72     $8.04     $8.83
    Average price (per Mcfe)           $9.43     $9.33    $10.36     $9.49
    Average price including hedging 
    (per Mcfe)                         $9.43     $9.12    $10.36     $9.41
    Production taxes                  $9,608    $7,270    $3,770   $20,648
    Lifting cost                     $29,413   $20,408   $16,261   $66,082
    Production taxes (per Mcfe)        $0.31     $0.32     $0.61     $0.34
    Lifting cost (per Mcfe)            $0.94     $0.90     $2.62     $1.11 
                                             
    Oil and Gas Capital 
     Expenditures:                          
      Leasehold costs               $116,931    $2,159      $175  $119,265
      Exploratory drilling            43,544    14,953     2,616    61,113
      Development drilling           170,612    57,955     2,037   230,604
      Other development                1,454     9,388     3,406    14,248
                                       -----     -----     -----    ------
        Total                       $332,541   $84,455    $8,234  $425,230
                                    ========   =======    ======  ========
    

SOURCE Comstock Resources, Inc.

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