8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported):  February 11, 2008

COMSTOCK RESOURCES, INC.

(Exact Name of Registrant as Specified in Charter)

STATE OF NEVADA	001-03262	94-1667468
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)

5300 Town And Country Boulevard

Suite 500

Frisco, Texas 75034

(Address of principal executive offices)

(972) 668-8800

(Registrant's Telephone No.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition

The information in this Form 8-K and the Exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

On February 11, 2008, Comstock Resources, Inc. ("Comstock") announced financial results for the three months and year ended December 31, 2007.  A copy of the press release announcing Comstock's earnings and operating results for the three months and year ended December 31, 2007 is attached hereto as Exhibit 99.1.

The earnings press release contains financial measures that are not in accordance with generally accepted accounting principles in the United States ("GAAP").  Comstock has provided reconciliations within the earnings release of the non-GAAP financial measures to the most directly comparable GAAP financial measures.  Operating cash flow is presented in the earnings release because management believes it to be useful to investors as a common alternative measure of cash flows. EBITDAX is presented in the earnings release because management believes that EBITDAX, which represents Comstock's results from operations before interest, income taxes, and certain non-cash items, including depreciation, depletion and amortization and exploration expense, is a common alternative measure of operating performance used by certain investors and financial analysts.  The non-GAAP financial measures described above should be considered in addition to, but not as a substitute for, measures of financial performance prepared in accordance with GAAP that are presented in the earnings release.

Item 9.01. Financial Statements and Exhibits

          Exhibit 99.1 Press Release dated February 11, 2008.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		COMSTOCK RESOURCES, INC.
Dated:  February 11, 2008	By:	/s/ M. JAY ALLISON
		M. Jay Allison
		President and Chief Executive Officer

EX-99.1

Exhibit 99.1

	5300 Town and Country Blvd., Suite 500
	Frisco, Texas 75034
	Telephone: (972) 668-8800
	Contact: Roland O. Burns
	Sr. Vice President and Chief Financial Officer
	Web Site: www.comstockresources.com

NEWS RELEASE

For Immediate Release

COMSTOCK RESOURCES, INC. REPORTS

FOURTH QUARTER AND ANNUAL 2007

FINANCIAL AND OPERATING RESULTS

FRISCO, TEXAS, February 11, 2008– Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today reported financial and operating results for the quarter and year ended December 31, 2007.

Financial Results for the Three Months and Year Ended December 31, 2007

Comstock reported net income of $21.7 million or 48¢ per diluted share for the three months ended December 31, 2007 as compared to 2006's fourth quarter net income of $8.4 million or 19¢ per diluted share.  The fourth quarter results reflect continued strong production growth from the Company's successful drilling activities.  Comstock's production in the fourth quarter of 2007 increased 26% to 22.9 billion cubic feet equivalent of natural gas ("Bcfe") as compared to production of 18.2 Bcfe in the fourth quarter of 2006.  Comstock's onshore production increased 32% and offshore production increased 20% over the fourth quarter of 2006.  Oil and natural gas prices also improved from the fourth quarter of 2006.  Realized oil prices in the fourth quarter of 2007 averaged $86.01 per barrel, 58% higher than the $54.51 per barrel realized in 2006's fourth quarter.  Natural gas prices realized in the fourth quarter of 2007 averaged $7.29 per Mcf, 13% higher than the $6.47 per Mcf realized in the fourth quarter of 2006.  The 26% increase in production and higher oil and gas prices caused fourth quarter 2007's oil and gas sales to increase 54% to $195.8 million as compared to 2006's fourth quarter sales of $126.8 million.  Operating cash flow (before changes in working capital accounts) generated by Comstock in 2007's fourth quarter of $133.6 million increased 65% over 2006's fourth quarter cash flow of $80.8 million.  EBITDAX or earnings before interest, taxes, depreciation, depletion, amortization, exploration expense and other noncash expenses increased 66% to $154.0 million in 2007's fourth quarter over 2006's fourth quarter EBITDAX of $92.7 million.

Comstock reported net income of $68.9 million or $1.54 per diluted share for the year ended December 31, 2007 as compared to 2006's net income of $70.7 million or $1.61 per diluted share.  The 2006 results include a $11.2 million unrealized gain on derivative financial instruments.  Without this gain, Comstock would have had net income of $63.2 million or $1.44 per diluted share in 2006.  Financial results for 2007 reflect the Company's strong production growth in 2007 which is primarily attributable to the Company's drill bit activities.  Comstock's production in 2007 increased 30% to 87.5 Bcfe as compared to production of 67.3 Bcfe in 2006.  Onshore production increased 27% and offshore production was up 34% over 2006.  Realized oil prices in 2007 averaged $69.18 per barrel, 14% above the $60.93 per barrel realized in 2006 and the Company's realized natural gas price averaged $7.03 per Mcf in 2007, slightly higher than the $6.95 per Mcf realized in 2006.  The higher production and improved oil and gas prices in 2007 increased Comstock's oil and gas sales to $687.1 million, 34% above 2006's sales of $511.9 million.  Operating cash flow (before changes in working capital accounts) generated by Comstock in 2007 of $477.3 million increased 37% from 2006's cash flow of $348.5 million.  EBITDAX was $542.0 million in 2007, a 40% increase over 2006's EBITDAX of $387.4 million.

Year 2007 Drilling Results

Comstock also announced the results of its 2007 drilling program.  In 2007 Comstock drilled 180 wells (138.2 net).  One hundred sixty-five of the wells drilled were successful and fifteen were dry holes.

Comstock spent $525.9 million during 2007 for its onshore acquisition, exploration and development activities, comprised of $191.3 million for acquisitions of producing properties, $334.4 million in capital expenditures for drilling and other development activity and $0.2 million for geologic and geophysical costs.  Onshore, Comstock drilled 160 (123.1 net) development wells in 2007 with 157 (120.5 net) being successful.  Of the five (3.1 net) onshore exploratory wells, only one (0.6 net) was successful.

Comstock drilled 128 successful wells (100.2 net) in its East Texas and North Louisiana region in 2007.  These wells were tested at an average per well initial production rate of 1.4 Mmcfe per day.  Comstock's production in this region has increased 38% in 2007 as compared to 2006 as a result of this drilling program.  During the fourth quarter of 2007, Comstock drilled its first successful horizontal Cotton Valley gas well in the Waskom field in East Texas.  The Bell #11A-H well was drilled to a total vertical depth of 9,490 feet with a 2,548 foot horizontal leg drilled through the upper and lower Taylor Cotton Valley sands.  The Bell #11-A-H was successfully completed with a seven stage frac and was tested at an initial production rate of 8.4 Mmcfe per day.

In South Texas, Comstock drilled twenty successful wells (13.7 net) and two (0.5 net) dry holes during 2007.  The successful wells had an average per well initial production rate of 5.5 Mmcfe per day.  Seven of the successful wells were in the Las Hermanitas field in Duval County, Texas, five were in the Javelina Field in Hidalgo County, five were in the Company's Ball Ranch field, two were in the Double A Wells field and one was in the Tom East field.

Comstock drilled thirteen wells (11.5 net) in Mississippi during 2007, eight of which were successful.  Five of these wells were tested at an average per well initial production rate of 214 barrels of oil per day and three wells tested at 1.8 Mmcf of natural gas per day.  Comstock also drilled two (0.3 net) successful wells in its other regions.

Comstock's offshore operations are conducted by its 49% owned subsidiary, Bois d'Arc Energy, Inc. (NYSE: BDE) ("Bois d'Arc").  Bois d'Arc made capital expenditures of $206.9 million during 2007 for its exploration and development activities and spent an additional $7.0 million on geological and geophysical costs primarily for 3-D seismic data acquisition.  In 2007, Bois d'Arc drilled seven (6.6 net) successful wells out of a total of 15 (12.0 net) wells drilled with eight (5.4 net) dry holes.  The largest discoveries made in 2007 included a well drilled at Ship Shoal block 93, which proved up the "Walleye" prospect, a second well drilled at South Timbalier block 75 which extended its "Doc Holliday" discovery made in 2005, and the ultra deep well drilled at South Timbalier block 81 which proved up the "Butch Cassidy" prospect.  Bois d'Arc also drilled three successful wells as part of its M-8 sand water flood project in the Ship Shoal 113 unit.  During the fourth quarter of 2007, Bois d'Arc drilled a successful development well at Ship Shoal block 119 with the OCS-G 69 #25 well which was drilled to a depth of 10,108 feet and encountered 89 net feet of pay sands in three commercial reservoirs.  Bois d'Arc's 2008 drilling program is off to a strong start with two successful development wells, one at Ship Shoal block 97 and one which successfully tested the "Perch" prospect at Ship Shoal block 120.  Bois d'Arc is also currently drilling an 18,500 foot exploratory well to test its "Chinook" prospect at South Pelto block 21.

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 a growing independent energy company based in Frisco, Texas and is engaged in oil and gas acquisitions, exploration and development primarily in Texas, Louisiana and the Gulf of Mexico.  The Company's stock is traded on the New York Stock Exchange under the symbol CRK.

 

COMSTOCK RESOURCES, INC.

CONSOLIDATED OPERATING RESULTS

(In thousands, except per share amounts)

	Three Months Ended December 31,						Year Ended December 31,
	2007			2006			2007			2006
Oil and gas sales	$	195,764		$	126,775		$	687,073		$	511,928
Operating expenses:
Oil and gas operating		32,364			29,083			123,632			107,303
Exploration		6,370			3,470			43,079			20,132
Depreciation, depletion and amortization		64,732			49,465			243,619			153,922
Impairment		—			275			826			10,444
General and administrative		16,142			9,031			42,682			31,769
Total operating expenses		119,608			91,324			453,838			323,570
Income from operations		76,156			35,451			233,235			188,358
Other income (expenses):
Interest income		348			288			1,389			1,012
Other income		180			165			685			781
Interest expense		(11,446	)		(9,107	)		(41,326	)		(27,429	)
Gain on derivatives		—			108			—			10,716
Total other income (expenses)		(10,918	)		(8,546	)		(39,252	)		(14,920	)
Income before income taxes and minority interest		65,238			26,905			193,983			173,438
Provision for income taxes		(29,222	)		(12,492	)		(85,177	)		(74,339	)
Minority interest in earnings of Bois d'Arc Energy		(14,318	)		(6,001	)		(39,905	)		(28,434	)
Net income	$	21,698		$	8,412		$	68,901		$	70,665
Net income per share:
Basic	$	0.50		$	0.20		$	1.59		$	1.67
Diluted	$	0.48		$	0.19		$	1.54		$	1.61
Weighted average common and common stock    equivalent shares outstanding:
Basic		43,544			42,493			43,415			42,220
Diluted		44,583			43,707			44,405			43,556

COMSTOCK RESOURCES, INC.

CONSOLIDATED OPERATING RESULTS

(In thousands)

	Three Months Ended December 31,						Year Ended December 31,
	2007			2006			2007			2006
Cash flow from operations:
Net cash provided by operating activities	$	121,421		$	90,305		$	446,305		$	364,605
Excess tax benefit from stock-based compensation		5,920			5,296			6,522			6,218
Increase in accounts receivable		13,870			13,691			15,100			2,917
Decrease in other current assets		(5,040	)		(3,665	)		(2,452	)		(3,526	)
Decrease (increase) in accounts payable and accrued     expenses		(2,572	)		(24,819	)		11,775			(21,666	)
Cash flow from operations	$	133,599		$	80,808		$	477,250		$	348,548
EBITDAX:
Net income	$	21,698		$	8,412		$	68,901		$	70,665
Interest expense		11,446			9,107			41,326			27,429
Income tax expense		29,222			12,492			85,177			74,339
Depreciation, depletion and amortization		64,732			49,465			243,619			153,922
Impairment		—			275			826			10,444
Minority interest in earnings of Bois d'Arc Energy		14,318			6,001			39,905			28,434
Stock-based compensation		6,252			3,415			19,162			13,249
Exploration expense		6,370			3,470			43,079			20,132
Unrealized loss (gain) on derivatives		—			69			—			(11,242	)
EBITDAX	$	154,038		$	92,706		$	541,995		$	387,372

	As of December 31,
	2007		2006
Balance Sheet Data:
Cash and cash equivalents	$	24,406	$	10,715
Other current assets		100,099		88,113
Property and equipment, net		2,222,875		1,773,626
Other		7,007		5,671
Total assets	$	2,354,387	$	1,878,125
Current liabilities	$	130,800	$	151,861
Long-term debt		760,000		455,000
Deferred income taxes		371,896		311,236
Reserve for future abandonment costs		52,606		57,116
Minority interest in Bois d'Arc Energy		267,441		220,349
Stockholders' equity		771,644		682,563
Total liabilities and stockholders' equity	$	2,354,387	$	1,878,125

COMSTOCK RESOURCES, INC.

CONSOLIDATED OPERATING RESULTS

(In thousands, except per unit amounts)

	For the Three Months Ended December 31, 2007						For the Three Months Ended December 31, 2006
	Onshore(1)		Bois d'Arc Energy		Total		Onshore(1)		Bois d'Arc Energy		Total
Oil production (thousand barrels)		242		438		680		225		350		575
Gas production (million cubic     feet – Mmcf)		10,769		8,050		18,819		7,944		6,795		14,739
Total production (Mmcfe)		12,226		10,676		22,902		9,296		8,894		18,190
Oil sales	$	18,481	$	40,051	$	58,532	$	11,147	$	20,206	$	31,353
Gas sales		77,038		60,194		137,232		49,354		46,068		95,422
Total oil and gas sales	$	95,519	$	100,245	$	195,764	$	60,501	$	66,274	$	126,775
Average oil price (per barrel)	$	76.10	$	91.51	$	86.01	$	49.46	$	57.77	$	54.51
Average gas price (per thousand cubic feet – Mcf)	$	7.15	$	7.48	$	7.29	$	6.21	$	6.78	$	6.47
Average price (per Mcf equivalent)	$	7.81	$	9.39	$	8.55	$	6.51	$	7.45	$	6.97
Lifting cost	$	16,082	$	16,282	$	32,364	$	13,482	$	15,601	$	29,083
Lifting cost (per Mcf equivalent)	$	1.32	$	1.53	$	1.41	$	1.45	$	1.75	$	1.60
Oil and Gas Capital Expenditures	$	238,912	$	39,794	$	278,706	$	75,790	$	52,812	$	128,602

	For the Year Ended December 31, 2007						For the Year Ended December 31, 2006
	Onshore(1)		Bois d'Arc Energy		Total		Onshore(1)		Bois d'Arc Energy		Total
Oil production (thousand barrels)		1,008		1,671		2,679		921		1,383		2,304
Gas production (million cubic     feet – Mmcf)		39,231		32,186		71,417		30,271		23,183		53,454
Total production (Mmcfe)		45,282		42,211		87,493		35,797		31,481		67,278
Oil sales	$	61,474	$	123,895	$	185,369	$	50,955	$	89,421	$	140,376
Gas sales		270,139		231,565		501,704		206,263		165,289		371,552
Total oil and gas sales	$	331,613	$	355,460	$	687,073	$	257,218	$	254,710	$	511,928
Average oil price (per barrel)	$	60.96	$	74.15	$	69.18	$	55.32	$	64.66	$	60.93
Average gas price (per thousand cubic feet – Mcf)	$	6.89	$	7.19	$	7.03	$	6.81	$	7.13	$	6.95
Average price (per Mcf equivalent)	$	7.32	$	8.42	$	7.85	$	7.19	$	8.09	$	7.61
Lifting cost	$	64,791	$	58,841	$	123,632	$	53,903	$	53,400	$	107,303
Lifting cost (per Mcf equivalent)	$	1.43	$	1.39	$	1.41	$	1.51	$	1.70	$	1.59
Oil and Gas Capital Expenditures	$	525,714	$	206,863	$	732,577	$	288,729	$	244,610	$	533,339

(1)  Includes the onshore results of operations of Comstock Resources, Inc.

COMSTOCK RESOURCES, INC.

REGIONAL OPERATING RESULTS

(In thousands, except per unit amounts)

	For the Three Months Ended December 31, 2007									For the Three Months Ended December 31, 2006
	East Texas/									East Texas/
	North		South					Total		North		South					Total
	Louisiana		Texas		Other			Onshore		Louisiana		Texas			Other		Onshore
Oil production (thousand    barrels)		40		56		146			242		28		45			152		225
Gas production (million cubic    feet – Mmcf)		6,559		3,364		846			10,769		4,775		2,345			824		7,944
Total production (Mmcfe)		6,800		3,702		1,724			12,226		4,941		2,613			1,742		9,296
Oil sales	$	3,552	$	5,068	$	9,861		$	18,481	$	1,658	$	2,547		$	6,942	$	11,147
Gas sales		46,133		25,117		5,788			77,038		29,304		15,179			4,871		49,354
Total oil and gas sales	$	49,685	$	30,185	$	15,649		$	95,519	$	30,962	$	17,726		$	11,813	$	60,501
Average oil price (per barrel)	$	88.80	$	90.50	$	67.54		$	76.10	$	59.21	$	56.60		$	45.67	$	49.46
Average gas price (per    thousand cubic feet – Mcf)	$	7.03	$	7.47	$	6.84		$	7.15	$	6.14	$	6.47		$	5.91	$	6.21
Average price (per Mcf    equivalent)	$	7.31	$	8.15	$	9.08		$	7.81	$	6.27	$	6.78		$	6.78	$	6.51
Lifting cost(1)	$	6,710	$	4,772	$	4,600		$	16,082	$	5,878	$	3,842		$	3,762	$	13,482
Lifting cost (per Mcf    equivalent)	$	0.99	$	1.29	$	2.67		$	1.32	$	1.19	$	1.47		$	2.16	$	1.45
Oil and Gas Capital Expenditures:
Acquisitions	$	—	$	160,101	$	—		$	160,101	$	—	$	—		$	—	$	—
Leasehold costs		576		789		71			1,436		127		(1,266	)		1,132		(7	)
Exploratory drilling		—		3,916		(51	)		3,865		—		5,964			1,737		7,701
Development drilling		56,454		11,922		2,111			70,487		53,511		2,634			8,070		64,215
Other development		798		1,710		515			3,023		1,987		1,378			516		3,881
Total	$	57,828	$	178,438	$	2,646		$	238,912	$	55,625	$	8,710		$	11,455	$	75,790

(1)  Includes production taxes of $3,319 and $2,551 for the three months ended December 31, 2007 and 2006, respectively.

COMSTOCK RESOURCES, INC.

REGIONAL OPERATING RESULTS

(In thousands, except per unit amounts)

	For the Year Ended December 31, 2007								For the Year Ended December 31, 2006
	East Texas/								East Texas/
	North		South				Total		North		South				Total
	Louisiana		Texas		Other		Onshore		Louisiana		Texas		Other		Onshore
Oil production (thousand    barrels)		162		214		632		1,008		117		209		595		921
Gas production (million cubic    feet – Mmcf)		24,407		11,790		3,034		39,231		17,850		9,073		3,348		30,271
Total production (Mmcfe)		25,378		13,077		6,827		45,282		18,550		10,328		6,919		35,797
Oil sales	$	11,052	$	15,189	$	35,233	$	61,474	$	7,295	$	13,332	$	30,328	$	50,955
Gas sales		164,926		85,427		19,786		270,139		119,106		65,594		21,563		206,263
Total oil and gas sales	$	175,978	$	100,616	$	55,019	$	331,613	$	126,401	$	78,926	$	51,891	$	257,218
Average oil price (per barrel)	$	68.22	$	70.98	$	55.75	$	60.96	$	62.35	$	63.79	$	50.97	$	55.32
Average gas price (per    thousand cubic feet – Mcf)	$	6.76	$	7.25	$	6.52	$	6.89	$	6.67	$	7.23	$	6.44	$	6.81
Average price (per Mcf    equivalent)	$	6.93	$	7.69	$	8.06	$	7.32	$	6.81	$	7.64	$	7.50	$	7.19
Lifting cost(2)	$	29,527	$	16,832	$	18,432	$	64,791	$	23,107	$	14,612	$	16,184	$	53,903
Lifting cost (per Mcf    equivalent)	$	1.16	$	1.29	$	2.70	$	1.43	$	1.25	$	1.41	$	2.34	$	1.51
Oil and Gas Capital Expenditures:
Acquisitions	$	—	$	191,290	$	—	$	191,290	$	912	$	60,707	$	—	$	61,619
Leasehold costs		3,377		2,755		2,850		8,982		620		6,358		2,955		9,933
Exploratory drilling		—		11,910		2,379		14,289		—		6,039		1,737		7,776
Development drilling		215,593		61,738		25,024		302,355		145,036		14,537		28,558		188,131
Other development		2,620		3,337		2,841		8,798		13,307		2,374		5,589		21,270
Total	$	221,590	$	271,030	$	33,094	$	525,714	$	159,875	$	90,015	$	38,839	$	288,729

(2)  Includes production taxes of $13,830 and $11,344 for the years ended December 31, 2007 and 2006, respectively.