exhibit99pnt1aug09.htm

Comstock reported a net loss of $11.5 million or 26¢ per share for the second quarter of 2009 as compared to 2008's second quarter net income from continuing operations of $70.4 million or $1.53 per diluted share. The loss in the second quarter is attributable to the substantial decline in oil and natural gas prices in 2009. Comstock averaged $3.88 per Mcf for sales of its natural gas production in the second quarter of 2009, 63% lower than the $10.51 per Mcf realized in 2008's second quarter. Realized oil prices in the second quarter of 2009 averaged $49.24 per barrel, 53% lower than the $105.16 per barrel in 2008's second quarter.

Comstock's production in the second quarter of 2009 increased 6% to 15.3 billion cubic feet equivalent of natural gas ("Bcfe") as compared to pro forma production of 14.5 Bcfe in the second quarter of 2008, which excludes production from properties sold during 2008. The 2009 second quarter average daily production rate of 169 million cubic feet of natural gas equivalent ("MMcfe") increased 8% from the 2009 first quarter production rate of 157 MMcfe per day. On July 31, 2009, the Company's current production rate had increased to 190 MMcfe per day.

The low oil and natural gas prices caused the second quarter of 2009's oil and gas sales to decrease 62% to $64.9 million as compared to 2008's second quarter sales of $172.0 million. Operating cash flow (before changes in working capital accounts) generated by Comstock in 2009's second quarter of $42.1 million decreased 69% from 2008's second quarter operating cash flow from continuing operations of $134.3 million. EBITDAX, or earnings before interest, taxes, depreciation, depletion, amortization, exploration expense and other noncash expenses, decreased 71% to $42.2 million in 2009's second quarter from 2008's second quarter EBITDAX from continuing operations of $145.0 million.

Comstock reported a net loss of $17.1 million or 38¢ per share for the first six months of 2009 as compared to net income from continuing operations of $99.8 million or $2.17 per diluted share in the first six months of 2008. The loss for the first half of 2009 is also attributable to the substantial decline in oil and natural gas prices. Comstock averaged $4.30 per Mcf for sales of its natural gas production in the first six months of 2009, 54% lower than the $9.39 per Mcf realized in 2008's first six months. Realized oil prices in the first six months of 2009 averaged $41.95 per barrel, 55% lower than the $93.92 per barrel in 2008's first six months. Comstock's production in the first half of 2009 increased 4% to 29.4 Bcfe as compared to pro forma production of 28.2 Bcfe in the first half of 2008, which excludes production from properties sold during 2008.

Oil and gas sales for the first half of 2009 decreased 56% to $133.2 million from $299.7 million in the first half of 2008. Operating cash flow (before changes in working capital accounts) generated by Comstock in 2009's first six months of $86.8 million decreased 62% from 2008's first six months operating cash flow of $225.8 million from continuing operations. EBITDAX decreased 65% to $87.5 million in 2009's first six months from 2008's first six months EBITDAX from continuing operations of $248.2 million.

The Company's drilling program this year is primarily focused on developing its Haynesville shale properties in East Texas and North Louisiana. Through August 3, 2009, the Company has drilled 21 horizontal wells (15.8 net) in the Haynesville shale play in 2009, fourteen of which have been completed and tested at an average per well initial production rate of 11.6 MMcfe per day. The remaining seven are in the process of being completed or awaiting pipeline connection prior to completion operations commencing. Comstock also had four Haynesville shale horizontal wells drilling at the end of July.

Since the Company's last operational update, it has completed three Haynesville shale horizontal wells in its Blocker field in Harrison County, Texas, three in its Logansport field in DeSoto Parish, Louisiana, and one well in its Toledo Bend North field also in DeSoto Parish. In the Blocker field in East Texas, the Green #13H well was drilled to a vertical depth of 11,055 feet with a 3,462 foot horizontal lateral. This well was completed with ten frac stages and was tested at an initial production rate of 6.5 MMcfe per day. Comstock has a 94% working interest in this well. The second Blocker well was the Cox #1H well, which was drilled to a vertical depth of 11,120 feet with a 4,181 foot horizontal lateral. This well was completed with ten frac stages and was tested at an initial production rate of 8.2 MMcfe per day. Comstock has a 99% working interest in this well. Also in the Blocker field, the Woods #1H well was drilled to a vertical depth of 11,127 feet with a 3,771 foot lateral. The Woods #1H was completed with ten frac stages and was tested at an initial production rate of 8.5 MMcfe per day. Comstock has a 100% working interest in this well.

Comstock completed its best Haynesville shale well to date in the second quarter. In the Logansport field in North Louisiana, the Colvin-Craner #2H well was drilled to a vertical depth of 11,353 feet with a 4,181 foot horizontal lateral. The well was completed with 10 frac stages and was tested at an initial production rate of 21.2 MMcfe per day. Also at Logansport, the Broome #1H well was drilled to a vertical depth of 11,368 feet with a 4,051 foot horizontal lateral. The well was completed with 11 frac stages and was tested at an initial production rate of 16.7 MMcfe per day. The third Logansport well, the Weyerhaeuser #2H, was drilled to a vertical depth of 11,493 feet with a 4,181 foot horizontal lateral. The well was completed with 10 frac stages and was tested at an initial production rate of 16.2 MMcfe per day. Comstock has a 100% working interest in these three wells.

Comstock expects to spend $360 million on its 2009 drilling program. Costs to drill and complete wells has fallen since the beginning of the year which will allow Comstock to drill more wells than was anticipated in its original 2009 budget. Comstock now expects to drill 49 (37.4 net) wells in 2009 including 38 (29.5 net) horizontal Haynesville shale wells. Comstock's previous budget provided for 44 (34.8 net) wells with 33 (26.9 net) horizontal Haynesville shale wells.

Comstock has planned a conference call for 9:30 a.m. Central Time on Tuesday August 4, 2009, to discuss the operational and financial results for the second quarter of 2009. Investors wishing to participate should visit our website at www.comstockresources.com for a live web cast or dial 1-866-788-0545 and provide access code 92349345 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.

	Three Months Ended June 30,						Six Months Ended June 30,
	2009			2008			2009			2008

Revenues:
Oil and gas sales	$	64,875		$	172,022		$	133,226		$	299,743
Gain on sale of assets		—			21,444			—			21,204

Operating expenses:
Oil and gas operating		17,485			23,362			34,444			44,564
Exploration		131			—			144			2,238
Depreciation, depletion and amortization		50,796			44,422			98,068			85,927
General and administrative		9,051			6,922			18,870			13,086

Total operating expenses		77,463			74,706			151,526			145,815

Operating income (loss) from continuing operations		(12,588	)		118,760			(18,300	)		175,132

Other income (expenses):
Interest income		10			205			32			366
Other income		29			36			92			58
Interest expense		(2,901	)		(8,546	)		(5,063	)		(18,497	)

Total other income (expenses)		(2,862	)		(8,305	)		(4,939	)		(18,073	)

Income (loss) from continuing operations before income taxes		(15,450	)		110,455			(23,239	)		157,059
Benefit from (provision for) income taxes		3,975			(40,027	)		6,107			(57,229	)

Income (loss) from continuing operations		(11,475	)		70,428			(17,132	)		99,830

Income from discontinued operations after income taxes and minority interest		—			12,199			—			23,892
Net income (loss)	$	(11,475	)	$	82,627		$	(17,132	)	$	123,722

Basic net income (loss) per share:
Continuing operations	$	(0.26	)	$	1.55		$	(0.38	)	$	2.19
Discontinued operations		—			0.27			—			0.52
	$	(0.26	)	$	1.82		$	(0.38	)	$	2.71
Diluted net income (loss) per share:
Continuing operations	$	(0.26	)	$	1.53		$	(0.38	)	$	2.17
Discontinued operations		—			0.27			—			0.52
	$	(0.26	)	$	1.80		$	(0.38	)	$	2.69
Weighted average shares outstanding:
Basic		45,000			44,287			44,971			44,296
Diluted(1)		45,000			44,661			44,971			44,677

	Three Months Ended June 30,						Six Months Ended June 30,
	2009			2008			2009			2008

OPERATING CASH FLOW:
Net income (loss) from continuing operations	$	(11,475	)	$	70,428		$	(17,132	)	$	99,830
Reconciling items:
Deferred income taxes		(1,263	)		37,272			(1,984	)		52,504
Dry hole costs and lease impairments		—			—			—			2,238
Depreciation, depletion and amortization		50,796			44,422			98,068			85,927
Gain on sale of assets		—			(21,444	)		—			(21,204	)
Debt issuance cost amortization		202			203			405			405
Stock-based compensation		3,820			3,038			7,487			5,716
Loss on derivatives		—			359			—			359
Operating cash flow		42,080			134,278			86,844			225,775
Excess tax benefit from stock-based compensation		(245	)		(7,962	)		(924	)		(8,632	)
(Increase) decrease in accounts receivable		3,625			(9,651	)		13,810			(25,316	)
(Increase) decrease in other current assets		(889	)		(1,017	)		(654	)		(1,175	)
Increase (decrease) in accounts payable and accrued expenses		(15,588	)		30,725			(29,631	)		10,078
Net cash provided by operating activities from continuing operations	$	28,983		$	146,373		$	69,445		$	200,730

EBITDAX:
Income (loss) from continuing operations	$	(11,475	)	$	70,428		$	(17,132	)	$	99,830
Gain on sale of assets		—			(21,444	)		—			(21,204	)
Interest expense		2,901			8,546			5,063			18,497
Income tax expense (benefit)		(3,975	)		40,027			(6,107	)		57,229
Depreciation, depletion and amortization		50,796			44,422			98,068			85,927
Stock-based compensation		3,820			3,038			7,487			5,716
Exploration		131			—			144			2,238
EBITDAX from continuing operations	$	42,198		$	145,017		$	87,523		$	248,233

	As of June 30,
	2009		2008

Balance Sheet Data:
Cash and cash equivalents	$	3,970	$	8,709
Derivative financial instruments		11,922		—
Other current assets		52,950		89,266
Marketable securities		36,099		—
Property and equipment, net		1,521,578		1,276,184
Assets of discontinued operations		—		1,031,982
Other		2,748		3,554
Total assets	$	1,629,267	$	2,409,695

Accounts payable and accrued expenses	$	80,280	$	96,608
Derivative financial instruments		—		40,080
Long-term debt		315,000		495,000
Deferred income taxes		182,975		132,198
Asset retirement obligation		5,830		7,555
Liabilities and minority interest of discontinued operations		—		746,081
Stockholders' equity		1,045,182		892,173
Total liabilities and stockholders' equity	$	1,629,267	$	2,409,695

	For the Three Months Ended June 30, 2009										For the Three Months Ended June 30, 2008 Adjusted to Exclude 2008 Asset Sales
	East Texas/										East Texas/
	North		South								North		South
	Louisiana		Texas		Other			Total			Louisiana		Texas			Other		Total
Oil production (thousand barrels)		65		38		102			205			79		45			126		250
Gas production (million cubic feet – Mmcf)		8,613		4,823		672			14,108			6,797		5,542			615		12,954
Total production (Mmcfe)		9,008		5,052		1,277			15,337			7,267		5,817			1,370		14,454

Oil sales	$	3,408	$	2,114	$	4,560		$	10,082		$	8,958	$	5,474		$	11,613	$	26,045
Gas sales		28,257		17,146		2,276			47,679			74,653		59,713			6,594		140,960
Gas hedging gains (losses)		—		7,114		—			7,114			—		(4,384	)		—		(4,384	)
Total gas sales		28,257		24,260		2,276			54,793			74,653		55,329			6,594		136,576
Total oil and gas sales	$	31,665	$	26,374	$	6,836		$	64,875		$	83,611	$	60,803		$	18,207	$	162,621

Average oil price (per barrel)	$	52.43	$	55.63	$	44.71		$	49.24		$	113.39	$	121.64		$	92.17	$	104.19
Average gas price (per thousand cubic feet – Mcf)	$	3.28	$	3.56	$	3.39		$	3.38		$	10.98	$	10.77		$	10.72	$	10.88
Average gas price including hedging (per Mcf)	$	3.28	$	5.03	$	3.39		$	3.88		$	10.98	$	9.98		$	10.72	$	10.54
Average price (per Mcf equivalent)	$	3.52	$	3.81	$	5.35		$	3.77		$	11.51	$	11.21		$	13.29	$	11.55
Average price including hedging (per Mcf equivalent)	$	3.52	$	5.22	$	5.35		$	4.23		$	11.51	$	10.45		$	13.29	$	11.25
Lifting cost(1)	$	8,749	$	5,278	$	3,458		$	17,485	(1)	$	9,214	$	6,868		$	5,451	$	21,533	(1)
Lifting cost (per Mcf equivalent)	$	0.97	$	1.04	$	2.71		$	1.14		$	1.27	$	1.18		$	3.98	$	1.49

Oil and Gas Capital Expenditures:
Leasehold costs	$	3,767	$	60	$	103		$	3,930		$	17,146	$	282		$	12	$	17,440
Exploratory drilling		30,034		81		—			30,115			—		1			228		229
Development drilling		36,195		4,834		111			41,140			43,186		14,861			157		58,204
Other development		1,814		312		(36	)		2,090			197		6,172			1,265		7,634
Total	$	71,810	$	5,287	$	178		$	77,275		$	60,529	$	21,316		$	1,662	$	83,507

	For the Six Months Ended June 30, 2009									For the Six Months Ended June 30, 2008 Adjusted to Exclude 2008 Asset Sales
	East Texas/									East Texas/
	North		South							North		South
	Louisiana		Texas		Other		Total			Louisiana		Texas			Other		Total
Oil production (thousand barrels)		128		89		204		421			121		78			276		475
Gas production (million cubic feet – Mmcf)		15,792		9,734		1,375		26,901			13,078		10,872			1,388		25,338
Total production (Mmcfe)		16,563		10,270		2,592		29,425			13,802		11,344			3,041		28,187

Oil sales	$	5,683	$	4,193	$	7,767	$	17,643		$	12,939	$	8,709		$	22,441	$	44,089
Gas sales		59,575		38,110		4,872		102,557			127,310		103,512			12,921		243,743
Gas hedging gains (losses)		—		13,026		—		13,026			—		(4,628	)		—		(4,628	)
Total gas sales		59,575		51,136		4,872		115,583			127,310		98,884			12,921		239,115
Total oil and gas sales	$	65,258	$	55,329	$	12,639	$	133,226		$	140,249	$	107,593		$	35,362	$	283,204

Average oil price (per barrel)	$	44.40	$	47.11	$	38.07	$	41.95		$	106.93	$	111.65		$	81.31	$	92.86
Average gas price (per thousand cubic feet – Mcf)	$	3.77	$	3.92	$	3.54	$	3.81		$	9.73	$	9.52		$	9.31	$	9.62
Average gas price including hedging (per Mcf)	$	3.77	$	5.25	$	3.54	$	4.30		$	9.73	$	9.10		$	9.31	$	9.44
Average price (per Mcf equivalent)	$	3.94	$	4.12	$	4.88	$	4.08		$	10.16	$	9.89		$	11.63	$	10.21
Average price including hedging (per Mcf equivalent)	$	3.94	$	5.39	$	4.88	$	4.53		$	10.16	$	9.48		$	11.63	$	10.05
Lifting cost(2)	$	16,252	$	10,780	$	7,412	$	34,444	(2)	$	17,047	$	12,993		$	10,828	$	40,868	(2)
Lifting cost (per Mcf equivalent)	$	0.98	$	1.05	$	2.86	$	1.17		$	1.24	$	1.15		$	3.56	$	1.45

Oil and Gas Capital Expenditures:
Leasehold costs	$	7,168	$	331	$	103	$	7,602		$	20,007	$	1,406		$	61	$	21,474
Exploratory drilling		66,501		1,893		—		68,394			—		2,357			351		2,708
Development drilling		67,852		23,786		111		91,749			82,559		26,264			1,546		110,369
Other development		3,212		3,278		296		6,786			979		6,717			2,981		10,677
Total	$	144,733	$	29,288	$	510	$	174,531		$	103,545	$	36,744		$	4,939	$	145,228

	For the Three Months Ended June 30, 2008
	East Texas/
	North		South
	Louisiana		Texas			Other		Total
Oil production (thousand barrels)		84		58			126		268
Gas production (million cubic feet – Mmcf)		7,227		5,840			615		13,682
Total production (Mmcfe)		7,732		6,190			1,370		15,292

Oil sales	$	9,625	$	6,988		$	11,613	$	28,226
Gas sales		78,746		62,840			6,594		148,180
Gas hedging gains (losses)		—		(4,384	)		—		(4,384	)
Total gas sales		78,746		58,456			6,594		143,796
Total oil and gas sales	$	88,371	$	65,444		$	18,207	$	172,022

Average oil price (per barrel)	$	114.58	$	120.48		$	92.17	$	105.16
Average gas price (per thousand cubic feet – Mcf)	$	10.90	$	10.76		$	10.72	$	10.83
Average gas price including hedging (per Mcf)	$	10.90	$	10.01		$	10.72	$	10.51
Average price (per Mcf equivalent)	$	11.43	$	11.28		$	13.29	$	11.54
Average price including hedging (per Mcf equivalent)	$	11.43	$	10.57		$	13.29	$	11.25
Lifting cost(1)	$	9,879	$	8,032		$	5,451	$	23,362	(1)
Lifting cost (per Mcf equivalent)	$	1.28	$	1.30		$	3.98	$	1.53

Oil and Gas Capital Expenditures:
Leasehold costs	$	17,146	$	282		$	12	$	17,440
Exploratory drilling		—		1			228		229
Development drilling		43,186		14,861			157		58,204
Other development		355		6,319			1,265		7,939
Total	$	60,687	$	21,463		$	1,662	$	83,812

	For the Six Months Ended June 30, 2008
	East Texas/
	North		South
	Louisiana		Texas			Other		Total
Oil production (thousand barrels)		131		104			276		511
Gas production (million cubic feet – Mmcf)		13,954		11,470			1,388		26,812
Total production (Mmcfe)		14,740		12,097			3,041		29,878

Oil sales	$	14,049	$	11,508		$	22,441	$	47,998
Gas sales		134,477		108,975			12,921		256,373
Gas hedging gains (losses)		—		(4,628	)		—		(4,628	)
Total gas sales		134,477		104,347			12,921		251,745
Total oil and gas sales	$	148,526	$	115,855		$	35,362	$	299,743

Average oil price (per barrel)	$	107.24	$	110.65		$	81.31	$	93.92
Average gas price (per thousand cubic feet – Mcf)	$	9.64	$	9.50		$	9.31	$	9.56
Average gas price including hedging (per Mcf)	$	9.64	$	9.10		$	9.31	$	9.39
Average price (per Mcf equivalent)	$	10.08	$	9.96		$	11.63	$	10.19
Average price including hedging (per Mcf equivalent)	$	10.08	$	9.58		$	11.63	$	10.03
Lifting cost(2)	$	18,648	$	15,088		$	10,828	$	44,564	(2)
Lifting cost (per Mcf equivalent)	$	1.27	$	1.25		$	3.56	$	1.49

Oil and Gas Capital Expenditures:
Leasehold costs	$	20,007	$	1,406		$	61	$	21,474
Exploratory drilling		—		2,357			351		2,708
Development drilling		82,559		26,264			1,546		110,369
Other development		1,285		7,036			2,981		11,302
Total	$	103,851	$	37,063		$	4,939	$	145,853

	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