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):  May 3, 2010

COMSTOCK RESOURCES, INC.

(Exact Name of Registrant as Specified in Charter)

STATE OF NEVADA	001-03262	94-1667468
(State or other jurisdiction 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 May 3, 2010, Comstock Resources, Inc. ("Comstock") announced financial results for the three months ended March 31, 2010.  A copy of the press release announcing Comstock's earnings and operating results for the three months ended March 31, 2010 and other matters 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 May 3, 2010.

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:  May 3, 2010	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

FIRST QUARTER 2010

FINANCIAL AND OPERATING RESULTS

FRISCO, TEXAS, May 3, 2010 – Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today reported financial and operating results for the three months ended March 31, 2010.

Financial Results for the Three Months Ended March 31, 2010

Comstock reported net income of $7.3 million or 16¢ per diluted share for the first quarter of 2010 as compared to 2009's first quarter net loss of $5.7 million or 12¢ per share.  The improved profits for the first quarter of 2010 as compared to the net loss in the first quarter of 2009 are primarily attributable to higher natural gas production and increased oil and natural gas prices.

Comstock's production in the first quarter of 2010 grew 34% to 18.8 billion cubic feet of natural gas equivalent ("Bcfe") as compared to 14.1 Bcfe produced in the first quarter of 2009.  Production in the first quarter averaged 209 million cubic feet of natural gas equivalent ("MMcfe") per day.  The increase in production is primarily attributable to Comstock's successful Haynesville shale drilling program.  Production from Haynesville shale wells comprised 93 MMcfe per day (44%) of the Company's total production in the first quarter of 2010, as compared to only 6 MMcfe per day (4%) during the first quarter of 2009.  The Company's realized oil p rices improved by 91% to $67.08 per barrel in the first quarter of 2010 from $35.03 per barrel in the first quarter of 2009, while natural gas prices increased 55¢ per Mcf or 12% to $5.30 per Mcf in the first quarter of 2010 as compared to $4.75 per Mcf in the first quarter of 2009.

The higher sales volumes, combined with the higher oil and natural gas prices, resulted in sales increasing by 55% to $106.1 million in the first quarter of 2010 as compared to 2009's first quarter sales of $68.4 million.  Comstock generated $71.7 million in operating cash flow (before changes in working capital accounts) in the first quarter of 2010 as compared to 2009's first quarter operating cash flow of $44.8 million.  EBITDAX, or earnings before interest, taxes, depreciation, depletion, amortization, exploration expense and other noncash expenses, was $80.3 million in 2010's first quarter as compared to 2009's first quarter EBITDAX of $45.3 million.

2010 Drilling Results

In the first quarter of 2010, Comstock drilled 14 wells (9.9 net), nine of which have been successfully completed as producing wells.  The remaining five wells are scheduled for completion during May, 2010.

In the East Texas/North Louisiana region, Comstock drilled 13 wells (9.4 net) in the first quarter.   Twelve of the wells are Haynesville shale wells.  Six of the operated Haynesville shale wells drilled in 2010 have been completed and had an average initial production rate of 14.0 MMcfe per day.

In the South Toledo Bend field in Sabine Parish, Louisiana, Comstock drilled the Sustainable Forest 3#1H well to the upper section of the Haynesville shale or Bossier shale and completed the well with 16 frac stages.  The well's initial production rate was 20 MMcfe per day.  Comstock has a 67% working interest in this well.  In the Logansport field in DeSoto Parish, Louisiana, Comstock completed two successful operated Haynesville shale wells.  The Horn 5 #1H well was drilled to a vertical depth of 11,275 feet with a 4,669 foot lateral.  The well was completed with 18 frac stages and was tested at an initial production rate of 20 MMcfe per day.  Comstock has a 100% working interest in this well.   The Ramsey 4 #1H well was drilled to a vertical depth of 11,426 feet with a 4,616 foot horizontal lateral.  The well was completed with 18 frac stages and was tested at an initial production rate of 15 MMcfe per day.  Comstock has a 100% working interest in this well.  In the North Toledo Bend field in DeSoto Parish, Louisiana, Comstock completed two successful wells.  The BSMC 1 #1H was drilled to a vertical depth of 11,416 feet with a 4,471 foot horizontal lateral.  The well was completed with 12 frac stages and was tested at an initial production rate of 9 MMcfe per day.  Comstock has a 63% working interest in this well.  The BSMC 12 #2H was drilled to a vertical depth of 11,017 feet with a 4,431 foot horizontal lateral.  The well was completed with 12 frac stages and was tested with an initial production rate of 9 MMcfe per day.  Comstock has a 66% working interest in this well.  In the Waskom field in Harrison County, Texas Comstock drilled the Clark H #1H well to a vertical depth of 10,908 feet with a 4,261 foot horizontal lateral.  The well was completed with 18 frac stages and was tested at an initial production rate of 12 MMcfe per day.  Comstock has a 100% working interest in this well.

In addition to its Haynesville shale horizontal drilling program, Comstock has drilled two vertical wells in 2010’s first quarter.  Comstock successfully completed a Cotton Valley well in our Blocker field in East Texas and also completed the Julian Pasture #4 in the Ball Ranch field in South Texas which was tested at an initial production rate of 8 MMcfe per day.

Comstock has planned a conference call for 9:30 a.m. Central Time on Tuesday, May 4,2010, to discuss the operational and financial results for the first quarter of 2010.  Investors wishing to participate should visit the Company's website at www.comstockresources.com for a live web cast or dial 1-866-202-3109 (international dial-in use 617-213-8844) and provide access code 60429994 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 March 31,
	2010			2009
Revenues:
Oil and gas sales	$	106,089		$	68,351
Operating expenses:
Production taxes		1,675			1,122
Gathering and transportation		4,528			1,244
Lease operating		14,160			14,593
Exploration		1,169			13
Depreciation, depletion and amortization		59,409			47,272
Impairment of oil and gas properties		159			—
General and administrative		9,801			9,819
Total operating expenses		90,901			74,063
Operating income (loss)		15,188			(5,712	)
Other income (expenses):
Interest income		139			22
Other income		20			63
Interest expense		(7,844	)		(2,162	)
Total other income (expenses)		(7,685	)		(2,077	)
Income (loss) before income taxes		7,503			(7,789	)
Benefit from (provision for) income taxes		(161	)		2,132
Net income (loss)	$	7,342		$	(5,657	)
Net income (loss) per share:
Basic	$	0.16		$	(0.12	)
Diluted	$	0.16		$	(0.12	)
Weighted average shares outstanding:
Basic		45,408			44,941
Diluted(1)		45,544			44,941

(1)  For 2009, basic and diluted shares are the same due to the net loss.

COMSTOCK RESOURCES, INC.

OPERATING RESULTS

(In thousands)

	Three Months Ended March 31,
	2010			2009
OPERATING CASH FLOW:
Net income (loss)	$	7,342		$	(5,657	)
Reconciling items:
Deferred income taxes		(55	)		(721	)
Depreciation, depletion and amortization		59,409			47,272
Impairment of oil and gas properties		159			—
Debt issuance cost and discount amortization		602			203
Stock-based compensation		4,233			3,667
Operating cash flow		71,690			44,764
Excess tax benefit from stock-based compensation		(1,490	)		(679	)
(Increase) decrease in accounts receivable		(4,786	)		10,185
Decrease in other current assets		45,817			235
Increase (decrease) in accounts payable and accrued expenses		13,505			(14,043	)
Net cash provided by operating activities	$	124,736		$	40,462
EBITDAX:
Income (loss)	$	7,342		$	(5,657	)
Interest expense		7,844			2,162
Income tax expense (benefit)		161			(2,132	)
Depreciation, depletion and amortization		59,409			47,272
Impairment of oil and gas properties		159			—
Stock-based compensation		4,233			3,667
Exploration		1,169			13
EBITDAX	$	80,317		$	45,325

	As of March 31,
	2010		2009
BALANCE SHEET DATA:
Cash and cash equivalents	$	122,197	$	963
Derivative financial instruments		—		18,369
Income taxes receivable		—		3,328
Marketable securities		94,378		15,351
Other current assets		52,254		57,363
Property and equipment, net		1,610,604		1,494,923
Other		9,136		2,950
Total assets	$	1,888,569	$	1,593,247
Accounts payable and accrued expenses	$	100,288	$	96,035
Current deferred income taxes payable		6,029		—
Long-term debt		470,970		265,000
Deferred income taxes		225,481		184,484
Reserve for future abandonment costs		6,716		5,678
Stockholders' equity		1,079,085		1,042,050
Total liabilities and stockholders' equity	$	1,888,569	$	1,593,247

COMSTOCK RESOURCES, INC.

REGIONAL OPERATING RESULTS

(In thousands, except per unit amounts)

	For the Three Months Ended March 31, 2010								For the Three Months Ended March 31, 2009
	East Texas/								East Texas/
	North		South						North		South
	Louisiana		Texas		Other		Total		Louisiana		Texas		Other		Total
Oil production (thousand barrels)		37		42		97		176		63		51		102		216
Gas production (Mmcf)		12,979		4,113		702		17,794		7,179		4,911		703		12,793
Total production (Mmcfe)		13,200		4,367		1,280		18,847		7,555		5,218		1,315		14,088
Oil sales	$	2,744	$	3,184	$	5,845	$	11,773	$	2,275	$	2,079	$	3,207	$	7,561
Gas sales		66,467		23,725		4,124		94,316		31,318		20,964		2,596		54,878
Gas hedging gains		—		—		—		—		—		5,912		—		5,912
Total gas sales		66,467		23,725		4,124		94,316		31,318		26,876		2,596		60,790
Total oil and gas sales	$	69,211	$	26,909	$	9,969	$	106,089	$	33,593	$	28,955	$	5,803	$	68,351
Average oil price (per barrel)	$	74.75	$	75.23	$	60.58	$	67.08	$	36.11	$	40.76	$	31.44	$	35.03
Average gas price (per Mcf)	$	5.12	$	5.77	$	5.87	$	5.30	$	4.36	$	4.27	$	3.69	$	4.29
Average gas price including hedging (per Mcf)	$	5.12	$	5.77	$	5.87	$	5.30	$	4.36	$	5.47	$	3.69	$	4.75
Average price (per Mcfe)	$	5.24	$	6.16	$	7.79	$	5.63	$	4.45	$	4.42	$	4.41	$	4.43
Average price including hedging (per Mcfe)	$	5.24	$	6.16	$	7.79	$	5.63	$	4.45	$	5.55	$	4.41	$	4.85
Production taxes	$	1,116	$	82	$	477	$	1,675	$	143	$	623	$	356	$	1,122
Gathering and transportation	$	3,660	$	773	$	95	$	4,528	$	273	$	855	$	116	$	1,244
Lease operating	$	7,948	$	3,468	$	2,744	$	14,160	$	7,087	$	4,024	$	3,482	$	14,593
Production taxes (per Mcfe)	$	0.08	$	0.02	$	0.37	$	0.09	$	0.02	$	0.12	$	0.27	$	0.08
Gathering and transportation (per Mcfe)	$	0.28	$	0.18	$	0.07	$	0.24	$	0.04	$	0.16	$	0.09	$	0.09
Lease operating (per Mcfe)	$	0.60	$	0.79	$	2.15	$	0.75	$	0.93	$	0.77	$	2.65	$	1.03
Oil and Gas Capital Expenditures:
Leasehold costs	$	9,855	$	—	$	56	$	9,911	$	3,401	$	271	$	—	$	3,672
Exploratory drilling		17,031		—		—		17,031		36,467		1,812		—		38,279
Development drilling		63,242		1,594		—		64,836		31,657		18,952		—		50,609
Other development		1,034		629		246		1,909		1,398		2,966		332		4,696
Total	$	91,162	$	2,223	$	302	$	93,687	$	72,923	$	24,001	$	332	$	97,256