STATE OF NEVADA
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001-03262
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94-1667468
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(State or other
jurisdiction incorporation)
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(Commission File Number)
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(I.R.S. Employer
Identification Number)
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Exhibit 99.1
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Press Release dated May 2, 2011.
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COMSTOCK RESOURCES, INC.
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||
Dated: May 2, 2011
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By:
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/s/ ROLAND O. BURNS
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Roland O. Burns
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||
Senior Vice President and Chief Financial Officer
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5300 Town and Country Blvd., Suite 500
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![]() |
Frisco, Texas 75034
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Telephone: (972) 668-8800
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Contact: Roland O. Burns
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Sr. Vice President and Chief Financial Officer
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Web Site: www.comstockresources.com
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Three Months Ended March 31,
|
||||||||
2011
|
2010
|
|||||||
Revenues:
|
||||||||
Oil and gas sales
|
$
|
88,038
|
$
|
106,089
|
||||
Operating expenses:
|
||||||||
Production taxes
|
726
|
1,675
|
||||||
Gathering and transportation
|
5,628
|
4,528
|
||||||
Lease operating
|
11,548
|
14,160
|
||||||
Exploration
|
9,537
|
1,169
|
||||||
Depreciation, depletion and amortization
|
60,325
|
59,409
|
||||||
Impairment of oil and gas properties
|
—
|
159
|
||||||
Loss on sale of properties
|
109
|
—
|
||||||
General and administrative
|
8,428
|
9,801
|
||||||
Total operating expenses
|
96,301
|
90,901
|
||||||
Operating income (loss)
|
(8,263
|
)
|
15,188
|
|||||
Other income (expenses):
|
||||||||
Interest income
|
—
|
139
|
||||||
Other income
|
310
|
20
|
||||||
Interest expense
|
(10,284
|
)
|
(7,844
|
)
|
||||
Gain on sale of marketable securities
|
21,249
|
—
|
||||||
Total other income (expenses)
|
11,275
|
(7,685
|
)
|
|||||
Income before income taxes
|
3,012
|
7,503
|
||||||
Provision for income taxes
|
(608
|
)
|
(161
|
)
|
||||
Net income
|
$
|
2,404
|
$
|
7,342
|
||||
Net income per share:
|
||||||||
Basic
|
$
|
0.05
|
$
|
0.16
|
||||
Diluted
|
$
|
0.05
|
$
|
0.16
|
||||
Weighted average shares outstanding:
|
||||||||
Basic
|
45,974
|
45,408
|
||||||
Diluted
|
45,974
|
45,544
|
Three Months Ended March 31,
|
||||||||
2011
|
2010
|
|||||||
OPERATING CASH FLOW:
|
||||||||
Net income
|
$
|
2,404
|
$
|
7,342
|
||||
Reconciling items:
|
||||||||
Deferred income taxes
|
449
|
(55
|
)
|
|||||
Depreciation, depletion and amortization
|
60,325
|
59,409
|
||||||
Impairments
|
9,454
|
159
|
||||||
Gain on sale of assets
|
(21,140
|
)
|
—
|
|||||
Debt issuance cost and discount amortization
|
1,465
|
602
|
||||||
Stock-based compensation
|
3,162
|
4,233
|
||||||
Operating cash flow
|
56,119
|
71,690
|
||||||
Excess income taxes from stock-based compensation
|
487
|
(1,490
|
)
|
|||||
Increase in accounts receivable
|
(5,299
|
)
|
(4,786
|
)
|
||||
Decrease (increase) in other current assets
|
(1,116
|
)
|
45,817
|
|||||
Increase in accounts payable and accrued expenses
|
736
|
13,505
|
||||||
Net cash provided by operating activities
|
$
|
50,927
|
$
|
124,736
|
||||
EBITDAX:
|
||||||||
Net income
|
$
|
2,404
|
$
|
7,342
|
||||
Interest expense
|
10,284
|
7,844
|
||||||
Income taxes
|
608
|
161
|
||||||
Depreciation, depletion and amortization
|
60,325
|
59,409
|
||||||
Exploration
|
9,537
|
1,169
|
||||||
Impairments
|
—
|
159
|
||||||
Gain on sale of assets
|
(21,140
|
)
|
—
|
|||||
Stock-based compensation
|
3,162
|
4,233
|
||||||
EBITDAX
|
$
|
65,180
|
$
|
80,317
|
As of March 31,
|
||||||||
2011
|
2010
|
|||||||
BALANCE SHEET DATA:
|
||||||||
Cash and cash equivalents
|
$
|
4,196
|
$
|
122,197
|
||||
Marketable securities
|
80,956
|
94,378
|
||||||
Other current assets
|
55,782
|
52,254
|
||||||
Property and equipment, net
|
1,904,818
|
1,610,604
|
||||||
Other
|
17,481
|
9,136
|
||||||
Total assets
|
$
|
2,063,233
|
$
|
1,888,569
|
||||
Accounts payable and accrued expenses
|
$
|
145,564
|
$
|
100,288
|
||||
Current deferred income taxes payable
|
16,014
|
6,029
|
||||||
Long-term debt
|
596,506
|
470,970
|
||||||
Deferred income taxes
|
216,381
|
225,481
|
||||||
Other non-current liabilities
|
9,360
|
6,716
|
||||||
Stockholders' equity
|
1,079,408
|
1,079,085
|
||||||
Total liabilities and stockholders' equity
|
$
|
2,063,233
|
$
|
1,888,569
|
For the Three Months Ended March 31, 2011
|
For the Three Months Ended March 31, 2010
|
|||||||||||||||||||||||||||||||
East Texas/
|
East Texas/
|
|||||||||||||||||||||||||||||||
North
|
South
|
North
|
South
|
|||||||||||||||||||||||||||||
Louisiana
|
Texas
|
Other
|
Total
|
Louisiana
|
Texas
|
Other
|
Total
|
|||||||||||||||||||||||||
Oil production (thousand barrels)
|
34
|
94
|
10
|
138
|
37
|
42
|
97
|
176
|
||||||||||||||||||||||||
Gas production (MMcf)
|
15,444
|
2,865
|
800
|
19,109
|
12,979
|
4,113
|
702
|
17,794
|
||||||||||||||||||||||||
Total production (MMcfe)
|
15,647
|
3,431
|
857
|
19,935
|
13,200
|
4,367
|
1,280
|
18,847
|
||||||||||||||||||||||||
Oil sales
|
$
|
2,945
|
$
|
8,639
|
$
|
806
|
$
|
12,390
|
$
|
2,744
|
$
|
3,184
|
$
|
5,845
|
$
|
11,773
|
||||||||||||||||
Gas sales
|
58,610
|
13,150
|
3,888
|
75,648
|
66,467
|
23,725
|
4,124
|
94,316
|
||||||||||||||||||||||||
Total oil and gas sales
|
$
|
61,555
|
$
|
21,789
|
$
|
4,694
|
$
|
88,038
|
$
|
69,211
|
$
|
26,909
|
$
|
9,969
|
$
|
106,089
|
||||||||||||||||
Average oil price (per barrel)
|
$
|
87.16
|
$
|
91.61
|
$
|
83.46
|
$
|
89.94
|
$
|
74.75
|
$
|
75.23
|
$
|
60.58
|
$
|
67.08
|
||||||||||||||||
Average gas price (per Mcf)
|
$
|
3.80
|
$
|
4.59
|
$
|
4.86
|
$
|
3.96
|
$
|
5.12
|
$
|
5.77
|
$
|
5.87
|
$
|
5.30
|
||||||||||||||||
Average price (per Mcfe)
|
$
|
3.93
|
$
|
6.35
|
$
|
5.48
|
$
|
4.42
|
$
|
5.24
|
$
|
6.16
|
$
|
7.79
|
$
|
5.63
|
||||||||||||||||
Production taxes
|
$
|
29
|
$
|
382
|
$
|
315
|
$
|
726
|
$
|
1,116
|
$
|
82
|
$
|
477
|
$
|
1,675
|
||||||||||||||||
Gathering and transportation
|
$
|
5,076
|
$
|
457
|
$
|
95
|
$
|
5,628
|
$
|
3,660
|
$
|
773
|
$
|
95
|
$
|
4,528
|
||||||||||||||||
Lease operating
|
$
|
7,199
|
$
|
3,367
|
$
|
982
|
$
|
11,548
|
$
|
7,948
|
$
|
3,468
|
$
|
2,744
|
$
|
14,160
|
||||||||||||||||
Production taxes (per Mcfe)
|
$
|
—
|
$
|
0.11
|
$
|
0.37
|
$
|
0.04
|
$
|
0.08
|
$
|
0.02
|
$
|
0.37
|
$
|
0.09
|
||||||||||||||||
Gathering and transportation (per Mcfe)
|
$
|
0.32
|
$
|
0.13
|
$
|
0.11
|
$
|
0.28
|
$
|
0.28
|
$
|
0.18
|
$
|
0.07
|
$
|
0.24
|
||||||||||||||||
Lease operating (per Mcfe)
|
$
|
0.47
|
$
|
0.99
|
$
|
1.14
|
$
|
0.58
|
$
|
0.60
|
$
|
0.79
|
$
|
2.15
|
$
|
0.75
|
||||||||||||||||
Oil and Gas Capital Expenditures:
|
||||||||||||||||||||||||||||||||
Leasehold costs
|
$
|
10,975
|
$
|
1,680
|
$
|
—
|
$
|
12,655
|
$
|
9,855
|
$
|
—
|
$
|
56
|
$
|
9,911
|
||||||||||||||||
Exploratory drilling
|
16,844
|
20,428
|
—
|
37,272
|
17,031
|
—
|
—
|
17,031
|
||||||||||||||||||||||||
Development drilling
|
95,588
|
11,538
|
98
|
107,224
|
63,242
|
1,594
|
—
|
64,836
|
||||||||||||||||||||||||
Other development
|
853
|
94
|
94
|
1,041
|
1,034
|
629
|
246
|
1,909
|
||||||||||||||||||||||||
Total
|
$
|
124,260
|
$
|
33,740
|
$
|
192
|
$
|
158,192
|
$
|
91,162
|
$
|
2,223
|
$
|
302
|
$
|
93,687
|