0000023194-11-000022.txt : 20110801 0000023194-11-000022.hdr.sgml : 20110801 20110801160957 ACCESSION NUMBER: 0000023194-11-000022 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20110630 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110801 DATE AS OF CHANGE: 20110801 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMSTOCK RESOURCES INC CENTRAL INDEX KEY: 0000023194 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 941667468 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03262 FILM NUMBER: 111000660 BUSINESS ADDRESS: STREET 1: 5300 TOWN AND COUNTRY BLVD STREET 2: STE 500 CITY: FRISCO STATE: TX ZIP: 75034 BUSINESS PHONE: 9726688800 MAIL ADDRESS: STREET 1: 5300 TOWN AND COUNTRY BLVD STREET 2: STE 500 CITY: FRISCO STATE: TX ZIP: 75034 FORMER COMPANY: FORMER CONFORMED NAME: COMSTOCK TUNNEL & DRAINAGE CO DATE OF NAME CHANGE: 19880121 8-K 1 form8kaugust12011.htm COMSTOCK RESOURCES, INC. FORM 8-K form8kaugust12011.htm
 
 

 
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):  August 1, 2011

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 August 1, 2011, Comstock Resources, Inc. ("Comstock") announced financial results for the three months and six months ended June 30, 2011.  A copy of the press release announcing Comstock's earnings and operating results for the three months and six months ended June 30, 2011 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 August 1, 2011.

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:  August 1, 2011
By:
/s/ ROLAND O. BURNS
   
Roland O. Burns
   
Senior Vice President and Chief Financial Officer

EX-99.1 2 exhibit99pnt1aug12011.htm EXHIBIT 99.1 exhibit99pnt1aug12011.htm
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
SECOND QUARTER 2011 FINANCIAL AND OPERATING RESULTS

FRISCO, TEXAS, August 1, 2011 – Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today reported financial and operating results for the three months and six months ended June 30, 2011.

Financial Results for the Three Months and Six Months Ended June 30, 2011
Comstock reported net income of $3.9 million or 8¢ per diluted share for the three months ended June 30, 2011 as compared to a net loss of $1.6 million or 4¢ per share for the three months ended June 30, 2010.  The financial results include gains realized from the sale of marketable securities of $8.5 million ($5.5 million after tax or 12¢ per share) for the three months ended June 30, 2011 and $5.7 million ($3.7 million after tax or 8¢ per share) for the three months ended June 30, 2010.
 
Comstock produced 24.0 billion cubic feet of natural gas equivalent ("Bcfe") in the second quarter of 2011, an increase of 20% over the 20.0 Bcfe produced in the second quarter of 2010.  Production in the quarter was 25% higher than 2010 second quarter production adjusted to exclude production from properties sold in 2010.  Comstock's daily production rate, which averaged 263 million cubic feet of natural gas equivalent ("MMcfe") per day, grew 19% over the production rate in the first quarter of 2011, which averaged 222 MMcfe per day.  Production from the Company's Haynesville shale operations increased 32% from the prior quarter, averaging 176 MMcfe per day in the second quarter and accounting for 67% of the Company's total production.

Comstock's average realized natural gas price increased 2% to $4.19 per Mcf in the second quarter of 2011 as compared to $4.09 per Mcf in the second quarter of 2010.  The Company's average realized oil price improved by 50% to $101.02 per barrel in the second quarter of 2011 as compared to $67.37 per barrel in the second quarter of 2010.  Higher production and improved oil and natural gas prices caused oil and gas sales to increase by 24% to $112.5 million in the second quarter of 2011 as compared to 2010's second quarter sales of $90.7 million.  Operating cash flow (before changes in working capital accounts) increased to $77.1 million in the second quarter of 2011 and EBITDAX, or earnings before interest, taxes, depreciation, depletion, amortization, exploration expense and other noncash expenses, was $87.1 million.
 
Comstock reported net income of $6.4 million or 13¢ per diluted share for the first six months of 2011 as compared to net income of $5.7 million or 12¢ per share for the six months ended June 30, 2010.
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
Comstock's production in the first half of 2011 of 43.9 Bcfe increased 13% over the 38.8 Bcfe produced in the first half of 2010.  Natural gas prices were weaker in the first six months of 2011 as compared to 2010's first six months.  Comstock's average realized natural gas price decreased 13% to $4.08 per Mcf for the first six months of 2011 as compared to $4.68 per Mcf for the first six months of 2010.  The Company's average realized oil price improved by 43% to $95.89 per barrel for the first half of 2011 as compared to $67.24 per barrel for the first half of 2010.  Oil and gas sales increased by 2% to $200.5 million in the first six months of 2011 as compared to 2010's first six months sales of $196.8 million.  The higher production level in the first half of this year was partially offset by lower natural gas prices.  Operating cash flow (before changes in working capital accounts) of $133.2 million in the first six months of 2011 increased 4% from 2010's first six months operating cash flow of $127.5 million.  EBITDAX, or earnings before interest, taxes, depreciation, depletion, amortization, exploration expense and other noncash expenses, increased 6.3% to $152.2 million in 2011's first six months from 2010's first six months EBITDAX of $143.2 million.

2011 Drilling Results

Comstock reported on the results to date of its 2011 drilling program.  During the first six months of 2011, Comstock spent $313.1 million on its drilling program and $36.0 million to acquire exploration acreage.  Comstock drilled 39 wells (20.8 net) and completed 45 wells (28.2 net) in the first half of 2011.  As of June 30, 2011 the Company also had nine wells (3.0 net) in the process of being drilled.

In the East Texas/North Louisiana region, Comstock has drilled 31 wells (14.8 net) in 2011, all of which were Haynesville or Bossier shale wells.  During the first half of 2011, Comstock completed 41 (24.2 net) of its Haynesville or Bossier shale wells.  As of June 30, 2011, Comstock had 16 wells (7.7 net) Haynesville or Bossier wells waiting on completion, down from 35 wells (23.4 net) at December 31, 2010.  Wells completed in the first half of the year were put on production at an average per well initial production rate of 10 MMcfe per day.

In the South Texas region, the Company has drilled six Eagle Ford shale wells (6.0 net) in the first six months of 2011.  Comstock completed four wells (4.0 net) including one well that was drilled in 2010.  These wells had an average per well initial production rate of 870 barrels of oil equivalent ("BOE") per day.  In the second quarter of 2011, Comstock drilled four (4.0 net) Eagle Ford shale wells in its South Texas region in McMullen County.  The Company drilled the Hill #1H to a vertical depth of 11,264 feet with a 4,642 foot lateral.  This well was tested at an initial rate of 865 barrels of oil per day and 1.4 MMcf of natural gas per day or 1,095 BOE per day.  The initial production rate was based on flowing the well at a restricted rate on an 18/64th choke.  The Cutter Creek #1H was drilled to a vertical depth of 10,020 feet with a 4,650 foot lateral.  This well is currently in the process of being completed.  The Forrest Wheeler #1H well was drilled to a vertical depth of 11,142 feet with a 5,147 foot lateral.  The Rancho Tres Hijos "A" #1H was drilled to a vertical depth of 10,911 feet with a 4,893 foot lateral.  Both of these wells are awaiting completion.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

 
 
 


Comstock has planned a conference call for 9:30 a.m. Central Time on August 2, 2011, to discuss the operational and financial results for the second quarter of 2011.  Investors wishing to participate should visit the Company's website at www.comstockresources.com for a live web cast or dial 1-866-804-6925 (international dial-in use 857-350-1671) and provide access code 27198959 when prompted.  A slide show presentation on the financial results will be available on Comstock's website at www.comstockresources.com.  Click on "Presentations" to view the slide show.  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.  A replay of the conference call will be available beginning at 1:30 p.m. ET August 2, 2011 and will continue until 11:59 p.m. August 9, 2011.  To hear the replay, call 888-286-8010 (617-801-6888 if calling from outside the US).  The conference call ID number is 11607359.


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 June 30,
    
Six Months Ended June 30,
  
   
2011
    
2010
    
2011
    
2010
  
                                 
Revenues:
                                
Oil and gas sales
  
$
112,451
    
$
90,682
    
$
200,489
    
$
196,771
  
                                 
Operating expenses:
                                
Production taxes
    
1,363
      
4,806
      
2,089
      
6,481
  
Gathering and transportation
    
6,611
      
3,679
      
12,239
      
8,207
  
Lease operating
    
12,437
      
13,988
      
23,985
      
28,148
  
Exploration
    
82
      
99
      
9,619
      
1,268
  
Depreciation, depletion and amortization
    
74,689
      
57,398
      
135,014
      
116,807
  
Impairment of oil and gas properties
    
—
      
28
      
—
      
187
  
(Gain) loss on sale of properties
    
(26
)
    
797
      
83
      
797
  
General and administrative
    
8,917
      
9,764
      
17,345
      
19,565
  
                                 
Total operating expenses
    
104,073
      
90,559
      
200,374
      
181,460
  
                                 
Operating income
    
8,378
      
123
      
115
      
15,311
  
                                 
Other income (expenses):
                                
Interest income
    
—
      
119
      
—
      
258
  
Other income
    
83
      
25
      
393
      
45
  
Interest expense
    
(10,410
)
    
(7,599
)
    
(20,694
)
    
(15,443
)
Gain on sale of marketable securities
    
8,480
      
5,692
      
29,729
      
5,692
  
                                 
Total other income (expenses)
    
(1,847
)
    
(1,763
)
    
9,428
      
(9,448
)
                                 
Income (loss) before income taxes
    
6,531
      
(1,640
)
    
9,543
      
5,863
  
Benefit from (provision for) income taxes
    
(2,582
)
    
21
      
(3,190
)
    
(140
)
Net income (loss)
  
$
3,949
    
$
(1,619
)
  
$
6,353
    
$
5,723
  
                                 
Net income (loss) per share:
                                
Basic
  
$
0.08
    
$
(0.04
)
  
$
0.13
    
$
0.12
  
Diluted
  
$
0.08
    
$
(0.04
)
  
$
0.13
    
$
0.12
  
                                 
Weighted average shares outstanding:
                                
Basic
    
45,992
      
45,579
      
45,983
      
45,594
  
Diluted
    
45,992
      
45,579
      
45,983
      
45,571
  
 
 
 
 
 
 
 
 
 
 

 
 
 
 
COMSTOCK RESOURCES, INC.
OPERATING RESULTS
(In thousands)

   
Three Months Ended June 30,
    
Six Months Ended June 30,
  
   
2011
    
2010
    
2011
    
2010
  
                                 
OPERATING CASH FLOW:
                                
Net income (loss)
  
$
3,949
    
$
(1,619
)
  
$
6,353
    
$
5,723
  
Reconciling items:
                                
Deferred income taxes
    
2,172
      
12
      
2,621
      
(43
)
Depreciation, depletion and amortization
    
74,689
      
57,398
      
135,014
      
116,807
  
Impairments
    
—
      
28
      
9,454
      
187
  
Gain on sale of assets
    
(8,506
)
    
(4,895
)
    
(29,646
)
    
(4,895
)
Debt issuance costs and discount amortization
    
938
      
624
      
2,403
      
1,226
  
Stock-based compensation
    
3,850
      
4,309
      
7,012
      
8,542
  
Operating cash flow
    
77,092
      
55,857
      
133,211
      
127,547
  
Excess income taxes from stock-based compensation
    
125
      
(41
)
    
612
      
(1,531
)
Decrease (increase) in accounts receivable
    
(1,332
)
    
3,332
      
(6,631
)
    
(1,454
)
Decrease (increase) in other current assets
    
(7,338
)
    
3,619
      
(8,454
)
    
49,436
  
Increase (decrease) in accounts payable and accrued expenses
    
(1,572
)
    
11,721
      
(836
)
    
25,226
  
                                 
Net cash provided by operating activities
  
$
66,975
    
$
74,488
    
$
117,902
    
$
199,224
  
                                 
EBITDAX:
                                
Net income (loss)
  
$
3,949
    
$
(1,619
)
  
$
6,353
    
$
5,723
  
Interest expense
    
10,410
      
7,599
      
20,694
      
15,443
  
Income taxes expense (benefit)
    
2,582
      
(21
)
    
3,190
      
140
  
Depreciation, depletion and amortization
    
74,689
      
57,398
      
135,014
      
116,807
  
Exploration
    
82
      
99
      
9,619
      
1,268
  
Impairments
    
—
      
28
      
—
      
187
  
Gain on sale of assets
    
(8,506
)
    
(4,895
)
    
(29,646
)
    
(4,895
)
Stock-based compensation
    
3,850
      
4,309
      
7,012
      
8,542
  
                                 
EBITDAX
  
$
87,056
    
$
62,898
    
$
152,236
    
$
143,215
  
 
 

   
As of June 30,
  
   
2011
    
2010
  
                 
BALANCE SHEET DATA:
                
                 
Cash and cash equivalents                                                                                                 
  
$
3,556
    
$
42,651
  
Marketable securities
    
62,482
      
53,535
  
Other current assets
    
64,447
      
45,303
  
Property and equipment, net
    
2,021,287
      
1,715,099
  
Other
    
16,677
      
13,955
  
                 
Total assets
  
$
2,168,449
    
$
1,870,543
  
                 
Current liabilities
  
$
172,024
    
$
109,814
  
Long-term debt
    
691,640
      
468,104
  
Deferred income taxes
    
217,992
      
224,484
  
Other non-current liabilities
    
9,508
      
9,419
  
Stockholders' equity
    
1,077,285
      
1,058,722
  
                 
Total liabilities and stockholders' equity
  
$
2,168,449
    
$
1,870,543
  
 
 
 
 
 
 
COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)

   
For the Three Months Ended June 30, 2011
    
For the Three Months Ended June 30, 2010
  
   
East Texas/
                      
East Texas/
                    
   
North
    
South
                
North
    
South
              
   
Louisiana
    
Texas
    
Other
    
Total
    
Louisiana
    
Texas
    
Other
    
Total
  
                                                                 
Oil production (thousand barrels)
    
29
      
128
      
2
      
159
      
50
      
39
      
121
      
210
  
Gas production (MMcf)
    
19,552
      
2,915
      
529
      
22,996
      
14,288
      
3,790
      
631
      
18,709
  
Total production (MMcfe)
    
19,728
      
3,679
      
547
      
23,954
      
14,590
      
4,024
      
1,356
      
19,970
  
                                                                 
Oil sales
  
$
3,092
    
$
12,726
    
$
305
    
$
16,123
    
$
3,894
    
$
2,953
    
$
7,309
    
$
14,156
  
Gas sales
    
79,384
      
14,170
      
2,774
      
96,328
      
57,381
      
16,334
      
2,811
      
76,526
  
Total oil and gas sales
  
$
82,476
    
$
26,896
    
$
3,079
    
$
112,451
    
$
61,275
    
$
19,287
    
$
10,120
    
$
90,682
  
                                                                 
                                                                 
Average oil price (per barrel)
  
$
105.40
    
$
99.88
    
$
107.06
    
$
101.02
    
$
77.25
    
$
75.57
    
$
60.59
    
$
67.37
  
Average gas price (per Mcf)
  
$
4.06
    
$
4.86
    
$
5.24
    
$
4.19
    
$
4.02
    
$
4.31
    
$
4.45
    
$
4.09
  
Average price (per Mcfe)
  
$
4.18
    
$
7.31
    
$
5.63
    
$
4.69
    
$
4.20
    
$
4.79
    
$
7.46
    
$
4.54
  
                                                                 
Production taxes
  
$
65
    
$
1,116
    
$
182
    
$
1,363
    
$
3,670
    
$
526
    
$
610
    
$
4,806
  
Gathering and transportation
  
$
6,134
    
$
356
    
$
121
    
$
6,611
    
$
3,339
    
$
237
    
$
103
    
$
3,679
  
Lease operating
  
$
7,796
    
$
3,620
    
$
1,021
    
$
12,437
    
$
6,814
    
$
3,861
    
$
3,313
    
$
13,988
  
Production taxes (per Mcfe)
  
$
—
    
$
0.30
    
$
0.33
    
$
0.06
    
$
0.25
    
$
0.13
    
$
0.45
    
$
0.24
  
Gathering and
transportation
(per Mcfe)
  
$
0.31
    
$
0.10
    
$
0.22
    
$
0.28
    
$
0.23
    
$
0.06
    
$
0.08
    
$
0.18
  
Lease operating (per Mcfe)
  
$
0.40
    
$
0.98
    
$
1.87
    
$
0.51
    
$
0.47
    
$
0.96
    
$
2.44
    
$
0.71
  
                                                                 
Oil and Gas Capital Expenditures:
                                                                
Leasehold costs
  
$
4,409
    
$
17,585
    
$
1,311
    
$
23,305
    
$
29,523
    
$
22,844
    
$
72
    
$
52,439
  
Exploratory drilling
    
10,046
      
18,367
      
—
      
28,413
      
6,407
      
—
      
—
      
6,407
  
Development drilling
    
123,439
      
12,803
      
675
      
136,917
      
89,252
      
576
      
—
      
89,828
  
Other development
    
998
      
1,015
      
198
      
2,211
      
841
      
694
      
255
      
1,790
  
Total
  
$
138,892
    
$
49,770
    
$
2,184
    
$
190,846
    
$
126,023
    
$
24,114
    
$
327
    
$
150,464
  

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)

   
For the Six Months Ended June 30, 2011
    
For the Six Months Ended June 30, 2010
  
   
East Texas/
                      
East Texas/
                    
   
North
    
South
                
North
    
South
              
   
Louisiana
    
Texas
    
Other
    
Total
    
Louisiana
    
Texas
    
Other
    
Total
  
Oil production (thousand barrels)
    
63
      
222
      
12
      
297
      
87
      
81
      
218
      
386
  
Gas production (MMcf)
    
34,996
      
5,780
      
1,329
      
42,105
      
27,267
      
7,903
      
1,333
      
36,503
  
Total production (MMcfe)
    
35,375
      
7,110
      
1,404
      
43,889
      
27,790
      
8,391
      
2,636
      
38,817
  
                                                                 
Oil sales
  
$
6,037
    
$
21,365
    
$
1,111
    
$
28,513
    
$
6,638
    
$
6,137
    
$
13,154
    
$
25,929
  
Gas sales
    
137,994
      
27,320
      
6,662
      
171,976
      
123,848
      
40,059
      
6,935
      
170,842
  
Total oil and gas sales
  
$
144,031
    
$
48,685
    
$
7,773
    
$
200,489
    
$
130,486
    
$
46,196
    
$
20,089
    
$
196,771
  
                                                                 
                                                                 
Average oil price (per barrel)
  
$
95.64
    
$
96.36
    
$
88.82
    
$
95.89
    
$
76.19
    
$
75.39
    
$
60.59
    
$
67.24
  
Average gas price (per Mcf)
  
$
3.94
    
$
4.73
    
$
5.01
    
$
4.08
    
$
4.54
    
$
5.07
    
$
5.20
    
$
4.68
  
Average price (per Mcfe)
  
$
4.07
    
$
6.85
    
$
5.54
    
$
4.57
    
$
4.70
    
$
5.51
    
$
7.62
    
$
5.07
  
                                                                 
Production taxes
  
$
94
    
$
1,498
    
$
497
    
$
2,089
    
$
4,786
    
$
608
    
$
1,087
    
$
6,481
  
Gathering and transportation
  
$
11,210
    
$
813
    
$
216
    
$
12,239
    
$
6,999
    
$
1,010
    
$
198
    
$
8,207
  
Lease operating
  
$
14,995
    
$
6,987
    
$
2,003
    
$
23,985
    
$
14,762
    
$
7,329
    
$
6,057
    
$
28,148
  
Production taxes (per Mcfe)
  
$
—
    
$
0.21
    
$
0.35
    
$
0.05
    
$
0.17
    
$
0.07
    
$
0.41
    
$
0.17
  
Gathering and
transportation
(per Mcfe)
  
$
0.32
    
$
0.11
    
$
0.15
    
$
0.28
    
$
0.25
    
$
0.12
    
$
0.08
    
$
0.21
  
Lease operating (per Mcfe)
  
$
0.42
    
$
0.99
    
$
1.43
    
$
0.54
    
$
0.54
    
$
0.88
    
$
2.30
    
$
0.72
  
                                                                 
Oil and Gas Capital Expenditures:
                                                                
Leasehold costs
  
$
15,384
    
$
19,265
    
$
1,311
    
$
35,960
    
$
39,378
    
$
22,844
    
$
128
    
$
62,350
  
Exploratory drilling
    
26,890
      
38,795
      
—
      
65,685
      
23,438
      
—
      
—
      
23,438
  
Development drilling
    
219,027
      
24,341
      
773
      
244,141
      
152,494
      
2,170
      
—
      
154,664
  
Other development
    
1,851
      
1,109
      
292
      
3,252
      
1,875
      
1,323
      
501
      
3,699
  
Total
  
$
263,152
    
$
83,510
    
$
2,376
    
$
349,038
    
$
217,185
    
$
26,337
    
$
629
    
$
244,151
  

 
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