0000023194-12-000008.txt : 20120206 0000023194-12-000008.hdr.sgml : 20120206 20120206134234 ACCESSION NUMBER: 0000023194-12-000008 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20120202 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120206 DATE AS OF CHANGE: 20120206 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: 12572956 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 form8kfeb62012.htm COMSTOCK RESOURCES, INC. FORM 8-K form8kfeb62012.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):  February 6, 2012

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 February 6, 2012, Comstock Resources, Inc. ("Comstock") announced financial results for the three months and year ended December 31, 2011.  A copy of the press release announcing Comstock's earnings and operating results for the three months and year ended December 31, 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 February 6, 2012.

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 6, 2012
By:
/s/ ROLAND O. BURNS
   
Roland O. Burns
   
Senior Vice President and Chief Financial Officer

EX-99.1 2 exhibit99pnt1feb62012.htm EXHIBIT 99.1 exhibit99pnt1feb62012.htm
 
Exhibit 99.1
 
 
5300 Town and Country Blvd., Suite 500
comstock resources, inc. logo
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 2011
FINANCIAL AND OPERATING RESULTS

FRISCO, TEXAS, February 6, 2012 – Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today reported financial and operating results for the three months and year ended December 31, 2011.

Financial Results for the Three Months and Year Ended December 31, 2011

Comstock reported a net loss of $41.1 million or 89¢ per share for the three months ended December 31, 2011 as compared to a net loss of $20.6 million or 45¢ per share for the three months ended December 31, 2010.  The fourth quarter 2011 financial results include an impairment charge to write-down proved oil and gas properties of $60.8 million ($39.5 million after tax or 86¢ per share) and a gain realized from the sale of marketable securities of $2.9 million ($1.9 million after tax or 4¢ per share).  Financial results for the fourth quarter of 2010 included a loss on disposal of oil and gas properties of $25.8 million ($16.8 million after tax or 37¢ per share) and a gain on sale of marketable securities of $10.8 million ($7.0 million after tax, or 15¢ per share).
 
 
Comstock produced 25.5 billion cubic feet of natural gas equivalent ("Bcfe") in the fourth quarter of 2011, an increase of 48% over the 17.3 Bcfe produced in the fourth quarter of 2010.  Daily average production increased to 277 million cubic feet of natural gas equivalent ("MMcfe") from 188 MMcfe per day in the fourth quarter of 2010.  Crude oil production increased to 8% of total production in the fourth quarter of 2011 as compared to 4% in the third quarter of 2011.  Production from the Company's Eagle Ford shale operations increased 123% from the third quarter of 2011, averaging 3,300 barrels of oil equivalent per day in the fourth quarter and accounting for 7% of the Company's total production.  Production from the Company's Haynesville shale operations of 184 MMcfe per day in the fourth quarter of 2011 comprised 66% of the Company's total production.

Comstock's average realized natural gas price decreased 9% to $3.40 per Mcf in the fourth quarter of 2011 as compared to $3.73 per Mcf in the fourth quarter of 2010.  The Company's average realized oil price improved by 34% to $100.18 per barrel in the fourth quarter of 2011 as compared to $74.75 per barrel in the fourth quarter of 2010.  Oil and gas sales increased by 58% to $114.5 million in the fourth quarter of 2011 as compared to 2010's fourth quarter sales of $72.7 million.  Operating cash flow (before changes in working capital accounts) increased 75% to $78.8 million in the fourth quarter of 2011 from $44.9 million in 2010's fourth quarter and EBITDAX, or earnings before interest, taxes, depreciation, depletion, amortization, exploration expense and other noncash expenses in the quarter was up 75% to $89.9 million from $51.3 million in 2010's fourth quarter.
 
 
 
 
 
 
 
 
 
With weak natural gas prices and strong crude oil prices persisting, Comstock is redirecting most of its drilling activity to unconventional oil prospects.  In 2012, 92% of the net wells drilled by the Company are expected to be oil wells.  Comstock expects to spend 77% of its 2012 capital budget for oil prospects in its Eagle Ford shale properties in South Texas and its Permian basin properties in West Texas.  On December 31, 2011, 16% of the Company's production (based on a six Mcf to one barrel conversion) is attributable to oil and approximately 2% is attributable to natural gas liquids.  At the beginning of 2011 only 4% of the Company's production was oil.

Comstock reported a net loss of $33.5 million or 73¢ per share for the year ended December 31, 2011 as compared to a net loss of $19.6 million or 43¢ per share for the year ended December 31, 2010.  The financial results for the year ended December 31, 2011 include impairment charges of $70.6 million ($45.9 million after tax or $1.00 per share), a gain realized from the sale of marketable securities of $35.1 million ($22.8 million after tax or 50¢ per share), and a loss on early retirement of debt of $1.1 million ($0.7 million after taxes or 2¢ per share).  The net loss for the year ended December 31, 2010 included a loss on disposal of oil and gas properties of $25.8 million ($16.8 million after tax or 37¢ per share) and a gain realized from sale of marketable securities of $16.5 million ($10.7 million after tax or 24¢ per share).

Comstock's production in 2011 increased by 31% to 95.6 Bcfe as compared to the 73.3 Bcfe produced in 2010.  Natural gas prices continued to weaken in 2011.  Comstock's average realized natural gas price decreased 10% to $3.91 per Mcf for 2011 as compared to $4.35 per Mcf for 2010.  Oil prices continued to be very strong in 2011 and the Company's average realized oil price increased by 40% to $95.73 per barrel as compared to $68.35 per barrel for 2010.  The 31% increase in production and stronger oil prices overcame the lower natural gas prices, resulting in Comstock's oil and gas sales increasing by 24% to $434.4 million in 2011 as compared to 2010's sales of $349.1 million.  Operating cash flow (before changes in working capital accounts) increased 35% to $297.6 million in 2011 from 2010's operating cash flow of $219.7 million.  Higher sales and lower operating cost per Mcfe produced account for the operating cash flow growth.  EBITDAX, or earnings before interest, taxes, depreciation, depletion, amortization, exploration expense and other noncash expenses, also increased 35% to $336.3 million in 2011 from EBITDAX of $249.1 million in 2010.

2011 Drilling Results

Comstock reported on the results of its 2011 drilling program.  The Company spent $573.4 million in 2011 on its drilling activities.  Also in 2011, Comstock spent $218.7 million to acquire 163.7 Bcfe in proved reserves primarily in the Permian basin in West Texas and $255.7 million to acquire exploratory acreage in the Permian basin, the Eagle Ford shale in South Texas, and the Haynesville shale in North Louisiana.  In 2011, Comstock drilled 87 wells (47.7 net) and completed 105 wells (59.8 net).  As of December 31, 2011 the Company also had three wells (1.6 net) in the process of being drilled.

In the East Texas/North Louisiana region, Comstock drilled 64 wells (28.3 net) during 2011, sixty-two of which were Haynesville or Bossier shale horizontal wells.  During 2011, Comstock completed 84 (42.3 net) Haynesville or Bossier shale horizontal wells, including 33 wells (22.2 net) that were drilled in 2010.  Wells drilled and completed in 2011 were put on production at an average per well initial production rate of 10.7 MMcfe per day.  As of December 31, 2011, Comstock had 14 (9.8 net) Haynesville or Bossier horizontal wells waiting on completion.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
In the South Texas region, the Company drilled 20 (19.2 net) horizontal Eagle Ford shale wells in 2011.  Comstock completed 17 wells (17.0 net) including one well that was drilled in 2010.  These wells had an average per well initial production rate of 820 barrels of oil equivalent ("BOE") per day.  Four wells (3.2 net) were awaiting completion at year end.  Since the last update, Comstock has completed four additional wells in its Eagle Ford shale program.  The Gloria Wheeler "A" #1H was drilled to a vertical depth of 11,358 feet with a 6,725 foot lateral.  This well was tested at an initial rate of 1,070 barrels of oil per day and 1.1 MMcf of natural gas per day or 1,254 BOE per day.  The Gloria Wheeler "B" #1H was drilled to a vertical depth of 10,908 feet with a 5,175 foot lateral.  This well was tested at an initial rate of 916 barrels of oil per day and 1.0 MMcf of natural gas per day or 1,085 BOE per day.  The Donnell "A" #1H was drilled to a vertical depth of 9,404 feet with a 6,481 foot lateral.  This well was tested at an initial rate of 646 barrels of oil per day and 0.2 MMcf of natural gas per day or 686 BOE per day.  The Cutter Creek #2H was drilled to a vertical depth of 10,013 feet with a 5,541 foot lateral.  This well was tested at an initial rate of 471 barrels of oil per day and 0.4 MMcf of natural gas per day or 541 BOE per day.  All of the reported well results were obtained while following Comstock's restricted choke program.

During December 2011, production from the wells acquired as part of Comstock's Permian basin acquisition averaged 1,000 barrels of oil and 1.9 MMcf of natural gas per day.  At year end 2011 there were three wells (0.8 net) in the process of being drilled and four wells (2.5 net) that were awaiting completion on these West Texas properties.

Comstock has planned a conference call for 2:00 p.m. Eastern Time on February 6, 2012, to discuss the operational and financial results for the fourth quarter of 2011.  Investors wishing to participate should visit the Company's website at www.comstockresources.com for a live web cast or dial 1-866-362-5158 (international dial-in use 617-597-5397) and provide access code 53956340 when prompted.  A slide presentation on the financial results will be available on Comstock's website at www.comstockresources.com.  Click on "Presentations" to view the slides.  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 5:00 p.m. ET February 6, 2012 and will continue until 11:59 p.m. February 13, 2012.  To hear the replay, call 888-286-8010 (617-801-6888 if calling from outside the US).  The conference call ID number is 11275509.


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 December 31,
    
Year Ended December 31,
  
   
2011
    
2010
    
2011
    
2010
  
                                 
Revenues:
                                
Oil and gas sales
  
$
114,456
    
$
72,650
    
$
434,367
    
$
349,141
  
                                 
Operating expenses:
                                
Production taxes
    
1,440
      
351
      
3,670
      
9,894
  
Gathering and transportation
    
8,151
      
4,948
      
28,491
      
17,256
  
Lease operating
    
10,040
      
12,375
      
46,552
      
53,525
  
Exploration
    
82
      
99
      
10,148
      
2,605
  
Depreciation, depletion and amortization
    
78,244
      
50,206
      
290,776
      
213,809
  
Impairment of oil and gas properties
    
60,817
      
11
      
60,817
      
224
  
Loss on sale of properties
    
—
      
25,835
      
57
      
26,632
  
General and administrative
    
9,199
      
8,235
      
35,172
      
37,200
  
                                 
Total operating expenses
    
167,973
      
102,060
      
475,683
      
361,145
  
                                 
Operating loss
    
(53,517
)
    
(29,410
)
    
(41,316
)
    
(12,004
)
                                 
Other income (expenses):
                                
Interest and other income
    
210
      
91
      
790
      
499
  
Interest expense
    
(12,006
)
    
(6,905
)
    
(42,688
)
    
(29,456
)
Gain on sale of marketable securities
    
2,905
      
10,837
      
35,118
      
16,529
  
                                 
Total other income (expenses)
    
(8,891
)
    
4,023
      
(6,780
)
    
(12,428
)
                                 
Loss before income taxes
    
(62,408
)
    
(25,387
)
    
(48,096
)
    
(24,432
)
Benefit from income taxes
    
21,274
      
4,778
      
14,624
      
4,846
  
Net loss
  
$
(41,134
)
  
$
(20,609
)
  
$
(33,472
)
  
$
(19,586
)
                                 
Net loss per share:
                                
Basic
  
$
(0.89
 )   
$
(0.45
)
  
$
(0.73
)
  
$
(0.43
)
Diluted
  
$
(0.89
 )   
$
(0.45
)
  
$
(0.73
)
  
$
(0.43
)
                                 
Weighted average shares outstanding:
                                
Basic
    
46,011
      
45,631
      
45,997
      
45,561
  
Diluted
    
46,011
      
45,631
      
45,997
      
45,561
  

 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
COMSTOCK RESOURCES, INC.
OPERATING RESULTS
(In thousands)
 
   
Three Months Ended December 31,
    
Year Ended December 31,
  
   
2011
    
2010
    
2011
    
2010
  
                                 
OPERATING CASH FLOW:
                                
Net loss
  
$
(41,134
)
  
$
(20,609
)
  
$
(33,472
)
  
$
(19,586
)
Reconciling items:
                                
Deferred income taxes
    
(21,245
)
    
(4,748
)
    
(14,652
)
    
(4,617
)
Depreciation, depletion and amortization
    
78,244
      
50,206
      
290,776
      
213,809
  
Dry hole costs and lease impairments
    
—
      
—
      
9,819
      
—
  
Impairment of oil and gas properties
    
60,817
      
11
      
60,817
      
224
  
(Gain) loss on sale of assets
    
(2,905
)
    
14,998
      
(35,061
)
    
10,103
  
Debt issuance costs and discount amortization
    
949
      
602
      
4,300
      
2,436
  
Stock-based compensation
    
4,074
      
4,447
      
15,032
      
17,377
  
Operating cash flow
    
78,800
      
44,907
      
297,559
      
219,746
  
Excess income taxes from stock-based compensation
    
—
      
12
      
612
      
(1,491
)
Increase in accounts receivable
    
(4,088
)
    
(12,528
)
    
(9,046
)
    
(4,432
)
Decrease (increase) in other current assets
    
1,036
      
(1,358
)
    
3,311
      
48,070
  
Increase (decrease) in accounts payable and accrued expenses
    
(8,393
)
    
31,393
      
(7,532
)
    
49,769
  
                                 
Net cash provided by operating activities
  
$
67,355
    
$
62,426
    
$
284,904
    
$
311,662
  
                                 
EBITDAX:
                                
Net loss
  
$
(41,134
)
  
$
(20,609
)
  
$
(33,472
)
  
$
(19,586
)
Interest expense
    
12,006
      
6,905
      
42,688
      
29,456
  
Income tax benefit
    
(21,274
)
    
(4,778
)
    
(14,624
)
    
(4,846
)
Depreciation, depletion and amortization
    
78,244
      
50,206
      
290,776
      
213,809
  
Exploration
    
82
      
99
      
10,148
      
2,605
  
Impairment of oil and gas properties
    
60,817
      
11
      
60,817
      
224
  
(Gain) loss on sale of assets
    
(2,905
)
    
14,998
      
(35,061
)
    
10,103
  
Stock-based compensation
    
4,074
      
4,447
      
15,032
      
17,377
  
                                 
EBITDAX
  
$
89,910
    
$
51,279
    
$
336,304
    
$
249,142
  
                                 
   
As of December 31,
  
   
2011
    
2010
  
                 
BALANCE SHEET DATA:
                
                 
Cash and cash equivalents
  
$
8,460
    
$
1,732
  
Marketable securities
    
47,642
      
84,637
  
Other current assets
    
56, 988
      
49,362
  
Property and equipment, net
    
2,509,845
      
1,816,248
  
Other
    
16,949
      
12,235
  
                 
Total assets
  
$
2,639,884
    
$
1,964,214
  
                 
Current liabilities
  
$
187,207
    
$
155,064
  
Long-term debt
    
1,196,908
      
513,372
  
Deferred income taxes
    
201,705
      
217,993
  
Other non-current liabilities
    
16,439
      
9,254
  
Stockholders' equity
    
1,037,625
      
1,068,531
  
                 
Total liabilities and stockholders' equity
  
$
2,639,884
    
$
1,964,214
  
 
 
COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)

     
For the Three Months Ended December 31, 2011
    
For the Three Months Ended December 31, 2010
  
     
East Texas/
North
Louisiana
      
South
Texas
      
West
Texas
      
Other
      
Total
      
East Texas/
North
Louisiana
      
South
Texas
      
Other
      
Total
  
                                                                         
Oil production (thousand barrels)
    
28
      
312
              
6
      
346
      
33
      
43
      
82
      
158
  
Gas production (MMcf)
    
20,177
      
2,659
              
595
      
23,431
      
12,637
      
3,130
      
549
      
16,316
  
Total production (MMcfe)
    
20,348
      
4,537
              
624
      
25,509
      
12,835
      
3,383
      
1,042
      
17,260
  
                                                                         
Oil sales
  
$
2,614
    
$
31,638
            
$
453
    
$
34,705
    
$
2,667
    
$
3,517
    
$
5,573
    
$
11,757
  
Gas sales
    
65,959
      
11,331
              
2,461
      
79,751
      
45,356
      
13,278
      
2,259
      
60,893
  
Total oil and gas sales
  
$
68,573
    
$
42,969
            
$
2,914
    
$
114,456
    
$
48,023
    
$
16,795
    
$
7,832
    
$
72,650
  
                                                                         
                                                                         
Average oil price (per barrel)
  
$
92.25
    
$
101.10
            
$
88.26
    
$
100.18
    
$
80.63
    
$
83.16
    
$
68.03
    
$
74.75
  
Average gas price (per Mcf)
  
$
3.27
    
$
4.26
            
$
4.14
    
$
3.40
    
$
3.59
    
$
4.24
    
$
4.11
    
$
3.73
  
Average price (per Mcfe)
  
$
3.37
    
$
9.47
            
$
4.67
    
$
4.49
    
$
3.74
    
$
4.96
    
$
7.52
    
$
4.21
  
                                                                         
Production taxes
  
$
(949
)
  
$
2,228
            
$
161
    
$
1,440
    
$
(781
)
  
$
682
    
$
450
    
$
351
  
Gathering and transportation
  
$
7,741
    
$
294
            
$
116
    
$
8,151
    
$
4,189
    
$
643
    
$
116
    
$
4,948
  
Lease operating
  
$
7,236
    
$
1,992
            
$
812
    
$
10,040
    
$
6,162
    
$
3,667
    
$
2,546
    
$
12,375
  
Production taxes (per Mcfe)
  
$
(0.05
)
  
$
0.49
            
$
0.26
    
$
0.06
    
$
(0.06
)
  
$
0.20
    
$
0.43
    
$
0.02
  
Gathering and transportation (per Mcfe)
  
$
0.38
    
$
0.06
            
$
0.19
    
$
0.32
    
$
0.33
    
$
0.19
    
$
0.11
    
$
0.29
  
Lease operating (per Mcfe)
  
$
0.36
    
$
0.44
            
$
1.30
    
$
0.39
    
$
0.48
    
$
1.09
    
$
2.45
    
$
0.71
  
                                                                         
Oil and Gas Capital Expenditures:
                                                                  
Acquisitions
  
$
16,879
    
$
—
    
$
201,782
    
$
—
    
$
218,661
    
$
—
    
$
—
    
$
—
    
$
—
  
Exploratory leasehold
    
12,064
      
43,860
      
147,532
      
—
      
203,456
      
4,310
      
2,073
      
—
      
6,383
  
Development leasehold
    
420
      
—
      
—
      
—
      
420
      
1,077
      
27
      
15
      
1,119
  
Exploratory drilling
    
2,290
      
2,131
      
—
      
—
      
4,421
      
9,718
      
19,185
      
—
      
28,903
  
Development drilling
    
46,713
      
76,726
      
—
      
160
      
123,599
      
96,913
      
7,441
      
101
      
104,455
  
Other development
    
532
      
345
      
—
      
92
      
969
      
34
      
210
      
78
      
322
  
Total
  
$
78,898
    
$
123,062
    
$
349,314
    
$
252
    
$
551,526
    
$
112,052
    
$
28,936
    
$
194
    
$
141,182
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)

     
For the Year Ended December 31, 2011
    
For the Year Ended December 31, 2010
  
     
East Texas/
North
Louisiana
      
South
Texas
      
West
Texas
      
Other
      
Total
      
East Texas/
North
Louisiana
      
South
Texas
      
Other
      
Total
  
                                                                         
Oil production (thousand barrels)
    
117
      
697
              
24
      
838
      
147
      
157
      
411
      
715
  
Gas production (MMcf)
    
76,883
      
11,153
              
2,557
      
90,593
      
52,038
      
14,437
      
2,498
      
68,973
  
Total production (MMcfe)
    
77,585
      
15,338
              
2,699
      
95,622
      
52,920
      
15,376
      
4,966
      
73,262
  
                                                                         
Oil sales
  
$
10,614
    
$
67,523
            
$
2,107
    
$
80,244
    
$
11,237
    
$
12,088
    
$
25,524
    
$
48,849
  
Gas sales
    
290,028
      
51,789
              
12,306
      
354,123
      
219,387
      
68,915
      
11,990
      
300,292
  
Total oil and gas sales
  
$
300,642
    
$
119,312
            
$
14,413
    
$
434,367
    
$
230,624
    
$
81,003
    
$
37,514
    
$
349,141
  
                                                                         
                                                                         
Average oil price (per barrel)
  
$
90.74
    
$
96.81
            
$
88.63
    
$
95.73
    
$
76.37
    
$
77.21
    
$
62.10
    
$
68.35
  
Average gas price (per Mcf)
  
$
3.77
    
$
4.64
            
$
4.81
    
$
3.91
    
$
4.22
    
$
4.77
    
$
4.80
    
$
4.35
  
Average price (per Mcfe)
  
$
3.87
    
$
7.78
            
$
5.34
    
$
4.54
    
$
4.36
    
$
5.27
    
$
7.55
    
$
4.77
  
                                                                         
Production taxes
  
$
(1,958
)
  
$
4,881
            
$
747
    
$
3,670
    
$
5,837
    
$
1,990
    
$
2,067
    
$
9,894
  
Gathering and transportation
  
$
26,581
    
$
1,476
            
$
434
    
$
28,491
    
$
14,762
    
$
2,086
    
$
408
    
$
17,256
  
Lease operating
  
$
30,419
    
$
12,443
            
$
3,690
    
$
46,552
    
$
28,000
    
$
14,027
    
$
11,498
    
$
53,525
  
Production taxes (per Mcfe)
  
$
(0.03
)
  
$
0.32
            
$
0.28
    
$
0.04
    
$
0.11
    
$
0.13
    
$
0.42
    
$
0.14
  
Gathering and transportation (per Mcfe)
  
$
0.34
    
$
0.10
            
$
0.16
    
$
0.30
    
$
0.28
    
$
0.14
    
$
0.08
    
$
0.24
  
Lease operating (per Mcfe)
  
$
0.40
    
$
0.81
            
$
1.37
    
$
0.48
    
$
0.53
    
$
0.91
    
$
2.31
    
$
0.72
  
                                                                         
Oil and Gas Capital Expenditures:
                                                                  
Acquisitions
  
$
16,879
    
$
—
    
$
201,782
    
$
—
    
$
218,661
    
$
—
    
$
—
    
$
—
    
$
—
  
Exploratory leasehold
    
37,682
      
66,263
      
151,754
      
—
      
255,699
      
53,288
      
81,440
      
—
      
134,728
  
Development leasehold
    
695
      
103
      
—
      
—
      
798
      
2,500
      
535
      
173
      
3,208
  
Exploratory drilling
    
33,381
      
48,647
      
—
      
—
      
82,028
      
59,579
      
25,561
      
—
      
85,140
  
Development drilling
    
330,090
      
152,036
      
—
      
1,690
      
483,816
      
294,399
      
9,506
      
1,505
      
305,410
  
Other development
    
4,089
      
1,966
      
—
      
461
      
6,516
      
2,251
      
2,559
      
838
      
5,648
  
Total
  
$
422,816
    
$
269,015
    
$
353,536
    
$
2,151
    
$
1,047,518
    
$
412,017
    
$
119,601
    
$
2,516
    
$
534,134
  

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