0000023194-13-000036.txt : 20131216 0000023194-13-000036.hdr.sgml : 20131216 20131216171721 ACCESSION NUMBER: 0000023194-13-000036 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20131216 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20131216 DATE AS OF CHANGE: 20131216 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: 131279739 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 form8kdec162013.htm COMSTOCK RESOURCES, INC. FORM 8-K form8kdec162013.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):  December 16, 2013

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 8.01  Other Events
 
On December 16, 2013, we issued a press release, attached hereto as Exhibit 99.1, announcing our 2014 capital expenditures budget of $478 million.

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.

Item 9.01                      Financial Statements and Exhibits

Exhibit 99.1
Press Release dated December 16, 2013.

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:  December 16, 2013
By:
/s/ ROLAND O. BURNS
   
Roland O. Burns
   
President and Chief Financial Officer


EX-99.1 2 exhibit99pnt1dec162013.htm EXHIBIT 99.1 exhibit99pnt1dec162013.htm
Exhibit 99.1
 
 
5300 Town and Country Blvd., Suite 500
comstock resources, inc. logo
Frisco, Texas 75034
Telephone: (972) 668-8834
Contact: Gary H. Guyton
Director of Planning and Investor Relations
 
Web Site: www.comstockresources.com

NEWS RELEASE

For Immediate Release

COMSTOCK RESOURCES, INC. ANNOUNCES
2014 EXPLORATION AND DEVELOPMENT BUDGET

FRISCO, TEXAS, December 16, 2013 – Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) announced that it budgeted $450 million in 2014 for its drilling and completion activities.  Comstock has budgeted an additional $28 million for leasing activities.  The 2014 drilling program will focus on the continued development of the Company’s South Texas Eagle Ford shale properties and the delineation of its recently acquired East Texas Eagle Ford shale properties and its Tuscaloosa Marine shale properties.  The Company has not budgeted to drill any natural gas wells in 2014.  Comstock expects to utilize five operated rigs to execute its 2014 drilling program.

The 2014 budget includes $80 million for completion costs of 29 (21.0 net) South Texas Eagle Ford shale wells that were drilled in 2013 but will be completed in 2014.  In addition to completing the wells drilled in 2013, Comstock has budgeted to drill 71 (47.6 net) horizontal wells in 2014.  The Company expects to spend $264 million for drilling 59 (40.2 net) wells in the South Texas Eagle Ford shale, $50 million for drilling ten (5.6 net) East Texas Eagle Ford shale wells, $27 million for drilling two (1.8 net) Tuscaloosa Marine shale wells and $29 million on facilities, recompletions and other capital projects.  Depending on oil and natural gas prices in 2014, the Company anticipates funding its drilling expenditures with operating cash flow.

The Company estimates that the oil focused drilling program will allow the Company to grow its oil production in 2014 to 4.1 to 4.6 million barrels, which would represent a 75% to 95% growth over oil production from continuing operations in 2013.  With no natural gas focused drilling planned for 2014, Comstock’s natural gas production is expected to decline to 40 to 44 Bcf.  If natural gas prices continue to improve in 2014, the Company will consider re-starting its drilling program in North Louisiana targeting the Haynesville and Bossier shale.


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.

 
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