Comstock Resources, Inc. Reports Second Quarter 2009 Financial and Operating Results

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Clerkenwell	LSE:CRK	London	Ordinary Share	GB00B3L0Q676	ORD 1P

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FRISCO, Texas, Aug. 3 /PRNewswire-FirstCall/ -- 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, 2009. Reported results for the three months and six months ended June 30, 2008 reflect the Company's offshore operations, which were sold during 2008, as discontinued operations. Financial Results for the Three Months and Six Months Ended June 30, 2009 Comstock reported a net loss of $11.5 million or 26 cents per share for the second quarter of 2009 as compared to 2008's second quarter net income from continuing operations of $70.4 million or $1.53 per diluted share. The loss in the second quarter is attributable to the substantial decline in oil and natural gas prices in 2009. Comstock averaged $3.88 per Mcf for sales of its natural gas production in the second quarter of 2009, 63% lower than the $10.51 per Mcf realized in 2008's second quarter. Realized oil prices in the second quarter of 2009 averaged $49.24 per barrel, 53% lower than the $105.16 per barrel in 2008's second quarter. Comstock's production in the second quarter of 2009 increased 6% to 15.3 billion cubic feet equivalent of natural gas ("Bcfe") as compared to pro forma production of 14.5 Bcfe in the second quarter of 2008, which excludes production from properties sold during 2008. The 2009 second quarter average daily production rate of 169 million cubic feet of natural gas equivalent ("MMcfe") increased 8% from the 2009 first quarter production rate of 157 MMcfe per day. On July 31, 2009, the Company's current production rate had increased to 190 MMcfe per day. The low oil and natural gas prices caused the second quarter of 2009's oil and gas sales to decrease 62% to $64.9 million as compared to 2008's second quarter sales of $172.0 million. Operating cash flow (before changes in working capital accounts) generated by Comstock in 2009's second quarter of $42.1 million decreased 69% from 2008's second quarter operating cash flow from continuing operations of $134.3 million. EBITDAX, or earnings before interest, taxes, depreciation, depletion, amortization, exploration expense and other noncash expenses, decreased 71% to $42.2 million in 2009's second quarter from 2008's second quarter EBITDAX from continuing operations of $145.0 million. Comstock reported a net loss of $17.1 million or 38 cents per share for the first six months of 2009 as compared to net income from continuing operations of $99.8 million or $2.17 per diluted share in the first six months of 2008. The loss for the first half of 2009 is also attributable to the substantial decline in oil and natural gas prices. Comstock averaged $4.30 per Mcf for sales of its natural gas production in the first six months of 2009, 54% lower than the $9.39 per Mcf realized in 2008's first six months. Realized oil prices in the first six months of 2009 averaged $41.95 per barrel, 55% lower than the $93.92 per barrel in 2008's first six months. Comstock's production in the first half of 2009 increased 4% to 29.4 Bcfe as compared to pro forma production of 28.2 Bcfe in the first half of 2008, which excludes production from properties sold during 2008. Oil and gas sales for the first half of 2009 decreased 56% to $133.2 million from $299.7 million in the first half of 2008. Operating cash flow (before changes in working capital accounts) generated by Comstock in 2009's first six months of $86.8 million decreased 62% from 2008's first six months operating cash flow of $225.8 million from continuing operations. EBITDAX decreased 65% to $87.5 million in 2009's first six months from 2008's first six months EBITDAX from continuing operations of $248.2 million. 2009 Drilling Results Comstock reported on the results to date of its 2009 drilling program. The Company spent $174.5 million during the first six months of 2009 on its exploration and development activities. During the first six months of 2009, Comstock drilled 29 wells (21.3 net), all of which were successful. Twenty-two of the 29 wells drilled in the first six months of 2009 were horizontal wells. The Company's drilling program this year is primarily focused on developing its Haynesville shale properties in East Texas and North Louisiana. Through August 3, 2009, the Company has drilled 21 horizontal wells (15.8 net) in the Haynesville shale play in 2009, fourteen of which have been completed and tested at an average per well initial production rate of 11.6 MMcfe per day. The remaining seven are in the process of being completed or awaiting pipeline connection prior to completion operations commencing. Comstock also had four Haynesville shale horizontal wells drilling at the end of July. Since the Company's last operational update, it has completed three Haynesville shale horizontal wells in its Blocker field in Harrison County, Texas, three in its Logansport field in DeSoto Parish, Louisiana, and one well in its Toledo Bend North field also in DeSoto Parish. In the Blocker field in East Texas, the Green #13H well was drilled to a vertical depth of 11,055 feet with a 3,462 foot horizontal lateral. The well was completed with ten frac stages and was tested at an initial production rate of 6.5 MMcfe per day. Comstock has a 94% working interest in this well. The second Blocker well was the Cox #1H well, which was drilled to a vertical depth of 11,120 feet with a 4,181 foot horizontal lateral. The well was completed with ten frac stages and was tested at an initial production rate of 8.2 MMcfe per day. Comstock has a 99% working interest in this well. Also in the Blocker field, the Woods #1H well was drilled to a vertical depth of 11,353 feet with a 4,181 foot horizontal lateral. The Woods #1H was completed with ten frac stages and was tested at an initial production rate of 8.5 MMcfe per day. Comstock has an 100% working interest in this well. Comstock completed its best Haynesville shale well to date in the second quarter. In the Logansport field in North Louisiana, the Colvin-Craner #2H well was drilled to a vertical depth of 11,353 feet with a 4,181 foot horizontal lateral. The well was completed with 10 frac stages and was tested at an initial production rate of 21.2 MMcfe per day. Also at Logansport, the Broome #1H well was drilled to a vertical depth of 11,368 feet with a 4,051 foot horizontal lateral. The well was completed with 11 frac stages and was tested at an initial production rate of 16.7 MMcfe per day. The third Logansport well, the Weyerhaeuser #2H, was drilled to a vertical depth of 11,493 feet with a 4,181 foot horizontal lateral. The well was completed with 10 frac stages and was tested at an initial production rate of 16.2 MMcfe per day. Comstock has a 100% working interest in these three wells. In its Toledo Bend North field in North Louisiana, Comstock drilled the BSMC 7 #2H, which represents Comstock's first Upper Haynesville or Bossier shale horizontal well. This well was drilled to a vertical depth of 11,174 feet with a 4,441 foot horizontal lateral. This well was completed with 10 frac stages and was tested with an initial production rate of 11.6 MMcfe per day. Comstock has an 88% working interest in this well. In its South Texas region, Comstock drilled four successful wells (2.9 net) to date which had an average per well initial production rate of 9.5 MMcfe per day. During the second quarter of 2009 the Santa Fe Julian Pasture #2 well in Kenedy County, Texas was drilled to a total vertical depth of 12,200 feet and completed with an initial production rate of 12.2 MMcfe per day. Comstock has a 45% working interest in this well. Comstock expects to spend $360 million on its 2009 drilling program. Costs to drill and complete wells has fallen since the beginning of the year which will allow Comstock to drill more wells than was anticipated in its original 2009 budget. Comstock now expects to drill 49 (37.4 net) wells in 2009 including 38 (29.5 net) horizontal Haynesville shale wells. Comstock's previous budget provided for 44 (34.8 net) wells with 33 (26.9 net) horizontal Haynesville shale wells. Comstock has planned a conference call for 9:30 a.m. Central Time on Tuesday August 4, 2009, to discuss the operational and financial results for the second quarter of 2009. Investors wishing to participate should visit our website at http://www.comstockresources.com/ for a live web cast or dial 1-866-788-0545 and provide access code 92349345 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 http://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 a growing 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 Six Months Ended June 30, June 30, ------------------- --------------------- 2009 2008 2009 2008 -------- ------- -------- -------- Revenues: Oil and gas sales $64,875 $172,022 $133,226 $299,743 Gain on sale of assets - 21,444 - 21,204 Operating expenses: Oil and gas operating 17,485 23,362 34,444 44,564 Exploration 131 - 144 2,238 Depreciation, depletion and amortization 50,796 44,422 98,068 85,927 General and administrative 9,051 6,922 18,870 13,086 -------- ------- -------- -------- Total operating expenses 77,463 74,706 151,526 145,815 -------- ------- -------- -------- Operating income (loss) from continuing operations (12,588) 118,760 (18,300) 175,132 Other income (expenses): Interest income 10 205 32 366 Other income 29 36 92 58 Interest expense (2,901) (8,546) (5,063) (18,497) -------- ------- -------- -------- Total other income (expenses) (2,862) (8,305) (4,939) (18,073) -------- ------- -------- -------- Income (loss) from continuing operations before income taxes (15,450) 110,455 (23,239) 157,059 Benefit from (provision for) income taxes 3,975 (40,027) 6,107 (57,229) -------- ------- -------- -------- Income (loss) from continuing operations (11,475) 70,428 (17,132) 99,830 -------- ------- -------- -------- Income from discontinued operations after income taxes and minority interest - 12,199 - 23,892 -------- ------- -------- -------- Net income (loss) $(11,475) $82,627 $(17,132) $123,722 ======== ======= ======== ======== Basic net income (loss) per share: Continuing operations $(0.26) $1.55 $(0.38) $2.19 Discontinued operations - 0.27 - 0.52 -------- ------- -------- -------- $(0.26) $1.82 $(0.38) $2.71 ======== ======= ======== ======== Diluted net income (loss) per share: Continuing operations $(0.26) $1.53 $(0.38) $2.17 Discontinued operations - 0.27 - 0.52 -------- ------- -------- -------- $(0.26) $1.80 $(0.38) $2.69 ======== ======= ======== ======== Weighted average shares outstanding: Basic 45,000 44,287 44,971 44,296 ======== ======= ======== ======== Diluted(1) 45,000 44,661 44,971 44,677 ======== ======= ======== ======== (1) In 2009, basic and diluted shares are the same due to the net loss. COMSTOCK RESOURCES, INC. OPERATING RESULTS (In thousands) Three Months Ended Six Months Ended June 30, June 30, ----------------- ------------------- 2009 2008 2009 2008 ------- -------- ------- -------- OPERATING CASH FLOW: Net income (loss) from continuing operations $(11,475) $70,428 $(17,132) $99,830 Reconciling items: Deferred income taxes (1,263) 37,272 (1,984) 52,504 Dry hole costs and lease impairments - - - 2,238 Depreciation, depletion and amortization 50,796 44,422 98,068 85,927 Gain on sale of assets - (21,444) - (21,204) Debt issuance cost amortization 202 203 405 405 Stock-based compensation 3,820 3,038 7,487 5,716 Loss on derivatives - 359 - 359 ------- ------- ------- -------- Operating cash flow 42,080 134,278 86,844 225,775 Excess tax benefit from stock-based compensation (245) (7,962) (924) (8,632) (Increase) decrease in accounts receivable 3,625 (9,651) 13,810 (25,316) (Increase) decrease in other current assets (889) (1,017) (654) (1,175) Increase (decrease) in accounts payable and accrued expenses (15,588) 30,725 (29,631) 10,078 ------- ------- ------- -------- Net cash provided by operating activities from continuing operations $28,983 $146,373 $69,445 $200,730 ======= ======== ======= ======== EBITDAX: Income (loss) from continuing operations $(11,475) $70,428 $(17,132) $99,830 Gain on sale of assets - (21,444) - (21,204) Interest expense 2,901 8,546 5,063 18,497 Income tax expense (benefit) (3,975) 40,027 (6,107) 57,229 Depreciation, depletion and amortization 50,796 44,422 98,068 85,927 Stock-based compensation 3,820 3,038 7,487 5,716 Exploration 131 - 144 2,238 ------- ------- ------- -------- EBITDAX from continuing operations $42,198 $145,017 $87,523 $248,233 ======== ======== ======= ======== As of June 30, ------------------------- 2009 2008 ---------- ---------- Balance Sheet Data: Cash and cash equivalents $3,970 $8,709 Derivative financial instruments 11,922 - Other current assets 52,950 89,266 Marketable securities 36,099 - Property and equipment, net 1,521,578 1,276,184 Assets of discontinued operations - 1,031,982 Other 2,748 3,554 ---------- ---------- Total assets $1,629,267 $2,409,695 ========== ========== Accounts payable and accrued expenses $80,280 $96,608 Derivative financial instruments - 40,080 Long-term debt 315,000 495,000 Deferred income taxes 182,975 132,198 Asset retirement obligation 5,830 7,555 Liabilities and minority interest of discontinued operations - 746,081 Stockholders' equity 1,045,182 892,173 ---------- ---------- Total liabilities and stockholders' equity $1,629,267 $2,409,695 ========== ========== COMSTOCK RESOURCES, INC. REGIONAL OPERATING RESULTS (In thousands, except per unit amounts) For the Three Months Ended June 30, 2009 ------------------------------------ East Texas/ North South Louisiana Texas Other Total --------- ------- ------ ------- Oil production (thousand barrels) 65 38 102 205 Gas production (million cubic feet - Mmcf) 8,613 4,823 672 14,108 Total production (Mmcfe) 9,008 5,052 1,277 15,337 Oil sales $3,408 $2,114 $4,560 $10,082 Gas sales 28,257 17,146 2,276 47,679 Gas hedging gains (losses) - 7,114 - 7,114 ------- ------- ------ ------- Total gas sales 28,257 24,260 2,276 54,793 ------- ------- ------ ------- Total oil and gas sales $31,665 $26,374 $6,836 $64,875 ======= ======= ====== ======= Average oil price (per barrel) $52.43 $55.63 $44.71 $49.24 Average gas price (per thousand cubic feet -Mcf) $3.28 $3.56 $3.39 $3.38 Average gas price including hedging (per Mcf) $3.28 $5.03 $3.39 $3.88 Average price (per Mcf equivalent) $3.52 $3.81 $5.35 $3.77 Average price including hedging (per Mcf equivalent) $3.52 $5.22 $5.35 $4.23 Lifting cost(1) $8,749 $5,278 $3,458 $17,485(1) Lifting cost (per Mcf equivalent) $0.97 $1.04 $2.71 $1.14 Oil and Gas Capital Expenditures: Leasehold costs $3,767 $60 $103 $3,930 Exploratory drilling 30,034 81 - 30,115 Development drilling 36,195 4,834 111 41,140 Other development 1,814 312 (36) 2,090 ------- ------- ------ ------- Total $71,810 $5,287 $178 $77,275 ======= ======= ====== ======= For the Three Months Ended June 30, 2008 Adjusted to Exclude 2008 Asset Sales ------------------------------------------ East Texas/ North South Louisiana Texas Other Total --------- ------- ------- -------- Oil production (thousand barrels) 79 45 126 250 Gas production (million cubic feet -Mmcf) 6,797 5,542 615 12,954 Total production (Mmcfe) 7,267 5,817 1,370 14,454 Oil sales $8,958 $5,474 $11,613 $26,045 Gas sales 74,653 59,713 6,594 140,960 Gas hedging gains (losses) - (4,384) - (4,384) ------- ------- ------- -------- Total gas sales 74,653 55,329 6,594 136,576 ------- ------- ------- -------- Total oil and gas sales $83,611 $60,803 $18,207 $162,621 ======= ======= ======= ======== Average oil price (per barrel) $113.39 $121.64 $92.17 $104.19 Average gas price (per thousand cubic feet -Mcf) $10.98 $10.77 $10.72 $10.88 Average gas price including hedging (per Mcf) $10.98 $9.98 $10.72 $10.54 Average price (per Mcf equivalent) $11.51 $11.21 $13.29 $11.55 Average price including hedging (per Mcf equivalent) $11.51 $10.45 $13.29 $11.25 Lifting cost(1) $9,214 $6,868 $5,451 $21,533(1) Lifting cost (per Mcf equivalent) $1.27 $1.18 $3.98 $1.49 Oil and Gas Capital Expenditures: Leasehold costs $17,146 $282 $12 $17,440 Exploratory drilling - 1 228 229 Development drilling 43,186 14,861 157 58,204 Other development 197 6,172 1,265 7,634 ------- ------- ------- -------- Total $60,529 $21,316 $1,662 $83,507 ======= ======= ======= ======== For the Six Months Ended June 30, 2009 ------------------------------------ East Texas/ North South Louisiana Texas Other Total --------- ------- ------- -------- Oil production (thousand barrels) 128 89 204 421 Gas production (million cubic feet - Mmcf) 15,792 9,734 1,375 26,901 Total production (Mmcfe) 16,563 10,270 2,592 29,425 Oil sales $5,683 $4,193 $7,767 $17,643 Gas sales 59,575 38,110 4,872 102,557 Gas hedging gains (losses) - 13,026 - 13,026 -------- ------- ------- -------- Total gas sales 59,575 51,136 4,872 115,583 -------- ------- ------- -------- Total oil and gas sales $65,258 $55,329 $12,639 $133,226 ======== ======= ======= ======== Average oil price (per barrel) $44.40 $47.11 $38.07 $41.95 Average gas price (per thousand cubic feet - Mcf) $3.77 $3.92 $3.54 $3.81 Average gas price including hedging (per Mcf) $3.77 $5.25 $3.54 $4.30 Average price (per Mcf equivalent) $3.94 $4.12 $4.88 $4.08 Average price including hedging (per Mcf equivalent) $3.94 $5.39 $4.88 $4.53 Lifting cost(2) $16,252 $10,780 $7,412 $34,444(2) Lifting cost (per Mcf equivalent) $0.98 $1.05 $2.86 $1.17 Oil and Gas Capital Expenditures: Leasehold costs $7,168 $331 $103 $7,602 Exploratory drilling 66,501 1,893 - 68,394 Development drilling 67,852 23,786 111 91,749 Other development 3,212 3,278 296 6,786 -------- ------- ------- -------- Total $144,733 $29,288 $510 $174,531 ======== ======= ======= ======== For the Six Months Ended June 30, 2008 Adjusted to Exclude 2008 Asset Sales ------------------------------------- East Texas/ North South Louisiana Texas Other Total --------- ------- ------ -------- Oil production (thousand barrels) 121 78 276 475 Gas production (million cubic feet - Mmcf) 13,078 10,872 1,388 25,338 Total production (Mmcfe) 13,802 11,344 3,041 28,187 Oil sales $12,939 $8,709 $22,441 $44,089 Gas sales 127,310 103,512 12,921 243,743 Gas hedging gains (losses) - (4,628) - (4,628) -------- ------- ------ -------- Total gas sales 127,310 98,884 12,921 239,115 -------- ------- ------ -------- Total oil and gas sales $140,249 $107,593 $35,362 $283,204 ======== ======== ======= ======== Average oil price (per barrel) $106.93 $111.65 $81.31 $92.86 Average gas price (per thousand cubic feet - Mcf) $9.73 $9.52 $9.31 $9.62 Average gas price including hedging (per Mcf) $9.73 $9.10 $9.31 $9.44 Average price (per Mcf equivalent) $10.16 $9.89 $11.63 $10.21 Average price including hedging (per Mcf equivalent) $10.16 $9.48 $11.63 $10.05 Lifting cost(2) $17,047 $12,993 $10,828 $40,868(2) Lifting cost (per Mcf equivalent) $1.24 $1.15 $3.56 $1.45 Oil and Gas Capital Expenditures: Leasehold costs $20,007 $1,406 $61 $21,474 Exploratory drilling - 2,357 351 2,708 Development drilling 82,559 26,264 1,546 110,369 Other development 979 6,717 2,981 10,677 -------- ------- ------ -------- Total $103,545 $36,744 $4,939 $145,228 ======== ======= ====== ======== (1) Includes production taxes of $17,485 and $21,533 for the three months ended June 30, 2009 and 2008, respectively. (2) Includes production taxes of $34,444 and $40,868 for the six months ended June 30, 2009 and 2008, respectively. COMSTOCK RESOURCES, INC. REGIONAL OPERATING RESULTS 2008 AS REPORTED (In thousands, except per unit amounts) For the Three Months Ended June 30, 2008 ----------------------------------- East Texas/ North South Louisiana Texas Other Total --------- ------- ------ ------- Oil production (thousand barrels) 84 58 126 268 Gas production (million cubic feet - Mmcf) 7,227 5,840 615 13,682 Total production (Mmcfe) 7,732 6,190 1,370 15,292 Oil sales $9,625 $6,988 $11,613 $28,226 Gas sales 78,746 62,840 6,594 148,180 Gas hedging gains (losses) - (4,384) - (4,384) ------- ------- ------ ------- Total gas sales 78,746 58,456 6,594 143,796 ------- ------- ------ ------- Total oil and gas sales $88,371 $65,444 $18,207 $172,022 ======= ======= ======= ======== Average oil price (per barrel) $114.58 $120.48 $92.17 $105.16 Average gas price (per thousand cubic feet - Mcf) $10.90 $10.76 $10.72 $10.83 Average gas price including hedging (per Mcf) $10.90 $10.01 $10.72 $10.51 Average price (per Mcf equivalent) $11.43 $11.28 $13.29 $11.54 Average price including hedging (per Mcf equivalent) $11.43 $10.57 $13.29 $11.25 Lifting cost(1) $9,879 $8,032 $5,451 $23,362(1) Lifting cost (per Mcf equivalent) $1.28 $1.30 $3.98 $1.53 Oil and Gas Capital Expenditures: Leasehold costs $17,146 $282 $12 $17,440 Exploratory drilling - 1 228 229 Development drilling 43,186 14,861 157 58,204 Other development 355 6,319 1,265 7,939 ------- ------- ------ ------- Total $60,687 $21,463 $1,662 $83,812 ======= ======= ====== ======= For the Six Months Ended June 30, 2008 ------------------------------------ East Texas/ North South Louisiana Texas Other Total --------- -------- ------- -------- Oil production (thousand barrels) 131 104 276 511 Gas production (million cubic feet - Mmcf) 13,954 11,470 1,388 26,812 Total production (Mmcfe) 14,740 12,097 3,041 29,878 Oil sales $14,049 $11,508 $22,441 $47,998 Gas sales 134,477 108,975 12,921 256,373 Gas hedging gains (losses) - (4,628) - (4,628) -------- -------- ------- -------- Total gas sales 134,477 104,347 12,921 251,745 -------- -------- ------- -------- Total oil and gas sales $148,526 $115,855 $35,362 $299,743 ======== ======== ======= ======== Average oil price (per barrel) $107.24 $110.65 $81.31 $93.92 Average gas price (per thousand cubic feet - Mcf) $9.64 $9.50 $9.31 $9.56 Average gas price including hedging (per Mcf) $9.64 $9.10 $9.31 $9.39 Average price (per Mcf equivalent) $10.08 $9.96 $11.63 $10.19 Average price including hedging (per Mcf equivalent) $10.08 $9.58 $11.63 $10.03 Lifting cost(2) $18,648 $15,088 $10,828 $44,564(2) Lifting cost (per Mcf equivalent) $1.27 $1.25 $3.56 $1.49 Oil and Gas Capital Expenditures: Leasehold costs $20,007 $1,406 $61 $21,474 Exploratory drilling - 2,357 351 2,708 Development drilling 82,559 26,264 1,546 110,369 Other development 1,285 7,036 2,981 11,302 -------- -------- ------- -------- Total $103,851 $37,063 $4,939 $145,853 ======== ======== ======= ======== (1) Includes production taxes of $23,362 for the three months ended June 30, 2008. (2) Includes production taxes of $44,564 for the six months ended June 30, 2008. DATASOURCE: Comstock Resources, Inc. CONTACT: Roland O. Burns, Sr. Vice President and Chief Financial Officer of Comstock Resources, Inc., +1-972-668-8800 Web Site: http://www.comstockresources.com/

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