|Exchange:||New York Stock Exchange|
|Stock:||Comstock Resources, Inc.|
|Industry:||Oil & Gas E&P|
|Comstock Resources, Inc. is a Nevada corporation. It is an energy company which acquires, explores, develops and produces oil and natural gas in the United States. The Company’s oil and gas operations are concentrated in East Texas/North Louisiana, South Texas and West Texas. Its oil and natural gas properties are estimated to have proved reserves of 711.9 Bcfe with an estimated PV 10 Value of $1.0 billion as of December 31, 2012 and a standardized measure of discounted future net cash flows of $0.8 billion. The Company’s consolidated proved oil and natural gas reserve base is 67% natural gas and 33% crude oil. Its properties have an average reserve life of approximately 7.4 years and have extensive development and exploration potential. The Company has a substantial acreage position in its East Texas/North Louisiana region in the Haynesville or Bossier shale resource play where it has identified 93,620 acres prospective for Haynesville or Bossier shale development. The Company also has 34,727 acres in South Texas which are prospective for development of the Eagle Ford shale. It owns interests in 68,764 acres in Reeves County in the Delaware Basin in West Texas that are prospective for the Bone Spring formation from depths of 10,000 to 10,300 feet and the Wolfcamp shale formation from depths of 10,300 to 11,500 feet. As of December 31, 2012, it owned interests in 14 wells containing multiple completions, which means that a well is producing from more than one completed zone. It generally sells its oil and natural gas at current market prices at the point its wells connect to third party purchaser pipelines. The oil and gas industry is highly competitive. Competitors include major oil companies, other independent energy companies and individual producers and operators. The Company’s operations and facilities are subject to extensive federal, state and local laws and regulations relating to the exploration for, and the development, production and transportation of, oil and natural gas, and operating safety.|
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