Comstock Resources

Comstock Resource operates in 55,000 net acres primarily in McMullen and LaSalle counties, Texas and in the Eastern extension of the Eagle Ford shale in Burleson County, Texas. In 2014, this region accounted for 97% of our oil production at 11,500 barrels of oil per day and 19% of our natural gas production at 20 MMcf per day. Our oil production in the region increased 89% as a result of our drilling Eagle Ford shale wells. Natural gas production in this region increased by 3% in 2014 with the associated natural gas from the Eagle Ford shale wells. We spent $463 million in 2014 to drill 79 (53.7 net) horizontal Eagle Ford shale wells. We completed 88 Eagle Ford shale wells which had an average per well initial production rate of 737 barrels of oil equivalent per day. Our drilling program in the Eagle Ford shale added 5.1 million barrels of oil and 5 Bcf of natural gas or 5.9 million barrels of oil equivalent to proved reserves in 2014. We plan to spend $51 million in 2015 to drill four (4.0 net) Eagle Ford shale horizontal wells and to complete eight (6.0 net) wells that were drilled during 2014. July 2015, the company entered into an agreement with a private company to sell oil and gas properties in the Eagle Ford Shale in and around Burleson County, Texas, for about $115 million

Comstock resources is an independent oil & gas company based in Frisco, TX. The company’s stock is traded on the NYSE under the symbol CRK. The company's primary operations are in the ArkLaTex Basin of East Texas and North Louisiana, as well as the Gulf Coast Basin in South Texas. Historically, the company's growth was driven by acquisitions, but corporate strategy has shifted to exploitation of existing reserves over the past few years. Primary drilling targets for the company include the Bossier Shale, Eagle Ford Shale, Haynesville Shale, and the Tuscaloosa Marine Shale.

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Counties Where Comstock Resources is Active

Atascosa County
Duval County (Not Eagle Ford)
Karnes County
La Salle County
McMullen County
Washington County
Burleson County

Comstock Eagle Ford Shale Quarterly Commentary

February 2016

Comstock’s loss of $55.1 million in the last three months of the year are in contrast to a record 86% increase growth in oil production. Production in 2014 was at 4.3 million barrels, compared to 2.3 million barrels produced in 2013.

Looking to the new year, Comstock will be scaling back its drilling program due to the significant drop in oil prices.

CEO Roland Burns reported that “With the rapid fall in oil prices, we have shutdown our oil drilling program in late December, but we do have eight additional wells in our South Texas Eagle Ford and nine additional wells in our East Texas Eagle Ford area that we expect to put on production in the first quarter of 2015. So we do expect a little more oil growth in the first quarter, but then we expect oil to decline later in the year with no additional drilling budgeted. For all of 2015, we’re expecting oil production to average between 9,500 and 10,500 barrels per day.” 2014 Eagle Ford highlights:

Successful drilling program in South Texas Eagle Ford shale drove oil growth in 2014

68 out of 68 wells drilled were successful

Placed 91 (61.3 net) new Eagle Ford shale wells on production

Four wells drilled in 2014 to be completed in 2015

November 2015

Press Release-Comstock reported a net loss of $758.6 million, or $16.45 per share, for the first nine months of 2015 as compared to net income of $1.2 million, or 2¢ per diluted share, for the first nine months of 2014. Comstock produced 32.7 billion cubic feet of natural gas and 2.6 million barrels of oil, or 48.3 Bcfe, in the first nine months of 2015. Oil production in the nine months ended September 30, 2015 averaged 9,500 barrels of oil per day, and natural gas production averaged 120 Mmcf per day.

During the first nine months of 2015, the company completed four horizontal Eagle Ford shale wells (2.2 net) in South Texas which were drilled in 2014. In addition, the Company also drilled four wells (4.0 net) and completed eight wells on its Burleson County, Texas properties which were sold in July 2015.

February 2015

Comstock report a loss of $55.1 million in the last three months of 2014 in contrast to a record 86% increase growth in oil production. Production in 2014 was at 4.3 million barrels, compared to 2.3 million barrels produced in 2013. Looking to the new year, Comstock will be scaling back its drilling program due to the significant drop in oil prices. 2014 Eagle Ford highlights:

68 out of 68 wells drilled were successful

Placed 91 (61.3 net) new Eagle Ford shale wells on production

Four wells drilled in 2014 to be completed in 2015

May 5, 2014

Since February of 2014, Comstock Resources has completed 29 (22.2 net) horizontal Eagle Ford shale wells. These wells had an average initial production rate per well of 663 boe/d. Excluding nine wells, which had shorter laterals due to acreage constraints, the average initial production rate per well was 746 boe/d.

At the end of 2013, Comstock inked a deal with Ursa Resources for 21,000 net East Texas Eagle Ford acres in Burleson and Washington Counties for $66.5 million. In early May of 2014, the company announced it had acquired a 30% working interest in one producing well and approximately 9,000 net acres in Burleson County for $33.9 million from Ursa, and was increasing its capex budget to acquire additional interests in the county. The company now plans to spend $55 million for lease acquisition activity, including total first quarter acquisitions ($44.8 million).

The budget for drilling activity includes $284.0 million to drill sixty-five wells (46.0 net) in the Eagleville field in South Texas, $79.0 million to drill ten Eagle Ford shale wells (9.2 net) on the Burleson County, Texas acreage. The budget also includes $76.0 million to complete 18 wells (13.3 net) in the Eagleville field that were drilled in 2013 and $38.0 million on facilities and other development activity.

February 12, 2012

Comstock's Eagle Ford Production Down Due To Shut-Ins

July 31, 2012

Comstock - KKR Reach Eagle Ford Shale Joint Venture Agreement

July 30, 2012

During the first six months of 2012, Comstock has spent $314.3 million on development and exploration activities and $16.1 million on acreage and other acquisitions. Comstock drilled 39 wells (31.0 net) and had five wells (3.6 net) drilling at June 30, 2012. The wells drilled in the second quarter included eight (7.2 net) oil wells in West Texas and eight (7.0 net) oil wells in the Eagle Ford shale in South Texas. At the end of the second quarter of 2012, the Company's six operated drilling rigs were all drilling oil wells in South Texas and West Texas as the Company has suspended its natural gas drilling operations until natural gas prices improve.

In 2012, the Company has completed 31 oil wells, fifteen in the vertical Wolfbone program in its West Texas region and sixteen in the horizontal Eagle Ford shale program in the South Texas region. The sixteen Eagle Ford shale wells that were completed had an average per well initial production rate of 565 barrels of oil equivalent ("BOE") per day. Of the eight new Eagle Ford wells completed this quarter, the Donnell C #1H, the Carlson C #1H and the Hubberd #3 H in McMullen County had the highest initial production rates at 938, 862 and 793 BOE per day, respectively. These wells are being produced under the Company's restricted choke program. Longer term production results from the first 29 Eagle Ford shale wells have confirmed the benefit of this program. The twenty-nine wells, which have been producing for more than 90 days, had an average initial production rate of 679 BOE per day. The 30 day per well production rate for these wells averaged 514 BOE per day and the 90 day per well production rate averaged 453 BOE per day, or 67% of the initial 24 hour test rate.

May 1, 2012

Comstock reported on the results of its 2012 drilling to date. During the first quarter of 2012, Comstock spent $173.4 million on development and exploration activities and $8.2 million on acreage acquisitions. Comstock drilled 22 gross (15.0 net) wells and had seven gross (4.6 net) wells drilling at March 31, 2012. The wells drilled in the first quarter included eight (5.7 net) oil wells in West Texas, seven (5.9 net) oil wells in the Eagle Ford shale in South Texas, and seven natural gas wells (3.4 net) in its East Texas/North Louisiana region. At the end of the first quarter of 2012, the Company's six operated drilling rigs were all drilling oil wells in South Texas and West Texas as the Company has suspended its natural gas drilling operations until natural gas prices improve.

Since the beginning of 2012, the Company has completed 18 oil wells, ten in the vertical Wolfbone program in its West Texas region and eight in the horizontal Eagle Ford shale program in the South Texas region. The eight Eagle Ford shale wells that were completed had an average per well initial production rate of 498 barrels of oil equivalent ("BOE") per day. These wells were primarily drilled in the Company's northern acreage in Atascosa, La Salle and McMullen counties to earn acreage. Later in 2012 Comstock plans to begin developmental drilling which will allow for cost efficiencies from pad drilling. These wells are being produced under the company's restricted choke program. Longer term production results from the first nineteen Eagle Ford shale wells have confirmed the benefit of this program. The first nineteen wells, which have been producing for more than 90 days, had an average initial production rate of 782 BOE per day. The 30 day per well production rate for these wells averaged 584 BOE per day and the 90 day per well production rate averaged 514 BOE per day, or 68% of the initial 24 hour test rate.

February 6, 2012

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.

Comstock 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.

January 30, 2012 Comstock's successful Eagle Ford shale drilling program in South Texas and its Haynesville shale drilling program in North Louisiana were the primary drivers of the growth in production and proved reserves in 2011......Comstock's successful drilling program in the Eagle Ford shale in South Texas added 9.3 million barrels of oil and 7.6 Bcf of natural gas or 10.6 million barrels of oil equivalent to proved reserves in 2011. The Haynesville shale drilling program contributed 139.9 Bcfe to the Company's proved reserves. Proved reserve additions for activities outside of Comstock's shale operations in the Haynesville or Eagle Ford were 24.8 Bcfe.

Comstock also plans to spend $165.2 million in its South Texas region to drill 24 (21.7 net) Eagle Ford shale horizontal wells in 2012 and $27.7 million to complete four wells (3.2 net) drilled in 2011.

November 1, 2011

In the South Texas region, the Company has drilled twelve Eagle Ford shale (EFS) wells (12.0 net) in the first nine months of 2011. Comstock completed eight wells (8.0 net) including one well that was drilled in 2010. These wells had an average per well initial production rate of 683 barrels of oil equivalent ("BOE") per day. In the third quarter of 2011, Comstock completed four wells in the EFS.

The Cutter Creek #1H was drilled to a vertical depth of 9,970 feet with a 4,824 foot lateral. This well was tested at an initial rate of 575 barrels of oil per day and 0.2 MMcf of natural gas per day or 608 BOE per day. The Forrest Wheeler #1H was drilled to a vertical depth of 11,142 feet with a 5,458 foot lateral. This well was tested at an initial rate of 480 barrels of oil per day and 0.7 MMcf of natural gas per day or 597 BOE per day. The Rancho Tres Hijos "A" #1H was drilled to a vertical depth of 10,911 feet with a 4,512 foot lateral. This well was tested at an initial rate of 465 barrels of oil per day and 0.6 MMcf of natural gas per day or 565 BOE per day. The Jupe "A" #1H was drilled to a vertical depth of 8,282 feet with a 7,101 foot lateral. This well was tested at an initial rate of 197 barrels of oil per day and 0.1 MMcf of natural gas per day or 218 BOE per day.

All of the reported well results were obtained while following Comstock's restricted choke program. Currently, Comstock also has five EFS wells that are being completed. Comstock has increased its EFS acreage in South Texas that is prospective for oil to approximately 28,000 net acres. Comstock completed lease acquisitions in the EFS that added approximately 6,000 net acres during October 2011.

Comstock will add one drilling rig during 2012 to the two which are currently drilling for oil in its EFS development program in South Texas.

Comstock has budgeted to spend $207.0 million in its South Texas region to drill 32 (28.9 net) Eagle Ford shale horizontal wells in 2012 and $14.0 million to complete six wells (5.6 net) that were drilled in 2011.

Read the full press release at comstockresources.com