Comstock Resources Inc. (
) today reported that its proved oil and natural gas reserves as of
December 31, 2012, were estimated at 39 million barrels of crude
oil and 477 billion cubic feet (Bcf) of natural gas or 712 billion
cubic feet of natural gas equivalent (Bcfe) as compared to total
proved reserves as of December 31, 2011 of 1,311 Bcfe.
The company's proved oil reserves increased 22% in 2012 and now
comprise 33% of total reserves as compared to 2011 when they
represented only 15% of the total proved reserves. 62% of the
proved reserves at December 31, 2012, were classified as proved
developed, and 90% are operated by CRK.
The present value, using a 10% discount rate, of the future net
cash flows before income taxes of the proved reserves was
approximately $1 billion, using average 2012 prices of $2.84 per
Mcf for natural gas and $94.61 per barrel for oil.
The average natural gas prices used to estimate the December 31,
2011, proved oil and natural gas reserves was $4.18 per Mcf. The
substantially lower natural gas price in 2012 caused most of CRK's
undeveloped Haynesville shale and Cotton Valley natural gas
reserves to be uneconomic to drill and accordingly they are
excluded from the yearend 2012 proved reserve estimates.
CRK is down 4% to $14.31, trading in a 52-week range of $11.05 -
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