Comstock Resources Posts Oil, Natural Gas Reserves - Shares Down 4%

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Comstock Resources Inc. ( CRK ) 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 - 21.16.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: CRK

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