First Quarter 2015 Results
Comstock reported its first quarter 2015 results on May 11, 2015. The rapid decline in oil and gas prices in the first quarter has a significant impact on our financial results.
Our operations in the first quarter were focused on wrapping up our oil drilling program and restarting our Haynesville shale program with improved completion design. Our first two extended lateral wells in the Haynesville were successful as both had initial production rates in excess of 20 million cubic feet of natural gas per day. Our first refrac of a producing Haynesville shale well was also successful and was featured in Schlumberger's earnings call.
In March, we completed a $700 million bond offering which paid off our bank credit facility and added liquidity to our balance sheet. Our goal was to establish a fortress balance sheet to weather this down cycle. We now have no debt maturities until 2019 and have total liquidity of $279 million at the end of the first quarter. In order to safeguard that liquidity we have significantly reduced our drilling expenditures for the remainder of 2015.
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