Comstock released its third quarter 2014 results on November 4, 2014. Highlights of our third quarter results include:
· Oil production increased 78% this quarter which drove significant increases in our revenues, EBITDAX and cash flow. Oil & gas sales this quarter of $145 million are up 30% over 2013’s third quarter. EBITDAX this quarter of $114 million is 40% higher than 2013’s third quarter and our cash flow from operations grew 60% this quarter to $101 million or $2.10 per share.
· We reported a net loss, excluding non-recurring items, of $2.5 million or 5¢ per share for the quarter.
· In the first three quarters of this year we have drilled 59 successful South Texas Eagle Ford wells and put 80 on production.
· Our well costs keep coming down in our South Texas Eagle Ford program. 2014 well costs in our South Texas Eagle Ford program have averaged $6.7 million, which is 12% lower than last year.
· We are very excited about recent developments in our two new ventures – the East Texas Eagle Ford and the Tuscaloosa Marine Shale. Both areas have seen successful offset activity and have been de-risked considerably since the beginning of the year. We have continued to increase our acreage position in the Tuscaloosa Marine Shale and now have over 70,000 net acres.
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