Comstock Resources is based in Frisco, Texas and is engaged in the acquisition, development, production and exploration of oil and natural gas with operations concentrated in Texas and Louisiana. We also recently acquired producing properties in North Dakota and Wyoming from Dallas Cowboy owner Jerry Jones in exchange for common stock. Our common stock is listed and traded on the New York Stock Exchange.
At December 31, 2017 we owned interests in 1,309 producing wells. Our oil and gas properties are estimated to have proved reserves of approximately 1.2 Tcfe which are 96% natural gas and 4% oil. In 2015 we restarted development activity in East Texas and North Louisiana where we have 87,945 acres (68,310 net to us) which are prospective for natural gas in the Haynesville or Bossier shale formations. We initiated a drilling program in 2015 based on a new well design that significantly enhanced the economics of these wells. From 2015 through 2017, we have drilled and completed a total of 35 operated wells (30.3 net to us) and these wells had an average per well initial production rate of 25 MMcf per day.
The Bakken Shale Properties that we acquired from Jerry Jones include 348 producing wells, 85 drilled but uncompleted wells and 7 undrilled locations. Reserves attributable to these properties were estimated at 22.8 million barrels of oil and 49.3 billion cubic feet of natural gas. These properties generated $155.1 million of revenues in excess of operating costs, excluding depletion, depreciation and amortization in 2017.
Comstock offers potential investors the opportunity to invest in a Company with strong growth potential and a proven track record of successfully developing new shale resource plays. In 2018, we are pursuing a natural gas drilling program in the Haynesville shale based on enhanced recovery from longer laterals and increased stimulation. The Company has over 800 drilling locations on its Haynesville/Bossier shale acreage, where the Company estimates to have over 10 Tcf of reserve potential. We have one of the lowest overall cost structures in the industry, and we expect to see further improvements in our cost structure driven by our low cost Haynesville shale program.
On August 14, 2018 we closed our agreement with Jerry Jones, Dallas businessman and owner of the Dallas Cowboys Football Club Ltd., under which he contributed oil and gas properties in North Dakota in exchange for common stock in the Company.The contribution provides us with substantial cash flow to invest in our high return Haynesville shale drilling program and the capital to further grow our drilling prospect inventory through acquisitions of new leases and producing properties. The equity contribution, coupled with the refinancing of our debt which also closed on August 14, 2018, allows us to lower our interest costs and extend the maturities of our outstanding debt.
For stock certificate transfers, changes of
address or lost stock certificates, please
American Stock Transfer & Trust Company
59 Maiden Lane, New York, NY 10038
CONTACT INVESTOR RELATIONS
Requests for additional information
should be directed to:
Gary H. Guyton
5300 Town and Country Blvd.
Frisco, Texas 75034
(972) 668-8834 (direct)