COMSTOCK RESOURCES, INC. ANNOUNCES 9% PROVED RESERVE GROWTH IN 2022
01 Février 2023 - 10:15PM
Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK)
announced today that its proved natural gas and oil reserves as of
December 31, 2022 were estimated at 6.7 trillion cubic feet
equivalent ("Tcfe"), which represents a 9% increase from total
proved natural gas and oil reserves of 6.1 Tcfe as of December 31,
2021.
The reserve estimates were determined under SEC
guidelines and were audited by the Company's independent reserve
engineering firm. The 6.7 Tcfe of proved reserves at December 31,
2022 were substantially all natural gas, 38% developed and 98%
operated by Comstock. The present value, using a 10% discount rate,
of the future net cash flows before income taxes of the proved
reserves (the "PV-10 Value"), was approximately $15.5 billion,
using the Company's average first of month 2022 prices of $6.03 per
thousand cubic feet of natural gas and $91.21 per barrel of
oil.
The following table reflects the changes in the
proved reserve estimates since the end of 2021:
|
|
Total(Bcfe) |
Proved
Reserves: |
|
|
Proved Reserves at December 31, 2021 |
|
6,121.8 |
|
Production |
|
(501.1 |
) |
Extensions and discoveries |
|
1,091.2 |
|
Acquisitions |
|
0.3 |
|
Divestitures |
|
(4.1 |
) |
Revisions |
|
(7.2 |
) |
Proved Reserves at December 31, 2022 |
|
6,700.9 |
|
Comstock produced 501.1 billion cubic feet of
natural gas equivalent in 2022. In the fourth quarter of 2022,
Comstock's production averaged 1,445 million cubic feet of natural
gas equivalent per day, which was an increase of 7% over the fourth
quarter of 2021. Comstock added 1.1 Tcfe to its proved reserves in
2022 through its Haynesville and Bossier shale drilling activities,
which replaced 216% of the Company's 2022 production.
The Company spent $1,032.0 million on drilling
and other development activities in 2022. Comstock drilled 115
(60.4 net) new horizontal Haynesville and Bossier shale wells and
put 104 (55.4 net) wells on sales during 2022. Comstock also spent
$18.0 million acquiring a 145-mile pipeline and processing plant,
$54.1 million on acquiring unproved acreage primarily for the
Company's Western Haynesville play and $0.5 million on acquiring
producing properties. Comstock's finding costs related to its 2022
proved reserve additions were approximately 95¢ per Mcfe.
This press release may contain
"forward-looking statements" as that term is defined in the Private
Securities Litigation Reform Act of 1995. Such statements are based
on management's current expectations and are subject to a number of
factors and uncertainties which could cause actual results to
differ materially from those described herein. Although the Company
believes the expectations in such statements to be reasonable,
there can be no assurance that such expectations will prove to be
correct. Information concerning the assumptions, uncertainties and
risks that may affect the actual results can be found in the
Company's filings with the Securities and Exchange Commission
("SEC") available on the Company's website or the SEC's website at
sec.gov.
Comstock Resources, Inc. is a leading
independent natural gas producer with operations focused on the
development of the Haynesville shale in North Louisiana and East
Texas. The Company's stock is traded on the New York Stock Exchange
under the symbol CRK.
Ron Mills
Vice President of Finance and Investor Relations
Comstock Resources
972-668-8834
rmills@comstockresources.com
Comstock Resources (NYSE:CRK)
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