Exploration & Production
Comstock Credits Eagle Ford for Jump in Proved Reserves
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Comstock Resources, Inc. has reported that its proved oil and natural gas reserves as of December 31, 2013 were estimated at 22.0 million barrels of crude oil and 453 billion cubic feet (Bcf) of natural gas or 585 billion cubic feet of natural gas equivalent (Bcfe) as compared to total proved reserves as of December 31, 2012 of 551 Bcfe.
The company reported that 73% of the proved reserves at December 31, 2013 are classified as proved developed and 95% are operated by Comstock. The present value, using a 10% discount rate, of the future net cash flows before income taxes of the proved reserves was approximately $1.1 billion, using average 2013 prices of $3.37 per Mcf for natural gas and $104.38 per barrel for oil.
The following table reflects the changes in the proved reserve…
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