Exploration & Production | Top Story | Capital Markets | Capital Expenditure | Drilling Program
Operators Swap Oil for Gas in New, Oil Depressed Market
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Comstock Resources, Inc. has announced that it has budgeted $307 million in 2015 for its drilling and completion activities. In response to low oil prices, the Company plans to suspend its oil directed drilling activity in its Eagle Ford shale properties in South and East Texas and in the Tuscaloosa Marine shale in Mississippi.
The Company will move two rigs to North Louisiana to start up a drilling program on its Haynesville shale natural gas properties. Comstock believes that improved completion technology, including longer laterals, will provide strong returns on drilling projects at current natural gas prices.
Comstock has budgeted to drill 19 (18.6 net) horizontal wells in 2015. The Company expects to spend $161 million for drilling 14 (14.0 net) Haynesville/Bossier shale natural gas…
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