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INVESTOR PRESENTATION – Comstock Resources Inc.

Comstock Resources Inc. · Apr 13, 2015 · 21 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 1
    NYSE:CRK April 2015
  2. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 2
    Our Plan for 2015 Pursue prudent natural gas drilling program with improved completion technology Over 6 Tcf of reserve potential in Haynesville / Bossier shale Enhanced recovery from longer laterals and increased stimulation Over…
  3. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 3
    Areas of Focus Haynesville/ Bossier Tuscaloosa Mississippi East Texas Marine Shale Eagle Ford Texas South Texas Eagle Ford Louisiana Company Overview Proved Reserves- 620 Bcfe 68% - proved developed 20% - oil 80%…
  4. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 4
    Major Properties Other Proved Reserves 14 Bcfe Wells - 336 San Juan E. Texas / N. Louisiana Proved Reserves - 385 Bcfe Wells 935 South Texas Proved Reserves 36.9 Mmboe Longwood Texas Wells - 325 Waskom Drew Logansport…
  5. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 5
    East Texas / North Louisiana Region East Texas / North LA Reserves: 385 Bcfe Own interests in 935 producing wells in 28 fields 69,000 net acres Longwood with Lower Blocker Waskom Haynesville shale Logansport Drew…
  6. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 6
    East Texas / North Louisiana Region Cotton Valley Haynesville Shale Cotton Valley Bossier Shale Haynesville/Bossier Shale Gross Acres 81,000 Net Acres 69,000 9 new wells planned for 2015 Resource 14 refracs of…
  7. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 7
    Why Focus on the Haynesville Applying newest drilling and completion technologies to an established world class asset Extended laterals Larger stimulation treatments Attractive rates of return New wells have 27% to 47% rates of…
  8. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 8
    Enhanced Recovery in the Haynesville Shale Original 640 Acre Pattern New Long Lateral Pattern 8 Wells per Section 6 Wells per 1-1/2 Sections 17 Stages, 4,600 lateral 27 Stages, 7,500 lateral Increased recovery is achieved by…
  9. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 9
    Haynesville Well Design - New vs. Old Old Well New Well Estimated Well Cost ( millions) 7.5 11 Lateral Length (ft) 4,600 7,500 Stages 17 27 Cluster Spacing (ft) 60 55 Fluids/Cluster (k gals) 80 110 Proppant/Cluster (k lbs) 50 150 Well…
  10. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 10
    Haynesville Well Economics 11
  11. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 11
    South Texas Region South Texas Reserves: 36.9 MMBOE (55% Oil) East Texas Eagle Ford Own interests Texas in 325 South Texas Eagle Ford producing wells in 14 fields 55,000 net acres with Las Hermanitas Eagle Ford…
  12. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 12
    South Texas Eagle Ford Shale Program Atascosa Frio LaSalle McMullen Gross Acres 31,000 Net Acres 24,000 62 Future Operated Drilling Locations 13
  13. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 13
    South Texas Eagle Ford Shale Wells -Drilled in 2013 Coates -Drilled in 2014 Atascosa DVR Mesquite Frio Lucas NWR Schorp Cortez Y-Bar Hubberd Haynes Cutter Donnell Creek Swenson RTH Gloria LaSalle Hill Wheeler Forrest…
  14. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 14
    East Texas Eagle Ford Acreage 35,000 gross acres (31,000 net) prospective for oil in the East Texas Eagle Ford shale 173 operated future drilling locations Texas Brazos Burleson Lee Washington 15
  15. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 15
    East Texas Eagle Ford Activity Halcon Javelina IP24: 1,171 BOE/d Halcon Comstock Halcon Stasny-Honza IP24: 1,262 BOE/d Halcon Reveille IP24: 1,416 BOE/d Anadarko Clayton Williams Apache Brazos Apache Petromax…
  16. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 16
    TMS Acreage 91,000 gross acres (82,000 net) prospective for oil in the Tuscaloosa Marine shale in Louisiana and Mississippi 327 operated future drilling locations Comstock CMR Foster Creek 28- Mississippi 40 1H IP24: 874…
  17. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 17
    2015 Drilling Program ( in millions) Gross WI Net Drilling Budget Wells Wells Expenditures East Tex./North La.: 483 Haynesville Shale 95.0 9 8.3 Refracs 23.0 344 118.0 9 8.3 238 South Texas: Eagle Ford Shale 30.0 4 4.0…
  18. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 18
    Oil Production (MBbls / day) From Continuing Operations 12.2 12.2 12.4 0.5 0.2 0.2 9.5 10.4 to 0.2 10.5 7.6 6.9 0.3 0.3 6.0 0.2 12.0 12.0 11.9 5.3 4.8 0.1 5.10.4 4.50.3 4.8 10.2 0.4 0.4 3.8 0.3 0.2 0.4 7.3 0.3 6.6…
  19. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 19
    Natural Gas Production (MMcf / day) From Continuing Operations 272 253 11 254 11 5 10 245 239 5 24 6 10 3 6 5 218 212 26 23 23 23 1 32 4 11 8 31 21 192 130 35 31 28 1 26 27 4 20 174 - 6 156 148 155 25 19 34 4 25…
  20. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 20
    Low Cost Structure 2014 Costs Per Mcfe 3.97 Comstock total producing costs 0.91 are 32% lower 2.70 than the average E&P total 0.88 Interest producing costs 0.89 G&A Lifting 0.33 16thlowest of 64 2.18 companies…
  21. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 21
    Balance Sheet ( in millions) As of Dec. 31, 2014 Pro Forma Cash and cash equivalents 2 312 Revolving Credit Facility 375 - 10 % Senior Secured Notes due 2020 - 700 7 % Senior Notes due 2019 405 405 9 % Senior Notes due 2020 290…

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