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May 2016 Corporate Presentation – Comstock Resources Inc.

Comstock Resources Inc. · May 4, 2016 · 23 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. May 2016 Corporate Presentation – Comstock Resources Inc. – slide 1
    NYSE:CRK May 2016
  2. May 2016 Corporate Presentation – Comstock Resources Inc. – slide 2
    Our Plan for 2016 Continue to pursue 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…
  3. May 2016 Corporate Presentation – Comstock Resources Inc. – slide 3
    Areas of Focus Haynesville/ Bossier Tuscaloosa Marine Shale Texas Mississippi South Texas Eagle Ford Louisiana Company Overview Proved Reserves- 625 Bcfe 59% - proved developed 9% - oil 91% - gas 98% - operated 4
  4. May 2016 Corporate Presentation – Comstock Resources Inc. – slide 4
    Major Properties Other Proved Reserves 10 Bcfe Wells 332 E. Texas / N. Louisiana Proved Reserves 495 Bcfe San Juan Wells 921 South Texas Longwood Drew Proved Reserves 120 Bcfe Waskom Texas Wells 322 Logansport…
  5. May 2016 Corporate Presentation – Comstock Resources Inc. – slide 5
    East Texas / North Louisiana Region East Texas / North LA Reserves: 495 Bcfe Own interests in 921 producing wells in 28 fields 67,000 net acres Longwood with Lower Blocker Waskom Haynesville shale Logansport Drew…
  6. May 2016 Corporate Presentation – Comstock Resources Inc. – slide 6
    Haynesville/Bossier Shale Haynesville Shale Cotton Valley and Cotton Valley Cotton Valley Haynesville and Bossier Shale Haynesville/Bossier Shale Net Acres 67,000 Resource 6 + Tcf Potential Drilled 10 (9.6 net)…
  7. May 2016 Corporate Presentation – Comstock Resources Inc. – slide 7
    Haynesville Shale Program Applying newest drilling and completion technologies to an established world class asset Extended laterals Larger stimulation treatment Rates of return improve as well costs decline New wells have 24% to…
  8. May 2016 Corporate Presentation – Comstock Resources Inc. – slide 8
    Haynesville Shale Program Bagley A-4 3 MMcf/d Re-Frac Completed Gamble 4-33 24 MMcf/d Harrison 30-19 24 MMcf/d Holmes 29-32 28 MMcf/d Pace 33 Boggess 5 -8 4 MMcf/d 21 MMcf/d Pyle 6-7 Shahan 5-8 26 MMcf/d 22 MMcf/d…
  9. May 2016 Corporate Presentation – Comstock Resources Inc. – slide 9
    Haynesville Extended Lateral Wells Haynesville shale 7,500 foot lateral wells Type Curve Pyle 6-7 Shahan 5-8 Boggess 5-8 25 Horn 8-17 Harrison 30-19 Ramsey 7-18 20 Holmes 29-32 MMcf per day Gamble 4 - 33 15 Caraway…
  10. May 2016 Corporate Presentation – Comstock Resources Inc. – slide 10
    Haynesville Well Economics 4,500' L 7,500' L 10,000' L Estimated Well Costs ( millions) 6.5 8.5 10.8 24 Hr IP (Mmcf per day) 15 20 24 Decline B Factor 0.99 0.99 0.99 Initial Decline (%) 73 67 64 Proppant/Cluster (K lbs) 150 150 150…
  11. May 2016 Corporate Presentation – Comstock Resources Inc. – slide 11
    Haynesville Well Economics Rate of Return vs. Natural Gas Prices 85 80 75 70 65 60 55 50 % ROR 45 4,500 ft. 40 35 7,500 ft. 30 25 10,000 ft. 20 15 10 5 0 1.50 2.00 2.50 3.00 /MCF 12
  12. May 2016 Corporate Presentation – Comstock Resources Inc. – slide 12
    Haynesville Well Economics NPV 10 vs. Natural Gas Prices 15 14 13 12 11 10 9 MM NPV 10 8 7 4,500 ft. 6 5 7,500 ft. 4 3 10,000 ft. 2 1 0 -1 1.50 2.00 2.50 3.00 -2 -3 /MCF 13
  13. May 2016 Corporate Presentation – Comstock Resources Inc. – slide 13
    Improving Haynesville Gas Differentials 1.00 55 52 42 20 38 34 15 12 10 45 32 27 26 24 2014 2015 2016 2017 2018 Regional Transport & Basis vs Henry Hub Wellhead Gathering & Treating 14
  14. May 2016 Corporate Presentation – Comstock Resources Inc. – slide 14
    Haynesville Staggered Lateral Potential UPSIDE 640-acre Section More Reserves 8 Wells/Section Recovered 600 Spacing More Efficient Reservoir Drainage, Less Waste Potential to add 83 Additional 4 Upper 200 extended lateral…
  15. May 2016 Corporate Presentation – Comstock Resources Inc. – slide 15
    South Texas Region South Texas Reserves: 120 Bcfe South Texas Eagle Ford Texas Own interests in 322 producing wells in 13 Las Hermanitas fields Rosita Fandango Javelina 16
  16. May 2016 Corporate Presentation – Comstock Resources Inc. – slide 16
    South Texas Eagle Ford Shale Program 30,000 gross acres (22,000 net) prospective for oil in the Eagle Ford shale 83 future drilling locations in oil window Atascosa Frio LaSalle McMullen 17
  17. May 2016 Corporate Presentation – Comstock Resources Inc. – slide 17
    TMS Acreage 88,000 gross acres (82,000 net) in the Tuscaloosa Marine shale in Louisiana and Mississippi 327 future drilling locations Wilkinson Mississippi Amite Louisiana East Feliciana St. Helena 18
  18. May 2016 Corporate Presentation – Comstock Resources Inc. – slide 18
    Proved Oil and Gas Reserves Haynesville/Bossier shale program in 2015 added 161 Bcf for capital costs of 110.7 million for a finding costs of 66 per Mcf. Oil Gas Total MBbls MMcf MMcf Proved Reserves as of 12/31/14 20,854 495,266…
  19. May 2016 Corporate Presentation – Comstock Resources Inc. – slide 19
    2016 Drilling Program ( in millions) Gross WI Net Gross WI Net Budget Wells Wells Budget Wells Wells East Tex./North La.: Haynesville Shale 24.0 3 2.8 68.9 9 8.1 Completion of 2015 Wells 5.0 5.0 Other 0.8 0.8 29.8 74.7 South…
  20. May 2016 Corporate Presentation – Comstock Resources Inc. – slide 20
    Natural Gas Production (MMcf / day) 2016 natural gas production is estimated to 174 average between 145 to 160 MMcf per day 16 162 156 6 11 152 3 148 146 15 3 10 6 4 15 12 4 25 5 133 5 5 4 17 5 13 122 122 7 16 24 4…
  21. May 2016 Corporate Presentation – Comstock Resources Inc. – slide 21
    Oil Production (MBbls / day) 2016 oil production is estimated to average 12.2 12.2 12.4 between 4,000 to 4,300 0.2 0.6 0.2 0.2 0.4 0.5 11.5 barrels per day 10.4 1.1 0.1 10.2 0.2 0.5 1.9 7.6 0.4 0.3 6.9 6.9 0.3 0.4 6.0…
  22. May 2016 Corporate Presentation – Comstock Resources Inc. – slide 22
    Low Cost Structure 2015 Producing Costs Per Mcfe 2.32 0.66 Comstock total 1.72 producing costs are 26% lower 0.30 than the average G& A E&P producing Lifting costs 1.66 1.42 CRK Average 23
  23. May 2016 Corporate Presentation – Comstock Resources Inc. – slide 23
    Balance Sheet Pro Forma Mar. 31, Mar 31, ( in millions) 2016 2016* Cash and cash equivalents 89 86 Revolving Credit Facility - - 10 % Senior Secured Notes due 2020 700 700 7 % Senior Notes due 2019 336 288 9 % Senior Notes due 2020…

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