2016 Q2 Summary Low oil and natural gas prices continue to adversely impact financial results Oil Price 24%, Gas Price 16% Oil & Gas Sales - 42 million, 46% EBITDAX - 19 million Haynesville/Bossier shale program continues to…
Natural Gas Production (MMcf / day) 2016 natural gas production is estimated to average between 130 to 145 MMcf per day 174 16 162 156 152 11 149 6 148 3 15 146 3 6 10 9 4 15 133 12 4 25 5 5 4 5 4 17 5 5 13 122 122 7 16…
Oil Production (MBbls / day) 2016 oil production is estimated to average between 3,800 to 4,100 12.2 12.2 12.4 0.2 0.6 barrels per day 0.2 0.2 0.4 0.5 11.5 10.4 1.1 0.1 10.2 0.2 0.5 1.9 7.6 0.4 6.9 0.3 6.9 0.3 0.4 6.0…
2016 Second Quarter Financial Results in millions except per unit amounts 2016 2015 Second Second % Quarter Quarter Change Oil Production (Mbbls) 355 924 -62% Gas Production (MMcf) 13,519 11,073 22% Production (MMcfe) 15,649…
2016 Six Months Financial Results in millions except per unit amounts First 6 Months First 6 Months % 2016 2015 Change Oil Production (Mbbls) 772 1,960 -61% Gas Production (MMcf) 27,344 19,273 42% Production (MMcfe) 31,974 31,034…
Proved Oil and Gas Reserves Despite a very limited drilling program, Comstock achieved an all-in finding cost of 20 per Mcf in the first half of 2016 with total proved reserves additions of 151 Bcf and capital expenditures of 30.3…
Balance Sheet ( in millions) June 30, 2016 Cash and cash equivalents 67 Revolving Credit Facility - 10 % Senior Secured Notes due 2020 700 7 % Senior Notes due 2019 288 9 % Senior Notes due 2020 175 Total Debt 1,163 Total…
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)…
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 49% to…
Haynesville Shale Program Harrison 30-31 24 MMcf/d Bagley A-4 3 MMcf/d Re-Frac Harrison 30-19 Completed 24 MMcf/d Gamble 4-33 24 MMcf/d Holmes 29-32 28 MMcf/d Holmes 29-20 Pace 33 Boggess 5 -8 24 MMcf/d 4 MMcf/d 21 MMcf/d…
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…
Haynesville Well Economics Rate of Return vs. Natural Gas Prices 120 110 100 90 80 70 % ROR 60 4,500 ft. 50 7,500 ft. 40 30 10,000 ft. 20 10 0 2.00 2.50 3.00 3.50 /MCF 15
Haynesville Well Economics NPV 10 vs. Natural Gas Prices 20 18 16 14 MM NPV 10 12 10 4,500 ft. 8 7,500 ft. 6 10,000 ft. 4 2 0 2.00 2.50 3.00 3.50 /MCF 16
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…
South Texas Eagle Ford Shale Program 26,000 gross acres (19,000 net) prospective for oil in the Eagle Ford shale 83 future drilling locations in oil window Atascosa Frio LaSalle McMullen 18
Eagle Ford Stacked / Staggered Lateral Development 253 Potential Additional In-Fill Locations 130 Eagle Ford Shale 19
Exchange Summary Existing unsecured noteholders: Par for par into new second lien PIK notes Convertible into 73.5% of the pro forma common stock Existing secured noteholders: Par for par into new first lien notes Same terms as…
Repositioning Comstock towards Growth The exchange offer will allow Comstock to redirect cash flow from interest expense to capital expenditures Deploy two rigs in 2017 and drill a total of 24 wells Fueling growth in production and…
Transaction Rationale Enhance liquidity and put rigs to work, allowing Rebuilding Comstock to maintain and grow enterprise value Balance Sheet Delever the balance sheet through conversion of unsecured debt into equity Refocus on…
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