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October 2016 Corporate Presentation – Comstock Resources Inc.

Comstock Resources Inc. · Oct 10, 2016 · 26 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. October 2016 Corporate Presentation – Comstock Resources Inc. – slide 1
    NYSE:CRK October 2016
  2. October 2016 Corporate Presentation – Comstock Resources Inc. – slide 2
    Investment Considerations Comstock has assembled a high quality portfolio of oil and gas assets in the Haynesville and Eagle Ford shales Comstocks enhanced completion design has transformed the Haynesville shale into one of North…
  3. October 2016 Corporate Presentation – Comstock Resources Inc. – slide 3
    Senior Notes Exchange Offer 700 MM 10.00% 289 MM 7.75% 175 MM 9.50% Existing Notes: 1st Lien Senior Notes due Senior Unsecured Notes due Senior Unsecured Notes due 2020 2019 2020 697.2 MM 10.00% 270.6 MM 7.75% 169.7 MM 9.50% New…
  4. October 2016 Corporate Presentation – Comstock Resources Inc. – slide 4
    Major Properties Other Proved Reserves 5 Bcfe Wells 332 E. Texas / N. Louisiana Proved Reserves 593 Bcfe San Juan Wells 924 South Texas Longwood Drew Proved Reserves 106 Bcfe Waskom Texas Wells 322 Logansport…
  5. October 2016 Corporate Presentation – Comstock Resources Inc. – slide 5
    Areas of Focus Haynesville/ Bossier Tuscaloosa Marine Shale Texas Mississippi South Texas Eagle Ford Louisiana Company Overview Proved Reserves- 704 Bcfe 56% - proved developed 7% - oil 93% - gas 98% - operated 6
  6. October 2016 Corporate Presentation – Comstock Resources Inc. – slide 6
    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…
  7. October 2016 Corporate Presentation – Comstock Resources Inc. – slide 7
    East Texas / North Louisiana Region East Texas / North LA Reserves: 593 Bcfe Own interests in 924 producing wells in 28 fields 67,000 net acres Longwood with Lower Blocker Waskom Haynesville shale Logansport Drew…
  8. October 2016 Corporate Presentation – Comstock Resources Inc. – slide 8
    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)…
  9. October 2016 Corporate Presentation – Comstock Resources Inc. – slide 9
    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 Extended lateral wells…
  10. October 2016 Corporate Presentation – Comstock Resources Inc. – slide 10
    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…
  11. October 2016 Corporate Presentation – Comstock Resources Inc. – slide 11
    Haynesville Extended Lateral Wells Haynesville shale 7,500 foot lateral wells 25 Type Curve Pyle 6-7 Shahan 5-8 Boggess 5-8 Horn 8-17 20 Harrison 30-19 Ramsey 7-18 Holmes 29-32 Gamble 4 - 33 Caraway 20-29 15 Jordan 16 - 21…
  12. October 2016 Corporate Presentation – Comstock Resources Inc. – slide 12
    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…
  13. October 2016 Corporate Presentation – Comstock Resources Inc. – slide 13
    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 14
  14. October 2016 Corporate Presentation – Comstock Resources Inc. – slide 14
    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 15
  15. October 2016 Corporate Presentation – Comstock Resources Inc. – slide 15
    Improving Haynesville Gas Differentials 52 42 20 38 34 15 12 10 32 27 26 24 2015 2016 2017 2018 Regional Transport & Basis vs Henry Hub Wellhead Gathering & Treating 16
  16. October 2016 Corporate Presentation – Comstock Resources Inc. – slide 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…
  17. October 2016 Corporate Presentation – Comstock Resources Inc. – slide 17
    South Texas Region South Texas Reserves: 106 Bcfe South Texas Eagle Ford Texas Own interests in 322 producing wells in 13 Las Hermanitas fields Rosita Fandango Javelina 18
  18. October 2016 Corporate Presentation – Comstock Resources Inc. – slide 18
    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 19
  19. October 2016 Corporate Presentation – Comstock Resources Inc. – slide 19
    Eagle Ford Stacked / Staggered Lateral Development 253 Potential Additional In-Fill Locations 130 Eagle Ford Shale 20
  20. October 2016 Corporate Presentation – Comstock Resources Inc. – slide 20
    TMS Acreage 81,000 gross acres (76,000 net) in the Tuscaloosa Marine shale in Louisiana and Mississippi 327 future drilling locations Wilkinson Mississippi Amite Louisiana East Feliciana St. Helena 21
  21. October 2016 Corporate Presentation – Comstock Resources Inc. – slide 21
    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…
  22. October 2016 Corporate Presentation – Comstock Resources Inc. – slide 22
    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…
  23. October 2016 Corporate Presentation – Comstock Resources Inc. – slide 23
    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…
  24. October 2016 Corporate Presentation – Comstock Resources Inc. – slide 24
    Repositioning Comstock towards Growth The successful exchange offer has allowed Comstock to redirect cash flow from interest expense to capital expenditures Two rig program in October 2016 to drill 24 wells by the end of 2017 Fueling…
  25. October 2016 Corporate Presentation – Comstock Resources Inc. – slide 25
    Low Cost Structure 2016 Six Months Producing Costs Per Mcfe 2.19 0.64 Comstock total producing costs 1.42 G&A are 35% lower 0.27 than the average Lifting E&P producing costs 1.55 1.15 CRK Average 26
  26. October 2016 Corporate Presentation – Comstock Resources Inc. – slide 26
    Balance Sheet ( in millions) Pro Forma June 30, 2016 June 30, 2016* Cash and cash equivalents 67 57 Revolving Credit Facility - - 10% Senior Secured Notes 700 697 2nd Lien Convertible Notes ( All Interest PIK) - 440 Unsecured Senior…

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