Investment Considerations Comstocks high return Haynesville Shale assets provide opportunity for strong growth in 2017 Comstocks enhanced completion design has transformed the Haynesville shale into one of North Americas highest…
Major Properties E. Texas / N. Louisiana Proved Reserves 859 Bcfe Wells 896 Other Proved Reserves 5 Bcfe Wells 286 Company Overview South Texas Proved Reserves- Proved Reserves 52 Bcfe 916 Bcfe Wells 189 40% - proved…
East Texas / North Louisiana Region East Texas / Own interests in 896 North LA producing wells in 25 Reserves: 859 Bcfe fields Waskom 68,000 net acres Blocker Longwood Drew with Lower Haynesville shale Beckville…
Haynesville/Bossier Shale Cotton Valley Cotton Valley Bossier Shale Haynesville Shale Haynesville/Bossier Shale Net Acres 68,000 Resource Potential 6 + Tcf Drilled 11 (7.8 net) wells in 2016 Drilling 22 (17 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 Extended lateral wells…
Gen II Haynesville Completion New completion design increases the total stages for a 7,500 lateral from 30 at 250 feet apart to 50 at 150 feet apart Total clusters increase from 150 to 250 Sand loading increases from 2,800 pounds per…
Haynesville Well Economics for 2017 Drilling Program Current Completion Design - 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) 17 22 26 Decline B Factor 0.99 0.99 0.99 Initial…
Haynesville Well Economics 140% 120% 100% 4,500 ft. % ROR 80% 60% 7,500 ft. 40% 10,000 ft 20% 0% 2.00 2.50 3.00 3.50 /MCF 10
Haynesville Well Economics 30 28 26 NPV 10 (in millions) 24 22 20 18 4,500 ft. 16 14 12 7,500 ft. 10 8 10,000 ft. 6 4 2 0 2.00 2.50 3.00 3.50 /MCF 11
Haynesville Extended Lateral Wells 25 Wells exceeding expectations 20 Type Curve Gen I HV Wells (Average of 12 wells) 15 Bossier Shale Well MMcf per day Gen II HV Wells (Average of 4 wells) 10 5 Type Curve 0…
Haynesville Shale JV Caddo Parish Partnered with USG to acquire and develop newly acquired Haynesville shale acreage JV Acreage Acquired approximately 6,100 net acres to date DeSoto Parish Expect to continue adding acreage…
South Texas Eagle Ford Shale Program 26,000 gross acres (19,000 net) / 189 producing wells 11 offset operators have tested stack/staggered 300 ft. well spacing of 165 to 330 feet Spacing 10,000 ft. 336 future drilling locations…
Stacked / Staggered Lateral Development INFILL SPACING 300 feet ORIGINAL SPACING 650 feet 16
Proved Oil and Gas Reserves Despite a very limited drilling program, Comstock achieved an all- in finding cost of 14 per Mcfe in 2016 with total proved reserves additions of 429 Bcfe and capital expenditures of 59.5 million. Oil Gas…
2017 Drilling Program ( in millions) 2017 1st Quarter 2017 Full Year Gross WI Net Gross WI Net Actual Wells Wells Budget Wells Wells East Tex./North La.: Haynesville Shale 36.8 3 2.5 145.0 20 15.3 Bossier Shale - 17.6 2 1.7…
Natural Gas Production (MMcf / day) 2017 natural gas 162 production is estimated 152 153 156 11 149 2 - to average between 200 146 3 11 10 4 6 10 14 to 230 MMcf per day 12 3 4 2 5 133 17 5 4 5 6 122 122 7 15 16 3 15…
Competitive Haynesville Gas Differentials 44 37 15 34 32 12 11 11 29 25 23 21 2016 2017 2018 2019 Regional Transport & Basis vs Henry Hub Wellhead Gathering & Treating 20
Natural Gas Hedges Natural gas hedge positions to support Haynesville drilling program Volume NYMEX price (Mmbtu / day) (Per Mcf) (a) 2017 Q1 70,000 3.37 2017 Q2 81,000 3.38 2017 Q3 99,000 3.38 2017 Q4 99,000 3.38 2018 Q1…
Oil Production (MBbls / day) 12.2 12.2 12.4 0.2 0.6 0.2 0.2 0.4 11.5 0.5 10.4 1.1 2017 oil production is 0.1 10.2 0.2 0.5 estimated to average 1.9 between 2,200 to 2,500 barrels per day 0.4 6.9 0.4 0.4 11.8 11.6 5.4…
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