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INVESTOR UPDATE – Comstock Resources Inc.

Comstock Resources Inc. · Jan 15, 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 UPDATE – Comstock Resources Inc. – slide 1
    NYSE:CRK January 2015
  2. INVESTOR UPDATE – Comstock Resources Inc. – slide 2
    Why Invest in Comstock Restarting natural gas program with improved completion technology 6 Tcf of reserve potential in Haynesville / Bossier shale Over 1,000 drilling locations Natural gas properties located near growing Gulf…
  3. INVESTOR UPDATE – 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- 585 Bcfe 73% - proved developed 23% - oil 77%…
  4. INVESTOR UPDATE – Comstock Resources Inc. – slide 4
    Major Properties Other Proved Reserves 13 Bcfe Wells - 339 San Juan E. Texas / N. Louisiana Proved Reserves - 344 Bcfe Wells 956 South Texas Proved Reserves 37.9 Mmboe Longwood Texas Wells - 240 Waskom Drew Logansport…
  5. INVESTOR UPDATE – Comstock Resources Inc. – slide 5
    East Texas / North Louisiana Region East Texas / North LA Reserves: 344 Bcfe* Own interests in 956 producing wells in 28 fields Longwood 70,000 net acres Waskom with Lower Blocker Drew Haynesville shale Beckville…
  6. INVESTOR UPDATE – Comstock Resources Inc. – slide 6
    East Texas / North Louisiana Region Cotton Valley Haynesville Shale Cotton Valley Bossier Shale Haynesville/Bossier Shale Gross Acres 83,000 Net Acres 70,000 14 new wells planned for 2015 Resource 10 refracs of…
  7. INVESTOR UPDATE – Comstock Resources Inc. – slide 7
    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…
  8. INVESTOR UPDATE – Comstock Resources Inc. – slide 8
    Haynesville Well Design - New vs. Old Old Well New Well Estimated Well Cost ( millions) 7.5 11 to 13 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…
  9. INVESTOR UPDATE – Comstock Resources Inc. – slide 9
    Haynesville Well Economics 79% 65% 54% R O R ( B.F.I.T.) % 54% 45% 44% 35% 33% 29% 26% 4.00/MCF 21% 3.50/MCF 16% 17% 3.00/MCF 12% 2.50/MCF 9% 7% 2.00/MCF 4% 3% 1% 11 million 12 million 13 million 14…
  10. INVESTOR UPDATE – Comstock Resources Inc. – slide 10
    South Texas Region South Texas Reserves: 35.9 MMBOE (52.9% Oil) East Texas Eagle Ford Own interests Texas in 273 South Texas Eagle Ford producing wells in 13 fields 55,000 net acres with Las Hermanitas Eagle Ford…
  11. INVESTOR UPDATE – Comstock Resources Inc. – slide 11
    South Texas Eagle Ford Shale Program Atascosa Frio LaSalle McMullen Gross Acres 32,000 Net Acres 24,000 62 Future Operated Drilling Locations 12
  12. INVESTOR UPDATE – Comstock Resources Inc. – slide 12
    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…
  13. INVESTOR UPDATE – Comstock Resources Inc. – slide 13
    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 14
  14. INVESTOR UPDATE – Comstock Resources Inc. – slide 14
    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…
  15. INVESTOR UPDATE – Comstock Resources Inc. – slide 15
    TMS Acreage 79,000 gross acres (71,000 net) prospective for oil in the Tuscaloosa Marine shale in Louisiana and Mississippi 327 operated future drilling locations Mississippi Amite Wilkinson East Louisiana Feliciana St.…
  16. INVESTOR UPDATE – Comstock Resources Inc. – slide 16
    TMS Activity Producing Wells Comstock Mississippi Encana Comstock CMR Foster Creek 28- Goodrich Goodrich 40 1H Bates Halcon IP24: 1,000 BOE/d Goodrich Lewis Goodrich IP24: 1,450 BOE/d Smith IP24: 1,045 BOE/d Goodrich…
  17. INVESTOR UPDATE – Comstock Resources Inc. – slide 17
    2015 Drilling Program ( in millions) Continuing Operations Drilling Expenditures Gross WI Net 505 Budget Wells Wells East Tex./North La.: 344 Haynesville Shale 161.0 14 14.0 307 South Texas: South Texas Eagle Ford 34.0 5…
  18. INVESTOR UPDATE – Comstock Resources Inc. – slide 18
    Oil Production (MBbls / day) 11.5 From Continuing Operations to 13.5 12.2 12.2 0.2 0.2 10.4 0.2 7.6 6.90.3 0.3 6.0 0.2 12.0 12.0 5.1 5.3 4.8 0.1 0.4 4.8 10.2 0.4 0.4 4.5 0.3 0.3 0.2 3.8 0.4 7.3 0.3 6.6 5.8 2.1…
  19. INVESTOR UPDATE – Comstock Resources Inc. – slide 19
    Natural Gas Production (MMcf / day) From Continuing Operations 272 253 11 5 254 11 10 245 239 5 24 6 10 3 6 5 218 212 26 23 32 23 23 4 1 11 8 35 31 28 21 192 1 31 4 26 27 20 174 6 19 156 148 34 25 4 20 5 133…
  20. INVESTOR UPDATE – Comstock Resources Inc. – slide 20
    Low Cost Structure 2014 Nine Months Costs Per Mcfe Comstock total 4.29 producing costs are 37% lower 1.04 than the average E&P total producing costs 2.70 1.05 Lifting 0.87 G&A 12thlowest of 68 Interest companies 0.36…
  21. INVESTOR UPDATE – Comstock Resources Inc. – slide 21
    Balance Sheet ( in millions) As of Estimated Sept. 30, 2014 Cash and cash equivalents 6 Revolving Credit Facility (1,000) 305 Current Borrowing Base 675 Availability () 370 Availability (%) 55% 7% Senior Notes due 2019 405 9%…

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