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February 2015 – Comstock Resources Inc.

Comstock Resources Inc. · Feb 19, 2015 · 20 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. February 2015 – Comstock Resources Inc. – slide 1
    NYSE:CRK February 2015
  2. February 2015 – Comstock Resources Inc. – slide 2
    Why Invest in Comstock Restarting a natural gas drilling program with improved completion technology Over 6 Tcf of reserve potential in Haynesville / Bossier shale Over 550 drilling locations Natural gas properties located near…
  3. February 2015 – 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- 620 Bcfe 68% - proved developed 20% - oil 80%…
  4. February 2015 – Comstock Resources Inc. – slide 4
    Major Properties Other Proved Reserves 14 Bcfe Wells - 336 San Juan E. Texas / N. Louisiana Proved Reserves - 385 Bcfe Wells 935 South Texas Proved Reserves 36.9 Mmboe Longwood Texas Wells - 325 Waskom Drew Logansport…
  5. February 2015 – Comstock Resources Inc. – slide 5
    East Texas / North Louisiana Region East Texas / North LA Reserves: 385 Bcfe Own interests in 935 producing wells in 28 fields Longwood 69,000 net acres Waskom with Lower Blocker Drew Haynesville shale Beckville…
  6. February 2015 – Comstock Resources Inc. – slide 6
    East Texas / North Louisiana Region Cotton Valley Haynesville Shale Cotton Valley Bossier Shale Haynesville/Bossier Shale Gross Acres 81,000 Net Acres 69,000 14 new wells planned for 2015 Resource 10 refracs of…
  7. February 2015 – 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. February 2015 – Comstock Resources Inc. – slide 8
    Haynesville Well Design - New vs. Old Old Well New Well Estimated Well Cost ( millions) 7.5 11 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) 50 150 Well…
  9. February 2015 – 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. February 2015 – Comstock Resources Inc. – slide 10
    South Texas Region South Texas Reserves: 36.9 MMBOE (55% Oil) East Texas Eagle Ford Own interests Texas in 325 South Texas Eagle Ford producing wells in 14 fields 55,000 net acres with Las Hermanitas Eagle Ford…
  11. February 2015 – Comstock Resources Inc. – slide 11
    South Texas Eagle Ford Shale Program Atascosa Frio LaSalle McMullen Gross Acres 31,000 Net Acres 24,000 62 Future Operated Drilling Locations 12
  12. February 2015 – 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. February 2015 – 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. February 2015 – 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. February 2015 – Comstock Resources Inc. – slide 15
    TMS Acreage 91,000 gross acres (82,000 net) prospective for oil in the Tuscaloosa Marine shale in Louisiana and Mississippi 327 operated future drilling locations Comstock CMR Foster Creek 28- Mississippi 40 1H IP24: 874…
  16. February 2015 – Comstock Resources Inc. – slide 16
    2015 Drilling Program ( in millions) Drilling Gross WI Net Expenditures Budget Wells Wells 483 East Tex./North La.: Haynesville Shale 168.0 14 14.0 344 307 Refracs 17.0 185.0 14 14.0 South Texas: Eagle Ford Shale 30.0 4…
  17. February 2015 – Comstock Resources Inc. – slide 17
    Oil Production (MBbls / day) From Continuing Operations 12.2 12.2 12.4 0.5 0.2 0.2 9.5 10.4 to 0.2 10.5 7.6 6.9 0.3 0.3 6.0 0.2 12.0 12.0 11.9 5.3 4.8 0.1 5.10.4 4.50.3 4.8 10.2 0.4 0.4 3.8 0.3 0.2 0.4 7.3 0.3 6.6…
  18. February 2015 – Comstock Resources Inc. – slide 18
    Natural Gas Production (MMcf / day) From Continuing Operations 272 253 11 5 254 11 10 245 239 5 24 6 10 3 6 5 212 26 23 23 218 145 32 23 4 1 11 21 192 8 35 31 31 28 4 1 - 26 27 20 174 160 6 19 156 148 34 25 4…
  19. February 2015 – Comstock Resources Inc. – slide 19
    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…
  20. February 2015 – Comstock Resources Inc. – slide 20
    Balance Sheet ( in millions) As of Estimated Dec. 31, 2014 Cash and cash equivalents 2 Revolving Credit Facility (1,000) 375 Current Borrowing Base 675 Availability () 300 Availability (%) 44% 7% Senior Notes due 2019 405 9%…

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