COMSTOCK RESOURCES, INC. REPORTSTHIRD QUARTER 2018 FINANCIAL AND OPERATING RESULTS

FRISCO, TEXAS, November 8, 2018 – Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today reported financial and operating results. On August 14, 2018 Arkoma Drilling, L.P. and Williston Drilling, L.P. (collectively, the "Jones Partnerships") contributed to the Company certain oil and gas properties producing from the Bakken shale in exchange for common stock of Comstock representing a controlling stake in the Company (the "Jones Contribution"). The Jones Partnerships are wholly owned and controlled by Dallas businessman Jerry Jones and his children. The Jones Partnerships received 88,571,429 newly issued shares of Comstock common stock representing an 84% ownership interest in the Company.

Comstock's basis in the Bakken shale properties is the historical basis of the Jones Partnerships. The change in control results in a new basis for Comstock's assets and liabilities. The new basis is pushed down to Comstock for financial reporting purposes, resulting in Comstock's assets, liabilities and equity accounts being recognized at fair value upon the closing of the contribution.

References to "Successor" relate to the financial position and results of operations of the Company subsequent to August 13, 2018. References to "Predecessor" relate to the financial position and results of operations of the Company on or prior to August 13, 2018. The Company's consolidated financial statements and related footnotes are being presented with a black line division which delineates the lack of comparability between amounts presented before and after August 13, 2018.

Financial Results for the Period August 14, 2018 through September 30, 2018

The financial results for the first period since closing the Jones Partnerships contribution is for 48 days from August 14, 2018 through September 30, 2018.  During that period Comstock produced 542,000 barrels of oil and 14.1 billion cubic feet ("Bcf") of natural gas or 17.4 billion cubic feet of natural gas equivalent ("Bcfe"). Oil production averaged 11,300 barrels of oil per day and natural gas production averaged 294 million cubic feet ("MMcf") per day. Comstock's average realized oil price was $62.21 per barrel and the average realized gas price after hedging was $2.59 per Mcf during this period.

Oil and gas sales for the period were $70.3 million (including realized hedging gains). EBITDAX, or earnings before interest, taxes, depreciation, depletion, amortization, exploration expense and other noncash expenses, was $52.9 million and operating cash flow generated was $38.8 million. 

Comstock reported earnings of $13.8 million or $0.13 per share for the period August 14, 2018 through September 30, 2018. The results for this period included an unrealized loss from derivative financial instruments of $2.2 million and a gain on sale of oil and gas properties of $0.1 million. Excluding these items, the net income would have been $15.9 million or $0.15 per share.

Financial Results for the Period July 1, 2018 through August 13, 2018

The first 44 days of the third quarter from July 1, 2018 through August 13, 2018 are part of the Predecessor period before the closing of the Jones Contribution and do not include the results of the Bakken shale properties. During that period Comstock produced 7,200 barrels of oil and 11.9 Bcf of natural gas or 11.9 Bcfe. Oil production averaged 163 barrels of oil per day and natural gas production averaged 270 MMcf per day. Comstock's average realized oil price was $69.42 per barrel and the average realized gas price after hedging was $2.73 per Mcf during this period.

Oil and gas sales were $32.9 million (including realized hedging gains). EBITDAX was $23.7 million and operating cash flow generated was $10.2 million. 

Comstock reported a net loss of $16.9 million or $1.09 per share for the period July 1, 2018 through August 13, 2018. The results for this period included transaction costs related to the Jones Contribution of $2.6 million, $6.0 million of non-cash interest expense associated with the discounts recognized and costs incurred on the debt exchange that occurred in 2016, and an unrealized loss from derivative financial instruments of $0.4 million. Excluding these items, the net loss would have been $7.9 million or $0.51 per share.

Drilling Results

Comstock reported the results to date of its 2018 Haynesville/Bossier shale drilling program.  During the first nine months of 2018, Comstock spent $164.9 million on its development and exploration activities, including $15.6 million spent to complete 26 (2.8 net) Bakken shale wells. Comstock drilled 27 Haynesville/Bossier natural gas wells (9.9 net) and had 16 wells (4.9 net) drilling at September 30, 2018.  Comstock also completed eleven (4.0 net) operated Haynesville wells that were drilled in 2017. Comstock also spent $57.2 million on acquisitions, including the previously reported acquisition of Haynesville shale properties from Enduro Resource Partners and the repurchase of interests in six Haynesville shale wells that were being drilled under the strategic drilling venture which was terminated effective with the closing of the Jones Contribution.                                                Since the last operational update, Comstock has completed ten additional operated Haynesville shale wells.  The average initial production rate of these wells was 25 MMcf per day. The ten operated wells had completed lateral lengths ranging from 4,502 feet to 9,865 feet, with an average completed lateral length of 7,629 feet. Each well was tested at initial production rates of 21 to 28 MMcf per day.  Comstock has two (0.8 net) operated Haynesville shale wells that are in the process of being completed.

4th Quarter 2018 and 2019 Drilling Budget

The Company also announced drilling plans for the fourth quarter of 2018 and 2019. The Company's current plans are to operate four drilling rigs through 2018 increasing to five operated rigs in March of 2019. The Company currently plans to spend $90.0 million in the fourth quarter comprised of $69.3 million to drill 21 Haynesville shale wells (6.6 net) including 12 operated wells (6.3 net) and $20.7 million to complete 30 Bakken shale wells (4.4 net). The Company's preliminary 2019 planned capital expenditures for 2019 are estimated at $377.0 million. Haynesville/Bossier shale drilling and completion activities comprise $361.3 million of 2019's activity to drill 57 horizontal wells (38.2 net) including spending $25.2 million to complete wells drilled in 2018. Comstock expects to spend an additional $15.7 million on its other properties. The drilling budget will be adjusted upward or downward in response to oil and natural gas prices as the program is intended to be funded by operating cash flow. 

Other

Comstock has planned a conference call for 10:00 a.m. Central Time on November 8, 2018, to discuss the operational and financial results for the third quarter of 2018.  Investors wishing to participate should visit the Company's website at www.comstockresources.com for a live web cast or dial 844-776-7840 (international dial-in use 661-378-9538) and provide access code 4688623 when prompted.  If you are unable to participate in the original conference call, a web replay will be available approximately 24 hours following the completion of the call on Comstock's website at www.comstockresources.com.  The web replay will be available for approximately one week.  A replay of the conference call will be available beginning at 1:00 p.m. CT November 8, 2018 and will continue until 1:00 p.m. November 15, 2018.  To hear the replay, call 855-859-2056 (404-537-3406 if calling from outside the US).  The conference call access code is 4688623.

This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995.  Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein.  Although the Company believes the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct.

Comstock Resources, Inc. is an independent energy company based in Frisco, Texas and is engaged in oil and gas acquisitions, exploration and development primarily in Texas and Louisiana.  The Company's stock is traded on the New York Stock Exchange under the symbol CRK.

COMSTOCK RESOURCES, INC. OPERATING RESULTS (In thousands, except per share amounts)

    Three Months Ended September 30,     Nine Months Ended September 30,  
    Transition Period           Transition Period        
    Successor     Predecessor     Predecessor     Successor     Predecessor     Predecessor  
    August 14 through September 30, 2018     July 1 through August 13, 2018     2017     August 14 through September 30, 2018     January 1 through August 13, 2018     2017  
    (In thousands, except per share amounts)  
Revenues:                                                
Natural gas sales................................................................................................   $ 36,393     $ 32,089     $ 56,164     $ 36,393     $ 147,897     $ 147,541  
Oil sales.............................................................................................................     33,730       499       10,647       33,730       18,733       34,542  
Total oil and gas sales......................................................................     70,123       32,588       66,811       70,123       166,630       182,083  
                                                 
Operating expenses:                                                
Production taxes................................................................................................     4,051       707       1,490       4,051       3,659       3,730  
Gathering and transportation..............................................................................     3,450       3,109       4,755       3,450       11,841       12,428  
Lease operating..................................................................................................     7,016       3,418       9,359       7,016       21,139       28,681  
Depreciation, depletion and amortization...........................................................     17,820       14,082       32,783       17,820       68,032       93,009  
General and administrative.................................................................................     3,303       3,044       6,174       3,303       15,699       19,134  
Loss (gain) on sale of oil and gas properties......................................................     (98 )     —       1,060       (98 )     35,438       1,060  
                                                 
Total operating expenses..............................................................................     35,542       24,360       55,621       35,542       155,808       158,042  
                                                 
Operating income...................................................................................................     34,581       8,228       11,190       34,581       10,822       24,041  
                                                 
Other income (expenses):                                                
Gain (loss) from derivative financial instruments..............................................     (2,015 )     (83 )     1,430       (2,015 )     881       14,585  
Other income.....................................................................................................     42       284       170       42       677       398  
Interest expense.................................................................................................     (14,845 )     (22,140 )     (37,595 )     (14,845 )     (101,203 )     (107,250 )
Transaction costs...............................................................................................     —       (2,549 )     —       —       (2,866 )     —  
                                                 
Total other income (expenses).....................................................................     (16,818 )     (24,488 )     (35,995 )     (16,818 )     (102,511 )     (92,267 )
                                                 
Income (loss) before income taxes........................................................................     17,763       (16,260 )     (24,805 )     17,763       (91,689 )     (68,226 )
Benefit from (provision for) income taxes.............................................................     (3,940 )     (605 )     69       (3,940 )     (1,065 )     (883 )
Net income (loss)...................................................................................................   $ 13,823     $ (16,865 )   $ (24,736 )   $ 13,823     $ (92,754 )   $ (69,109 )
                                                 
Net income (loss) per share – basic and diluted.........................................   $ 0.13     $ (1.09 )   $ (1.67 )   $ 0.13     $ (6.08 )   $ (4.74 )
                                                 
Weighted average shares outstanding – Basic.........................................................     106,448       15,468       14,796       106,448       15,262       14,591  
Diluted...............................................................................................................     106,463       15,468       14,796       106,463       15,262       14,591  

                                               

 (1)    Includes $6.0 million and $9.9 million for the period July 1, 2018 through August 13, 2018 and the three months ended September 30, 2017, respectively, and $29.2 million and $24.8 million for the period January 1, 2018 through August 13, 2018 and the nine months ended September 30, 2017, respectively, related to the amortization of discounts and costs recorded in connection with the debt exchange completed on September 6, 2016 and $5.0 million and $9.6 million for the period July 1, 2018 through August 13, 2018 and the three months ended September 30, 2017, respectively, and $25.0 million and $28.2 million for the period January 1, 2018 through August 13, 2018 and the nine months ended September 30, 2017, respectively, of interest paid in-kind related to the Company's convertible notes. 

COMSTOCK RESOURCES, INC. OPERATING RESULTS (In thousands)

    Three Months Ended September 30,     Nine Months Ended September 30,  
    Transition Period           Transition Period        
    Successor     Predecessor     Predecessor     Successor     Predecessor     Predecessor  
    August 14 through September 30, 2018     July 1 through August 13, 2018     2017     August 14 through September 30, 2018     January 1 through August 13, 2018     2017  
       
OPERATING CASH FLOW:                                                
                                                 
Net income (loss)......................................................................................................   $ 13,823     $ (16,865 )   $ (24,736 )   $ 13,823     $ (92,754 )   $ (69,109 )
Reconciling items:                                                 
Deferred income taxes..........................................................................................     3,883       626       (87 )     3,883       1,052       768  
Depreciation, depletion and amortization..............................................................     17,820       14,082       32,783       17,820       68,032       93,009  
Unrealized loss (gain) from derivative financial instruments.................................     2,206       413       2,026       2,206       1,961       (9,233 )
Amortization of debt discount, premium and issuance costs.................................     822       6,190       9,914       822       29,457       24,914  
Interest paid in-kind..............................................................................................     —       4,990       9,600       —       25,004       28,194  
Stock-based compensation....................................................................................     329       803       1,640       329       3,912       4,455  
Loss (gain) on sale of oil and gas properties.........................................................     (98 )     —       1,060       (98 )     35,438       1,060  
Operating cash flow..........................................................................................     38,785       10,239       32,200       38,785       72,102       74,058  
Decrease (increase) in accounts receivable..................................................     (44,844 )     3,551       (2,295 )     (44,844 )     2,834       (11,952 )
Decrease (increase) in other current assets..................................................     (1,326 )     (304 )     238       (1,326 )     337       (670 )
Increase (decrease) in accounts payable and accrued expenses...................     11,034       (14,749 )     5,105       11,034       10,462       29,327  
Net cash provided by operating activities..............................................   $ 3,609     $ (1,263 )   $ 35,248     $ 3,609     $ 85,735     $ 90,763  
                                                 
EBITDAX:                                                
                                                 
Net income (loss)......................................................................................................   $ 13,823     $ (16,865 )   $ (24,736 )   $ 13,823     $ (92,754 )   $ (69,109 )
Interest expense........................................................................................................     14,845       22,140       37,595       14,845       101,203       107,250  
Income taxes.............................................................................................................     3,940       605       (69 )     3,940       1,065       883  
Depreciation, depletion and amortization..................................................................     17,820       14,082       32,783       17,820       68,032       93,009  
Unrealized loss (gain) from derivative financial instruments.....................................     2,206       413       2,026       2,206       1,961       (9,233 )
Stock-based compensation........................................................................................     329       803       1,640       329       3,912       4,455  
Transaction costs......................................................................................................     —       2,549       —       —       2,866       —  
Loss on sale of oil and gas properties.......................................................................     (98 )     —       1,060       (98 )     35,438       1,060  
Total EBITDAX....................................................................................   $ 52,865     $ 23,727     $ 50,299     $ 52,865     $ 121,723     $ 128,315  
    Successor     Predecessor  
    As of September 30, 2018     As of December 31, 2017  
                 
Balance Sheet Data:                
                 
Cash and cash equivalents...........................................................................................................   $ 31,780     $ 61,255  
Assets held for sale.....................................................................................................................     —       198,615  
Other current assets.....................................................................................................................     99,692       42,635  
Property and equipment, net........................................................................................................     1,593,602       607,929  
Other...........................................................................................................................................     369,302       19,985  
Total assets...........................................................................................................................   $ 2,094,376     $ 930,419  
                 
                 
Current liabilities.........................................................................................................................   $ 180,118     $ 168,489  
Long-term debt............................................................................................................................     1,242,844       1,110,529  
Deferred income taxes.................................................................................................................     145,565       10,266  
Asset retirement obligation..........................................................................................................     4,738       10,407  
Stockholders' equity (deficit).......................................................................................................     521,111       (369,272 )
Total liabilities and stockholders' equity (deficit).................................................................   $ 2,094,376     $ 930,419  

COMSTOCK RESOURCES, INC. REGIONAL OPERATING RESULTS (In thousands, except per unit amounts)

    Successor
    For the Period August 14, 2018 through September 30, 2018
    Haynesville / Cotton Valley     Bakken     Other     Total  
Gas production (MMcf)............................................................................     12,773       1,272       53       14,098  
Oil production (Mbbls).........................................................................     5       536       1       542  
Total production (MMcfe)........................................................................     12,803       4,487       61       17,351  
                                 
Natural gas sales.................................................................................   $ 34,765     $ 1,466     $ 162     $ 36,393  
Natural gas hedging settlements(1)....................................................................     —       —       —       191  
Total natural gas including hedging..................................................................     34,765       1,466       162       36,584  
Oil sales.................................................................................     320       33,240       170       33,730  
Total oil and gas sales including hedging..................................................................   $ 35,085     $ 34,706     $ 332     $ 70,314  
                                 
Average gas price (per Mcf)...............................................................................   $ 2.72     $ 1.15     $ 3.07     $ 2.58  
Average gas price including hedging (per Mcf)...............................................................................                           $ 2.59  
Average oil price (per barrel)............................................................................   $ 64.00     $ 62.01     $ 140.66     $ 62.21  
Average price (per Mcfe).............................................................................   $ 2.74     $ 7.73     $ 5.44     $ 4.04  
Average price including hedging (per Mcfe).............................................................................                           $ 4.05  
                                 
Production taxes.................................................................................   $ 813     $ 3,214     $ 24     $ 4,051  
Gathering and transportation.................................................................   $ 3,420     $ —     $ 30     $ 3,450  
Lease operating..........................................................................   $ 3,615     $ 3,250     $ 151     $ 7,016  
                                 
Production taxes (per Mcfe).............................................................................   $ 0.06     $ 0.72     $ 0.40     $ 0.23  
Gathering and transportation (per Mcfe)............................................................................   $ 0.27     $ —     $ 0.50     $ 0.20  
Lease operating (per Mcfe).............................................................................   $ 0.28     $ 0.72     $ 2.46     $ 0.41  
                                 
Oil and Gas Capital Expenditures:                                
Acquisitions.................................................................   $ 17,905     $ —     $ —     $ 17,905  
Development leasehold....................................................................     475       —       —       475  
Development drilling.......................................................................     33,404       15,615       —       49,019  
Other development.................................................................     7,810       —       —       7,810  
Total...........................................................................   $ 59,594     $ 15,615     $ —     $ 75,209  

                                               

(1)    Included in gain from derivative financial instruments in operating results.      

COMSTOCK RESOURCES, INC. REGIONAL OPERATING RESULTS (In thousands, except per unit amounts)

    Predecessor  
    For the Period July 1, 2018 through August 13, 2018  
    Haynesville / Cotton Valley     Other     Total  
Gas production (MMcf)............................................................................     11,806       70       11,876  
Oil production (Mbbls).........................................................................     5       2       7  
Total production (MMcfe)........................................................................     11,840       79       11,919  
                         
Natural gas sales.................................................................................   $ 31,834     $ 255     $ 32,089  
Natural gas hedging settlements(1)....................................................................     —       —       330  
Total natural gas including hedging..................................................................     31,834       255       32,419  
Oil sales.................................................................................     386       113       499  
Total oil and gas sales including hedging..................................................................   $ 32,220     $ 368     $ 32,918  
                         
Average gas price (per Mcf)...............................................................................   $ 2.70     $ 3.64     $ 2.70  
Average gas price including hedging (per Mcf)...............................................................................                   $ 2.73  
Average oil price (per barrel)............................................................................   $ 68.87     $ 71.37     $ 69.42  
Average price (per Mcfe).............................................................................   $ 2.72     $ 4.66     $ 2.73  
Average price including hedging (per Mcfe).............................................................................                   $ 2.76  
                         
Production taxes.................................................................................   $ 684     $ 23     $ 707  
Gathering and transportation.................................................................   $ 3,082     $ 27     $ 3,109  
Lease operating..........................................................................   $ 3,244     $ 174     $ 3,418  
                         
Production taxes (per Mcfe).............................................................................   $ 0.06     $ 0.29     $ 0.06  
Gathering and transportation (per Mcfe)............................................................................   $ 0.26     $ 0.34     $ 0.26  
Lease operating (per Mcfe).............................................................................   $ 0.27     $ 2.21     $ 0.29  
                         
Oil and Gas Capital Expenditures:                        
Acquisitions.................................................................   $ 39,323     $ —     $ 39,323  
Development leasehold....................................................................     504       —       504  
Development drilling.......................................................................     14,211       —       14,211  
Other development.................................................................     2,958       —       2,958  
Total...........................................................................   $ 56,996     $ —     $ 56,996  

                                               

(1)    Included in gain from derivative financial instruments in operating results.

COMSTOCK RESOURCES, INC. REGIONAL OPERATING RESULTS (In thousands, except per unit amounts)

    Predecessor  
    For the Three Months Ended September 30, 2017  
    Haynesville / Cotton Valley     South Texas     Other     Total  
Gas production (MMcf)...................................     19,590       318       79       19,987  
Oil production (Mbbls)....................................     12       211       6       229  
Total production (MMcfe)................................     19,660       1,582       120       21,362  
                                 
Natural gas sales...............................................   $ 54,673     $ 1,282     $ 209     $ 56,164  
Natural gas hedging settlements(1)....................     —       —       —       3,456  
Total natural gas including hedging............     54,673       1,282       209       59,620  
Oil sales............................................................     537       9,791       319       10,647  
Total oil and gas sales including hedging..................................................   $ 55,210     $ 11,073     $ 528     $ 70,267  
                                 
                                 
Average gas price (per Mcf)............................   $ 2.79     $ 4.03     $ 2.65     $ 2.81  
Average gas price including hedging (per Mcf)........................................................                           $ 2.98  
Average oil price (per barrel)...........................   $ 46.33     $ 46.46     $ 46.17     $ 46.45  
Average price (per Mcfe).................................   $ 2.81     $ 7.00     $ 4.40     $ 3.13  
Average price including hedging (per Mcfe)......................................................                           $ 3.29  
                                 
Production taxes...............................................   $ 934     $ 514     $ 42     $ 1,490  
Gathering and transportation............................   $ 4,258     $ 374     $ 123     $ 4,755  
Lease operating.................................................   $ 5,749     $ 3,410     $ 200     $ 9,359  
                                 
Production taxes (per Mcfe).............................   $ 0.05     $ 0.32     $ 0.35     $ 0.07  
Gathering and transportation (per Mcfe)..........   $ 0.22     $ 0.24     $ 1.03     $ 0.22  
Lease operating (per Mcfe)...............................   $ 0.29     $ 2.16     $ 1.66     $ 0.44  
                                 
Oil and Gas Capital Expenditures:                                
Development leasehold................................   $ 867     $ 16     $ —     $ 883  
Development drilling....................................     40,017       —       —       40,017  
Other development.......................................     1,798       188       312       2,298  
Total...........................................................   $ 42,682     $ 204   $ 312     $ 43,198  

                                               

(1)    Included in gain from derivative financial instruments in operating results.      

COMSTOCK RESOURCES, INC. REGIONAL OPERATING RESULTS (In thousands, except per unit amounts)

    Predecessor  
    For the Period January 1, 2018 through August 13, 2018  
    Haynesville / Cotton Valley     South Texas     Other     Total  
Gas production (MMcf)...................................     54,386       379       475       55,240  
Oil production (Mbbls)....................................     27       247       13       287  
Total production (MMcfe)................................     54,549       1,860       554       56,963  
                                 
Natural gas sales...............................................   $ 144,918     $ 1,590     $ 1,389     $ 147,897  
Natural gas hedging settlements(1)....................     —       —       —       2,842  
Total natural gas including hedging............     144,918       1,590       1,389       150,739  
Oil sales............................................................     1,760       16,157       816       18,733  
Total oil and gas sales including hedging..................................................   $ 146,678     $ 17,747     $ 2,205     $ 169,472  
                                 
                                 
Average gas price (per Mcf)............................   $ 2.66     $ 4.20     $ 2.92     $ 2.68  
Average gas price including hedging (per Mcf)........................................................                           $ 2.73  
Average oil price (per barrel)...........................   $ 64.71     $ 65.46     $ 62.00     $ 65.23  
Average price (per Mcfe).................................   $ 2.69     $ 9.54     $ 3.98     $ 2.93  
Average price including hedging (per Mcfe)......................................................                           $ 2.98  
                                 
Production taxes...............................................   $ 2,680     $ 831     $ 148     $ 3,659  
Gathering and transportation............................   $ 11,211     $ 463     $ 167     $ 11,841  
Lease operating.................................................   $ 15,610     $ 4,829     $ 700     $ 21,139  
                                 
Production taxes (per Mcfe).............................   $ 0.05     $ 0.45     $ 0.27     $ 0.06  
Gathering and transportation (per Mcfe)..........   $ 0.21     $ 0.25     $ 0.30     $ 0.21  
Lease operating (per Mcfe)...............................   $ 0.28     $ 2.59     $ 1.26     $ 0.37  
                                 
Oil and Gas Capital Expenditures:                                
Acquisitions.................................................   $ 39,323     $ —     $ —     $ 39,323  
Development leasehold................................     2,848       —       —       2,848  
Development drilling....................................     90,840       —       —       90,840  
Other development.......................................     13,205       393       273       13,871  
Total...........................................................   $ 146,216     $ 393   $ 273     $ 146,882  

                                               

(1)    Included in gain from derivative financial instruments in operating results.

COMSTOCK RESOURCES, INC. REGIONAL OPERATING RESULTS (In thousands, except per unit amounts)

    Predecessor  
    For the Nine Months Ended September 30, 2017  
    Haynesville / Cotton Valley     South Texas     Other     Total  
Gas production (MMcf)..............................     49,800       1,071       436       51,307  
Oil production (Mbbls)...............................     39       682       16       737  
Total production (MMcfe)..........................     50,034       5,162       534       55,730  
                                 
Natural gas sales.........................................   $ 142,217     $ 4,150     $ 1,174     $ 147,541  
Natural gas hedging settlements(1)...............     —       —       —       5,352  
Total natural gas including hedging......     142,217       4,150       1,174       152,893  
Oil sales......................................................     1,820       31,953       769       34,542  
Total oil and gas sales including hedging.............................................   $ 144,037     $ 36,103     $ 1,943     $ 187,435  
                                 
                                 
Average gas price (per Mcf).......................   $ 2.86     $ 3.87     $ 2.69     $ 2.88  
Average gas price including hedging (per Mcf)..................................................                           $ 2.98  
Average oil price (per barrel)......................   $ 46.67     $ 46.87     $ 46.90     $ 46.86  
Average price (per Mcfe)............................   $ 2.88     $ 6.99     $ 3.64     $ 3.27  
Average price including hedging (per Mcfe).................................................                           $ 3.36  
                                 
Production taxes..........................................   $ 1,928     $ 1,664     $ 138     $ 3,730  
Gathering and transportation.......................   $ 10,962     $ 1,279     $ 187     $ 12,428  
Lease operating...........................................   $ 16,748     $ 10,956     $ 977     $ 28,681  
                                 
Production taxes (per Mcfe).......................   $ 0.04     $ 0.32     $ 0.26     $ 0.07  
Gathering and transportation (per Mcfe).....   $ 0.22     $ 0.25     $ 0.35     $ 0.22  
Lease operating (per Mcfe).........................   $ 0.33     $ 2.12     $ 1.83     $ 0.51  
                                 
Oil and Gas Capital Expenditures:                                
Development leasehold...........................   $ 1,426     $ 521     $ —     $ 1,947  
Development drilling..............................     120,856       705       —       121,561  
Other development..................................     4,382       1,485       435       6,302  
Total......................................................   $ 126,664     $ 2,711   $ 435     $ 129,810  

                                               

(1)    Included in gain from derivative financial instruments in operating results.


Comstock Resources
Gary H. Guyton
Director of Planning and Investor Relations
(972) 668-8834
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