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Industry Brief

Comstock Resources Inc. said 2014 proved oil and natural gas reserves increased year/year to 620.4 Bcfe from 585 Bcfe, which included 495 Bcf and 20.9 million bbl, 68% proved developed. The present value of the reserves, using a 10% discount or PV-10, was $1.1 billion, using average 2014 prices of $3.96/Mcf and $92.55/bbl. The Frisco, TX-based independent's output in 2014 averaged 180 MMcfe/d. Oil production comprised 39% of total output, versus 20% in 2013. Oil production rose 86% year/year to 4.3 million bbl; gas output fell 29% to 39.8 Bcfe. The Eagle Ford Shale contributed 5.1 million bbl and 5 Bcf, or 5.9 million boe to reserves. The Haynesville Shale and other regions added 74 Bcf in 2014. Finding costs for 2014 were estimated at $28.75/boe. Comstock has restarted Haynesville development in response to low oil prices (see Shale DailyDec. 18, 2014).

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