Two big U.S. independents took too different paths in the second quarter, one showing solid natural gas gains — mostly in the Marcellus Shale — while the other saw climbing oil and liquids output from from its onshore plays, and in particular, the Eagle Ford Shale.

Antero Resources last week said its proved reserves, mostly gas and mostly Marcellus, increased 47% in the first six months of this year from a year ago to 6.3 Tcfe. The Denver-based company said the increase didn’t include 178 million bbl of ethane. Almost all — 95% — of the proved volumes at the end of June were from the Marcellus, while the Utica Shale accounted for the rest.

Antero’s natural gas accounted for 91% of all the proved reserves, with 8% natural gas liquids (NGL) and 1% crude oil. About 27% of its 320,000 net acres in the Marcellus are classified as proved. Proved, probable and possible (3P) reserves also increased from January through June, up 28% to 27.7 Tcfe, excluding 984 million bbl of ethane. According to Antero, the increase “was primarily driven by the addition of 26,000 net acres in the Marcellus Shale in northern West Virginia, and 23,000 net acres in the Utica Shale in eastern Ohio through acquisitions and leasing.”

About two-thirds (67%) of the 3P reserves, or 18.7 Tcfe, are in the Marcellus, while 19% (5.3 Tcfe) are in the Utica. The remaining 3 Tcfe are in the Upper Devonian Shale above the Utica. Realized prices at the end of June averaged averaged $3.44/MMBtu, while benchmark gas prices were $3.43/MMBtu in the Appalachian Basin, a 23% increase from the $2.78/MMBtu benchmark basin price used at the end of December.

Frisco, TX-based Comstock Resources Inc. is squarely focused on the Eagle Ford Shale of South Texas, where it is drilling longer-lateral wells for less money in fewer days and looking for bolt-on acreage acquisitions. The gassier Haynesville Shale will have to wait.

Comstock reported net income of $129.7 million ($2.68/share) in 2Q2013, including the gain on Permian Basin acreage, versus year-ago earnings of $7.16 million (15 cents). The sale of the Permian properties netted proceeds of $832.7 million upon closing in May. Comstock recognized a gain on the sale in 2Q2013 of $230.6 million ($149.9 million after tax or $3.21/share) (see NGI, March 18).

Proceeds allow Comstock to cut debt, increase liquidity, accelerate Eagle Ford drilling and acquire additional Eagle Ford and other oily acreage, CEO Jay Allison said. “In 2010, Comstock produced very little oil; we were a pure natural gas company, with the Haynesville being our marquee asset,” he said. “Yes, we still own the 130,000-plus acres in the Haynesville-Bossier, which is really inventoried until gas prices improve.”

The company entered the Eagle Ford in 2010 and now, thanks to the Permian sale, Comstock has accelerated its drilling program from 42 gross wells to a 72 gross well program, Allison said.

Production during the second quarter was 551,000 bbl of oil and 14.2 Bcf of natural gas, or 17.5 Bcfe, compared to the 24.5 Bcfe produced in the second quarter of 2012. Oil production grew 26% from the first quarter of 2013 and increased 20% from the second quarter of 2012. Gas production declined 35% from the year-ago quarter due to the lack of drilling activity on the company’s Haynesville Shale properties.

Allison said not many of Comstock’s peers have been able to build a comparable bridge position in oil while they wait for the gas market to improve. The company’s approximately 1,500 drilling locations in the Haynesville will look better when gas prices are sticking around $4.30-4.50, he said. “I think some of the prospects we have in the core, not all of that 130,000-plus acres but the core acreage in the Haynesville, I think some of that would be competitive in the Eagle Ford,” Allison told analysts.

“You’d best believe in the years to come that with demand increasing and the rig count kind of down and production pretty flat overall for natural gas on a daily basis, that the commodity will swing around and be a $4.50-5.00 commodity, maybe more. You can’t run the company based upon that program in two years, but you can certainly run the company based upon inventorying the golden egg for the future, and I think that’s what we’ve done.”