Onshore producer Comstock Resources Inc. replaced 387% of production and increased proved reserves by 27% during 2017, with natural gas output rising from the Haynesville Shale.
Total production during 2017 was 79 Bcfe, or 217 MMcfe/d. Natural gas production increased to 73.5 Bcf, while oil production fell to 951,000 bbl.
During the final three months of last year, production totaled 23.5 Bcfe, or 255 MMcfe/d, including 241 MMcf/d of gas and 2,319 b/d of oil. Fourth quarter gas production jumped 90% year/year, pro forma for divestitures.
“The significant growth in production and proved reserves is attributable to the company's successful Haynesville Shale drilling program in 2017,” the producer said. Comstock signaled last fall that it planned to drill more extended laterals across the Haynesville, which extends across part of East Texas and North Louisiana.
The Frisco, TX-based independent added 292 Bcfe of reserves last year, primarily from its Haynesville properties. In addition, it recorded 41 Bcfe of upward revisions related to improved commodity prices and strong well performance.
The 2017 proved reserve estimates include only 83 (61 net) proved undeveloped locations. Total proved reserves in 2017 were estimated at 7.6 million bbl of crude oil and 1,117 Bcf of natural gas, or 1,162 Bcfe. Year-end 2016 proved reserves stood at 916 Bcfe.
Prices used to determine 2017 proved reserves were 26% higher for gas and 30% higher for oil, Comstock noted.
An estimated $174.6 million was spent for development activities in 2017, with another $4.2 million directed to new Haynesville leases to be developed in the future. Based on the 2017 proved reserve additions, all-in finding costs were estimated at 54 cents/Mcfe.
Last year, Comstock drilled 30 horizontal wells (15.7 net). Most of the wells were drilled in the Haynesville, 22 total (14.4 net). Another seven wells were drilled in the adjacent Bossier formation. Six wells (three net) drilled in 2016 also were completed in the Haynesville last year.
In addition, 16 (12.8 net) wells drilled in 2017 were completed last year, and 14 (2.9 net) wells that were drilled are to be completed this year. Twenty-four (15.4 net) of the 30 wells are operated by Comstock.
Twenty-two of the operated wells (14.4 net) were Haynesville wells and two wells (1.0 net) were Bossier shale wells. Comstock was drilling four operated wells (1.5 net) at year’s end.
Meanwhile, the Eagle Ford Shale in South Texas, which is up for sale, provided 7.1 million bbl and 10.5 Bcf of total proved reserves in 2017.