Comstock Acquires South Texas Acreage, Ups Onshore Drilling Budget
Comstock Resources, Inc. on Friday completed an acquisition of oil and gas properties for $32.5 million, effective April 1, 2007. With the acquisition, Comstock acquired additional working interests in the Javelina field in Hildalgo County in South Texas. Comstock estimates that the additional interests acquired have proved reserves of approximately 10.6 billion cubic feet ("Bcf") of natural gas. In addition to the proved reserves, Comstock estimates that the properties being acquired have additional probable and possible reserves of 8.1 Bcf.
Comstock also announced that it is increasing its onshore budget for development and exploration activities for 2007 to $301 million from the previously announced $278 million. Comstock expects to drill approximately 171 (124 net) onshore wells in 2007. Comstock's East Texas/North Louisiana operating region accounts for the largest portion of the revised 2007 budget with forecasted expenditures of $188 million. Comstock now plans to drill 120 (90 net) wells in this region in 2007. Comstock expects to spend $78 million in its South Texas region to drill 22 (16 net) wells in 2007. The remaining $35 million of the budget will be spent to drill 29 (18 net) wells in its other regions.
Comstock Resources, Inc. is a growing independent energy company based in Frisco, Texas and is engaged in oil and gas acquisitions, exploration and development primarily in Louisiana and Texas and in the Gulf of Mexico through its ownership in Bois d'Arc Energy, Inc.
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