Comstock's Proved Gas Reserves Down 13 Bcf

Comstock Resources reported that total consolidated proved oil and natural gas reserves as of December 31, 2007 are estimated at 838 billion cubic feet ("Bcf") of natural gas and 35.1 million barrels of crude oil or 1,049 Bcf equivalent of natural gas ("Bcfe"), as compared to total proved consolidated oil and natural gas reserves as of December 31, 2006 of 851 Bcfe. Natural gas reserves account for 80% of total proved reserves and 68% of the total proved reserves were classified as proved developed at the end of 2007. Comstock operates 84% of the proved reserve base. The present value, using a 10% discount rate, of the future net cash flows before income taxes of the estimated proved oil and natural gas reserves at the end of 2007 is approximately $3.8 billion using oil and natural gas prices of $90.67 per barrel for oil and $6.87 per Mcf for natural gas.

Comstock replaced 326% of its 2007 consolidated production of 87.5 Bcfe in 2007. Comstock spent approximately $740 million in 2007 on acquisition, exploration and development activities which added 285 Bcfe to its proved reserve base resulting in an "all in" finding cost of $2.60 per Mcfe for 2007. Acquisitions accounted for 79 Bcfe of the additions with discoveries and extensions and revisions of previous estimates adding 206 Bcfe.

Proved oil and natural gas reserves relating to Comstock's onshore properties as of December 31, 2007 are estimated at 588 Bcf of natural gas and 10.5 million barrels of crude oil or 651 Bcfe, as compared to onshore proved oil and natural gas reserves as of December 31, 2006 of 507 Bcfe. Natural gas reserves account for 90% of total proved reserves and 64% of the total proved reserves were classified as proved developed at the end of 2007. Comstock operates 76% of its onshore reserve base. The present value, using a 10% discount rate, of the future net cash flows before income taxes of Comstock's estimated proved onshore oil and natural gas reserves at the end of 2007 is approximately $1.6 billion using oil and natural gas prices of $81.36 per barrel for oil and $6.70 per Mcf for natural gas. Such prices were based on the December 31, 2007 market prices as adjusted for Comstock's average basis differentials.

Comstock replaced 417% of its 2007 onshore production of 45.3 Bcfe in 2007. Comstock spent approximately $526 million in 2007 on onshore acquisition, exploration and development activities which added 189 Bcfe to its proved reserve base resulting in an onshore "all in" finding cost of $2.79 per Mcfe for 2007. Acquisitions accounted for 79 Bcfe of the additions with discoveries and extensions and revisions of previous estimates adding 110 Bcfe.

Bois d'Arc replaced 228% of its 2007 production of 42.2 Bcfe through its exploration activities. Bois d'Arc spent approximately $214 million in 2007 on exploration and development activities which added 96 Bcfe to its proved reserve base resulting in an "all in" finding cost of $2.22 per Mcfe for 2007.

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Brent Crude Oil : $50.56/BBL 0.15%
Light Crude Oil : $47.7/BBL 0.70%
Natural Gas : $3.05/MMBtu 1.32%
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