Company Overview: Comstock Resources
Much of our historic growth has come from acquisitions of producing oil and gas properties. Since 1991 we have acquired 489 billion cubic feet equivalent (Bcfe) of proved oil and gas reserves in 22 transactions at an average cost of 85¢ per thousand cubic feet equivalent (Mcfe). Since 1998 our growth has primarily been driven by our drill bit activities. Our successful exploration and development activities replaced 112% of our total production in 1998 and 1999.
As result of our acquisition, exploration and development activities, we have assembled a high quality, geographically focused reserve base. We own interests in 523 producing wells in three geographically focused areas, the Gulf of Mexico, Southeast Texas and the East Texas/ North Louisiana regions. Our tight geographic focus allows us to have specific geologic and engineering expertise in the regions we operate which contributes to the success we have had in our acquisition and drilling activities. Our reserve base at the end of 1999 was 375 Bcfe with a pretax present value of $515 million. These reserves were 69% natural gas, 31% crude oil and were 72% developed at the end of 1999. Our properties have an average reserve life of 10.2 years and have extensive development and exploration potential remaining.
Stock Exchang: NYSE
Stock Ticker: CRK