COMSTOCK RESOURCES, INC. ANNOUNCES 9% PROVED RESERVE GROWTH IN 2022
FRISCO, TX, Feb. 01, 2023 (GLOBE NEWSWIRE) -- Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) announced today that its proved natural gas and oil reserves as of December 31, 2022 were estimated at 6.7 trillion cubic feet equivalent ("Tcfe"), which represents a
The reserve estimates were determined under SEC guidelines and were audited by the Company's independent reserve engineering firm. The 6.7 Tcfe of proved reserves at December 31, 2022 were substantially all natural gas,
The following table reflects the changes in the proved reserve estimates since the end of 2021:
Total (Bcfe) | |||
Proved Reserves: | |||
Proved Reserves at December 31, 2021 | 6,121.8 | ||
Production | (501.1 | ) | |
Extensions and discoveries | 1,091.2 | ||
Acquisitions | 0.3 | ||
Divestitures | (4.1 | ) | |
Revisions | (7.2 | ) | |
Proved Reserves at December 31, 2022 | 6,700.9 |
Comstock produced 501.1 billion cubic feet of natural gas equivalent in 2022. In the fourth quarter of 2022, Comstock's production averaged 1,445 million cubic feet of natural gas equivalent per day, which was an increase of
The Company spent
This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct. Information concerning the assumptions, uncertainties and risks that may affect the actual results can be found in the Company's filings with the Securities and Exchange Commission ("SEC") available on the Company's website or the SEC's website at sec.gov.
Comstock Resources, Inc. is a leading independent natural gas producer with operations focused on the development of the Haynesville shale in North Louisiana and East Texas. The Company's stock is traded on the New York Stock Exchange under the symbol CRK.