COMSTOCK RESOURCES, INC. ANNOUNCES 9% PROVED RESERVES GROWTH IN 2021
FRISCO, TX, Jan. 24, 2022 (GLOBE NEWSWIRE) -- Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) announced today that its proved oil and natural gas reserves as of December 31, 2021 were estimated at 6.1 trillion cubic feet equivalent ("Tcfe") as compared to total proved oil and gas reserves of 5.6 Tcfe as of December 31, 2020.
The reserve estimates were determined under the SEC guidelines and were audited by the Company's independent reserve engineering firm. The 6.1 Tcfe of proved reserves at December 31, 2021 were
The following table reflects the changes in the proved reserve estimates since the end of 2020:
Oil (MMBbls) | Natural Gas (Bcf) | Total (Bcfe) | |||||||
Proved Reserves: | |||||||||
Proved Reserves at December 31, 2020 | 11.0 | 5,562.9 | 5,628.9 | ||||||
Production | (1.2 | ) | (489.3 | ) | (496.5 | ) | |||
Extensions and discoveries | — | 797.2 | 797.2 | ||||||
Acquisitions | — | 202.6 | 202.6 | ||||||
Divestitures | (9.3 | ) | (43.8 | ) | (99.8 | ) | |||
Revisions | 0.1 | 88.5 | 89.4 | ||||||
Proved Reserves at December 31, 2021 | 0.6 | 6,118.1 | 6,121.8 |
Comstock produced 1.2 million barrels of oil and 489.3 billion cubic feet ("Bcf") or 496.5 billion cubic feet equivalent ("Bcfe") in 2021. In the fourth quarter of 2021, Comstock's production averaged 1.3 Bcfe of natural gas per day, which was an increase of
The Company spent
About Comstock Resources
Comstock 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.
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.