COMSTOCK RESOURCES, INC. ANNOUNCES 9% PROVED RESERVES GROWTH IN 2021
The reserve estimates were determined under the
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 |
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 |
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 12% over the fourth quarter of 2020. Total reserve additions replaced 199% of the Company's 2021 production with drilling activities providing 161% of the reserve replacement in 2021.
The Company spent
About
Comstock is a leading independent natural gas producer with operations focused on the development of the
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.
Ron Mills VP - Finance and Investor RelationsComstock Resources 972-668-8834 rmills@comstockresources.com
Source: Comstock Resources, Inc.