This is an excerpt, for the full article click this link:

Emphasis added is my own.

FRISCO, TX, Feb. 14, 2023 (GLOBE NEWSWIRE) -- Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today reported financial and operating results for the quarter and year ended December 31, 2022.


  • Generated free cash flow from operations of $673 million in 2022, including $129 million in the fourth quarter.
  • Production in the fourth quarter increased 7% from last year to 1,445 MMcfe per day.
  • Oil and gas sales, including realized hedging losses, were $2.3 billion in 2022 and $558 million in the fourth quarter and were 58% and 47% higher than 2021 and 2021's fourth quarter.
  • Cash flow from operations in 2022 was $1.7 billion or $6.21 per diluted share, including $434 million in the fourth quarter or $1.57 per diluted share.
  • Adjusted EBITDAX in 2022 increased 72% to $1.9 billion and in the fourth quarter increased 61% to $478 million.
  • Adjusted net income to common stockholders in 2022 was $1.0 billion or $3.73 per diluted share and $288 million or $1.05 per diluted share in the fourth quarter.
  • Drilled 73 (57.0 net) successful Haynesville and Bossier shale operated horizontal wells in 2022 with an average lateral length of 10,044 feet and connected 66 (53.6 net) operated wells to sales with an average initial production rate of 26 MMcf per day.
  • Drilled two successful wells in Comstock's Western Haynesville exploratory play.
  • 2022 drilling program drove 9% reserve growth with 1.1 Tcfe of drilling related reserve additions achieving an overall finding cost of 95¢ per Mcfe.
  • Improved balance sheet with retirement of $506 million of debt and conversion of preferred stock.
  • Resumed quarterly dividend of $0.125 per share in December 2022.
  • Drilling Results

Comstock drilled 73 (57.0 net) operated horizontal Haynesville/Bossier shale wells in 2022 which had an average lateral length of 10,044 feet. The Company also participated in an additional 42 (3.4 net) non-operated Haynesville shale wells in 2022. Comstock turned 66 (53.6 net) operated wells and 38 (1.8 net) non-operated wells to sales in 2022 and currently expects to turn an additional 17 (10.5 net) operated wells to sales in the first quarter of 2023.

Since its last operational update in November, Comstock has turned 19 (13.1 net) operated Haynesville/Bossier shale wells to sales. These wells had initial daily production rates that averaged 25 MMcf per day. The completed lateral length of these wells averaged 10,186 feet. Included in these results was the second successful exploratory well drilled in the Western Haynesville area, the Cazey Black A #1, which had an initial production rate of 42 MMcf per day.

2023 Drilling Budget

In response to the current lower natural gas prices, Comstock is releasing two of its nine operated drilling rigs and currently plans to spend approximately $950 million to $1.15 billion in 2023 on drilling and completion activities primarily focused on the continued development of its Haynesville/Bossier shale properties and delineation of its Western Haynesville play. Comstock also expects to spend $75 million to $125 million on infrastructure, including upgrades to its Western Haynesville pipeline and processing facilities, and for other development costs. Under its current operating plan, Comstock expects to drill 67 (50.5 net) and complete 69 (49.2 net) operated horizontal wells in 2023, including eight (8.0 net) wells in the Western Haynesville area. Comstock also expects to spend an additional $25 million to $35 million on lease acquisitions in 2023.

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Thanks so much for posting this Skip! 

To the last paragraph in the release, does "Western Haynesville play" or "Western Haynesville area" possibly include the Spider field? Or more specifically, the proposed wells in the attachment? As always, appreciate your wisdom and patience with average Joe's like me who are still learning.



Western play is over in East Texas around Franklin / Hearne / Jewett in Robertson and Leon Counties

Thanks for clarifying!

Thanks Rock Man.  If you have the time to parse the Cazey Black A #1 I would appreciate it.  42 MMcf per day IP is impressive.  How would that break down as Bcf per 1000' of perforated lateral?  At what point in time will we begin to get a feel for the decline rate in these Western Haynesville wells?

Initial well there has produced for several months (6 I think) - was still making 30 MMCF per day in latest month. These are strong wells but very expensive - target zone for laterals is below 16,000' TVD.

I think the production from this area was being posted under another discussion thread on this site. Plus all data on the Tx RRC site

Personally, I would say too early to project EUR's - and BCF per 1000' - right now. Comstock probably has some good ideas but JQ Public needs more info.

Those responses are hard to find for those who didn't participate or follow that discussion.  The subject was different.  At some point when there is more data, we should consider a discussion focusing on the Western Haynesville Play.  For those who are interested, the information that Rock Man alludes to is contained in this discussion.

I'd like to see that two discussion threads on this merged into one

"Comstock / Aethon et al Play in Robertson and Leon Counties Tx"

I'll see what I can do.  Don't hold your breathe.  LOL!

Does anyone have information regarding if natural gas production will continue for some time in: SECTION 13, TOWNSHIP 12 NORTH, RANGE 16 WEST - De Soto Parish, Louisiana?  Comstock Resources pays our mineral rights.

There are four new wells producing from Section 13 but there is no reported monthly production available on SONRIS at this time.  I suspect that there is a lot of gas being produced out of 13 but it will take a little longer for royalty owners to see the income.  Be patient.

Thank you.


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