Comstock Resources (CRK) reported a large increase in proved reserves in the year ending 12/31/2010. The company said that the increase was due mainly to its development program in the Haynesville Shale.
Comstock Resources reported total company proved reserves of 1.051 Tcfe as of 12/31/2010. These reserves were composed of 1.026 trillion cubic feet of natural gas and 4.2 million barrels of crude oil. The company released the following information for 2010:
PV- 10 Value - $797.6 million - using SEC pricing of $4.16 per Mcf for natural gas and $76.31 per barrel for oil.
2010 Production – Average of 200.7 million cubic feet equivalent per day, or 73.3 billion cubic feet of natural gas equivalents for the year.
Comstock Resources said that production in 2010 increased by 12% over 2009, and was 94% natural gas. Production in the fourth quarter of 2010 was 17.2 billion cubic feet of natural gas equivalents, or an average of 187.6 million cubic feet equivalent per day.
Comstock Resources said that the company added 402 Bcfe of proved reserves in the Haynesville Shale region in 2010. The company generally incorporates two PUD locations for each developed well in calculating proved reserves.
Comstock Resources reported that it had 26 gross, or 22.1 net Haynesville Shale wells waiting on completion at the end of 2010. The company said that this was due to a shortage of hydraulic fracturing capacity in the Haynesville Shale, but that this condition eased in the fourth quarter of 2010.