Comstock Resources (CRK) released an update on the company’s operations in Texas where it is developing the Eagle Ford Shale. The company purchased an additional 6,000 net acres in October 2011 and now has 28,000 net acres prospective for this formation in the oil window of the play.
Comstock Resources has drilled 12 net Eagle Ford Shale wells and completed 8 net wells in the first nine months of 2011. The company reported that these wells had an average initial production rate of 683 barrels of oil equivalent (BOE) per day.
During the third quarter of 2011, Comstock Resources completed four Eagle Ford Shale wells and has five other wells being completed.
In 2012, Comstock Resources plans to add one rig in the Eagle Ford Shale, increasing the company’s rig count here to three. Comstock Resources has budgeted $227 million of a $396 million capital budget for the South Texas region:
$207 million – Drill 32 gross or 28.9 net wells.
$14 million – Complete 6 gross or 5.6 net wells drilled in 2011.
$6 million – Exploration of other plays in South Texas.
