Comstock Resources (CRK) announced its 2011 capital budget and will still direct a large amount of capital into the Haynesville Shale despite low prices for natural gas.
Comstock Resources currently has five rigs operating on its Haynesville shale acreage, but will release one rig during the first quarter of 2011, and shift another rig to another domestic play by the middle of 2011.
Comstock Resources said that the company will spend $110.2 million to complete 25 gross, or 21.6 net Haynesville Shale wells drilled in 2010 and carried over into 2011. The company has also allocated enough capital to drill an additional 45 gross, or 27.5 net Haynesville Shale wells in 2011.
Comments