Comstock Resources (CRK) announced that the company would end all operated development of its Haynesville Shale properties by March 2012. The company took the action due to low natural gas prices.
Even with the drilling reduction, Comstock Resources plans to spend $106.8 million in 2012 on its Haynesville Shale properties. This includes $45.4 million to drill 17 gross or 5.1 net wells and $61.4 million to complete 20 gross or 13.3 net wells during the year.
Comstock Resources revised 2012 capital plan calls for spending approximately $458.0 million for drilling and completion activities, with 77% of the budget spent on oil related projects.
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