Comstock Resources (CRK) held its third quarter earnings conference call on November 3, 2009, and discussed its operations in the Haynesville Shale. The company has drilled 28 horizontal Haynesville Shale wells year to date in 2009, and plans 41 horizontal Haynesville Shale wells through the end of 2009. Comstock Resources belives it has 3.4 Tcfe of total reserve potential based on 80 acre spacing and 5 Bcf per well estimated ultimate recovery (EUR).
EUR’s
“We're using the 5 Bcf as a foundation or a platform EUR across the play, but certainly in Logansport we're seeing higher EURs and across our acreage footprint there.”
Haynesville Shale Production
“The Haynesville Shale results in Louisiana have gotten stronger. Several of our most recent wells in Logansport and Mansfield completed in the third quarter had initial production rates over 21 million cubic feet equivalent per day.”
“Our East Texas/North Louisiana region averaged 116 million per day with 60 million coming from our Cotton Valley wells and 56 million coming from our Haynesville Shale wells.”
Haynesville Shale Acreage
“We currently have 85,000 gross acres and 72,000 net acres that we believe are prospective for Haynesville development. 50,000 net acres are in Louisiana and 22,000 net acres are in East Texas. Given expected well spacing of 80 acres and an expected per well recovery of 5 Bcfe per well, our acreage could have 3.4 Tcfe of reserve potential.”
Operations
“We are having a very successful year with the drill bit. We drilled 38 successful wells, including 28 horizontal Haynesville Shale wells.”
“We now plan to drill the 41 planned Haynesville Shale wells. Four other wells are in Texas in the Waskom and Blocker fields. 37 other wells are being drilled in the prolific part of the plain North Louisiana. 23 of the operated wells have been completed and are now producing over 80 million cubic feet equivalent per day net to our interest.”
“Since our second quarter conference call, we've completed 10 successful operated Haynesville Shale horizontal wells in De Soto Parish in North Louisiana. Five of these wells are in our Toledo Bend North field, four in the Logansport field and one is in the Mansfield field.”
Source: Seeking Alpha
