Comstock Resources Inc.

Transaction Type
Sellers
Marketers
Basin
Mississippi Gulf Coast Salt Basin
Field
Laurel, Maxie, Pistol Ridge, Smithtown, Sandy Hook
Post Date
Close Date
Estimated Price
MM
Description

Comstock Resources Inc. has retained Scotia Waterous (USA) Inc. to sell producing assets and undeveloped acreage in Mississippi.

The package includes operated interests in approximately 3,616 gross acres (2,906 net) and operated exploration potential in an additional 10,145 gross acres in the Mississippi Gulf Coast Salt Basin. The sale includes producing assets primarily in Laurel Field in Jones County, as well as nearby producing assets in Maxie, Pistol Ridge, Smithtown and Sandy Hook fields.

Production during May averaged 1,524 barrels of oil per day net (2,266 BOE per day gross) from 83 wells (88% oil, 84% operated) from more than 42 reservoirs ranging in depth between 6,500 feet and 13,500 feet. Estimated net cash flow for full-year 2010 is $18.5 million.

Estimated net proved reserves as of July 1 are 6.8 million BOE (35% proved developed producing; 97% oil). Estimated probable reserves are 1.7 MMBOE.

Upside includes potential recompletions, new drilling and water flood opportunities.

The bid due date is Aug. 2. Contact Shaun Finnie, 832-476-6407, shaun_finnie@scotiawaterous.com.