Comstock Resources, Inc. (ticker: CRK, exchange: New York Stock Exchange (.N)) News Release -
7/15/05
Comstock Resources, Inc. Reports Unsuccessful Exploratory Well in Polk County, Texas
FRISCO, Texas, July 15 /PRNewswire-FirstCall/ -- Comstock Resources, Inc.
(NYSE: CRK) ("Comstock") today reported the results of the BSMC Unit 'B' #1
well drilled in Polk County, Texas to test its "Big Sandy" prospect. Drilling
operations on this well were started on December 1, 2004 and were completed on
July 11, 2005 when the well reached a measured depth of 19,093 feet. The
well's Lower Woodbine logging operations from 17,100 feet to 18,890 feet were
finalized on July 14, 2005. Although some productive pay was logged within
this over-all interval it was not sufficient to justify the cost of a
completion. Comstock has been unable to log the remaining 203 feet but had
other indications that no hydrocarbons were present in the lowest section
drilled. Comstock is currently processing and evaluating all of the Upper and
Lower Woodbine formation data acquired during the well's various drilling and
logging operations. This new data will be evaluated in an effort to improve
the Company's geological interpretation of its Robin exploration prospect
acreage. After this evaluation is complete, Comstock plans to re-assess its
Robin acreage drilling opportunities and risk. Costs of this project totaled
approximately $14 million which was considerably higher than the initial
estimate due to several significant drilling problems that were encountered in
drilling this deep directional well.
Comstock's second quarter financial results will include a charge of
$14 million for the write-off of this unsuccessful exploratory well.
This press release may contain "forward-looking statements" as that term
is defined in the Private Securities Litigation Reform Act of 1995. Such
statements are based on management's current expectations and are subject to a
number of factors and uncertainties which could cause actual results to differ
materially from those described herein. Although the Company believes the
expectations in such statements to be reasonable, there can be no assurance
that such expectations will prove to be correct.
Comstock Resources, Inc. is a growing independent energy company based in
Frisco, Texas and is engaged in oil and gas acquisitions, exploration and
development primarily in Louisiana and Texas and in the Gulf of Mexico through
its ownership of Bois d'Arc Energy, Inc. (NYSE: BDE). The Company's stock is
traded on the New York Stock Exchange under the symbol CRK.
SOURCE Comstock Resources, Inc.
CONTACT: Roland O. Burns Sr. Vice President and Chief Financial Officer Comstock Resources, Inc. 972-668-8800