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Comstock Resources (ticker:  CRK) reported results for 1Q 2005 on May 9, 2005.  Below are some of the highlights:

Results 1Q05 Vs. 1Q04

  • Adjusted EPS: $0.48 vs. $0.35 (+37%)
  • Consensus EPS:  $0.46
  • Operating cash flow:  $46.5M vs. $37.5M (+24%)
  • EBITDAX:  $55.1M vs. $46.3M  (+19%)
  • Production:  10.6 Bcfe vs. 10.7 Bcfe (-1%)
  • Natural gas realization $6.28 Mcf vs. $5.65 Mcf (+11%)
  • Oil realization $47.68/b vs. $34.69/b (+37%)
  • Capex:  $45.9M
  • Debt/Equity 53% vs 54%

Drilling Program:

  • 21 of 22 wells drilled were successful
  • 8 offshore drilled by Bois d'Arc (ticker: BDE)
  • Significant wells:
  • Ship Shoal 92 and 111 and the South Pelto 5
  • Onshore:
  • 9 wells (6.8 net) in E. Texas
  • Tested at 2.4 MMcfe/day (avg)
  • 69 well program for 2005
  • 4 out of 5 in South Texas
  • Two tested at 2.3 MMcfe/day

Comments:

CRK is currently drilling the BSMC Unit B#1 well to 14,000 feet to test the "Big Sandy Prospect".  The drilling has run into several difficulties and the company hopes to reach TD in June.  The estimated cost of this well is approximately $12.0 million.  This is an exploration well in the Double A Wells Field and could add significantly to the CRK. 

The Bois D'Arc IPO went off on May 6, 2005.  CRK has 48.3% of the outstanding shares for a value of $368 million.  Realize that CRK will be reporting differently going forward.

Crk_1

Source: Comstock Resources reports 1Q earnings of $0.48 vs. consensus of $0.46

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