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Comstock Resources, Inc. Reports Third Quarter 2013 Financial And Operating Results

November 4, 2013

FRISCO, Texas, Nov. 4, 2013 /PRNewswire/ — Comstock Resources, Inc. (“Comstock” or the “Company”) (NYSE: CRK) today reported financial and operating results for the quarter and nine months ended September 30, 2013.

Financial Results for the Three Months and Nine Months Ended September 30, 2013

Comstock reported a net loss of $24.0 million or 52¢ per share for the three months ended September 30, 2013 as compared to a loss from continuing operations of $44.2 million or 95¢ per share for the three months ended September 30, 2012. The third quarter of 2013 results include an unrealized loss from derivative financial instruments of $3.8 million ($2.5 million after tax or 5¢ per share), an impairment of unevaluated leases of $3.0 million ($1.9 million after tax or 4¢ per share), and a loss of $2.2 million ($1.4 million after tax or 3¢ per share) from oil and gas property sales and settlements. Results for the three months ended September 30, 2012 included an unrealized loss from derivative financial instruments of $11.1 million ($7.2 million after tax or 16¢ per share), an impairment of unevaluated leases of $1.4 million ($0.9 million after tax or 2¢ per share), and a loss of $2.8 million ($1.8 million after tax or 4¢ per share) from the sale of oil and gas properties.

Comstock’s production in the third quarter of 2013 included 632,000 barrels of oil and 13.6 billion cubic feet of natural gas or 17.4 billion cubic feet of natural gas equivalent (“Bcfe”). Oil production in the third quarter averaged 6,870 barrels of oil per day, which increased 14% from the 6,048 barrels per day produced in the second quarter of 2013, and was 30% higher than oil production in the third quarter of 2012 of 5,295 barrels per day. Gas production in the quarter declined 32% from the same period in 2012 due to the lack of drilling activity in the Company’s Haynesville shale natural gas properties.

Comstock’s average realized price for natural gas improved by 37% to $3.33 per Mcf for the third quarter of 2013 as compared to $2.43 per Mcf realized in the third quarter of 2012. The Company’s average realized price for oil, after hedging losses, decreased by 7% to $99.20 per barrel for the third quarter of 2013 as compared to $106.10 per barrel for the third quarter of 2012. Oil and gas sales (including realized gains or losses from hedging) of $108.0 million for the third quarter increased by 8% as compared to 2012′s third quarter sales from continuing operations of $100.4 million. Operating cash flow (before changes in working capital accounts) was $62.9 million in the third quarter of 2013, which represented a 5% increase as compared to operating cash flow from continuing operations of $59.7 million in the third quarter of 2012. EBITDAX, or earnings before interest, taxes, depreciation, depletion, amortization, exploration expense and other noncash expenses, of $81.8 million in the third quarter of 2013, increased 11% over EBITDAX from continuing operations of $73.7 million in the third quarter of 2012.

Comstock reported net income of $78.5 million, or $1.63 per share, for the nine months ended September 30, 2013 as compared to a net loss of $21.9 million or 47¢ per share for the nine months ended September 30, 2012. $148.6 million, or $3.08 per share, is related to the Company’s West Texas operations that were sold on May 14, 2013, which resulted in a gain of $230.6 million ($149.9 million after tax). The loss from continuing operations for the first nine months of 2013 was $70.1 million, or $1.45 per share, as compared to a loss from continuing operations of $26.1 million or 56¢ per share for the same period in 2012.

The 2013 operating results include an unrealized loss from derivative financial instruments of $12.0 million ($7.8 million after tax or 17¢ per share), a gain of $7.9 million ($5.1 million or 11¢ per share) on the sale of marketable securities, impairments of oil and gas properties and unevaluated leases of $15.6 million ($10.1 million after tax, or 22¢ per share) and a loss of $2.1 million ($1.4 million after tax or 3¢ per share) from oil and gas property sales and settlements. Results for the nine months ended September 30, 2012 included an unrealized gain on derivatives of $13.5 million ($8.8 million after tax or 19¢ per share), a gain of $24.3 million ($15.8 million after tax or 34¢ per share) from the sale of oil and gas properties, a gain on sale of marketable securities of $26.6 million ($17.3 million after tax or 37¢ per share), and impairments of oil and gas properties and unevaluated leases of $8.1 million ($5.3 million or 11¢ per share).

Oil production related to Comstock’s continuing operations for the nine months ended September 30, 2013 increased 17% to 1,615,000 barrels as compared to 1,379,000 barrels for the same period in 2012. Gas production decreased 32% to 43.4 Bcf for the first nine months of 2013 as compared to 64.1 Bcf for the same period of 2012. Comstock’s average realized price for natural gas increased 44% to $3.39 per Mcf for the first nine months of 2013 as compared to $2.35 per Mcf for the first nine months of 2012. The Company’s average realized price for oil for the first nine months of 2013 of $104.49 per barrel, including hedging gains, was 1% below the average realized price of $105.37 per barrel for the first nine months of 2012. Oil and gas sales related to continuing operations increased by 7% to $316.1 million in the first nine months of 2013 as compared to the sales in the first nine months of 2012 of $295.9 million. Operating cash flow related to continuing operations (before changes in working capital accounts) of $185.2 million in the first nine months of 2013 increased 6% from operating cash flow of $174.7 million for 2012′s first nine months. EBITDAX related to continuing operations increased 12% to $238.2 million for the first nine months of 2013 from $212.1 million for the first nine months of 2012.

2013 Drilling Results

Comstock reported on the results to date of its 2013 drilling program related to its continuing operations which is focused on developing its Eagle Ford oil shale properties in South Texas. During the first nine months of 2013, Comstock spent $234.1 million on its continuing development and exploration activities and $14.5 million on acreage acquisition costs. Comstock drilled 47 horizontal oil wells (31.6 net) and two horizontal natural gas wells (2.0 net) and had 11 oil wells (8.3 net) in various stages of drilling at September 30, 2013. For all of 2013 Comstock expects to spend $345 million to drill 78 horizontal wells (51.6 net). Comstock is also budgeting to spend $140 million in 2013 to acquire additional acreage including bolt-on acreage to its successful Eagle Ford shale play in South Texas as well as exploratory acreage in several emerging oil plays.

Since the beginning of 2013, the Company has completed 42 (26.4 net) horizontal Eagle Ford shale wells including six (3.8 net) wells drilled in 2012. The 42 Eagle Ford shale wells that were completed had an average per well initial production rate of 793 barrels of oil equivalent (“BOE”) per day. Comstock completed 17 Eagle Ford shale wells in the third quarter. The four third quarter wells with the highest initial production rates were the Swenson C #4H, Forrest Wheeler D #1H and the Swenson #7H and #8H which are all located in McMullen County, Texas. These wells had initial production rates of 1,033, 1,128, 1,021 and 1,190 BOE per day, respectively.

Comstock has planned a conference call for 10 a.m. Central Time on November 5, 2013, to discuss the operational and financial results for the third quarter of 2013. Investors wishing to participate should visit the Company’s website at www.comstockresources.com for a live web cast or dial 1-877-280-4957 (international dial-in use 857-244-7314) and provide access code 96651078 when prompted. If you are unable to participate in the original conference call, a web replay will be available approximately 24 hours following the completion of the call on Comstock’s website at www.comstockresources.com. The web replay will be available for approximately one week. A replay of the conference call will be available beginning at 2:00 p.m. Central Time November 5, 2013 and will continue until 11:59 p.m. November 12, 2013. To hear the replay, call 888-286-8010 (617-801-6888 if calling from outside the US). The conference call ID number is 47625311.

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 an independent energy company based in Frisco, Texas and is engaged in oil and gas acquisitions, exploration and development primarily in Texas and Louisiana. The Company’s stock is traded on the New York Stock Exchange under the symbol CRK.



                                                                               COMSTOCK RESOURCES, INC.
                                                                                   OPERATING RESULTS
                                                                       (In thousands, except per share amounts)

                                    Three Months Ended September 30,           Nine Months Ended September 30,
                                    --------------------------------           -------------------------------

                                                                2013               2012                                   2013           2012
                                                                ----               ----                                   ----           ----

    Revenues:

    Oil and gas
     sales                                                           $111,590                                    $97,141       $314,430       $291,242

    Operating
     expenses:

    Production
     taxes                                                              4,168                                      3,098         10,172          9,206

    Gathering and
     transportation                                                     4,478                                      6,033         13,034         20,854

    Lease
     operating                                                         12,955                                     12,962         39,123         38,613

    Exploration(1)                                                      2,995                                      1,407         15,342          2,797

    Depreciation,
     depletion and
     amortization                                                      85,762                                     91,536        255,973        254,522

    General and
     administrative                                                     8,153                                      8,142         25,996         25,973

    (Gain) loss
     on sale of
     oil and gas
     properties                                                         2,165                                      2,794          2,084        (24,271)

    Impairment of
     oil and gas
     properties                                                             -                                          -            652          5,350

    Total
     operating
     expenses                                                         120,676                                    125,972        362,376        333,044
                                                                      -------                                    -------        -------        -------

    Operating
     loss                                                              (9,086)                                   (28,831)       (47,946)       (41,802)

    Other income
     (expenses):

    Gain on sale
     of
     marketable
     securities                                                             -                                          -          7,877         26,621

    Realized gain
     (loss) from
     derivatives                                                       (3,560)                                     3,293          1,641          4,658

    Unrealized
     gain (loss)
     from
     derivatives                                                       (3,835)                                   (11,112)       (11,962)        13,498

    Interest and
     other income                                                         423                                        153            864            675

    Interest
     expense(2)                                                       (20,530)                                   (15,527)       (57,348)       (41,181)
                                                                      -------                                    -------        -------        -------

    Total other
     income
     (expenses)                                                       (27,502)                                   (23,193)       (58,928)         4,271
                                                                      -------                                    -------        -------          -----

    Loss before
     income taxes                                                     (36,588)                                   (52,024)      (106,874)       (37,531)

    Benefit from
     income taxes                                                      12,554                                      7,812         36,792         11,446
                                                                       ------                                      -----         ------         ------

    Loss from
     continuing
     operations                                                       (24,034)                                   (44,212)       (70,082)       (26,085)

    Income from
     discontinued
     operations,
     net of
     income taxes                                                           -                                     13,763        148,609          4,176
                                                                          ---                                     ------        -------          -----

    Net income
     (loss)                                                          $(24,034)                                  $(30,449)       $78,527       $(21,909)
                                                                     ========                                   ========        =======       ========

    Net income
     (loss) per
     share:

    Basic
     -loss from
     continuing
     operations                                                        $(0.52)                                    $(0.95)        $(1.45)        $(0.56)

                 -income from
                  discontinued
                  operations                                                -                                       0.29           3.08           0.09
                                                                          ---                                       ----           ----           ----

         -net income
          (loss)                                                       $(0.52)                                    $(0.66)         $1.63         $(0.47)
                                                                       ======                                     ======          =====         ======

    Diluted
     -loss from
     continuing
     operations                                                        $(0.52)                                    $(0.95)        $(1.45)        $(0.56)

                     -income from
                      discontinued
                      operations                                            -                                       0.29           3.08           0.09
                                                                          ---                                       ----           ----           ----

         -net income
          (loss)                                                       $(0.52)                                    $(0.66)         $1.63         $(0.47)
                                                                       ======                                     ======          =====         ======

    Dividends per
     common share                                                      $0.125         $                                -          $0.25     $        -
                                                                       ======       ===                              ===          =====   ===      ===

    Weighted average shares outstanding:

    Basic                                                              46,570                                     46,443         46,684         46,414
                                                                       ======                                     ======         ======         ======

    Diluted                                                            46,570                                     46,443         46,684         46,414
                                                                       ======                                     ======         ======         ======

    (1)  Includes
         impairments
         of
         unevaluated
         leases of
            $3.0
         million,
            $1.4
         million,
            $14.9
         million
         and $2.7
         million
         in the
         three
         months
         and nine
         months
         ended
         September
         30, 2013
         and 2012,
         respectively.

    (2) $0.7 million, $3.3 million, $2.4 million and $9.4 million of interest expense was capitalized for the three months and nine months ended September 30, 2013 and 2012, respectively.






                                                                                        COMSTOCK RESOURCES, INC.
                                                                                           OPERATING RESULTS
                                                                                             (In thousands)

                                                                                                                                                                                                     Three Months Ended September 30,             Nine Months Ended September 30,
                                                                                                                                                                                                     --------------------------------             -------------------------------

                                                                                                                                                                                                                                 2013                                        2012          2013     2012
                                                                                                                                                                                                                                 ----                                        ----          ----     ----

    OPERATING CASH FLOW:

    Net income (loss)                                                                                                                                                                                                                   $(24,034)                                      $(30,449)            $78,527         $(21,909)

    Reconciling items:

    Income from discontinued
     operations                                                                                                                                                                                                                                -                                        (13,763)          (148,609)           (4,176)

    Deferred income taxes                                                                                                                                                                                                                (12,554)                                        (7,800)            (36,792)         (11,235)

    Depreciation, depletion and
     amortization                                                                                                                                                                                                                         85,762                                         91,536             255,973          254,522

    Impairment of oil and gas
     properties                                                                                                                                                                                                                                -                                              -                 652            5,350

    Dry hole costs and lease
     impairments                                                                                                                                                                                                                           2,995                                          1,370              14,903            2,685

    (Gain) loss on sale of
     assets                                                                                                                                                                                                                                2,165                                          2,794              (5,793)         (50,892)

    Unrealized (gain) loss on
     derivatives                                                                                                                                                                                                                           3,835                                         11,112              11,962          (13,498)

    Debt issuance cost and
     discount amortization                                                                                                                                                                                                                 1,584                                          1,586               4,802            3,689

    Stock-based compensation                                                                                                                                                                                                               3,121                                          3,329               9,561           10,189
                                                                                                                                                                                                                                           -----                                          -----               -----           ------

    Operating cash flow from
     continuing operations                                                                                                                                                                                                                62,874                                         59,715             185,186          174,725

    Excess income taxes from
     stock-based compensation                                                                                                                                                                                                                  1                                             11               2,016            1,681

    Decrease (increase) in
     accounts receivable                                                                                                                                                                                                                 (27,425)                                        (5,454)            (48,185)          12,426

    Decrease (increase) in
     other current assets                                                                                                                                                                                                                  1,893                                          1,176               2,136           (1,713)

    Increase in accounts
     payable and accrued                                                                                                                                                                                                                  60,222                                         21,361              72,139            7,078
    expenses

    Net cash provided by
     continuing operations                                                                                                                                                                                                                97,565                                         76,809             213,292          194,197

    Net cash provided by (used
     for) discontinued
     operations(1)                                                                                                                                                                                                                           (15)                                         6,991              (7,730)          31,501
                                                                                                                                                                                                                                             ---                                          -----              ------           ------

    Net cash provided by
     operating activities                                                                                                                                                                                                                $97,550                                        $83,800            $205,562         $225,698
                                                                                                                                                                                                                                         =======                                        =======            ========         ========

     (1) $10.1 million, $6.7 million and $21.9 million for the three months ended September 30, 2012 and nine months ended September 30, 2013 and 2012, respectively, excluding working capital changes.

    EBITDAX:

    Net loss
     from
     continuing
     operations                      $(24,034)                   $(44,212)                     $(70,082) $(26,085)

    Interest
     expense                           20,530                      15,527                        57,348    41,181

    Benefit from
     income
     taxes                            (12,554)                     (7,812)                      (36,792)  (11,446)

     Depreciation,
     depletion
     and
     amortization                      85,762                      91,536                       255,973   254,522

    Exploration                         2,995                       1,407                        15,342     2,797

    Impairments
     of oil and
     gas
     properties                             -                           -                           652     5,350

    (Gain) loss
     on sale of
     assets                             2,165                       2,794                        (5,793)  (50,892)

    Unrealized
     (gain) loss
     from
     derivatives                        3,835                      11,112                        11,962   (13,498)

    Stock-based
     compensation                       3,121                       3,329                         9,561    10,189
                                        -----                       -----                         -----    ------

    EBITDAX from
     continuing
     operations                        81,820                      73,681                       238,171   212,118

    EBITDAX from
     discontinued
     operations                             -                      12,106                        13,651    26,066
                                          ---                      ------                        ------    ------

    Total
     EBITDAX                          $81,820                     $85,787                      $251,822  $238,184
                                      =======                     =======                      ========  ========

                                                  As of
                                                  -----

                                               September 30,                   December 31,
                                                                           2012
                                                   2013
                                                   ----

    BALANCE SHEET DATA:

    Cash and cash equivalents                                   $228,353                        $4,471

    Marketable securities                                              -                        12,312

    Other current assets                                          96,827                        46,652

    Derivative financial instruments                               1,820                        11,651

    Assets of discontinued
     operations                                                         -                       518,934

    Property and equipment, net                                1,936,813                     1,958,687

    Other                                                         13,576                        19,944
                                                                  ------                        ------

    Total assets                                              $2,277,389                    $2,572,651
                                                              ==========                    ==========

    Current liabilities(1)                                   $378,618(1)                      $112,893

    Liabilities of discontinued
     operations                                                         -                        33,280

    Long-term debt                                               688,260                     1,324,383

    Deferred income taxes                                        198,942                       149,901

    Other non-current liabilities                                 19,330                        18,660

    Stockholders' equity                                         992,239                       933,534
                                                                 -------                       -------

    Total liabilities and
     stockholders' equity                                      $2,277,389                    $2,572,651
                                                              ==========                    ==========

    (1)       Includes
     $195.6 million of
     debt classified as
     short-term due to
     early redemption of
     senior notes.



                                          COMSTOCK RESOURCES, INC.
                                         REGIONAL OPERATING RESULTS
                                   (In thousands, except per unit amounts)

                                   For the Three Months Ended September 30, 2013
                                   ---------------------------------------------

                       East             South                            Continuing
                      Texas/            Texas                                Operations
                      North                                Other

                    Louisiana                                                               Discontinued
                                                                                                Operations       Total
                     --------                                                              ------------       -----

    Oil
     production
     (Mbbls)                       17                 611               4                632                   -            632

    Gas
     production
     (MMcf)                    11,364               1,833             415             13,612                   -         13,612

    Total
     production
     (MMcfe)                   11,467               5,499             438             17,404                   -         17,404

    Oil sales                  $1,824             $64,015            $421            $66,260               $   -        $66,260

    Oil hedging
     losses(1)                      -                   -               -             (3,560)                  -         (3,560)
                                  ---                 ---             ---             ------                 ---         ------

    Total oil
     sales
     including
     hedging                    1,824              64,015             421             62,700                   -         62,700

    Natural gas
     sales                     36,484               7,301           1,545             45,330                   -         45,330
                               ------               -----           -----             ------                 ---         ------

    Total oil and
     gas sales
     and realized
     losses from
     derivatives              $38,308             $71,316          $1,966           $108,030               $   -       $108,030
                              =======             =======          ======           ========             === ===         ======

    Average oil
     price                    $105.60             $104.77         $111.61            $104.83               $   -        $104.83
    (per barrel)

    Average oil
     price
     including
     hedging (per
     barrel)                  $105.60             $104.77         $111.61             $99.20               $   -         $99.20

    Average gas
     price                      $3.21               $3.98           $3.72              $3.33               $   -          $3.33
    (per Mcf)

    Average price
     (per Mcfe)                 $3.34              $12.97           $4.49              $6.41               $   -          $6.41

    Average price
     including
     hedging (per
     Mcfe)                      $3.34              $12.97           $4.49              $6.21               $   -          $6.21

    Production
     taxes                       $771              $3,269            $128             $4,168               $   -         $4,168

    Gathering and
     transportation            $3,508                $869            $101             $4,478               $   -         $4,478

    Lease
     operating                 $6,683              $5,647            $625            $12,955               $   -        $12,955

    Production
     taxes (per
     Mcfe)                      $0.07               $0.59           $0.29              $0.24               $   -          $0.24

    Gathering and
     transportation
     (per Mcfe)                 $0.31               $0.16           $0.23              $0.26               $   -          $0.26

    Lease
     operating
     (per Mcfe)                 $0.58               $1.03           $1.43              $0.74               $   -          $0.74

    Oil and Gas
     Capital
     Expenditures:

    Exploratory
     leasehold              $       -              $9,575      $        -             $9,575               $   -         $9,575

    Development
     leasehold                      2                  81               -                 83                   -             83

    Development
     drilling                   4,167             100,019               -            104,186                   -        104,186

    Other
     development                  833                 420               5              1,258                   -          1,258
                                  ---                 ---             ---              -----                 ---          -----

      Total                    $5,002         $110,095(2)              $5           $115,102               $   -       $115,102
                               ======            ========             ===           ========             === ===         ======

    (1)    Reported as realized loss
     from derivatives in operating
     results.

    (2)    Net of acreage and
     facility reimbursements
     received of $13.4 million from
     joint venture partner.



                                   COMSTOCK RESOURCES, INC.

                                  REGIONAL OPERATING RESULTS
                           (In thousands, except per unit amounts)

                               For the Three Months Ended September 30, 2012
                               ---------------------------------------------

                       East              South                          Continuing
                      Texas/             Texas                              Operations
                      North                                Other

                    Louisiana                                                              Discontinued
                                                                                              Operations           Total
                     --------                                                             ------------           -----

    Oil
     production
     (Mbbls)                        22                457              8                487                  172           659

    Gas
     production
     (MMcf)                     17,633              1,937            480             20,050                  202        20,252

    Total
     production
     (MMcfe)                    17,770              4,677            526             22,973                1,235        24,208

    Oil sales                   $2,103            $45,514           $777            $48,394              $14,678       $63,072

    Oil hedging
     gains(1)                        -                  -              -              3,293                    -         3,293
                                   ---                ---            ---              -----                  ---         -----

    Total oil
     sales
     including
     hedging                     2,103             45,514            777             51,687               14,678        66,365

    Natural gas
     sales                      41,342              5,680          1,725             48,747                1,076        49,823
                                ------              -----          -----             ------                -----        ------

    Total oil and
     gas sales
     and realized
     gains from
     derivatives               $43,445            $51,194         $2,502           $100,434              $15,754      $116,188
                               =======            =======           ====           ========              =======        ======

    Average oil
     price                      $92.33             $99.69         $99.77             $99.34               $85.24        $95.66
    (per barrel)

    Average oil
     price
     including
     hedging (per
     barrel)                    $92.33             $99.69         $99.77            $106.10               $85.24       $100.65

    Average gas
     price                       $2.34              $2.93          $3.59              $2.43                $5.33         $2.46
    (per Mcf)

    Average price
     (per Mcfe)                  $2.44             $10.95          $4.76              $4.23               $12.76         $4.66

    Average price
     including
     hedging (per
     Mcfe)                       $2.44             $10.95          $4.76              $4.37               $12.76         $4.80

    Production
     taxes                        $699             $2,243           $156             $3,098                 $758        $3,856

    Gathering and
     transportation             $5,503               $432            $98             $6,033                 $349        $6,382

    Lease
     operating                  $8,341             $3,658           $963            $12,962               $2,541       $15,503

    Production
     taxes (per
     Mcfe)                       $0.04              $0.48          $0.30              $0.13                $0.61         $0.16

    Gathering and
     transportation
     (per Mcfe)                  $0.31              $0.09          $0.19              $0.26                $0.28         $0.26

    Lease
     operating
     (per Mcfe)                  $0.47              $0.78          $1.82              $0.57                $2.06         $0.64

    Oil and Gas
     Capital
     Expenditures:

    Exploratory
     leasehold                  $1,895             $1,787      $       -             $3,682               $4,135        $7,817

    Development
     leasehold                     120                116              -                236                    -           236

    Exploratory
     drilling                      408                497              -                905                    -           905

    Development
     drilling                    9,418             21,706              -             31,124               58,410        89,534

    Other
     development                   257                166             64                487                    -           487
                                   ---                ---            ---                ---                  ---           ---

       Total                   $12,098         $24,272(2)            $64            $36,434              $62,545       $98,979
                               =======            =======            ===            =======              =======       =======

    (1)    Reported as realized gain
     from derivatives in operating
     results.

    (2)    Net of pre-formation
     cost reimbursements of $23.8
     million from the Company's
     Eagle Ford shale joint venture.


                                    COMSTOCK RESOURCES, INC.
                                   REGIONAL OPERATING RESULTS
                             (In thousands, except per unit amounts)

                                  For the Nine Months Ended September 30, 2013
                                  --------------------------------------------

                       East                South                            Continuing
                      Texas/               Texas                                Operations
                      North                                   Other

                    Louisiana                                                                  Discontinued
                                                                                                  Operations           Total
                     --------                                                                 ------------           -----

    Oil
     production
     (Mbbls)                          49               1,551              15              1,615                  270         1,885

    Gas
     production
     (MMcf)                       36,801               5,396           1,249             43,446                  410        43,856

    Total
     production
     (MMcfe)                      37,094              14,703           1,337             53,134                2,031        55,165

    Oil sales                     $4,781            $160,689          $1,603           $167,073              $22,777      $189,850

    Oil hedging
     gains(1)                          -                   -               -              1,641                    -         1,641
                                     ---                 ---             ---              -----                  ---         -----

    Total oil
     sales
     including
     hedging                       4,781             160,689           1,603            168,714               22,777       191,491

    Natural gas
     sales                       120,786              21,741           4,830            147,357                2,348       149,705
                                 -------              ------           -----            -------                -----       -------

    Total oil and
     gas sales
     and realized
     gains from
     derivatives                $125,567            $182,430          $6,433           $316,071              $25,125      $341,196
                                ========            ========          ======           ========              =======        ======

    Average oil
     price                        $97.97             $103.59         $109.09            $103.47               $84.30       $100.72
    (per barrel)

    Average oil
     price
     including
     hedging (per
     barrel)                      $97.97             $103.59         $109.09            $104.49               $84.30       $101.59

    Average gas
     price                         $3.28               $4.03           $3.87              $3.39                $5.73         $3.41
    (per Mcf)

    Average price
     (per Mcfe)                    $3.39              $12.41           $4.81              $5.92               $12.37         $6.16

    Average price
     including
     hedging (per
     Mcfe)                         $3.39              $12.41           $4.81              $5.95               $12.37         $6.19

    Production
     taxes                        $1,469              $8,299            $404            $10,172               $1,120       $11,292

    Gathering and
     transportation              $10,544              $2,263            $227            $13,034                 $501       $13,535

    Lease
     operating                   $20,931             $15,841          $2,351            $39,123               $9,853       $48,976

    Production
     taxes (per
     Mcfe)                         $0.04               $0.56           $0.30              $0.19                $0.55         $0.20

    Gathering and
     transportation
     (per Mcfe)                    $0.28               $0.15           $0.17              $0.25                $0.25         $0.25

    Lease
     operating
     (per Mcfe)                    $0.57               $1.09           $1.76              $0.73                $4.85         $0.89

    Oil and Gas
     Capital
     Expenditures:

    Exploratory
     leasehold              $          -             $14,114      $        -            $14,114               $8,856       $22,970

    Development
     leasehold                        51                 315               -                366                    -           366

    Development
     drilling                     16,473             213,221               -            229,694               81,735       311,429

    Other
     development                   2,105               2,249              69              4,423                  880         5,303
                                   -----               -----             ---              -----                  ---         -----

       Total                     $18,629         $229,899(2)             $69           $248,597              $91,471      $340,068
                                 =======            ========             ===           ========              =======        ======

    (1)    Reported as realized gain
     from derivatives in operating
     results.

    (2)    Net of acreage and
     facility reimbursements
     received of $34.9 million from
     joint venture partner.


                                    COMSTOCK RESOURCES, INC.
                                   REGIONAL OPERATING RESULTS
                             (In thousands, except per unit amounts)

                                  For the Nine Months Ended September 30, 2012
                                  --------------------------------------------

                       East                South                            Continuing
                      Texas/               Texas                                Operations
                      North                                   Other

                    Louisiana                                                                  Discontinued
                                                                                                  Operations           Total
                     --------                                                                 ------------           -----

    Oil
     production
     (Mbbls)                          69               1,285              25              1,379                  369         1,748

    Gas
     production
     (MMcf)                       55,745               6,807           1,541             64,093                  474        64,567

    Total
     production
     (MMcfe)                      56,162              14,514           1,693             72,369                2,686        75,055

    Oil sales                     $6,714            $131,373          $2,582           $140,669              $31,311      $171,980

    Oil hedging
     gains(1)                          -                   -               -              4,658                    -         4,658
                                     ---                 ---             ---              -----                  ---         -----

    Total oil
     sales
     including
     hedging                       6,714             131,373           2,582            145,327               31,311       176,638

    Natural gas
     sales                       125,438              20,472           4,663            150,573                2,767       153,340
                                 -------              ------           -----            -------                -----       -------

    Total oil and
     gas sales
     and realized
     gains from
     derivatives                $132,152            $151,845          $7,245           $295,900              $34,078      $329,978
                                ========            ========          ======           ========              =======        ======

    Average oil
     price                        $96.75             $102.27         $102.07            $101.99               $84.91        $98.39
    (per barrel)

    Average oil
     price
     including
     hedging (per
     barrel)                      $96.75             $102.27         $102.07            $105.37               $84.91       $101.05

    Average gas
     price                         $2.25               $3.01           $3.03              $2.35                $5.84         $2.37
    (per Mcf)

    Average price
     (per Mcfe)                    $2.35              $10.46           $4.28              $4.02               $12.69         $4.33

    Average price
     including
     hedging (per
     Mcfe)                         $2.35              $10.46           $4.28              $4.09               $12.69         $4.40

    Production
     taxes                        $2,106              $6,526            $574             $9,206               $1,667       $10,873

    Gathering and
     transportation              $18,580              $1,939            $335            $20,854                 $758       $21,612

    Lease
     operating                   $24,979             $10,512          $3,122            $38,613               $5,587       $44,200

    Production
     taxes (per
     Mcfe)                         $0.04               $0.45           $0.34              $0.13                $0.62         $0.14

    Gathering and
     transportation
     (per Mcfe)                    $0.33               $0.13           $0.20              $0.29                $0.28         $0.29

    Lease
     operating
     (per Mcfe)                    $0.44               $0.73           $1.84              $0.53                $2.08         $0.59

    Oil and Gas
     Capital
     Expenditures:

    Acquisitions            $          -      $            -      $        -       $          -               $3,235        $3,235

    Exploratory
     leasehold                     5,264               4,886               -             10,150               12,149        22,299

    Development
     leasehold                       549               1,332               -              1,881                    -         1,881

    Exploratory
     drilling                        976               2,825               -              3,801                    -         3,801

    Development
     drilling                     99,962             158,268               -            258,230              137,467       395,697

    Other
     development                   1,241                 991             195              2,427                    -         2,427
                                   -----                 ---             ---              -----                  ---         -----

       Total                    $107,992         $168,302(2)            $195           $276,489             $152,851      $429,340
                                ========            ========            ====           ========             ========        ======

    (1)    Reported as realized gain
     from derivatives in operating
     results.

    (2)    Net of pre-formation
     cost reimbursements of $23.8
     million from the Company's
     Eagle Ford shale joint venture.

SOURCE Comstock Resources, Inc.


Source: PR Newswire