Company: CRK
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024783
Chunk: 51

Company: COMSTOCK RESOURCES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1
Chunk 51
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 an economic return using the SEC prescribed prices. This sensitivity analysis is only meant to demonstrate the impact that changing natural gas and oil prices may have on our proved reserve estimates and the related PV 10 Value and there is no assurance this outcome will be realized. Our proved natural gas and oil reserves utilizing SEC prices and the alternative price case are as follows:

    SEC Price Case

    Alternative Price Case

    Oil (MBbls)

    Proved Developed

    331

    376

    Proved Undeveloped

    —

    —

    Total

    331

    376

    Natural Gas (MMcf) (1)

    Proved Developed

    2,731,812

    2,845,669

    Proved Undeveloped

    1,030,286

    4,174,614

    Total

    3,762,098

    7,020,283

    Total Proved Reserves (MMcfe) (1)

    3,764,083

    7,022,537

    PV 10 Value (in thousands) (2)
     
    $
    1,602,774

    $
    5,677,971

______________

(1)Natural gas volumes include NGLs. Oil and NGLs are converted to natural gas equivalents by using a conversion factor of one barrel of oil or NGLs for six Mcf of natural gas based upon the approximate relative energy content of oil to natural gas, which is not indicative of natural gas and oil prices.

(2)The PV 10 Value represents the discounted future net cash flows attributable to our proved natural gas and oil reserves before income tax, discounted at 10%. Although it is a non-GAAP measure, we believe that the presentation of PV 10 Value is relevant and useful to our investors because it presents the discounted future net cash flows attributable to our proved reserves prior to taking into account corporate future income taxes and our current tax structure. We use this measure when assessing the potential return on investment related to our natural gas and oil properties. The standardized measure of discounted future net cash flows represents the present value of future cash flows attributable to our proved natural gas and oil reserves after income tax, discounted at 10%.

11

COMSTOCK RESOURCES, INC.

Proved reserve information in this report is based on estimates prepared by our petroleum engineering staff and is the responsibility of management. We retained an independent petroleum