Company: CRK
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024783
Chunk: 41

Company: COMSTOCK RESOURCES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1
Chunk 41
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We are a leading independent natural gas producer operating primarily in the Haynesville shale, a premier natural gas basin located in North Louisiana and East Texas with superior economics given its geographical proximity to the Gulf Coast natural gas markets. As of December 31, 2024, substantially all of our proved natural gas and oil reserves were in the Haynesville and Bossier shale plays. We are focused on creating value through the development of our substantial inventory of highly economic drilling opportunities in the Haynesville and Bossier shales and through our exploration activities in our Western Haynesville play. Our common stock is listed and traded on the New York Stock Exchange under the symbol "CRK".

Our operations are concentrated in Louisiana and Texas. Our natural gas and oil properties are estimated to have proved reserves of 3.8 Tcfe with a PV 10 Value of $1.6 billion as of December 31, 2024 based on SEC prices. Our proved reserves are principally natural gas, which were 73% developed as of December 31, 2024 with an average reserve life of approximately 7 years. Using NYMEX futures market natural gas and oil prices as of December 31, 2024, proved reserves are estimated at 7.0 Tcfe with a PV 10 Value of $5.7 billion. Using these prices, our proved reserves were 41% developed as of December 31, 2024, with an average reserve life of approximately 13 years.

Strengths

High Quality Properties. As of December 31, 2024, we have 1,099,090 acres (819,489 net) prospective for the Haynesville and Bossier shale plays, located in North Louisiana and East Texas, including our extension of the plays in our Western Haynesville area. Our Haynesville/Bossier shale properties have extensive development and exploration potential. Advances in drilling and completion technology have allowed us to increase the reserves recovered through drilling longer horizontal lateral lengths and applying substantially improved well stimulations, as well as successfully drilling horizontal wells in our deeper Western Haynesville extension of the Haynesville and Bossier Shale plays. As a result of the improved economic returns, we have focused our development activities primarily on drilling Haynesville and Bossier horizontal wells since 2015.

Our Haynesville and Bossier shale acreage is located in one of the premier North American natural gas basins and has access to the growing natural gas demand in the Gulf Coast markets related to LNG