Company: CRK
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024783
Chunk: 48

Company: COMSTOCK RESOURCES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1
Chunk 48
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 first of the month prices received at the point of sale for the last twelve months. These prices have been adjusted from index prices for both location and quality differences.

The natural gas and oil prices used for reserves estimation were as follows:

    Year
     
    Natural Gas Price(per Mcf)

    Oil Price(per Bbl)

    2024
     
    $
    1.84

    $
    71.07

    2023
     
    $
    2.39

    $
    72.63

    2022
     
    $
    6.03

    $
    91.21

Reserves may be classified as proved undeveloped if there is a high degree of confidence that the quantities will be recovered, and they are scheduled to be drilled within five years of their initial inclusion as proved reserves, unless specific circumstances justify a longer time. In connection with estimating proved undeveloped reserves for our reserve report, reserves on undrilled acreage were limited to those that are reasonably certain of production when drilled where we can verify the continuity of the reservoir. We only include wells in our proved undeveloped reserves that we currently plan to drill and in which we have adequate capital resources to enable us to drill them. Using empirical evidence, we utilize control points and sample sizes to show continuity in the reservoir. We reflect changes to undeveloped reserves that occur in the same field as revisions to the extent that proved undeveloped locations are revised due to changes in future development plans, including changes to proposed lateral lengths, development spacing and timing of development. As of December 31, 2024, our proved undeveloped reserves did not include any undrilled wells with a rate of return less than 10%.

As of December 31, 2024, our proved undeveloped reserves were comprised of 1.0 Tcf of natural gas consisting of 56 undeveloped locations. All of our natural gas undeveloped reserves are associated with our Haynesville and Bossier shale (including Western Haynesville and Bossier) properties where our 2025 drilling program is focused. Our natural gas and oil proved undeveloped reserves decreased by 1.2 Tcf during 2024 due to low natural gas prices used to determine the proved 

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COMSTOCK RESOURCES, INC.

reserves as 83 proved undeveloped reserve locations previously included in our proved reserves no longer generate an economic return using the prescribed SEC natural