(CRK) Comstock Resources Inc to Hike Capital Spending

December 22nd, 2009

Oil and natural gas firm Comstock Resources Inc. (CRK) has announced its 2010 capital spending plans. The company has pegged its development and exploration budget at $385 million, up more than 8% from the $355 million it expects to invest by the end of 2009. Comstock will be drilling approximately 59 (42.6 net) wells during the year, as against 52 (38.4 net) wells in 2009. The company further informed that it expects to add one more drilling rig in the second quarter of 2010 to the six that are already being employed in its Haynesville Shale drilling program.

In 2010, Comstock’s drilling programs will be focused on developing its Haynesville Shale properties in East Texas and North Louisiana. Of the $385 million, $368 million will be allocated for capital spending in this operating region, which includes drilling 57 (41.7 net) wells. The company will spend $12 million in its South Texas properties to drill 2 (0.9 net) wells and for other development activities. The remaining $5 million will be used in Comstock’s other regions.

The company hopes to replicate the success of its 2009 drilling program, thereby continuing to provide excellent operational performance characterized by strong reserve and production growth.

Frisco, Texas-based Comstock Resources Inc. is an independent oil and gas exploration and production company engaged in the acquisition, exploration and development of oil and gas properties. The company’s operations are concentrated primarily in four regions in the U.S. ? the Gulf of Mexico, East Texas/North Louisiana, Mississippi, and South Texas.

We currently rate the Comstock shares as Neutral.

Zacks Investment Research

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Read more on Comstock Resources at Wikinvest

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