Comstock to Spend $161m in Haynesville/Bossier

Comstock Resources Inc. said in December 2014 that it plans to spend $161 million for drilling 14 Haynesville/Bossier shale natural gas wells. In addition, Comstock plans to refrac ten of its existing Haynesville shale producing wells as part of its 2015 program.

The company said that, in response to low oil prices, it will suspend oil directed drilling activity in its Eagle Ford shale properties in South and East Texas and in the Tuscaloosa Marine shale in Mississippi.

Comstock has released its rig in the Tuscaloosa Marine shale and will postpone its drilling activity there until oil prices improve. In addition, Comstock has four operated rigs drilling on its Eagle Ford shale properties. The company also will release two of four operated rigs drilling on its Eagle Ford shale properties in early 2015 and move the other two rigs to North Louisiana to start up a drilling program on its Haynesville shale natural gas properties.

The company estimates that its drilling program will generate company-wide oil production of 3.5 million to 3.9 million barrels in 2015 and natural gas production of 55 billion cubic feet (Bcf) to 60 Bcf. Comstock said that it will continue to assess the oil and natural gas markets throughout 2015 and adjust its drilling program to reflect the appropriate mix of oil and natural gas wells in order to maximize returns.

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