November 8, 2018 - 6:45 AM EST
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Comstock Resources, Inc. Reports Third Quarter 2018 Financial and Operating Results

Frisco, TX, Nov. 08, 2018 (GLOBE NEWSWIRE) --

COMSTOCK RESOURCES, INC. REPORTS
THIRD QUARTER 2018 FINANCIAL AND OPERATING RESULTS

FRISCO, TEXAS, November 8, 2018 – Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today reported financial and operating results. On August 14, 2018 Arkoma Drilling, L.P. and Williston Drilling, L.P. (collectively, the "Jones Partnerships") contributed to the Company certain oil and gas properties producing from the Bakken shale in exchange for common stock of Comstock representing a controlling stake in the Company (the "Jones Contribution"). The Jones Partnerships are wholly owned and controlled by Dallas businessman Jerry Jones and his children. The Jones Partnerships received 88,571,429 newly issued shares of Comstock common stock representing an 84% ownership interest in the Company.

Comstock's basis in the Bakken shale properties is the historical basis of the Jones Partnerships. The change in control results in a new basis for Comstock's assets and liabilities. The new basis is pushed down to Comstock for financial reporting purposes, resulting in Comstock's assets, liabilities and equity accounts being recognized at fair value upon the closing of the contribution.

References to "Successor" relate to the financial position and results of operations of the Company subsequent to August 13, 2018. References to "Predecessor" relate to the financial position and results of operations of the Company on or prior to August 13, 2018. The Company's consolidated financial statements and related footnotes are being presented with a black line division which delineates the lack of comparability between amounts presented before and after August 13, 2018.

Financial Results for the Period August 14, 2018 through September 30, 2018

The financial results for the first period since closing the Jones Partnerships contribution is for 48 days from August 14, 2018 through September 30, 2018.  During that period Comstock produced 542,000 barrels of oil and 14.1 billion cubic feet ("Bcf") of natural gas or 17.4 billion cubic feet of natural gas equivalent ("Bcfe"). Oil production averaged 11,300 barrels of oil per day and natural gas production averaged 294 million cubic feet ("MMcf") per day. Comstock's average realized oil price was $62.21 per barrel and the average realized gas price after hedging was $2.59 per Mcf during this period.

Oil and gas sales for the period were $70.3 million (including realized hedging gains). EBITDAX, or earnings before interest, taxes, depreciation, depletion, amortization, exploration expense and other noncash expenses, was $52.9 million and operating cash flow generated was $38.8 million. 

Comstock reported earnings of $13.8 million or $0.13 per share for the period August 14, 2018 through September 30, 2018. The results for this period included an unrealized loss from derivative financial instruments of $2.2 million and a gain on sale of oil and gas properties of $0.1 million. Excluding these items, the net income would have been $15.9 million or $0.15 per share.

Financial Results for the Period July 1, 2018 through August 13, 2018

The first 44 days of the third quarter from July 1, 2018 through August 13, 2018 are part of the Predecessor period before the closing of the Jones Contribution and do not include the results of the Bakken shale properties. During that period Comstock produced 7,200 barrels of oil and 11.9 Bcf of natural gas or 11.9 Bcfe. Oil production averaged 163 barrels of oil per day and natural gas production averaged 270 MMcf per day. Comstock's average realized oil price was $69.42 per barrel and the average realized gas price after hedging was $2.73 per Mcf during this period.

Oil and gas sales were $32.9 million (including realized hedging gains). EBITDAX was $23.7 million and operating cash flow generated was $10.2 million. 

Comstock reported a net loss of $16.9 million or $1.09 per share for the period July 1, 2018 through August 13, 2018. The results for this period included transaction costs related to the Jones Contribution of $2.6 million, $6.0 million of non-cash interest expense associated with the discounts recognized and costs incurred on the debt exchange that occurred in 2016, and an unrealized loss from derivative financial instruments of $0.4 million. Excluding these items, the net loss would have been $7.9 million or $0.51 per share.

Drilling Results

Comstock reported the results to date of its 2018 Haynesville/Bossier shale drilling program.  During the first nine months of 2018, Comstock spent $164.9 million on its development and exploration activities, including $15.6 million spent to complete 26 (2.8 net) Bakken shale wells. Comstock drilled 27 Haynesville/Bossier natural gas wells (9.9 net) and had 16 wells (4.9 net) drilling at September 30, 2018.  Comstock also completed eleven (4.0 net) operated Haynesville wells that were drilled in 2017. Comstock also spent $57.2 million on acquisitions, including the previously reported acquisition of Haynesville shale properties from Enduro Resource Partners and the repurchase of interests in six Haynesville shale wells that were being drilled under the strategic drilling venture which was terminated effective with the closing of the Jones Contribution.
                                               
Since the last operational update, Comstock has completed ten additional operated Haynesville shale wells.  The average initial production rate of these wells was 25 MMcf per day. The ten operated wells had completed lateral lengths ranging from 4,502 feet to 9,865 feet, with an average completed lateral length of 7,629 feet. Each well was tested at initial production rates of 21 to 28 MMcf per day.  Comstock has two (0.8 net) operated Haynesville shale wells that are in the process of being completed.

4th Quarter 2018 and 2019 Drilling Budget

The Company also announced drilling plans for the fourth quarter of 2018 and 2019. The Company's current plans are to operate four drilling rigs through 2018 increasing to five operated rigs in March of 2019. The Company currently plans to spend $90.0 million in the fourth quarter comprised of $69.3 million to drill 21 Haynesville shale wells (6.6 net) including 12 operated wells (6.3 net) and $20.7 million to complete 30 Bakken shale wells (4.4 net). The Company's preliminary 2019 planned capital expenditures for 2019 are estimated at $377.0 million. Haynesville/Bossier shale drilling and completion activities comprise $361.3 million of 2019's activity to drill 57 horizontal wells (38.2 net) including spending $25.2 million to complete wells drilled in 2018. Comstock expects to spend an additional $15.7 million on its other properties. The drilling budget will be adjusted upward or downward in response to oil and natural gas prices as the program is intended to be funded by operating cash flow. 

Other

Comstock has planned a conference call for 10:00 a.m. Central Time on November 8, 2018, to discuss the operational and financial results for the third quarter of 2018.  Investors wishing to participate should visit the Company's website at www.comstockresources.com for a live web cast or dial 844-776-7840 (international dial-in use 661-378-9538) and provide access code 4688623 when prompted.  If you are unable to participate in the original conference call, a web replay will be available approximately 24 hours following the completion of the call on Comstock's website at www.comstockresources.com.  The web replay will be available for approximately one week.  A replay of the conference call will be available beginning at 1:00 p.m. CT November 8, 2018 and will continue until 1:00 p.m. November 15, 2018.  To hear the replay, call 855-859-2056 (404-537-3406 if calling from outside the US).  The conference call access code is 4688623.

This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995.  Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein.  Although the Company believes the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct.

Comstock Resources, Inc. is an independent energy company based in Frisco, Texas and is engaged in oil and gas acquisitions, exploration and development primarily in Texas and Louisiana.  The Company's stock is traded on the New York Stock Exchange under the symbol CRK.


COMSTOCK RESOURCES, INC.
OPERATING RESULTS
(In thousands, except per share amounts)

  Three Months Ended September 30,  Nine Months Ended September 30, 
  Transition Period     Transition Period    
  Successor  Predecessor  Predecessor  Successor  Predecessor  Predecessor 
  August 14
through
September 30,
2018
  July 1
through
August 13,
2018
  
2017
  August 14
through
September 30,
2018
  January 1
through
August 13,
2018
  
2017
 
  (In thousands, except per share amounts) 
Revenues:                        
Natural gas sales................................................................................................ $36,393  $32,089  $56,164  $36,393  $147,897  $147,541 
Oil sales.............................................................................................................  33,730   499   10,647   33,730   18,733   34,542 
Total oil and gas sales......................................................................  70,123   32,588   66,811   70,123   166,630   182,083 
                         
Operating expenses:                        
Production taxes................................................................................................  4,051   707   1,490   4,051   3,659   3,730 
Gathering and transportation..............................................................................  3,450   3,109   4,755   3,450   11,841   12,428 
Lease operating..................................................................................................  7,016   3,418   9,359   7,016   21,139   28,681 
Depreciation, depletion and amortization...........................................................  17,820   14,082   32,783   17,820   68,032   93,009 
General and administrative.................................................................................  3,303   3,044   6,174   3,303   15,699   19,134 
Loss (gain) on sale of oil and gas properties......................................................  (98)     1,060   (98)  35,438   1,060 
                         
Total operating expenses..............................................................................  35,542   24,360   55,621   35,542   155,808   158,042 
                         
Operating income...................................................................................................  34,581   8,228   11,190   34,581   10,822   24,041 
                         
Other income (expenses):                        
Gain (loss) from derivative financial instruments..............................................  (2,015)  (83)  1,430   (2,015)  881   14,585 
Other income.....................................................................................................  42   284   170   42   677   398 
Interest expense.................................................................................................  (14,845)  (22,140)  (37,595)  (14,845)  (101,203)  (107,250)
Transaction costs...............................................................................................     (2,549)        (2,866)   
                         
Total other income (expenses).....................................................................  (16,818)  (24,488)  (35,995)  (16,818)  (102,511)  (92,267)
                         
Income (loss) before income taxes........................................................................  17,763   (16,260)  (24,805)  17,763   (91,689)  (68,226)
Benefit from (provision for) income taxes.............................................................  (3,940)  (605)  69   (3,940)  (1,065)  (883)
Net income (loss)................................................................................................... $13,823  $(16,865) $(24,736) $13,823  $(92,754) $(69,109)
                         
Net income (loss) per share – basic and diluted......................................... $0.13  $(1.09) $(1.67) $0.13  $(6.08) $(4.74)
                         
Weighted average shares outstanding – Basic.........................................................  106,448   15,468   14,796   106,448   15,262   14,591 
Diluted...............................................................................................................  106,463   15,468   14,796   106,463   15,262   14,591 

                                               

 (1)    Includes $6.0 million and $9.9 million for the period July 1, 2018 through August 13, 2018 and the three months ended September 30, 2017, respectively, and $29.2 million and $24.8 million for the period January 1, 2018 through August 13, 2018 and the nine months ended September 30, 2017, respectively, related to the amortization of discounts and costs recorded in connection with the debt exchange completed on September 6, 2016 and $5.0 million and $9.6 million for the period July 1, 2018 through August 13, 2018 and the three months ended September 30, 2017, respectively, and $25.0 million and $28.2 million for the period January 1, 2018 through August 13, 2018 and the nine months ended September 30, 2017, respectively, of interest paid in-kind related to the Company's convertible notes. 


COMSTOCK RESOURCES, INC.
OPERATING RESULTS
(In thousands)

  Three Months Ended September 30,  Nine Months Ended September 30, 
  Transition Period     Transition Period    
  Successor  Predecessor  Predecessor  Successor  Predecessor  Predecessor 
  August 14
through
September 30,
2018
  July 1
through
August 13,
2018
  
2017
  August 14
through
September 30,
2018
  January 1
through
August 13,
2018
  
2017
 
    
OPERATING CASH FLOW:                        
                         
Net income (loss)...................................................................................................... $13,823  $(16,865) $(24,736) $13,823  $(92,754) $(69,109)
Reconciling items:                         
Deferred income taxes..........................................................................................  3,883   626   (87)  3,883   1,052   768 
Depreciation, depletion and amortization..............................................................  17,820   14,082   32,783   17,820   68,032   93,009 
Unrealized loss (gain) from derivative financial instruments.................................  2,206   413   2,026   2,206   1,961   (9,233)
Amortization of debt discount, premium and issuance costs.................................  822   6,190   9,914   822   29,457   24,914 
Interest paid in-kind..............................................................................................     4,990   9,600      25,004   28,194 
Stock-based compensation....................................................................................  329   803   1,640   329   3,912   4,455 
Loss (gain) on sale of oil and gas properties.........................................................  (98)     1,060   (98)  35,438   1,060 
Operating cash flow..........................................................................................  38,785   10,239   32,200   38,785   72,102   74,058 
Decrease (increase) in accounts receivable..................................................  (44,844)  3,551   (2,295)  (44,844)  2,834   (11,952)
Decrease (increase) in other current assets..................................................  (1,326)  (304)  238   (1,326)  337   (670)
Increase (decrease) in accounts payable and accrued expenses...................  11,034   (14,749)  5,105   11,034   10,462   29,327 
Net cash provided by operating activities.............................................. $3,609  $(1,263) $35,248  $3,609  $85,735  $90,763 
                         
EBITDAX:                        
                         
Net income (loss)...................................................................................................... $13,823  $(16,865) $(24,736) $13,823  $(92,754) $(69,109)
Interest expense........................................................................................................  14,845   22,140   37,595   14,845   101,203   107,250 
Income taxes.............................................................................................................  3,940   605   (69)  3,940   1,065   883 
Depreciation, depletion and amortization..................................................................  17,820   14,082   32,783   17,820   68,032   93,009 
Unrealized loss (gain) from derivative financial instruments.....................................  2,206   413   2,026   2,206   1,961   (9,233)
Stock-based compensation........................................................................................  329   803   1,640   329   3,912   4,455 
Transaction costs......................................................................................................     2,549         2,866    
Loss on sale of oil and gas properties.......................................................................  (98)     1,060   (98)  35,438   1,060 
Total EBITDAX.................................................................................... $52,865  $23,727  $50,299  $52,865  $121,723  $128,315 



  Successor  Predecessor 
  As of
September 30,

2018
  As of
December 31, 2017
 
         
Balance Sheet Data:        
         
Cash and cash equivalents........................................................................................................... $31,780  $61,255 
Assets held for sale.....................................................................................................................     198,615 
Other current assets.....................................................................................................................  99,692   42,635 
Property and equipment, net........................................................................................................  1,593,602   607,929 
Other...........................................................................................................................................  369,302   19,985 
Total assets........................................................................................................................... $2,094,376  $930,419 
         
         
Current liabilities......................................................................................................................... $180,118  $168,489 
Long-term debt............................................................................................................................  1,242,844   1,110,529 
Deferred income taxes.................................................................................................................  145,565   10,266 
Asset retirement obligation..........................................................................................................  4,738   10,407 
Stockholders' equity (deficit).......................................................................................................  521,111   (369,272)
Total liabilities and stockholders' equity (deficit)................................................................. $2,094,376  $930,419 



COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)

  Successor
  For the Period August 14, 2018 through September 30, 2018
  Haynesville / Cotton Valley  Bakken  Other  Total 
Gas production (MMcf)............................................................................  12,773   1,272   53   14,098 
Oil production (Mbbls).........................................................................  5   536   1   542 
Total production (MMcfe)........................................................................  12,803   4,487   61   17,351 
                 
Natural gas sales................................................................................. $34,765  $1,466  $162  $36,393 
Natural gas hedging settlements(1)....................................................................           191 
Total natural gas including hedging..................................................................  34,765   1,466   162   36,584 
Oil sales.................................................................................  320   33,240   170   33,730 
Total oil and gas sales including hedging.................................................................. $35,085  $34,706  $332  $70,314 
                 
Average gas price (per Mcf)............................................................................... $2.72  $1.15  $3.07  $2.58 
Average gas price including hedging
(per Mcf)...............................................................................
             $2.59 
Average oil price (per barrel)............................................................................ $64.00  $62.01  $140.66  $62.21 
Average price (per Mcfe)............................................................................. $2.74  $7.73  $5.44  $4.04 
Average price including hedging
(per Mcfe).............................................................................
             $4.05 
                 
Production taxes................................................................................. $813  $3,214  $24  $4,051 
Gathering and transportation................................................................. $3,420  $  $30  $3,450 
Lease operating.......................................................................... $3,615  $3,250  $151  $7,016 
                 
Production taxes (per Mcfe)............................................................................. $0.06  $0.72  $0.40  $0.23 
Gathering and transportation (per Mcfe)............................................................................ $0.27  $  $0.50  $0.20 
Lease operating (per Mcfe)............................................................................. $0.28  $0.72  $2.46  $0.41 
                 
Oil and Gas Capital Expenditures:                
Acquisitions................................................................. $17,905  $  $  $17,905 
Development leasehold....................................................................  475         475 
Development drilling.......................................................................  33,404   15,615      49,019 
Other development.................................................................  7,810         7,810 
Total........................................................................... $59,594  $15,615  $  $75,209 

                                               

(1)    Included in gain from derivative financial instruments in operating results.
      


COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)

  Predecessor 
  For the Period July 1, 2018 through August 13, 2018 
  Haynesville / Cotton Valley  Other  Total 
Gas production (MMcf)............................................................................  11,806   70   11,876 
Oil production (Mbbls).........................................................................  5   2   7 
Total production (MMcfe)........................................................................  11,840   79   11,919 
             
Natural gas sales................................................................................. $31,834  $255  $32,089 
Natural gas hedging settlements(1)....................................................................        330 
Total natural gas including hedging..................................................................  31,834   255   32,419 
Oil sales.................................................................................  386   113   499 
Total oil and gas sales including hedging.................................................................. $32,220  $368  $32,918 
             
Average gas price (per Mcf)............................................................................... $2.70  $3.64  $2.70 
Average gas price including hedging
(per Mcf)...............................................................................
         $2.73 
Average oil price (per barrel)............................................................................ $68.87  $71.37  $69.42 
Average price (per Mcfe)............................................................................. $2.72  $4.66  $2.73 
Average price including hedging
(per Mcfe).............................................................................
         $2.76 
             
Production taxes................................................................................. $684  $23  $707 
Gathering and transportation................................................................. $3,082  $27  $3,109 
Lease operating.......................................................................... $3,244  $174  $3,418 
             
Production taxes (per Mcfe)............................................................................. $0.06  $0.29  $0.06 
Gathering and transportation (per Mcfe)............................................................................ $0.26  $0.34  $0.26 
Lease operating (per Mcfe)............................................................................. $0.27  $2.21  $0.29 
             
Oil and Gas Capital Expenditures:            
Acquisitions................................................................. $39,323  $  $39,323 
Development leasehold....................................................................  504      504 
Development drilling.......................................................................  14,211      14,211 
Other development.................................................................  2,958      2,958 
Total........................................................................... $56,996  $  $56,996 

                                               

(1)    Included in gain from derivative financial instruments in operating results.


COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)

  Predecessor 
  For the Three Months Ended September 30, 2017 
  Haynesville / Cotton Valley  South Texas  Other  Total 
Gas production (MMcf)...................................  19,590   318   79   19,987 
Oil production (Mbbls)....................................  12   211   6   229 
Total production (MMcfe)................................  19,660   1,582   120   21,362 
                 
Natural gas sales............................................... $54,673  $1,282  $209  $56,164 
Natural gas hedging settlements(1)....................           3,456 
Total natural gas including hedging............  54,673   1,282   209   59,620 
Oil sales............................................................  537   9,791   319   10,647 
Total oil and gas sales including
hedging..................................................
 $55,210  $11,073  $528  $70,267 
                 
                 
Average gas price (per Mcf)............................ $2.79  $4.03  $2.65  $2.81 
Average gas price including hedging
(per Mcf)........................................................
             $2.98 
Average oil price (per barrel)........................... $46.33  $46.46  $46.17  $46.45 
Average price (per Mcfe)................................. $2.81  $7.00  $4.40  $3.13 
Average price including hedging
(per Mcfe)......................................................
             $3.29 
                 
Production taxes............................................... $934  $514  $42  $1,490 
Gathering and transportation............................ $4,258  $374  $123  $4,755 
Lease operating................................................. $5,749  $3,410  $200  $9,359 
                 
Production taxes (per Mcfe)............................. $0.05  $0.32  $0.35  $0.07 
Gathering and transportation (per Mcfe).......... $0.22  $0.24  $1.03  $0.22 
Lease operating (per Mcfe)............................... $0.29  $2.16  $1.66  $0.44 
                 
Oil and Gas Capital Expenditures:                
Development leasehold................................ $867  $16  $  $883 
Development drilling....................................  40,017         40,017 
Other development.......................................  1,798   188   312   2,298 
Total........................................................... $42,682  $204 $312  $43,198 

                                               

(1)    Included in gain from derivative financial instruments in operating results.
      


COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)

  Predecessor 
  For the Period January 1, 2018 through August 13, 2018 
  Haynesville / Cotton Valley  South Texas  Other  Total 
Gas production (MMcf)...................................  54,386   379   475   55,240 
Oil production (Mbbls)....................................  27   247   13   287 
Total production (MMcfe)................................  54,549   1,860   554   56,963 
                 
Natural gas sales............................................... $144,918  $1,590  $1,389  $147,897 
Natural gas hedging settlements(1)....................           2,842 
Total natural gas including hedging............  144,918   1,590   1,389   150,739 
Oil sales............................................................  1,760   16,157   816   18,733 
Total oil and gas sales including
hedging..................................................
 $146,678  $17,747  $2,205  $169,472 
                 
                 
Average gas price (per Mcf)............................ $2.66  $4.20  $2.92  $2.68 
Average gas price including hedging
(per Mcf)........................................................
             $2.73 
Average oil price (per barrel)........................... $64.71  $65.46  $62.00  $65.23 
Average price (per Mcfe)................................. $2.69  $9.54  $3.98  $2.93 
Average price including hedging
(per Mcfe)......................................................
             $2.98 
                 
Production taxes............................................... $2,680  $831  $148  $3,659 
Gathering and transportation............................ $11,211  $463  $167  $11,841 
Lease operating................................................. $15,610  $4,829  $700  $21,139 
                 
Production taxes (per Mcfe)............................. $0.05  $0.45  $0.27  $0.06 
Gathering and transportation (per Mcfe).......... $0.21  $0.25  $0.30  $0.21 
Lease operating (per Mcfe)............................... $0.28  $2.59  $1.26  $0.37 
                 
Oil and Gas Capital Expenditures:                
Acquisitions................................................. $39,323  $  $  $39,323 
Development leasehold................................  2,848         2,848 
Development drilling....................................  90,840         90,840 
Other development.......................................  13,205   393   273   13,871 
Total........................................................... $146,216  $393 $273  $146,882 

                                               

(1)    Included in gain from derivative financial instruments in operating results.


COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)

  Predecessor 
  For the Nine Months Ended September 30, 2017 
  Haynesville / Cotton Valley  South Texas  Other  Total 
Gas production (MMcf)..............................  49,800   1,071   436   51,307 
Oil production (Mbbls)...............................  39   682   16   737 
Total production (MMcfe)..........................  50,034   5,162   534   55,730 
                 
Natural gas sales......................................... $142,217  $4,150  $1,174  $147,541 
Natural gas hedging settlements(1)...............           5,352 
Total natural gas including hedging......  142,217   4,150   1,174   152,893 
Oil sales......................................................  1,820   31,953   769   34,542 
Total oil and gas sales including
hedging.............................................
 $144,037  $36,103  $1,943  $187,435 
                 
                 
Average gas price (per Mcf)....................... $2.86  $3.87  $2.69  $2.88 
Average gas price including hedging
(per Mcf)..................................................
             $2.98 
Average oil price (per barrel)...................... $46.67  $46.87  $46.90  $46.86 
Average price (per Mcfe)............................ $2.88  $6.99  $3.64  $3.27 
Average price including hedging
(per Mcfe).................................................
             $3.36 
                 
Production taxes.......................................... $1,928  $1,664  $138  $3,730 
Gathering and transportation....................... $10,962  $1,279  $187  $12,428 
Lease operating........................................... $16,748  $10,956  $977  $28,681 
                 
Production taxes (per Mcfe)....................... $0.04  $0.32  $0.26  $0.07 
Gathering and transportation (per Mcfe)..... $0.22  $0.25  $0.35  $0.22 
Lease operating (per Mcfe)......................... $0.33  $2.12  $1.83  $0.51 
                 
Oil and Gas Capital Expenditures:                
Development leasehold........................... $1,426  $521  $  $1,947 
Development drilling..............................  120,856   705      121,561 
Other development..................................  4,382   1,485   435   6,302 
Total...................................................... $126,664  $2,711 $435  $129,810 

                                               

(1)    Included in gain from derivative financial instruments in operating results.

Comstock Resources
Gary H. Guyton
Director of Planning and Investor Relations
(972) 668-8834

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Source: GlobeNewswire (November 8, 2018 - 6:45 AM EST)

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