From social media:
The press release:
Comstock Resources, Inc. announced today that its proved oil and natural gas reserves as of December 31, 2021 were estimated at 6.1 trillion cubic feet equivalent as compared to total proved oil and gas reserves of 5.6 Tcfe as of December 31, 2020.
The 6.1 Tcfe of proved reserves at December 31, 2021 were 37% developed and 98% were operated by Comstock.
The present value, using a 10% discount rate, of the future net cash flows before income taxes of the proved reserves, was approximately $6.8 billion, using the Company's average first of month 2021 prices of $3.33 per Mcf of natural gas and $62.38 per barrel of oil.
Total reserve additions replaced 199% of the Company's 2021 production with drilling activities providing 161% of the reserve replacement in 2021.
The Company spent $628.2 million on drilling and other development activities in 2021 to drill 100 (54.1 net) new horizontal Haynesville and Bossier shale wells and to put 95 (56.4 net) wells on production during 2021. Comstock also spent $21.8 million to acquire proved oil and gas properties and $35.9 million to acquire unproved oil and natural gas leases in 2021.
Based on the 2021 proved reserve additions, Comstock's "all-in" finding costs were approximately 60¢ per Mcfe. Excluding acquisitions, Comstock's drill bit finding costs were 71¢ per Mcfe in 2021.
Flashback, one year ago: hitting the jackpot, Jerry Jones.
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