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COMSTOCK RESOURCES, INC. ANNOUNCES 1992 THIRD QUARTER FINANCIAL RESULTS

COMSTOCK RESOURCES, INC. ANNOUNCES 1992 THIRD QUARTER FINANCIAL RESULTS
 DALLAS, Nov. 13 /PRNewswire/ -- Comstock Resources, Inc. (NASDAQ-NMS: CMRE) today announced financial results for the quarter ended Sept. 30, 1992.
 For the three months ended Sept. 30, 1992, Comstock reported net income of $44,000 before a dividend of $12,000 paid to the holders of the company's preferred stock as compared to a net loss of $553,000 in 1991's third quarter. Net income per share attributable to common stock for the third quarter of 1992 was less than 1 cent per share as compared to a net loss of 8 cents per share in 1991's third quarter on weighted average shares outstanding of 7,530,108 and 7,285,690 in 1992 and 1991, respectively. Comstock reported $1,779,000 in revenues for the third quarter of 1992 as compared to $680,000 in the third quarter of 1991.
 Revenues for the nine months ended Sept. 30, 1992, were $4,533,000 as compared to $1,906,000 for the same period in 1991. The net loss for the nine months ended Sept. 30, 1992, was $852,000 before a dividend of $12,000 paid to holders of the company's preferred stock. The net loss attributable to common stock was 12 cents per share on weighted average shares of 7,368,812. The net loss reported for the nine months ended Sept. 30, 1991 was $1,905,000 or 28 cents per share on weighted average shares of 6,897,838.
 The increase in total revenues of 138 percent is primarily attributable to production from the oil and gas properties acquired in 1991 and September 1992. The company's oil production increased from 57,500 barrels in the first nine months of 1991 to 97,000 barrels in the first nine months of 1992 or a 69 percent increase. Gas production increased from 159,000 Mcf in the first nine months of 1991 to 1.5 Bcf in the first nine months of 1992 or a 357 percent increase.
 "The third quarter results marked the company's return to profitability. The improved results are primarily attributable to one month's production from the properties the company acquired in September 1992," stated M. Jay Allison, president and chief executive officer.
 Comstock Resources, Inc. is primarily engaged in the acquisition, development and production of oil and gas properties in the Southwestern United States. Additional information about the company may be obtained by contacting Roland O. Burns, chief financial officer, at 5005 LBJ Freeway, Suite 1000, Dallas, Texas 75244, telephone number 214/701-2000.
 COMSTOCK RESOURCES, INC. AND SUBSIDIARIES
 Operating Results
 Periods ended Sept. 30 Three Months Nine Months
 1992 1991 1992 1991
 Revenues:
 Oil and gas sales $ 1,658,806 $ 528,719 $ 4,219,593 $ 1,577,155
 Pipeline income 54,319 60,244 159,870 100,375
 Rental income -- 16,057 -- 37,642
 Gains on sales of
 property -- 38,806 -- 101,907
 Other income 66,367 36,480 153,153 89,166
 Total revenues 1,779,492 680,306 4,532,616 1,906,245
 Expenses:
 Oil and gas operating 632,310 286,313 1,811,316 1,018,518
 Pipeline operating 34,305 53,188 120,552 75,847
 Real estate operating -- 8,778 -- 32,772
 Depreciation, depletion
 and amortization 589,575 415,931 1,716,276 1,046,150
 General and admin. 297,680 369,441 1,218,385 1,350,279
 Interest 181,273 99,352 518,317 287,856
 Total expenses 1,735,143 1,233,003 5,384,846 3,811,422
 Loss before
 income taxes 44,349 (522,697) (852,230) (1,905,177)
 Provision for income
 taxes -- -- -- --
 Net income (loss) 44,349 (522,697) (852,230) (1,905,177)
 Preferred stock
 dividend (12,288) -- (12,288) --
 Net income (loss)
 attributable to
 common stock $ 32,061 $ (552,697) $ (852,230)$(1,905,177)
 Net income (loss)
 attributable to
 common stock
 per share $ -- $ (0.08) $ (0.12) $ (0.28)
 Weighted average shares
 outstanding 7,530,108 7,285,690 7,368,812 6,897,838
 -0- 11/13/92
 /CONTACT: Roland O. Burns, chief financial officer of Comstock Resources, 214-701-2000/
 (CMRE) CO: Comstock Resources, Inc. ST: Texas IN: OIL SU: ERN


TM -- NY065 -- 0838 11/13/92 16:13 EST
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Date:Nov 13, 1992
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