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COMSTOCK RESOURCES, INC. ANNOUNCES OIL AND GAS PROPERTY ACQUISITION

 DALLAS, Aug. 2 /PRNewswire/ -- Comstock Resources, Inc. (NASDAQ-NMS: CMRE) today announced that on July 30, 1993, the company closed its previously announced acquisition of producing oil and gas properties in Matagorda County, Texas. Comstock issued 177,571 shares of its common stock for an approximate 31 percent working interest in the East Bay City field. Comstock's independent petroleum engineers estimate that the interests acquired by Comstock have proved oil and gas reserves of approximately 48,500 barrels of oil and 2.2 billion cubic feet of gas as of April 1, 1993, the effective date of the acquisition. These oil and gas reserves have estimated future revenues of $4.9 million and future net cash flows of $2.8 million. The present value of future cash flows attributable to the reserves discounted at 10 percent per annum is $1.5 million.
 In a related transaction, Comstock DR II Oil & Gas Acquisition Limited Partnership, a partnership managed by Comstock, purchased an approximate 64 percent working interest in the East Bay City field for $2.2 million. Comstock will operate the 12 producing wells in the East Bay City field.
 "This is the fourth purchase of producing oil and gas properties completed thus far in 1993. The acquisitions have enabled the company to increase its oil and gas reserves by one-third in the last seven months," stated M. Jay Allison, president and chief executive officer. "The oil and gas reserves acquired in 1993 have estimated future revenues of $35 million and future net cash flows of $23 million. We expect the company to continue its aggressive oil and gas property acquisition program in the remainder of 1993."
 Comstock Resources, Inc. is a rapidly growing independent energy company engaged in oil and gas property acquisitions and oil and gas exploration, development and production in the United States.
 -0- 7/2/93
 /CONTACT: M. Jay Allison, president and CEO of Comstock Resources, Inc., 214-701-2000/
 (CMRE)


CO: Comstock Resources, Inc. ST: Texas IN: OIL SU: TNM

SM -- NY085 -- 8421 08/02/93 14:07 EDT
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Publication:PR Newswire
Date:Aug 2, 1993
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