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COMSTOCK RESOURCES, INC. ANNOUNCES 1992 SECOND QUARTER FINANCIAL RESULTS

 COMSTOCK RESOURCES, INC. ANNOUNCES 1992 SECOND QUARTER
 FINANCIAL RESULTS
 DALLAS, Aug. 13 /PRNewswire/ -- Comstock Resources, Inc. (NASDAQ: CMRE) today announced financial results for the quarter ended June 30, 1992.
 Comstock reported $1,365,000 in revenues for the second quarter of 1992 as compared to $614,000 in the second quarter of 1991. Comstock also reported a net loss of $591,000 for the three months ended June 30, 1992, compared to a net loss of $839,000 for the same period in 1991. Net loss per share for the second quarter of 1992 was 8 cents per share as compared to 12 cents per share in 1991 on weighted average shares outstanding of 7,286,827 and 6,753,974 in 1992 and 1991, respectively. The second quarter results include a write-off of $225,000 in third party costs associated with an unsuccessful acquisition that the company failed to close in the second quarter.
 Revenues for the six months ended June 30, 1992 were $2,753,000 as compared to $1,226,000 for the same period in 1991. The net loss for the six months ended June 30, 1992 was $897,000 or 12 cents a share on weighted average shares of 7,286,827. The net loss reported for the six months ended June 30, 1991 was $1,352,000 or 20 cents a share on weighted average shares of 6,700,698.
 The increase in total revenues of 125 percent is primarily attributable to production from the oil and gas properties acquired in June and November 1991. The company's oil production increased from 40,900 barrels in the first six months of 1991 to 64,600 barrels in the first six months of 1992 or a 58 percent increase. Gas production increased from 159,000 Mcf in 1991 to 916,000 Mcf in the first six months of 1992 or a 476 percent increase.
 "The second quarter results were comparable to the company's first quarter except for the write-off of $225,000 in costs attributable to an unsuccessful acquisition. The company is expecting a return to profitability in 1992 due to an acquisition which is expected to close in September; expected improvement in oil and gas prices in the remaining portion of the year; and increased production from the company's successful development and exploration activities," said 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.
 COMSTOCK RESOURCES, INC. AND SUBSIDIARIES
 Operating Results
 Three Months Six Months
 Periods Ended June 30 1992 1991 1992 1991
 Revenues:
 Oil and gas sales $1,292,866 $ 494,687 $2,560,787 $1,048,436
 Pipeline income 47,625 40,131 105,551 40,131
 Rental income -- 11,845 -- 21,585
 Gains on sales of
 property -- 35,440 -- 63,101
 Other income 24,077 31,691 86,786 52,686
 Total revenues 1,364,568 613,794 2,753,124 1,225,939
 Expenses:
 Oil and gas
 operating 607,595 378,619 1,179,006 732,205
 Pipeline operating 41,171 22,659 86,247 22,659
 Real estate operating -- 14,614 -- 23,994
 Depreciation, depletion
 and amortization 572,587 321,566 1,126,701 630,219
 General and
 administrative 567,630 609,474 920,705 980,838
 Interest 166,353 106,296 337,044 188,504
 Total expenses 1,955,336 1,453,228 3,649,703 2,578,419
 Loss before income
 taxes (590,768) (839,434) (896,579) (1,352,480)
 Provision for income
 taxes -- -- -- --
 Net loss $(590,768) $(839,434) $ (896,579) $(1,352,480)
 Net loss per share $ (0.08) $ (0.12) $ (0.12) $ (0.20)
 Weighted average
 shares outstanding 7,286,827 6,753,974 7,286,827 6,700,698
 -0- 8/13/92
 /CONTACT: Roland O. Burns of chief financial officer of Comstock Resources, 214-701-2000/
 (CMRE) CO: Comstock Resources, Inc. ST: Texas IN: OIL SU: ERN


TM -- NY088 -- 9765 08/13/92 17:38 EDT
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Publication:PR Newswire
Date:Aug 13, 1992
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