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COMSTOCK RESOURCES, INC. COMMENTS ON DROP IN STOCK PRICE

 DALLAS, June 21, /PRNewswire/ -- Comstock Resources, Inc. (NASDAQ: CMRE) commented today on the recent decline in the price for its common stock which has fallen from $5 - $6 per share to $3.50 per share at the end of last week. Management of the company is not aware of any fundamental reason for the significant drop.
 The company has reported a profit for the last three consecutive quarters and expects 1993 to have the best financial performance in the company's history. During the first half of 1993 the company has been very successful in its aggressive acquisition program. The company has added 1.2 million barrels of oil and 7.7 billion cubic feet of natural gas to its oil and gas reserves from four transactions which have closed or will close in the near future. The reserves acquired in 1993 have future revenues of $35 million and future net cash flows of $23 million. The present value of the future net cash flows is $10.5 million, discounted at 10 percent per annum.
 "We are very pleased with the growth that the company has experienced thus far in 1993 which will translate into improved earnings and cash flow per share in the future. The one-third increase in our oil and gas reserves in 1993 has been achieved through the company's acquisition program and from the successful development wells drilled in 1993. We hope that the market will again recognize the progress the company has made since 1992," stated M. Jay Allison, president and chief executive officer.
 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- 6/21/93
 /CONTACT: M. Jay Allison, president and chief executive officer of Comstock Resources, 214-701-2000.
 (CMRE)


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

LG -- NY039 -- 3973 06/21/93 10:20 EDT
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Publication:PR Newswire
Date:Jun 21, 1993
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