Printer Friendly

COMSTOCK RESOURCES AND COMSTOCK DR II ACQUISITION LIMITED PARTNERSHIP ANNOUNCES PURCHASE OF EAST BAY CITY FIELD IN MATAGORDA COUNTY, TEXAS

 DALLAS, June 11 /PRNewswire/ -- Comstock Resources, Inc. (NASDAQ-NMS: CMRE) and Comstock DR II Oil & Gas Acquisition Limited Partnership today agreed to acquire an approximate 96 percent working interest in the East Bay City field in Matagorda County, Texas by issuing 170,000 shares of common stock and $2.25 million in cash. There are currently 12 producing wells in the field which will be operated by Comstock.
 Comstock's independent petroleum engineers estimated that the proved oil and gas reserves attributable to the acquired interest in the field are 6.8 billion cubic feet of gas and 150,000 barrels of oil as of April 1, 1993. These oil and gas reserves have estimated future revenues of $15.3 million and future net cash flows of $8.8 million using a non-escalated price of $19.00 per barrel of oil and $1.85 per Mcf of gas.
 The present value of the future cash flows attributable to the reserves discounted at 10 percent per annum is $4.7 million. The average monthly production from the properties equates to 1,600 barrels of oil and 60,800 million cubic feet of gas. Comstock is acquiring an approximate 32 percent working interest, and Comstock DR II Oil & Gas Acquisition Limited Partnership is acquiring an approximate 64 percent working interest.
 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- 6/11/93
 /CONTACT: M. Jay Allison, president, CEO of Comstock Resources, Inc., 214-701-2000/
 (CMRE)


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

PS -- NY024 -- 1012 06/11/93 10:36 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 11, 1993
Words:279
Previous Article:DUFF & PHELPS: CHASE MANHATTAN CORPORATION CREDIT RATINGS UPGRADED
Next Article:QUANTUM HEALTH RESOURCES WINS NATION'S TOP INVESTOR RELATIONS AWARD
Topics:


Related Articles
COMSTOCK RESOURCES, INC. FORMS OIL & GAS ACQUISITION PARTNERSHIP
COMSTOCK RESOURCES, INC. ANNOUNCES OIL AND GAS PROPERTY ACQUISITION
COMSTOCK RESOURCES, INC. ANNOUNCES $5.5 MILLION OIL & GAS PROPERTY ACQUISITION
COMSTOCK RESOURCES COMPLETES ACQUISITION FROM SONAT EXPLORATION COMPANY FOR $50.6 MILLION AND ENTERS INTO $110 MILLION BANK CREDIT FACILITY
COMSTOCK RESOURCES, INC. EXECUTES PURCHASE AND SALE AGREEMENT FOR BLACK STONE ACQUISITION
COMSTOCK RESOURCES, INC. EXECUTES ADDITIONAL PURCHASE AND SALE AGREEMENTS FOR BLACK STONE ACQUISITION
COMSTOCK RESOURCES, INC. EXECUTES REMAINING PURCHASE AND SALE AGREEMENTS FOR BLACK STONE ACQUISITION
Comstock Resources, Inc. Announces Results Of 1996 Drilling Program and 1997 Drilling Budget
Comstock Resources, Inc. Announces Results of a New Development Well in Double A Wells Field
Comstock Resources, Inc. Announces Results of Successful Exploratory Well in Polk County, Texas

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters