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COMSTOCK RESOURCES ANNOUNCES 1992 FIRST QUARTER FINANCIAL RESULTS

 COMSTOCK RESOURCES ANNOUNCES 1992 FIRST QUARTER FINANCIAL RESULTS
 DALLAS, May 20 /PRNewswire/ -- Comstock Resources, Inc. (NASDAQ-NMS: CMRE) today announced financial results for the quarter ended March 31, 1992.
 Comstock reported $1,389,000 in revenues for the first quarter of 1992 as compared to $612,000 in the first quarter of 1991. Comstock also reported a net loss of $306,000 for the three months ended March 31, 1992, compared to a net loss of $513,000 for the same period in 1991. Net loss per share for the first quarter of 1992 was 4 cents per share as compared to 8 cents per share in 1991 on weighted average shares outstanding of 7,286,827 and 6,646,831 in 1992 and 1991, respectively.
 The increase in total revenues of 127 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 21,500 barrels in the first quarter of 1991 to 32,300 barrels in the first quarter of 1992. Gas production increased from 67,000 Mcf in 1991's first quarter to 487,000 Mcf in 1992's first quarter. The effect of the significant increase in production was lessened by the low oil and gas prices received during the first quarter.
 "The first quarter results indicated that the company is on the right track to having a successful year in 1992. Improvements in oil and gas prices, which we are beginning to see in the second quarter, should result in the company having profitable results in the later part of 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.
 COMSTOCK RESOURCES, INC. AND SUBSIDIARIES
 OPERATING RESULTS
 1st Quarter 1st Quarter
 1992 1991
 Revenues:
 Oil and gas sales $1,267,921 $ 553,749
 Pipeline income 57,926 --
 Rental income -- 9,740
 Gains on sales of property -- 27,661
 Other income 62,709 20,995
 Total revenues 1,388,556 612,145
 Expenses:
 Oil and gas operating 571,411 353,586
 Pipeline operating 45,076 --
 Real estate operating -- 9,380
 Depreciation, depletion
 and amortization 554,114 308,653
 General and administrative 353,075 371,364
 Interest 170,691 82,208
 Total expenses 1,694,367 1,125,191
 Loss before income taxes (305,811) (513,046)
 Provision for income taxes -- --
 Net loss $ (305,811) $ (513,046)
 Net loss per share $ (0.04) $ (0.08)
 Weighted average shares
 outstanding 7,286,827 6,646,831
 -0- 5/20/92
 /CONTACT: M. Jay Allison of Comstock Resources, Inc., 214-701-2000/
 (CMRE) CO: Comstock Resources, Inc. ST: Texas IN: OIL SU: ERN


SS-AW -- FL007 -- 6232 05/20/92 12:16 EDT
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Publication:PR Newswire
Date:May 20, 1992
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