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Comstock Resources, Inc. Reports First Quarter 2016 Financial and Operating Results

(GLOBE NEWSWIRE via COMTEX) -- COMSTOCK RESOURCES, INC. REPORTS

FIRST QUARTER 2016 FINANCIAL AND OPERATING RESULTS

FRISCO, TEXAS, May 4, 2016 - Comstock Resources, Inc. ("Comstock" or the "Company") CRK, -3.32% today reported financial and operating results for the three months ended March 31, 2016.

Financial Results for the Three Months Ended March 31, 2016

Comstock produced 13.8 billion cubic feet of natural gas and 416,700 barrels of oil or 16.3 billion cubic feet of natural gas equivalent ("Bcfe") in the first quarter of 2016. Natural gas production averaged 152 MMcf per day, an increase of 67% over natural gas production in the first quarter of 2015. The increase is attributable to the Company's successful Haynesville shale drilling program that commenced in 2015. Oil production in the first quarter of 2016, which averaged 4,600 barrels of oil per day, declined by 60% from the 11,500 barrels per day produced in the first quarter of 2015. The decrease in oil production is the result of the sale of the Company's Burleson County, Texas properties in 2015 and the lack of drilling in the South Texas Eagle Ford shale properties in 2015 and 2016.

Oil and natural gas prices declined further in the first quarter of 2016. Comstock's average realized natural gas price, including hedging gains, decreased 25% to $1.89 per Mcf in the first quarter of 2016 as compared to $2.51 per Mcf realized in the first quarter of 2015. The Company's average realized oil price declined by 40% to $26.44 per barrel in the first quarter of 2016 as compared to $44.34 per barrel in the first quarter of 2015. The lower realized prices resulted in oil and gas sales declining by 44% to $37.2 million (including realized hedging gains) as compared to 2015's first quarter sales of $66.5 million. EBITDAX, or earnings before interest, taxes, depreciation, depletion, amortization, exploration expense and other noncash expenses, was $14.7 million in the first quarter of 2016 as compared to EBITDAX of $39.8 million in the first quarter of 2015.

Low oil and natural gas prices continued to adversely impact the Company's financial results for the first quarter of...


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