Comstock increases proved reserves 9% year-over-year

Comstock Resources Inc. said it increased its yearend 2022 proved natural gas and oil reserves 9% to 6.7 tcfe from 2021 proved reserves of 6.1 tcfe.

The 2022 proved reserves were primarily natural gas, 38% developed, and 98% operated by Comstock, the company said in a release Feb. 1.

Comstock produced 501.1 bcf natural gas equivalent in 2022. In fourth-quarter 2022, Comstock's production averaged 1,445 MMcfed, an increase of 7% over fourth-quarter 2021. Comstock added 1.1 tcfe to its proved reserves in 2022 through its Haynesville and Bossier shale drilling activities, which replaced 216% of the company's 2022 production, it said.

Comstock spent $1.032 billion on drilling and other development activities in 2022. The company drilled 115 (60.4 net) new horizontal Haynesville and Bossier shale wells and put 104 (55.4 net) wells on sales during 2022. Comstock also spent $18 million acquiring a 145-mile pipeline and processing plant, $54.1 million on acquiring unproved acreage primarily for the company's Western Haynesville play, and $500,000 on acquiring producing properties.

Comstock is scheduled to report fourth-quarter earnings on Feb. 15.