Comstock Resources added 1.1 Tcfe to its proved reserves in 2022

Comstock Resources announced that its proved natural gas and oil reserves as of December 31 were estimated at 6.7T cubic feet equivalent or Tcfe, which represents a 9% increase from total proved natural gas and oil reserves of 6.1 Tcfe as of December 31, 2021. The reserve estimates were determined under SEC guidelines and were audited by the Company’s independent reserve engineering firm. The 6.7 Tcfe of proved reserves at December 31 were substantially all natural gas, 38% developed and 98% operated by Comstock. The present value, using a 10% discount rate, of the future net cash flows before income taxes of the proved reserves , was approximately $15.5B , using the Company’s average first of month 2022 prices of $6.03 per thousand cubic feet of natural gas and $91.21 per barrel of oil. The following table reflects the changes in the proved reserve estimates since the end of 2021:Proved Reserves at December 31, 2021 6,121.8; Proved Reserves at December 31, 2022 6,700.9. Comstock produced 501.1B natural gas equivalent in 2022. In the fourth quarter of 2022, Comstock’s production averaged 1,445 million cubic feet of natural gas equivalent per day, which was an increase of 7% over the fourth quarter of 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.