4 million in 2005's fourth quarter
, an increase of
31% over 2004's fourth quarter oil and gas sales of $71.47 per diluted share, as
compared to net income of
$46.9 million at the end of 2004 to $582. The
remaining three (2.
In 2005, Bois d'Arc drilled 19 (16. Such
statements are based on management's current expectations
and are subject to a
number of factors and uncertainties which could cause actual results to differ
materially from those described herein.99
Lifting cost $17,823 $9,333
$17,112 $44,268
Lifting cost
(per Mcf equivalent) $1.
backgroung huges
"This
study makes it clear that Medicare should be encouraging patient
access to ASCs not limiting it,
" said Kathy Bryant, FASA executive vice
president. It found that in 2005,
claims in an outpatient
hospital setting would cost Medicare about $4.5 million.
Comstock's offshore operations are conducted
exclusively through its 48%
ownership of Bois d'Arc.95 $8.89
Lifting cost
$44,268 $19,134 $(12,436) $50,966
Lifting cost
(per Mcf equivalent
) $1.
(B) Comstock owned 60% of Bois d'Arc Energy through May 10, 2005,
48
% thereafter. An equivalent volume of cerebrospinal fluid is squeezed out to make room for the extra
blood and thereafter the ratio between the two fluid volumes in the brain is altered in favour of blood
.
trepan lobotomy
Comstock Resources Inc. Reports Fourth Quarter 2005 and Year End 2005 Financial and Operating Results
8 million for the three months
ended December 31, 2005 as compared to 2004's fourth quarter EBITDAX
of
$54. For the year ended December 31,
2005, Comstock's realized natural gas price averaged
$7. These wells have been tested at a per well average rate of 6.0 net) in its other regions
during
2005.17
Average gas price (per
thousand cubic feet - Mcf) $10.42 $49
.pulsation trepan
8 million unrealized gain on the
Company's derivatives held for price risk management.9 million or
$1. The 2005
results also include an $11.9 net) successful wells in its Laurel field in South Mississippi
.
SELECTED OPERATING AND FINANCIAL RESULTS
(In thousands, except
as noted and per unit amounts)
For the Three Months ended December 31, 2005
Equity
Comstock Method
Resources(A) Bois d'Arc(B
) Adjustments Total(C)
Oil production
(thousand barrels) 234
96 (96) 234
Gas production (million
cubic feet - Mmcf) 7
,868 1,523 (1,523) 7,868
Total production (Mmcfe) 9,270 2,095
(2,095) 9,270
Oil sales $11,725 $5,644 $(5,644)
$11,725
Gas sales 81,641 17,776 (17,776) 81,641
Total oil and
gas sales
$93,366 $23,420 (23,420) 93,366
Average oil price
(per barrel) $50.05 $46.21 $1.34
Acquisition, development
and exploration
expenditures $209,837 $16
,030 $98,086 $323,953
regain lobotomy
"In a health care system
plagued by inefficiency, excessive
costs and a general lack of responsiveness,
ASCs offer a better alternative for surgical care.3 million
, a 23%
increase from 2004's cash flow of $176.
Comstock drilled 52 successful wells (40.17
$59.52 $9.12 $8.mellen lobotomy
CONTACT: Cecilia Arradaza of Chandler Chicco Agency
, +1-202-339-0111, or
Carradaza@ccapr. Net income for the year ended December 31, 2005 was
$60
. is a growing independent energy company based in
Frisco, Texas and is engaged in oil and gas acquisitions
, exploration and
development primarily in Louisiana and Texas and in the Gulf of Mexico through
its
ownership in Bois d'Arc Energy, Inc.07 $7.76 $7.g.
trepanation mellen
38 per Mcf for its natural gas production
in 2005's
fourth quarter as compared to $6.
2005 Drilling Results
Comstock has spent $201.2 net) development wells in this region and currently
has seven
drilling rigs under contract for this program.18 $10.53 $10.youthful michell
Jack Egnatinsky
, FASA president. Comstock's
oil and gas sales were $93.29 per diluted share in 2004.2 Bcfe as
compared
to onshore production in 2004 of 29.0 Bcfe.01 per barrel as compared to $39.0 million at December 31
, 2005 and increased its stockholders
equity from $355. The unsuccessful
exploratory wells were
a shallow test well drilled in West Texas and an
unsuccessful exploratory well drilled to test the
"Big Sandy" prospect in Polk
County, Texas.54 $1.47 $1.38
Average price
(per Mcf equivalent) $10.52
For the Year ended December 31, 2005
Equity
Comstock Method
Resources(A) Bois d'Arc(B
) Adjustments Total(C)
Oil production
(thousand barrels) 735
615 (313) 1,037
Gas production (million
cubic feet - Mmcf) 28
,742 7,849 (4,342) 32,249
Total production (Mmcfe) 33,151 11,537
(6,219) 38,469
Oil sales $36,259 $32,211 $(17,665)
$50,805
Gas sales 228,547 63,992 (40,008) 252,531
Total oil and
gas sales $264,806 $96,203 $(57,673) $303,336
Average oil price
(per barrel) $49.75 $7.capillaries trepanation
* If procedures
performed in an HOPD -- that Medicare also reimburses ASCs
for providing -- were instead performed
in an ASC, Medicare would save
nearly $1.
"ASCs consistently save patients and payers
money. But more important,
they are safe, efficient and focused exclusively on the well-being of
the
patient," said Dr. Operating cash flow (before changes in working
capital accounts) generated
by Comstock in 2005 was $216.
Realized oil prices in the fourth quarter of 2005 averaged $50. Six
(1.
This press release may contain "forward-looking statements" as that term
is defined
in the Private Securities Litigation Reform Act of 1995. Although the Company believes the
expectations
in such statements to be reasonable, there can be no assurance
that such expectations will prove
to be correct.37
Diluted $0.37 $1.55 $1.capillaries backgroung
1 billion less than
if the same procedures were performed in an HOPD.
Financial Results for the Three Months and
Year Ended December 31, 2005
Comstock reported net income of $41.6 million increased 19%
as compared to
EBITDAX of $202.98 per Mcf and its realized oil
price was $49.6 net) in its Double
A Wells field in Southeast Texas
and 14 (5.
COMSTOCK RESOURCES
, INC.01
Average gas price (per
thousand cubic feet - Mcf) $7.97 $10.accelerating blows
"
The Federated Ambulatory Surgery Association, the nation's largest
association of ambulatory surgery
centers, is a national, nonprofit
association that represents the interests of those who operate
and seek the
services of ambulatory surgery centers throughout the nation. The
organization represents
1,400 ASCs, the thousands of professionals who provide
care and services in such centers and the
patients who seek care there.2 million. On May 10, 2005, Comstock began accounting for its interest
in
Bois d'Arc Energy, Inc.66 per Mcf in 2004's fourth quarter.83 per Mcf as compared
to 2004's
average natural gas price of $5.34 $1.
favour capillaries
"These findings should be very useful to Congress
and the
administration as it considers Medicare policies affecting patient access to
ASCs.fasa
.9 million or 43 cents per diluted share in the same quarter of 2004. Comstock
generated $69.5 million
, or $1.1 million unrealized loss on the Company's
derivatives held for price risk management.3 Bcf
equivalent of natural gas ("Bcfe"), as
compared to 2004's fourth quarter onshore production of 7
.5 Bcfe. In 2006, Comstock plans to drill 16 (15.29 $50.66 $1.squeezed backgroung
,
Medicare would save more than a
billion dollars a year if certain surgical procedures were performed
in the
nation's ambulatory surgery centers rather than hospital outpatient
departments, according
to a study conducted by The Moran Company and released
today.8 billion, about $1.17 per barrel
as
compared to $47.9 million at
December 31, 2005.2
million for exploration and development activities
on its onshore properties
in 2005.8 net) wells in certain of its other fields.
(C) Includes
Comstock's proportionate share of Bois d'Arc Energy's
results through May 10, 2005.17
Average gas price (per
thousand cubic feet - Mcf) $10.07
Lifting cost
$6,123 $3,039 $4,935 $14,097
Lifting cost
(per Mcf equivalent
) $1.26 $1.proponents trepanation
The Moran study attributed the difference in claims to the variation
between the base payment rates for major procedures. Visit
FASA online at http://www.0 million
in operating cash flow (before changes in working
capital accounts) in 2005's fourth quarter, which
represents a 45% increase
over 2004's fourth quarter cash flow of $47. EBITDAX or earnings
before
interest, taxes, depreciation, depletion, amortization, exploration
expense and other noncash expenses
was $72.2 million.4 net) of the wells drilled were development wells and three (1.4 net) wells in South
Mississippi, two wells (.46 $1.51 $50.95
Average price
(per Mcf equivalent
) $8.citing accelerating
The study re-
priced the hospital outpatient department (HOPD) claims to 2005 Medicare
rules
and rates for ambulatory surgery centers (ASCs) and HOPDs and found:
* On average
claims cost $320 less in an ASC compared to an HOPD.6 billion more in 2005.8 million recognized by
Comstock
in connection with Bois d'Arc's initial public offering. For the year ended
December 31, 2005 EBITDAX
of $240.6 million for the same period in 2004. Debt as a percent of total book capitalization fell
from
53% at the end of 2004 to 29% at December 31, 2005.8 million on acquisitions in 2005 and $122
. Onshore, Comstock drilled 75 wells (49.5 net) successful
wells.
SELECTED
OPERATING AND FINANCIAL RESULTS
(In thousands, except as noted and per unit amounts
)
For the Three Months ended December 31, 2005
East Texas/
North Southeast Total
Louisiana Texas Other Onshore
Oil production
(thousand barrels) 34 42 158 234
Gas production
(million
cubic feet - Mmcf) 4,276 1,477 2,115 7,868
Total
production (Mmcfe) 4,478 1,729 3,063 9,270
Oil sales
$2,060 $2,475 $7,190 $11,725
Gas sales 45,013
15,532 21,096 81,641
Total oil and
gas sales
$47
,073 $18,007 $28,286 $93,366
Average oil price
(per barrel)
$60.51 $10.61 $1.05 $54.92 $7.citing drilled
4
billion in reimbursements. Claims
averaged $891 in the HOPD, but
only $571 in an ASC, a savings of $320 per claim for ASC procedures
.org.
Comstock Resources, Inc.92 $1.99 $8.34
$7.93 $45.thereby regain
Study Finds Medicare Could Save an Additional $1.6 Billion by Providing More Procedures
in Ambulatory Surgery Centers Rather Than Hospitals
For the year ended December 31, 2005
, Comstock's oil and gas sales totaled
$303. Comstock reduced its outstanding debt from $403. Seventy
-two
(48.7 net) wells drilled with three (2.6 net) dry
holes.43 $1.
OPERATING RESULTS
(In thousands)
Three Months ended Year ended
December 31, December 31,
2005 2004
2005 2004
Cash flow from operations:
Net cash provided by
operating
activities $62,700 $52,598 $217,954 $171,351
Increase (decrease)
in accounts
receivable 8,289 5,192 13,030 (5,584)
Increase (decrease)
in other current
assets 1,043
933 (616) 1,735
Decrease (increase)
in accounts payable
and accrued expenses (2,994) (11,252) (14,079) 8,714
Cash flow from
operations $69,038 $47,471 $216,289 $176,216
EBITDAX:
Net income $41,331 $15,858 $60,479 $46,867
Interest expense
4,773 5,588 20,272 21,182
Income tax expense 24,346
8,899 35,815 26,342
Depreciation, depletion
and amortization
15,970 16,741 63,338 63,879
Impairment --- 1
,648 3,400 1,648
Equity in earnings of
Bois d'Arc Energy (5,005
) --- 49,862 ---
Gain on sale of shares
by Bois d'Arc Energy
--- --- (28,797) ---
Formation Costs of
Bois d'Arc
Energy --- 119 --- 1,101
Unrealized (gain) loss
on derivatives (9,818) (398) 11,087 155
Loss from early
extinguishment of debt --- --- --- 19,599
Stock-based compensation
1,224 2,714 5,419 6,208
Exploration expense 16 3,703
19,725 15,610
EBITDAX $72,837 $54,872 $240,600 $202
,591
As of December 31,
2005 2004
Balance Sheet Data:
Current
assets $52,770 $48,215
Property and equipment, net
706,928 827,761
Investment in Bois d'Arc Energy 252,134
---
Other 4,831 65,500
Total
assets $1,016,663 $941,476
Current liabilities
$68,117 $63,924
Long-term debt 243,000
403,000
Other 122,687 118,699
Stockholders
' equity 582,859 355,853
Total liabilities and
stockholders
' equity $1,016,663 $941,476
COMSTOCK RESOURCES
, INC.07 $11.52
Acquisition, development
and exploration
expenditures
$21,996 $376 $5,184 $27,556
For the Year
ended December 31, 2005
East Texas/
North Southeast Total
Louisiana
Texas Other Onshore
Oil production
(thousand barrels) 97
164 474 735
Gas production (million
cubic feet - Mmcf)
14,130 6,401 8,211 28,742
Total production (Mmcfe) 14,710
7,383 11,058 33,151
Oil sales $5,243 $8,864 $22
,152 $36,259
Gas sales 114,186 50,710 63,651 228,547
Total oil and
gas sales $119,429 $59,574 $85,803 $264,806
Average oil price
(per barrel) $54.capillaries yielded
ALEXANDRIA, Va.
* Procedures performed in an ASC in 2005 will cost the Medicare program
$1.
It is estimated
that more than 80 percent of surgery in the United States
today is done on an outpatient basis.
One out of every five procedures is
performed in an ASC.5 million, or 82 cents per diluted share
.3 million, as compared to oil and gas sales of $261.
Production from Comstock's onshore properties
in the fourth quarter of
2005 increased by 23% to 9.8 net) in 2005. The discoveries at Ship Shoal
block 111, which proved up the "Laker"
prospect, the South Timbalier block 75 discovery, which tested
the "Doc
Holiday" prospect, the Ship Shoal block 56 discovery and the Ship Shoal
block 92 "Paddlefish
" well were the larger reserve discoveries in 2005. The Company's stock is traded on the
New York
Stock Exchange under the symbol CRK.59 $58.23 $10.citing huges
The fourth quarter 2005 results include
a $9.21 per diluted share. In 2006, Comstock
plans to drill 96 (74.3 Mmcfe
per day.07
Lifting cost $14,097 $6,121 $(6,121) $14,097
Lifting cost
(per Mcf equivalent) $1. It is not synonymous with brain surgery (e.
proponents khoo
(NYSE: CRK) ("Comstock
" or the "Company") today reported financial and
operating results for the quarter and year ended
December 31, 2005 which
represent a new corporate high record for sales, operating cash flow, net
income and earnings per share. The 2005 results include
the Company's share of a one time provision
of $64.0 million or
$2.
Comstock realized $10.4 net)
were exploratory. In 2006, Comstock
plans to drill 21 (6.1 net) successful wells were drilled in Arkansas and
Oklahoma.1 net) successful
wells out of a total of 22 (18.52 $2.
COMSTOCK RESOURCES
, INC.pulsation youthful
6 billion less than the cost to Medicare
for the same procedures done at HOPDs. (NYSE: BDE)
("Bois d'Arc") under the equity method and
since that date is no longer including its share of Bois
d'Arc's revenues,
EBITDAX and cash flow in its consolidated results. Excluding the one time
adjustments
to reflect Bois d'Arc's conversion to a corporation and initial
public offering and the unrealized
loss on derivatives, Comstock's net income
for the year ended December 31, 2005 would have been
$91. For the
year ended 2005, Comstock's onshore production increased 14% to 33.5 net) wells in this
region. Comstock drilled two
(1.15 $7.34
Average gas price (per
thousand cubic feet - Mcf) $8.Trepanation (or trephination) is the making of a small hole in the skull
of the adult by use of a surgical drill known as a trepan.
drilled lobotomy
All of the development wells were successful
and one
(.
In its South Texas region, Comstock drilled ten (3.lobotomy) as it is performed
solely on the skull bone and does not enter the brain.
The purpose of trepanation is to give the
closed skull of the adult an expansion window and thereby to restore the full pulsation which was lost
when the skull sealed.
The pulse wave then blows up the brain capillaries with blood to the level of
childhood, accelerating brain metabolism and empowering the brain to permanently regain its youthful
level.
Proponents claim that an increase in energy and well being is the result, and that with more
contact between capillaries and brain cells the brain functions more efficiently.
khoo youthful
Nearly 85 percent
of the
difference was due to HOPD rates for major procedures being higher than their
equivalent
ASC category rates. FRISCO, Texas, Comstock Resources, Inc. Without the unrealized
gain from
derivatives, net income for the fourth quarter of 2005 would have
been approximately $35.9 million
.06 per barrel for 2004.0 million at the end
of 2004 to $243.6 million cubic feet of gas equivalent
("Mmcfe") per day.
OPERATING RESULTS
(In thousands
, except per share amounts)
Three Months ended Year
ended
December 31, December 31,
2005 2004 2005 2004
Oil and gas sales
$93,366 $71,176 $303,336 $261,647
Operating expenses:
Oil and gas
operating 14,097 14,480 50,966 52,068
Exploration 16
3,703 19,725 15,610
Depreciation, depletion
and amortization
15,970 16,741 63,338 63,879
Impairment ---
1,648 3,400 1,648
General and
administrative 5,518
5,253 16,533 14,569
Total operating
expenses
35,601 41,825 153,962 147,774
Income from operations 57,765
29,351 149,374 113,873
Other income (expenses):
Other income
36 37 209 166
Interest income 155
678 1,604 1,207
Interest expense (4,773) (5,588)
(20,272) (21,182)
Equity in earnings of
Bois d'Arc Energy 5,005
--- (49,862) ---
Gain on sale of
Bois d'Arc Energy
shares --- --- 28,797 ---
Gain (loss)
on
derivatives 7,489 398 (13,556) (155)
Loss
on early
extinguishment of debt --- --- --- (19,599)
Formation Costs of
Bois d'Arc Energy --- (119) --- (1,101
)
Total other income
(expenses) 7,912 (4,594)
(53,080) (40,664)
Income before income taxes 65,677 24,757 96,294 73
,209
Provision for income taxes (24,346) (8,899) (35,815) (26,342)
Net
income $41,331 $15,858 $60,479 $46,867
Net income per
share:
Basic $0.96 $0.29
Weighted average common
and common stock equivalent
shares outstanding:
Basic 41,652
34,475 39,216 34,187
Diluted 43,114 36,780
41,154 36,252
COMSTOCK RESOURCES, INC.67
$10.76 $1.73 $49.khoo squeezed
"
The Moran Company identified and analyzed about 5 million HOPD
claims as
those Medicare would reimburse if performed in an ASC. Claims for the same procedures
done in ASCs would
total about $2.3 million or 96 cents per diluted
share for the three months
ended December 31, 2005 as compared to net income
of $15.6 million for the
same period in 2004
.6 million for deferred
income taxes by Bois d'Arc in connection with its conversion from a limited
liability company to a corporation and a gain of $28.2 net) of the exploratory wells was successful
.
Comstock drilled eleven successful wells (5.83
Average price
(per Mcf equivalent
) $7.32
(A) Excludes Bois d'Arc Energy.38
Average price
(per Mcf
equivalent) $10.41 $9.trepan trepanation
The study, performed for the Federated Ambulatory Surgery
Association,
analyzed 2003 Medicare claims that included at least one surgical procedure
payable
by Medicare in both ambulatory and outpatient settings. In 2005, an estimated eight million Americans
will
undergo surgery in an ASC.com, for Federated Ambulatory Surgery Association
86 per
barrel in 2004.
In addition to achieving substantial growth of its onshore reserves and
production
in 2005, Comstock was able to significantly improve its balance
sheet.2 net) in its East Texas/North
Louisiana region. These wells have been tested at a per well average rate of
1.0 net) of the
wells drilled were successful coal bed
methane wells in the San Juan Basin in New Mexico.99
$0.38 $11.34 $52.08 $7.michell thereby
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