BLACK DIAMOND INC 
By First Quarter 2008 Financial Results
The outstanding first quarter financial results reflect strong market
prices for oil and natural gas and the Company's production growth from
acquisitions, onshore development drilling and offshore exploration
activities.
First Quarter 2008 Drilling Results
Onshore,
Proposed Sale of Bois d'Arc Energy
As previously announced, on
Property Divestiture
This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. 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. 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.
Comstock Resources, Inc. is a growing independent energy company based in
COMSTOCK RESOURCES, INC.
CONSOLIDATED OPERATING RESULTS
(In thousands, except per share amounts)
Three Months Ended March 31,
2008 2007
Oil and gas sales $240,987 $146,029
Operating expenses:
Oil and gas operating 36,640 27,083
Exploration 8,655 11,133
Depreciation, depletion and amortization 70,562 56,707
General and administrative 9,339 9,702
Loss on disposal of assets 240 -
Total operating expenses 125,436 104,625
Income from operations 115,551 41,404
Other income (expenses):
Interest income 244 296
Other income 157 130
Interest expense (11,314) (8,449)
Total other income (expenses) (10,913) (8,023)
Income before income taxes and minority interest 104,638 33,381
Provision for income taxes (44,073) (14,824)
Minority interest in earnings of
Bois d'Arc Energy (19,470) (5,999)
Net income $41,095 $12,558
Net income per share:
Basic $0.93 $0.29
Diluted $0.91 $0.28
Weighted average common and common stock equivalent
shares outstanding:
Basic 44,179 43,364
Diluted 44,994 44,238
COMSTOCK RESOURCES, INC.
CONSOLIDATED OPERATING RESULTS
(In thousands)
Three Months Ended March 31,
2008 2007
Cash flow from operations:
Net cash provided by operating activities $128,181 $78,746
Excess tax benefit from stock based compensation 670 166
Increase in accounts receivable 22,112 4,874
Decrease in other current assets 1,392 1,237
Decrease in accounts payable and accrued expenses 18,124 15,521
Cash flow from operations $170,479 $100,544
EBITDAX:
Net income $41,095 $12,558
Interest expense 11,314 8,449
Income tax expense 44,073 14,824
Depreciation, depletion and amortization 70,562 56,707
Loss on disposal of assets 240 -
Minority interest in earnings of
Bois d'Arc Energy 19,470 5,999
Stock-based compensation 4,052 4,312
Exploration expense 8,655 11,133
EBITDAX $199,461 $113,982
As of March 31,
2008 2007
Balance Sheet Data:
Cash and cash equivalents $15,520 $12,003
Other current assets 125,609 90,974
Property and equipment, net 2,271,982 1,857,521
Other 6,505 5,361
Total assets $2,419,616 $1,965,859
Current liabilities $129,804 $147,153
Long-term debt 736,000 511,000
Deferred income taxes 400,964 323,507
Other long-term liabilities 57,968 58,113
Minority interest in Bois d'Arc Energy 287,819 228,006
Stockholders' equity 807,061 698,080
Total liabilities and stockholders' equity $2,419,616 $1,965,859
COMSTOCK RESOURCES, INC.
CONSOLIDATED OPERATING RESULTS
($ In thousands, except per unit amounts)
For the Three Months ended March 31, 2008
Bois d'Arc
Onshore(1) Energy Total
Oil production (thousand barrels) 243 427 670
Gas production (million cubic feet
- Mmcf) 13,130 7,927 21,057
Total production (Mmcfe) 14,586 10,486 25,072
Oil sales $19,772 $43,091 $62,863
Gas sales 108,193 70,175 178,368
Realized hedging losses (244) - (244)
Total gas sales 107,949 70,175 178,124
Total oil and gas sales $127,721 $113,266 $240,987
Average oil price (per barrel) $81.49 $101.01 $93.93
Average gas price excluding
realized hedging losses (per
thousand cubic feet - Mcf) $8.24 $8.85 $8.47
Average gas price including
hedging losses (per thousand
cubic feet - Mcf) $8.22 $8.85 $8.46
Average price excluding hedging
losses (per Mcf equivalent) $8.77 $10.80 $9.62
Average price including hedging
losses (per Mcf equivalent) $8.76 $10.80 $9.61
Lifting cost $21,202 $15,438 $36,640
Lifting cost (per Mcf equivalent) $1.45 $1.47 $1.46
Oil and gas capital expenditures $62,041 $58,315 $120,356
(1) Includes the onshore results of operations of Comstock Resources, Inc.
For the Three Months ended March 31, 2007
Bois d'Arc
Onshore(1) Energy Total
Oil production (thousand barrels) 251 368 619
Gas production (million cubic feet
- Mmcf) 8,635 7,701 16,336
Total production (Mmcfe) 10,140 9,909 20,049
Oil sales $12,054 $21,468 $33,522
Gas sales 57,793 54,714 112,507
Total oil and gas sales $69,847 $76,182 $146,029
Average oil price (per barrel) $48.03 $58.33 $54.15
Average gas price (per thousand
cubic feet - Mcf) $6.69 $7.10 $6.89
Average price (per Mcf equivalent) $6.89 $7.69 $7.28
Lifting cost $14,055 $13,028 $27,083
Lifting cost (per Mcf equivalent) $1.39 $1.31 $1.35
Oil and gas capital expenditures $84,251 $62,753 $147,004
(1) Includes the onshore results of operations of Comstock Resources, Inc.
COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
($ In thousands, except per unit amounts)
For the Three Months ended March 31, 2008
East Texas/
North South Total
Louisiana Texas Other Onshore
Oil production (thousand
barrels) 47 46 150 243
Gas production (million
cubic feet - Mmcf) 6,727 5,630 773 13,130
Total production (Mmcfe) 7,008 5,907 1,671 14,586
Oil sales $4,424 $4,520 $10,828 $19,772
Gas sales 55,731 46,135 6,327 108,193
Realized hedging losses - (244) - (244)
Total gas sales 55,731 45,891 6,327 107,949
Total oil and
gas sales $60,155 $50,411 $17,155 $127,721
Average oil price
(per barrel) $94.13 $98.26 $72.19 $81.49
Average gas price
excluding hedging
losses (per thousand
cubic feet - Mcf) $8.28 $8.19 $8.18 $8.24
Average gas price
including hedging
losses (per Mcf) $8.28 $8.15 $8.18 $8.22
Average price excluding
hedging losses (per
Mcf equivalent) $8.58 $8.58 $10.27 $8.77
Average price including
hedging losses (per
Mcf equivalent) $8.58 $8.53 $10.27 $8.76
Lifting cost $8,769 $7,056 $5,377 $21,202
Lifting cost (per
Mcf equivalent) $1.25 $1.19 $3.22 $1.45
Oil and Gas Capital
Expenditures:
Leasehold costs $2,861 $1,124 $49 $4,034
Exploratory drilling - 2,356 123 2,479
Development drilling 39,373 11,403 1,389 52,165
Other development 930 717 1,716 3,363
Total $43,164 $15,600 $3,277 $62,041
COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
($ In thousands, except per unit amounts)
For the Three Months ended March 31, 2007
East Texas/
North South Total
Louisiana Texas Other Onshore
Oil production (thousand
barrels) 46 53 152 251
Gas production (million
cubic feet - Mmcf) 5,381 2,577 677 8,635
Total production (Mmcfe) 5,657 2,896 1,587 10,140
Oil sales $2,492 $2,958 $6,604 $12,054
Gas sales 35,501 18,101 4,191 57,793
Total oil and
gas sales $37,993 $21,059 $10,795 $69,847
Average oil price
(per barrel) $54.17 $55.81 $43.45 $48.03
Average gas price (per
thousand cubic feet -
Mcf) $6.60 $7.02 $6.19 $6.69
Average gas price (per
thousand cubic feet -
Mcf equivalent) $6.72 $7.27 $6.80 $6.89
Lifting cost $6,684 $3,322 $4,049 $14,055
Lifting cost (per Mcf
equivalent) $1.18 $1.15 $2.55 $1.39
Oil and Gas Capital
Expenditures:
Leasehold costs $398 $816 $2,400 $3,614
Exploratory drilling - 2,255 442 2,697
Development drilling 54,707 11,677 10,009 76,393
Other development 242 483 822 1,547
Total $55,347 $15,231 $13,673 $84,251
SOURCE Comstock Resources, Inc.
