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Comstock Resources, Inc. ("Comstock" or the
"Company")
today announced that its Board of Directors has
determined that its quarterly dividend will be temporarily suspended.
"Due to the significant declines in oil and natural gas prices and the
uncertainty of future prices for both commodities, the Board of Directors has
temporarily suspended the dividend," stated Chairman of the Board and Chief
Executive Officer, M. Jay Allison. "lison. "quot;During this period of weak
commodity prices, we believe that it is most important to preserve liquidity
and have more funds available to invest in our drilling program. The Boar
will consider reinstating dividends in subsequent quarters based on general
economic conditions, the Company's financial position, capital requirements
and other factors."
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 an independent energy company based in Frisco,
Texas and is engaged in oil and gas acquisitions, exploration and development
primarily in Texas and Louisiana. The Company's stock is traded on the New
York Stock Exchange under the symbol CRK.
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