Comstock Resources Announces 25% Increase om Proved Oil and Gas Reserves

Comstock Resources, Inc. (NYSE: CRK) announced today that its proved oil and natural gas reserves as of December 31, 2011 were estimated at 1,119 billion cubic feet of natural gas and 32 million barrels of crude oil or 1,311 billion cubic feet of natural gas equivalent, an increase of 25% as compared to total proved reserves as of December 31, 2010 of 1,051 Bcfe. Proved reserves on December 31, 2011 were 85% natural gas and 15% crude oil. Proved oil reserves increased 661% in 2011 and now comprise 15% of total reserves as compared to 2010 when they represented only 2% of the total proved reserves. 46% of the proved reserves at December 31, 2011 were classified as proved developed, and 88% are operated by Comstock. The present value, using a 10% discount rate, of the future net cash flows before income taxes of the proved reserves (the "PV 10 Value") was approximately $1.5 billion, using average first of the month 2011 prices of $4.18 per Mcf for natural gas and $92.93 per barrel for oil. The PV 10 Value is different than the standardized measure of discounted estimated future net cash flows which is calculated after income taxes.Comstock also announced that 2011 production was 95.6 Bcfe or 262 million cubic feet equivalent ("MMcfe") per day. 2011 production increased 31% over 2010's production. 95% of 2011's production was natural gas and 5% was oil. Production in the fourth quarter of 2011 was 25.5 Bcfe or 277 MMcfe per day. 92% of production in the fourth quarter of 2011 was natural gas and 8% was oil. On December 31, 2011 oil comprised 16% of the Company's daily production including the West Texas properties that were acquired on December 29, 2011.