Comstock Resources Reports 3Q Production Increase

FRISCO, Texas (AP) — Oil and gas company Comstock Resources Inc. said its third-quarter production rose 9 percent from second-quarter levels, driven by drilling progress at its Haynesville Shale properties.

The Frisco, Texas-based company on Monday said third-quarter production climbed to 184 million cubic feet per day, compared with 169 MMcfe/d in the second quarter.

During the first nine months of 2009, Comstock said it successfully drilled 38 wells. Since its second-quarter operational update in August, the company completed seven successful operated Haynesville shale horizontal wells in North Louisiana. The company said the wells had an average initial production rate of 15.6 MMcfe/d, a 23 percent boost from the seven wells reported with second-quarter results.

In a separate release Monday, Comstock said it will offer $200 million of senior notes due 2017. The company plans to use proceeds to pay off debt and fund general corporate purposes.

Shares of the company closed at $39.58 on Monday.