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Comstock Resources' CEO Discusses Q4 2011 Results - Earnings Call Transcript

I would like to welcome everyone to the Comstock Resources Fourth Quarter and Year End 2011 Financial and Operating Results Conference Call. You can view a slide presentation during or after this call by going to our website at www.comstockresources.com and clicking Presentations. There, you will find a presentation entitled Fourth Quarter 2011 Results.

I am Jay Allison, President of Comstock. And with me this morning is Roland Burns, our Chief Financial Officer; and Mark Williams, our VP of Operations. During this call, we will review our 2011 fourth quarter financial and operating results, report on the results of our 2011 drilling program and discuss our plans and outlook for 2012.

Please refer to Slide 2 in our presentations and note that our discussion today will include forward-looking statements within the meaning of securities laws. While we believe the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct.

The 2011 highlights. Please refer to Page 3 of the presentation where we summarize the highlights of 2011. In 2011, we had a very strong production growth, with production increasing 31% over 2010. The successful Haynesville shale program drove much of the production gains while the Eagle Ford shale program is allowing us to increase our oil production, which made up 16% of our production on the last day of the year as compared to only 4% on the first day of 2011. We had strong growth in our financial results in 2011 despite the 10% drop in natural gas prices by increasing production and lowering our operating cost.

Revenues in 2011 were up 24% to $434 million. EBITDAX was up 35% to $336 million and operating cash flow was also up 35%, increasing to $298 million or $6.25 per share. We had a loss of $33 million in 2011 due to property impairments that we had, which totaled $46 million after tax.

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