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Comstock Resources' CEO Discusses Q1 2012 Results - Earnings Call Transcript

Welcome to the Comstock Resources First Quarter 2012 Financial and Operating Results Conference Call. You can view the slide presentation during or after this call by going to our website at www.comstockresources.com and clicking Presentations. There, you'll find a presentation entitled First Quarter 2012 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 2012 first quarter financial and operating results, as well as update the results of our 2012 drilling program.

Please refer to Slide 2 in our presentations and note that our discussions 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.

Please refer to Page 3 of the presentation, where we summarize our first quarter results. Our growing oil side of the company is helping offset the negative impact that the very weak natural gas prices are having on our financial results. We reported revenues of $110 million, generated EBITDAX of $79 million and had operating cash flow of $67 million or $1.39 per share. Gains from our divestitures allowed us to make a profit this quarter of $6.9 million or $0.14 per share.

This quarter had strong production growth as compared to the first quarter of 2011. More importantly, our oil production is growing. It's expected to increase 200% from our oil production last year.

Our 2012 drilling program is off to a very good start, especially in our newly acquired Wolfbone field in West Texas. Mark will report that some of our recent vertical wells are some of the best reported in the play to date. We drilled 22 successful wells, including 15 successful oil wells in our Eagle Ford and Wolfbone programs in the first quarter.

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