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

We continue to work on improving our balance sheet, which we used to give us an excellent inventory of oil projects to allow us to transition away from where we were a year ago, when 96% of our production was natural gas.

I'll now turn it over to Roland Burns to review the financial results for this quarter in more detail. Roland?

Roland O. Burns

Thanks, Jay. Starting with this presentation, we're going to talk about our oil and gas production separately, as the 50:1 relationship of gas prices to oil prices make an equivalent unit presentation, that we're so used to, meaningless to understanding the financial results, given the current situation we're in.

So on Slide 4, we show our crude oil production on a daily basis for the last 3 years by quarter, including the first quarter of this year. And you can see this year is the first year we're really going to start showing growth in our oil production. Our production this quarter grew by 267% to 5,600 barrels per day as compared to the first quarter of last year when we produced only 1,500 barrels per day.

Our Eagle Ford properties in South Texas, shown in light blue on this chart, increased to 4,100 barrels per day and will be the main driver of our oil growth this year. We had 1,000 barrels per day in the Eagle Ford this quarter as compared to the 3,100 barrels a day we averaged in the fourth quarter.

Our Wolfbone properties in West Texas contributed 800 barrels a day to the averagely -- average quarterly rate, and we expect that production for this area will grow substantially with the success we're now seeing with our recent Wolfbone wells. The West Texas production was a little light this quarter, due to transition issues we had to deal with, which were left over from the previous operator.

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