COMSTOCK RESOURCES, INC. ANNOUNCES 9% PROVED RESERVES GROWTH IN 2021

FRISCO, TX, Jan. 24, 2022 (GLOBE NEWSWIRE) -- Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) announced today that its proved oil and natural gas reserves as of December 31, 2021 were estimated at 6.1 trillion cubic feet equivalent ("Tcfe") as compared to total proved oil and gas reserves of 5.6 Tcfe as of December 31, 2020.

The reserve estimates were determined under the SEC guidelines and were audited by the Company's independent reserve engineering firm. The 6.1 Tcfe of proved reserves at December 31, 2021 were 37% developed and 98% were 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 $6.8 billion, using the Company's average first of month 2021 prices of $3.33 per Mcf of natural gas and $62.38 per barrel of oil.

The following table reflects the changes in the proved reserve estimates since the end of 2020:

		Oil (MMBbls)			Natural Gas (Bcf)			Total (Bcfe)
Proved Reserves:
Proved Reserves at December 31, 2020		11.0			5,562.9			5,628.9
Production		(1.2	)		(489.3	)		(496.5	)
Extensions and discoveries		—			797.2			797.2
Acquisitions		—			202.6			202.6
Divestitures		(9.3	)		(43.8	)		(99.8	)
Revisions		0.1			88.5			89.4
Proved Reserves at December 31, 2021		0.6			6,118.1			6,121.8

Comstock produced 1.2 million barrels of oil and 489.3 billion cubic feet ("Bcf") or 496.5 billion cubic feet equivalent ("Bcfe") in 2021. In the fourth quarter of 2021, Comstock's production averaged 1.3 Bcfe of natural gas per day, which was an increase of 12% over the fourth quarter of 2020. Total reserve additions replaced 199% of the Company's 2021 production with drilling activities providing 161% of the reserve replacement in 2021.