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Comstock Lease Positions and Quarterly Earnings Call


Comstock is one of the big Haynesville players with 39 producing wells in the play.  During their 1Q 2010 earnings call this week they highlighted some interesting points.

First, they are now experimenting with restricted rates.  They said there is evidence that the practice can positively boost EURs by 20%-30%.

Also they are significantly changing their completion practices.  Most of their wells to date in the play have been fraced with 10-12 stages.  Comstock detailed that they will be drilling laterals in the high four thousand foot range with 18 stage frac jobs.  They will also be increasing the proppant.  This all together with the increased demand for frac jobs has caused their well costs to increase to about $9MM.

They still quote 5 Bcfe as their all-in EUR.

Below is a first look at the Comstock Haynesville activity.  This is a map of their producing wells, colored by cum gas produced.  Their big leasing blocks are Toledo North and Logansport with some wells in the outlying areas.  Note that there are 5 wells up near 2 Bcf cumulative produced gas.

They have stated that for 2010 they plan to drill 27 Loagansport, 19 Toledo North, 6 Toledo South and 2 Mansfield wells with about 6-7 rigs in the program.  Below is their type curve by lease position generated with HPDI production tools.  Toledo North and Logansport have similar curves with Logansport performing slightly better.  However, as we have seen in other blogs, Logansport does not perform as well as many of the other Haynesville fields.

I find it nice to look at the short term gas cums generated from these type curves so below is exactly that.  Mansfield has an impressive 3-month cum but it only has two producing leases.  The Logansport one year cum is at about 1.5 Bcf.

Finally lets look at their 2010 permitting activity.  So far they have been issued 15 LA permits with the majority being in Logansport.  You can see the Toledo South permit on the map below.  During the conference call they stated that this well is an upper Haynesville/Bossier well, it IPed at 20 MMcf/d.

We have been putting together quarterly earnings call highlights and posting them in DNA along with press releases and such.  The Comstock quarterly report highlight is located in the Haynesville Unconventional Update Comstock folder.  If anyone has any comments, concerns or quips post them.

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Justin Birmingham

Justin Birmingham is a Research Analyst at Drillinginfo. He creates proprietary research studies, works with statistical models and manages datasets for the DI Analytics team. Justin earned his Bachelor of Science from Texas State University – San Marcos.