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Gold/Mining/Energy : Comstock Resources (CRK), Much to Like!
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To: r.edwards who wrote (4)11/9/1999 9:06:00 PM
From: Ed Ajootian   of 20
 
Produced 8.7 BCFE 3Q vs. 9 BCFE for 2Q. We knew it would be about flat going in... Only disappointment is the fairly sharp drop in oil production.

Each Double A Wells well produces about a half a BCFE a quarter, so with the one they hit in October plus the one they are completing now, they look to be producing at about a 10%-higher rate than what they averaged for 3Q. Plus, notice that this latest well found 64 ft. of pay in the Woodbine vs. about 44 ft. for the earlier well I believe.

Only downer is that they went 0 for 2 on their exploratory wells in the GOM this quarter. Looks like the law of averages is catching up with them over there.

Not likely that CRK will dip below 2 x 3Q annualized basic cash flow per share, or $3.20, IMO. Folks see the upcoming increases in production and will buy on dips, IMO. In any event, thanking my lucky stars that I left some buffer zone in the borrowing power, so no margin calls so far, nor is any expected as long as the stock can hold the $3 mark.

Does anyone know how deep the Carter #12 is trying to go? That one is testing the lower Woodbine in addition to the upper Woodbine so it would seem to be headed for deeper TD.

Overall, see no major causes for concern. Am prepared to wait until year-end reserves are announced for vindication on this one, but I feel that CRK fans will be smiling long before that.
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