Oil and natural gas firm Comstock Resources Inc. (CRK) reported weaker-than-expected third quarter results as low commodity prices more than offset the rise in production volumes. Loss from continuing operations came in at 28 cents per share, 2 cents wider than the Zacks Consensus Estimate of 26 cents. In the year-ago period, the company earned $1.18 per share. Oil and gas sales were down 58.8% year-over-year to $67.4 million.  Volume Growth  The company’s operational performance during the quarter continued to reflect the success of its enhanced onshore drilling programs and property acquisitions, resulting in quarterly volume growth of 13.2% year-over-year to 17.0 billion cubic feet equivalent (Bcfe), of which 94% was natural gas. Production in the East Texas/North Louisiana operating region increased 33.7% to 10.7 Bcfe, while production from the South Texas properties came in at 5.0 Bcfe, an approximately 6.7% decrease from the year-earlier level. ...

Yesterday, oil and natural gas firm Comstock Resources Inc. (CRK) provided an operational update about its recently completed third quarter.  Average production was up 9% sequentially to about 184 million cubic feet equivalent per day (MMcfe/d), reflecting the success of Comstock’s enhanced onshore drilling programs. The company drilled a total of 9 wells during the quarter, with a 100% success rate.  This year, Comstock’s drilling programs are focused on developing its Haynesville shale properties in East Texas and North Louisiana . As part of that effort, the company drilled 7 successful wells in DeSoto Parish , North Louisiana during the third quarter (3 wells are in Toledo Bend North field, 3 in the Logansport field and one is in the Mansfield field), which had an average per well initial production rate of approximately 15.6 MMcfe/d. These results were up 23% from the 7 wells that were reported ...

Some 23 different companies have been deleted in the blue chip benchmark since June alone as the credit crisis takes its toll.

 

 

The S&P 500 is set to add another exchange to its blue chip index. After the close of trading on Tuesday, the Nasdaq OMX Group Inc. will replace department store chain Dillard's Inc., which has occupied the blue chip benchmark's last spot.

The shift follows the addition of Comstock Resources Inc., an oil and natural gas producer, to the S&P MidCap 400 index. It replaced Entercom Communications Corp., a radio broadcaster that was listed as the benchmark's 400th largest company based on market-cap size when the move was made last week.

Also, the S&P SmallCap 600 index has made two changes within the past week. One of those involved replacing wireless tech provider EMS Technologies with Radio One Inc.  At the same time, Integral Systems Inc. was added and Fleetwood Enterprises, which makes recreational vehicles, fell out of the benchmark.

This

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Some 23 different companies have been deleted in the blue chip benchmark since June alone, as the credit crisis takes its toll.

 

The S&P 500 is set to add another exchange to its blue chip index. After the close of trading on Tuesday, the NASDAQ OMX Group Inc. will replace department store chain Dillard's Inc., which has occupied the blue chip benchmark's last spot.

The shift follows the addition of Comstock Resources Inc., an oil and natural gas producer, to the S&P MidCap 400 index. It replaced Entercom Communications Corp., a radio broadcaster that was listed as the benchmark's 400th largest company based on market-cap size when the move was made last week.

Also, the S&P SmallCap 600 index has made two changes within the past week. One of those involved replacing wireless tech provider EMS Technologies with Radio One Inc.  At the same time, Integral Systems Inc. was added

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We are reiterating our Buy rating on Comstock Resources, Inc. (CRK) shares following the Bois d'Arc divestiture. This transaction is expected to streamline Comstock's operations and position it as a pure-play onshore natural gas producer.

We continue to like the company for its growing volumes (first-half 2008 volumes were up 43%) and attractive valuation. The Haynesville Shale play offers significant long-term reserve-add potential, going forward. Comstock's drilling success in the Cotton Valley formation is another catalyst for future production growth.

Comstock has a positive production growth profile and volumes are expected to grow approximately 25% to 30% this year. The company is successfully executing its strategy, as is evident from its strong production growth and effective controls year-to-date.

The sale of Comstock's offshore operations will allow the company to streamline its operations and function as a pure-play onshore natural gas producer. The company's balance sheet is improving the company's debt-to-capitalization is

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