Texas-based Comstock Resources, Inc. (CRK) is an independent oil and gas exploration and production company engaged in the acquisition, exploration, and development of oil and gas properties. The company's operations are concentrated primarily in four regions in the U.S.: the Gulf of Mexico, East Texas/North Louisiana, Mississippi and South Texas.We are maintaining our Buy recommendation on Comstock shares, given the company's growing volumes (for the first nine months of 2008, volumes were up 36%), attractive valuation, and relatively lower risk profile. Additionally, the Bois d'Arc sale to Stone Energy has streamlined Comstock's operations and positioned it to function as a pure-play onshore natural gas producer. 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.Read the full analyst report on CRK....

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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