Haynesville Shale

The Haynesville Shale is a rock formation mainly composed of consolidated clay-sized particles deposited and buried in northwest Louisiana and East Texas more than 170 million years ago during the Upper Jurassic age. It is characterized by ultra-low permeability but has a high porosity compared to other shales.

The Haynesville Shale came into prominence in 2008 as a potentially major shale gas resource. Producing natural gas from the Haynesville Shale involves drilling wells from 10,000 feet and to 13,000 feet deep. The formation is deeper in areas nearer the Gulf of Mexico. The Haynesville Shale has recently been estimated to be the largest natural gas field in the contiguous 48 states with an estimated 250 trillion cubic feet of recoverable gas. Production has boomed since late March 2008, creating a number of new millionaires in the Shreveport, Louisiana region.

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Thursday, August 4, 2011

Comstock Beats, Loss Narrows

Oil and natural gas firm Comstock Resources Inc. (NYSE:CRK) posted better-than-expected second quarter 2011 results, aided by strong volume growth and higher realized prices.
The company reported adjusted loss per share of 4 cents in the quarter, narrower than the Zacks Consensus Estimate of a loss of 8 cents. Comparing year over year, Comstock’s performance was better than a loss of 12 cents.
The company generated revenue of $112.5 million in the quarter, surpassing the Zacks Consensus Estimate of $100.0 million. Revenue improved 24.0% from $90.7 million in the prior-year quarter, aided by strong oil and gas sales.
Production
Comstock’s oil and gas production shot up 20.1% year over year to 23.9 billion cubic feet equivalent (Bcfe), of which 96% was natural gas. The improvement was driven by strong contributions from the company’s Haynesville shale operations.
Natural gas production in the East Texas/North Louisiana operating region leaped 37.1% to 19.6 billion cubic feet (Bcf) while production from the South Texas properties came in at 2.9 Bcf, down approximately 23.7% from the year-earlier level.


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