stifflemire - gift that keeps on giving, page-11

Given that we will have 4 free carried wells worth I feel about a total of $5M on a NPV basis plus 30% of 5000 acres which given the below comp would indicated another $17M then AKK's market cap would be justified by Birch alone


"(Thomson Reuters ONE via COMTEX) -- COMSTOCK RESOURCES, INC. REPORTS

FIRST QUARTER 2014 FINANCIAL AND OPERATING RESULTS

FRISCO, TEXAS, May 5, 2014 - Comstock Resources, Inc. ("Comstock" or the "Company") CRK +1.86% today reported financial and operating results for the three months ended March 31, 2014.


"included in capital expenditures for the first quarter of 2014 is $33.9 million for the acquisition of a 30% working interest in the Company's Burleson County, Texas acreage from URSA New Ventures LLC. This acquisition included a 30% working interest in one producing well and approximately 9,000 net acres. Comstock is currently drilling its first well on its Burleson County acreage, the Henry A#1H."

Comstock also announced that in connection with the acquisition of additional interests in the Company's Burleson County, Texas acreage, it is increasing its capital budget for 2014 and now expects to spend approximately $510.0 million in 2014 on development and exploration projects and $55.0 million for lease acquisition activity, including the first quarter acquisitions. The budget for drilling activity includes $284.0 million to drill sixty-five wells (46.0 net) in the Eagleville field in South Texas, $79.0 million to drill ten Eagle Ford shale wells (9.2 net) on the Burleson County, Texas acreage and $33.0 million to drill three wells (2.7 net) targeting the Tuscaloosa Marine shale."