Comstock reported net income of $68.9 million or $1.54 per diluted share for the year ended December 31, 2007, as compared to 2006’s net income of $70.7 million or $1.61 per diluted share.
The 2006 results include a $11.2 million unrealized gain on derivative financial instruments. The fourth quarter results for 2007 reflect continued strong production growth from the company’s successful drilling activities.
Comstock’s production in the fourth quarter of 2007 increased 26% to 22.9 billion cubic feet equivalent (Bcfe) of natural gas as compared to production of 18.2Bcfe in the fourth quarter of 2006. Comstock’s onshore production increased 32% and offshore production increased 20% compared to the fourth quarter of 2006.
Earnings before interest, taxes, depreciation, depletion, amortization, exploration expense (EBITDAX) and other non-cash expenses increased 66% to $154 million in 2007’s fourth quarter over 2006’s fourth quarter EBITDAX of $92.7 million.
