Financial Results for the Three Months Ended March 31, 2009

The loss in the first quarter is attributable to the decline in oil and natural gas prices. The company has averaged $4.75 per Mcf for sales of its natural gas production in the first quarter of 2009, 42% lower than the $8.22 per Mcf realized in the year-ago quarter. Realized oil prices in the first quarter of 2009 averaged $35.03 per barrel, 57% lower than the $81.49 per barrel in 2008’s first quarter.

Comstock Resources production for the first quarter of 2009 raised 3% to 14.1 billion cubic feet equivalent of natural gas (Bcfe) as compared to pro forma production of 13.7 Bcfe in the year-ago quarter, which excludes production from properties sold during 2008. The first quarter average daily production rate of 157 million cubic feet of natural gas equivalent (MMcfe) reduced 4% from the 2008 fourth quarter production rate of 164 MMcfe per day mainly due to operational problems at third party operated gas processing facilities as well as delays experienced by Comstock Resources in completing some of its horizontal Haynesville wells during the first quarter of 2009.

Weaker oil and natural gas prices caused first quarter 2009’s oil and gas sales to decline 46% to $68.4 million from year-ago quarter sales of $127.7 million. Operating cash flow (before changes in working capital accounts) generated from the company’s continuing operations in the first quarter of 2009 was $44.8 million, down 51%, compared with the year-ago quarter’s operating cash flow of $91.5 million. EBITDAX, or earnings before interest, taxes, depreciation, depletion, amortization, exploration expense and other noncash expenses from continuing operations, declined by 56% to $45.3 million in first quarter of 2009, compared with the EBITDAX from continuing operations of $103.2 million, in the year-ago quarter.

2009 Drilling Results

Comstock Resources also provided the results to date of its 2009 drilling program. The company has spent $97.3 million during the first three months of 2009 on its exploration and development activities. It anticipates spending a total of $360 million in 2009 on its drilling program. In the first quarter of 2009, Comstock Resources drilled 14 wells (11.6 net), all of which were successful. Nine of the 14 wells drilled in the first quarter were horizontal wells.

Comstock Resources reported on its Haynesville Shale program in East Texas and North Louisiana. The company is very encouraged with recent results from its horizontal wells after changing its completion techniques. The company’s first Haynesville shale horizontal wells utilized a formation stimulation process that utilized cross-linked heavier gel frac fluids and 20/40 ceramic proppants. Based on results that other operators had achieved, Comstock Resources modified the formation stimulation process to mainly non-cross linked lighter frac fluids (slick water) and smaller 40/70 resin coated sand or ceramic proppants. Early production results from wells using the new completion method were notably superior to wells using the old method.

The two wells drilled in the first quarter concluded with the old method were the Bogue A #6H well drilled in the Waskom field in Harrison county, Texas and the Hart #1H drilled in the Logansport field in DeSoto Parish, Louisiana. The Bogue A #6H was drilled to a vertical depth of 10,858 feet with a 2,600 foot horizontal lateral. The well was concluded with seven frac stages and was tested at an initial production rate of 7.4 MMcfe per day.

Comstock Resources owns 100% working interest in this well. The Hart #1H was drilled to a vertical depth of 11,553 feet with a 3,770 foot horizontal lateral. The well was concluded with ten frac stages and was tested at an initial production rate of 7.2 MMcfe per day. The company has an 88% working interest in this well. The Moneyham #1H in the Longwood field in Caddo Parish, Louisiana used the cross-linked heavier gel frac fluids but used smaller 40/70 proppant. The Moneyham #1H was drilled to a vertical depth of 10,572 feet with a 3,840 foot horizontal lateral. The Moneyham was concluded with ten frac stages; however during clean-out operations coiled tubing was lost in the well lateral. The well consequently tested at an initial production rate of 6.6 MMcfe per day. Comstock Resources has a 100% working interest in this well.

Comstock Resources has concluded three wells using the new completion method. The Headrick #1H and the Holmes A #1H were drilled in the Logansport field in the DeSoto Parish, Louisiana. The Headrick #1H was drilled to a vertical depth of 11,525 feet with a 4,060 foot horizontal lateral. The well was concluded with ten frac stages and was tested at an initial production rate of 15.1 MMcfe per day. Comstock Resources has a 100% working interest in this well. The Holmes A #1H was drilled to a vertical depth of 11,442 feet with a 4,010 foot horizontal lateral. The Holmes was done with ten frac stages and was tested at an initial production rate of 16.2 MMcfe per day. Comstock Resources has a 78% working interest in this well. The company’s most recently completed Haynesville well is in its Toledo Bend North field in DeSoto Parish, Louisiana. The BSMC 12 #1H was drilled to a vertical depth of 11,535 feet with a 4,135 foot horizontal lateral. This well was concluded with ten frac stages and was tested with an initial production rate of 11.6 MMcfe per day. Comstock Resources has an 88% working interest in this well.

Comstock Resources has planned the completion of four Haynesville horizontal wells, the Green #13H in Harrison county, Texas and the Broome #1H, Caraway #3H and the Colvin-Craner #2H in DeSoto Parish, Louisiana. The company now has five operated horizontal Haynesville shale wells drilling and is participating in four non-operated horizontal Haynesville Shale wells.

In addition to the Haynesville shale wells drilled in the East Texas/North Louisiana region in the first quarter, Comstock Resources drilled three (2.2 net) successful horizontal wells targeting the Cotton Valley Taylor Sands. These wells were drilled in the Blocker and Waskom fields in Harrison county, Texas and were tested at an average per well initial production rate of 4.2 MMcfe per day. Comstock Resources also drilled two (1.4 net) successful vertical wells in its Logansport field in DeSoto Parish, Louisiana which were tested at an average per well early production rate of 1.6 MMcfe per day.

In its South Texas region, Comstock Resources drilled three successful wells (2.5 net) in the first quarter which had an average per well initial production rate of 8.5 MMcfe per day. The company has drilled the Muzza #13 in the Fandango field to a 16,300 foot vertical depth and concluded this well with an initial production rate of 7.3 MMcfe per day. The Trevino #3 also in the Fandango field was drilled to a vertical depth of 14,720 feet. This well was successfully concluded with an initial production rate of 8.4 MMcfe per day. Comstock Resources has a 100% working interest in these wells. The Santa Fe Julian Pasture #1 well in the Ball Ranch field was drilled to a total vertical depth of 13,388 feet and concluded with an initial production rate of 9.9 MMcfe per day. Comstock Resources has a 45% working interest in this well.

Comstock Resources also stated that its bank group led by Bank of Montreal has redetermined the company’s borrowing base under its bank revolving credit facility to $550 million. At the end of the first quarter, Comstock Resources had $90 million outstanding under its bank revolving credit facility.