Comstock offers potential investors the opportunity to invest in a Company with a strong growth potential and a proven track record of successfully developing new shale resource plays. With the severe drop in oil prices and weaker natural gas prices, we enter 2016 with our primary focus on preserving liquidity and protecting the Company's balance sheet. We have substantially reduced our oil directed drilling program and released all but one operated drilling rig. In 2016, we are pursuing a prudent natural gas drilling program in the Haynesville shale based on enhanced recovery from longer laterals and increased stimulation. The Company has a total of 636 operated locations, including 286 extended lateral locations, on its Haynesville/Bossier shale acreage, where the Company estimates to have over 6 Tcf of reserve potential. We are currently budgeting $90 million to drill nine long lateral natural gas wells in 2016. This program should provide natural gas production growth in 2016 if we drill all of the wells that we have budgeted, but we may reduce the number of wells drilled if natural gas prices remain low. While we have no near term plans to drill wells on our oil properties, we are maintaining lease positions on undeveloped oil properties where it is economically feasible. We have one of the lowest overall cost structures in the industry, and we intend to maintain a low cost structure on-going. We are safeguarding the balance sheet in 2016 due to the current oil and gas price uncertainty. We have no debt maturities prior to 2019 and we continue to conservatively manage cash reserves.

Comstock Resources is headquartered in Frisco, US

Comstock Resources has an office in Frisco

Frisco, US (HQ)

500 5300 Town and Country Blvd

Comstock Resources's revenue was reported to be $53.8 m in Q1, 2017

USD

## Revenue (Q1, 2017) | 53.8 m |

## Net income (Q1, 2017) | (22.9 m) |

## EBIT (Q1, 2017) | 2.4 m |

## Market capitalization (18-Aug-2017) | 89.7 m |

## Cash (31-Mar-2017) | 30.4 m |

Comstock Resources's current market capitalization is $89.7 m.

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Revenue | 420.3 m | 555.2 m | ||

## Revenue growth, % | 32% | |||

## R&D expense | 33.4 m | 19.4 m | 70.7 m | 84.1 m |

## Operating expense total | 492.6 m | 587.3 m | 1.4 b | 359.5 m |

## EBIT | (72.3 m) | (32.1 m) | (1.2 b) | (183.8 m) |

## EBIT margin, % | (17%) | (6%) | ||

## Interest expense | (73.2 m) | (58.6 m) | (118.6 m) | (128.7 m) |

## Pre tax profit | (162.9 m) | (81.8 m) | (1.2 b) | (128 m) |

## Income tax expense | (7.2 m) | |||

## Net Income | 41 m | (57.1 m) | (1 b) | (135.1 m) |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Revenue | 155.7 m | 145 m | 66.5 m | 77.3 m | 61.4 m | 36.9 m | 53.8 m | ||

## R&D expense | 11.4 m | 42.2 m | 23 m | 5 m | 7.8 m | 23 m | 76.4 m | 7.8 m | |

## General and administrative expense | 7.2 m | 5.7 m | 5.6 m | 5.7 m | 4.2 m | 6.4 m | |||

## Operating expense total | 11.4 m | 42.2 m | 30.2 m | 10.7 m | 13.3 m | 28.7 m | 80.6 m | 14.2 m | |

## EBIT | 27.7 m | 263 k | (96.9 m) | (182.2 m) | (596 m) | (56.5 m) | (22.7 m) | (98.8 m) | 2.4 m |

## EBIT margin, % | 18% | 0% | (146%) | (236%) | (971%) | (153%) | 4% | ||

## Interest expense | (14.8 m) | (14.9 m) | (20.8 m) | (33.8 m) | (32.2 m) | (29.9 m) | (28.9 m) | (31.2 m) | (32.9 m) |

## Interest income | 142 k | 138 k | |||||||

## Pre tax profit | 3.2 m | (2.4 m) | (120.1 m) | (207.7 m) | (575.6 m) | (52.1 m) | 4.9 m | (29.3 m) | (22.5 m) |

## Income tax expense | (1.3 m) | 490 k | 41.6 m | 72.7 m | 30.6 m | 825 k | (435 k) | ||

## Net Income | 3.1 m | 1.2 m | (78.5 m) | (213.6 m) | (758.6 m) | (56.6 m) | (51.7 m) | (80.2 m) | (22.9 m) |

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Cash | 3 m | 2.1 m | 134 m | 65.9 m |

## Accounts Receivable | 30.9 m | 28.7 m | ||

## Current Assets | 57.1 m | 61.2 m | 156.2 m | 90.2 m |

## Total Assets | 2.1 b | 2.3 b | 1.2 b | 889.9 m |

## Accounts Payable | 101.9 m | 117.3 m | 57.3 m | 45.3 m |

## Total Debt | 1 b | |||

## Current Liabilities | 195 m | 162.2 m | 95.7 m | 91.7 m |

## Total Liabilities | 1.2 b | |||

## Additional Paid-in Capital | 480.8 m | 480.4 m | 485.6 m | 531.9 m |

## Retained Earnings | 447.3 m | 366.4 m | (815.8 m) | |

## Total Equity | (171.3 m) | (271.3 m) | ||

## Debt to Equity Ratio | -3.9 x | |||

## Debt to Assets Ratio | 1.2 x | |||

## Financial Leverage | -7 x | -3.3 x |

USD | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|

## Cash | 130.2 m | 163.8 m | 89.3 m | 67.4 m | 26.6 m | 30.4 m |

## Current Assets | 268.6 m | 191.9 m | 149.4 m | 130.8 m | 76.7 m | 57.7 m |

## Total Assets | 2.2 b | 1.5 b | 1.1 b | 1 b | 885.5 m | 866 m |

## Accounts Payable | 60.8 m | 51.2 m | 41.6 m | 46.6 m | 37.8 m | 57.1 m |

## Current Liabilities | 110.7 m | 91 m | 72.3 m | 86.8 m | 58.2 m | 74.5 m |

## Additional Paid-in Capital | 481.6 m | 483.6 m | 490.5 m | 518.9 m | 526.2 m | 541.3 m |

## Retained Earnings | 152.8 m | (737.3 m) | (732.4 m) | (760.9 m) | (838.8 m) | |

## Total Equity | 658.3 m | 115.3 m | (220.2 m) | (207.3 m) | (220 m) | (285.4 m) |

## Financial Leverage | 3.4 x | 13.3 x | -4.9 x | -5.1 x | -4 x | -3 x |

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Net Income | 41 m | (57.1 m) | (1 b) | (135.1 m) |

## Depreciation and Amortization | 337.1 m | 378.3 m | 321.3 m | 141.5 m |

## Accounts Receivable | (11.1 m) | 2.2 m | 30.2 m | (3.7 m) |

## Cash From Operating Activities | 261.3 m | 401 m | 30.1 m | (23.7 m) |

## Capital Expenditures | (422.2 m) | (634.8 m) | (264.2 m) | (57.4 m) |

## Cash From Investing Activities | 313.4 m | (634.8 m) | (161.7 m) | (29.6 m) |

## Dividends Paid | (18 m) | (23.8 m) | (23.8 m) | (23.8 m) |

## Cash From Financing Activities | (576.1 m) | 232.9 m | 263.6 m | (14.8 m) |

## Free Cash Flow | (161 m) | (233.8 m) | (234.1 m) | (81.2 m) |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Net Income | 3.1 m | 1.2 m | (78.5 m) | (213.6 m) | (758.6 m) | (56.6 m) | (51.7 m) | (80.2 m) | (22.9 m) |

## Depreciation and Amortization | 183.4 m | 283.4 m | 91.9 m | 182.5 m | 261.9 m | 38.8 m | 74.9 m | 112.4 m | 29.9 m |

## Accounts Receivable | (29.3 m) | (20.9 m) | 15.1 m | 17.1 m | 25.3 m | 4.3 m | 331 k | 101 k | (2 m) |

## Accounts Payable | 29.2 m | 43.9 m | 16.5 m | (37.4 m) | (50.6 m) | (21.4 m) | |||

## Cash From Operating Activities | 205.3 m | 329 m | 60.9 m | 24.2 m | 23.5 m | (31 m) | (31.2 m) | (54.7 m) | 3.2 m |

## Capital Expenditures | (362.4 m) | (502.4 m) | (141 m) | (197.3 m) | (232.9 m) | (14.2 m) | (33.7 m) | (41.1 m) | (38.4 m) |

## Cash From Investing Activities | (362.4 m) | (502.4 m) | (130.2 m) | (13.3 m) | (31.6 m) | (39.1 m) | (38.4 m) | ||

## Dividends Paid | (12 m) | (17.9 m) | (6 m) | (12 m) | (17.9 m) | ||||

## Cash From Financing Activities | 157.9 m | 176.8 m | 307 m | 301.2 m | 268.5 m | (327 k) | (3.8 m) | (13.6 m) | (270 k) |

## Free Cash Flow | (157.1 m) | (173.4 m) | (80.2 m) | (173 m) | (209.4 m) | (45.2 m) | (64.9 m) | (95.9 m) | (35.2 m) |

USD | Y, 2017 |
---|---|

## Revenue/Employee | 459.8 k |

## Financial Leverage | -3 x |