Domestic energy explorer Comstock Resources Inc. (CRK - Free Report) declared the first 24-hour drilling results from Henry A #1H, its first well in Burleson County, Texas area of the Eagle Ford shale. The rate of initial production from Henry A #1H was 1,267 barrels of oil equivalent per day (BOE/D) of which oil accounted for 1,023 barrels and of natural gas comprised 1.5 million cubic feet.
Comstock Resources has 100% working interest in the well, which was drilled to a vertical depth of roughly 9,514 feet. Henry A #1H is not, however, the only well prospect that the company sees in this part of the Eagle Ford Shale.
Comstock Resources’ oil rich resources in Burleson County, East Texas Eagle Ford Shale play spread over net 30,400 net acres. The company is yet to come with the result of Mach A #1H – the second well that it is drilling there. Comstock Resources added that it is now planning to drill 10 gross wells in the Burleson County, Texas area of the Eagle Ford this year.
Management is looking for more active future operations in the acreage. We expect solid contributions to total production from this area to be reflected in enhanced shareholders’ returns.
Frisco, TX-based Comstock Resources is an independent oil and gas exploration and production company engaged in the acquisition, exploration, and development of oil and gas properties. The company currently carries a Zacks Rank #3 (Hold), implying that it is expected to perform in line with the broader U.S. equity market over the next one to three months.
Meanwhile, one can look at better-ranked players in the same industry like Encana Corp. (ECA - Free Report) , QEP Resources Inc. (QEP - Free Report) and Ultra Petroleum Corp. (UPL - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy).