Exhibit 99.1
5300 Town and Country Blvd., Suite 500 | |
![]() | Frisco, Texas 75034 |
Telephone: (972) 668-8800 | |
Contact: Roland O. Burns | |
Sr. Vice President and Chief Financial Officer | |
Web Site: www.comstockresources.com |
NEWS RELEASE
For Immediate Release
COMSTOCK RESOURCES, INC. REPORTS
THIRD QUARTER 2007 FINANCIAL AND OPERATING RESULTS
FRISCO, TEXAS, November 5, 2007– Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today reported financial and operating results for the quarter and nine months ended September 30, 2007.
Financial Results for the Three Months and Nine Months Ended September 30, 2007
Comstock reported net income of $16.4 million or 37¢ per diluted share for the three months ended September 30, 2007 as compared to 2006's third quarter net income of $17.0 million or 39¢ per diluted share. The 2006 results include a $1.2 million unrealized gain on derivative financial instruments. Without this gain Comstock would have had net income of $16.3 million or 37¢ per diluted share. The third quarter results reflect strong production growth from the Company's successful drilling activities. Comstock's production in the third quarter of 2007 increased 35% to 23.1 billion cubic feet equivalent of natural gas ("Bcfe") as compared to production of 17.1 Bcfe in the third quarter of 2006. Onshore production has increased 38% and offshore production was up 31% from the third quarter of 2006. The third quarter average daily production rate of 251 million cubic feet of natural gas equivalent ("Mmcfe") also has increased 6% from the second quarter 2007 production rate of 236 Mmcfe per day. Oil prices also improved from the third quarter of 2006. Realized oil prices in the third quarter of 2007 averaged $72.57 per barrel, 10% higher than the $65.95 per barrel in 2006's third quarter. Natural gas prices realized in the third quarter of 2007 averaged $6.35 per Mcf, 4% lower than the $6.63 per Mcf for 2006. The 35% production increase caused third quarter 2007's oil and gas sales to increase 32% to $171.1 million from 2006's third quarter sales of $129.3 million. Operating cash flow (before changes in working capital accounts) generated by Comstock in 2007's third quarter of $115.9 million increased 30% over 2006's third quarter cash flow of $89.3 million. EBITDAX or earnings before interest, taxes, depreciation, depletion, amortization, exploration expense and other noncash expenses increased 35% to $133.2 million in 2007's third quarter over 2006's third quarter EBITDAX of $98.8 million.
Comstock reported net income of $47.2 million or $1.05 per diluted share for the nine months ended September 30, 2007 as compared to 2006's net income of $62.3 million or $1.42 per diluted share. The 2006 results include a $11.3 million unrealized gain on derivative financial instruments. Without this gain, Comstock would have had net income of $54.7 million or $1.25 per diluted share.
Financial results for the first nine months of 2007 also reflect the Company's strong production growth in 2007. Comstock's production in the first nine months of 2007 increased 32% to 64.6 Bcfe as compared to production of 49.1 Bcfe in the first nine months of 2006. Onshore production has increased 25% and offshore production was up 40% over the first nine months of 2006. Realized oil prices in the first nine months of 2007 averaged $63.45 per barrel, slightly above the $63.06 per barrel realized in 2006. The production gains and higher crude oil prices for the first nine months of 2007 were offset in part by lower natural gas prices. The Company's realized natural gas price averaged $6.93 per Mcf in 2007's first nine months, 3% lower than the $7.13 per Mcf in 2006's first nine months. Oil and gas sales of $491.3 million for the first nine months of 2007 increased 28% from 2006's first nine months sales of $385.2 million. Operating cash flow (before changes in working capital accounts) generated by Comstock in 2007's first nine months of $343.7 million increased 28% from 2006's first nine months cash flow of $267.7 million. EBITDAX was $388.0 million in 2007's first nine months, a 32% increase over 2006's first nine months EBITDAX of $294.7 million.
Nine Months 2007 Drilling Results
Comstock also announced the results to date of its 2007 drilling program. In the first nine months of 2007 Comstock drilled 142 wells (111.2 net). One hundred twenty-nine of the wells drilled were successful and thirteen were dry holes.
Comstock has spent $287.0 million during the first nine months of 2007 for its onshore acquisition, exploration and development activities, comprised of $31.2 million for acquisitions of producing properties, $255.6 million in capital expenditures for lease acquisition, drilling and other development activity and $0.2 million for seismic data acquisition and other geologic and geophysical costs. During the last quarter of 2007, the Company expects to make an additional $74.0 million in capital expenditures on its onshore properties.
Onshore, Comstock drilled 124 (97.5 net) development wells in the first nine months of 2007 with 122 (95.8 net) being successful. Of the four (2.7 net) onshore exploratory wells, one (0.6 net) was successful. Comstock drilled 95 successful wells (76.0 net) in its East Texas and North Louisiana region which have been tested at an average per well initial production rate of 1.3 Mmcfe per day.�� At September 30, 2007 Comstock had six additional wells in this region that were being drilled which are part of Comstock's 125 well drilling program planned in this region for 2007. Production in this region has increased 37% in the first nine months of 2007 as compared to the first nine months of 2006 as a result of this drilling program.
In South Texas, Comstock drilled eighteen successful wells (12.5 net) and one (0.1 net) unsuccessful well during the first nine months of 2007. The successful wells had an average per well initial production rate of 5.9 Mmcfe per day. Six of the successful wells were in the Las Hermanitas field in Duval County, Texas, five were in the Javelina Field in Hidalgo County, four were in the Company's Ball Ranch field, two were in the Double A Wells field and one was in the Tom East field. Comstock had two rigs drilling in this region on September 30, 2007.
Comstock drilled thirteen wells (11.5 net) in Mississippi during the first nine months of 2007, eleven of which were successful. Six of these wells were tested at an average per well initial production rate of 184 barrels of oil per day and two wells tested at 1.7 Mmcf of natural gas per day. Comstock also had one (0.2 net) successful well in the San Juan Basin.
Comstock's offshore operations are conducted by its 49% owned subsidiary, Bois d'Arc Energy, Inc. (NYSE: BDE) ("Bois d'Arc"). Bois d'Arc spent $172.1 million during the first nine months of 2007 for its exploration and development activities, comprised of $167.1 million in capital expenditures for lease acquisition, drilling, facilities and other development activity and $5.0 million for seismic data acquisition and other geologic and geophysical costs. Since the beginning of 2007, Bois d'Arc has drilled six (5.6 net) successful wells out of a total of fourteen (11.0 net) wells drilled. Despite the lower drilling success rate, Bois d'Arc has had successful results from its exploration focused drilling program. Bois d'Arc estimates that 2007 discoveries and the performance of its M-8 Sand water flood project at its Ship Shoal 113 unit have added in excess of 100 Bcfe of net proved reserves in 2007. During the last quarter of 2007, Bois d'Arc expects to make an additional $48.0 million in capital expenditures. Bois d'Arc is currently drilling a development well in the Ship Shoal 113 Unit and will then drill an 18,500 foot well to test its "Chinook" prospect in South Pelto block 21.
This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct.
Comstock Resources, Inc. is a growing independent energy company based in Frisco, Texas and is engaged in oil and gas acquisitions, exploration and development primarily in Texas, Louisiana and the Gulf of Mexico. The Company's stock is traded on the New York Stock Exchange under the symbol CRK.
COMSTOCK RESOURCES, INC.
CONSOLIDATED OPERATING RESULTS
(In thousands, except per share amounts)
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2007 | 2006 | 2007 | 2006 | |||||||||||||
Oil and gas sales | $ | 171,074 | $ | 129,251 | $ | 491,309 | $ | 385,153 | ||||||||
Operating expenses: | ||||||||||||||||
Oil and gas operating | 34,005 | 26,904 | 91,268 | 78,220 | ||||||||||||
Exploration | 5,710 | 8,069 | 36,709 | 16,662 | ||||||||||||
Depreciation, depletion and amortization | 62,420 | 40,709 | 178,887 | 104,457 | ||||||||||||
Impairment | 826 | 1,389 | 826 | 10,169 | ||||||||||||
General and administrative | 8,676 | 7,370 | 26,540 | 22,738 | ||||||||||||
Total operating expenses | 111,637 | 84,441 | 334,230 | 232,246 | ||||||||||||
Income from operations | 59,437 | 44,810 | 157,079 | 152,907 | ||||||||||||
Other income (expenses): | ||||||||||||||||
Interest income | 410 | 258 | 1,041 | 724 | ||||||||||||
Other income | 154 | 187 | 505 | 616 | ||||||||||||
Interest expense | (11,225 | ) | (6,733 | ) | (29,880 | ) | (18,322 | ) | ||||||||
Gain on derivatives | — | 1,180 | — | 10,608 | ||||||||||||
Total other income (expenses) | (10,661 | ) | (5,108 | ) | (28,334 | ) | (6,374 | ) | ||||||||
Income before income taxes and minority interest | 48,776 | 39,702 | 128,745 | 146,533 | ||||||||||||
Provision for income taxes | (21,570 | ) | (16,662 | ) | (55,955 | ) | (61,847 | ) | ||||||||
Minority interest in earnings of Bois d'Arc Energy | (10,778 | ) | (6,004 | ) | (25,587 | ) | (22,433 | ) | ||||||||
Net income | $ | 16,428 | $ | 17,036 | $ | 47,203 | $ | 62,253 | ||||||||
Net income per share: | ||||||||||||||||
Basic | $ | 0.38 | $ | 0.40 | $ | 1.09 | $ | 1.48 | ||||||||
Diluted | $ | 0.37 | $ | 0.39 | $ | 1.05 | $ | 1.42 | ||||||||
Weighted average common and common stock equivalent shares outstanding: | ||||||||||||||||
Basic | 43,379 | 42,243 | 43,372 | 42,128 | ||||||||||||
Diluted | 44,434 | 43,553 | 44,345 | 43,505 |
COMSTOCK RESOURCES, INC.
CONSOLIDATED OPERATING RESULTS
(In thousands)
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2007 | 2006 | 2007 | 2006 | |||||||||||||
Cash flow from operations: | ||||||||||||||||
Net cash provided by operating activities | $ | 97,332 | $ | 98,236 | $ | 324,885 | $ | 274,300 | ||||||||
Excess tax benefit from stock-based compensation | 2 | — | 602 | 922 | ||||||||||||
Increase (decrease) in accounts receivable | (14,183 | ) | 2,366 | 1,230 | (10,774 | ) | ||||||||||
Increase (decrease) in other current assets | 24 | (10,560 | ) | 2,588 | 139 | |||||||||||
Decrease (increase) in accounts payable | ||||||||||||||||
and accrued expenses | 32,735 | (763 | ) | 14,346 | 3,153 | |||||||||||
Cash flow from operations | $ | 115,910 | $ | 89,279 | $ | 343,651 | $ | 267,740 | ||||||||
EBITDAX: | ||||||||||||||||
Net income | $ | 16,428 | $ | 17,036 | $ | 47,203 | $ | 62,253 | ||||||||
Interest expense | 11,225 | 6,733 | 29,880 | 18,322 | ||||||||||||
Income tax expense | 21,570 | 16,662 | 55,955 | 61,847 | ||||||||||||
Depreciation, depletion and amortization | 62,420 | 40,709 | 178,887 | 104,457 | ||||||||||||
Impairment | 826 | 1,389 | 826 | 10,169 | ||||||||||||
Minority interest in earnings of Bois d'Arc Energy | 10,778 | 6,004 | 25,587 | 22,433 | ||||||||||||
Stock-based compensation | 4,280 | 3,342 | 12,910 | 9,834 | ||||||||||||
Exploration expense | 5,710 | 8,069 | 36,709 | 16,662 | ||||||||||||
Unrealized gain on derivatives | — | (1,180 | ) | — | (11,311 | ) | ||||||||||
EBITDAX | $ | 133,237 | $ | 98,764 | $ | 387,957 | $ | 294,666 |
As of September 30, | ||||||||
2007 | 2006 | |||||||
Balance Sheet Data: | ||||||||
Cash and cash equivalents | $ | 17,032 | $ | 27,084 | ||||
Other current assets | 93,857 | 78,089 | ||||||
Property and equipment, net | 2,020,736 | 1,682,758 | ||||||
Other | 4,734 | 4,959 | ||||||
Total assets | $ | 2,136,359 | $ | 1,792,890 | ||||
Current liabilities | $ | 132,878 | $ | 122,899 | ||||
Long-term debt | 597,000 | 455,000 | ||||||
Deferred income taxes | 356,050 | 305,062 | ||||||
Asset retirement obligation | 60,436 | 44,333 | ||||||
Minority interest in Bois d'Arc Energy | 251,443 | 212,683 | ||||||
Stockholders' equity | 738,552 | 652,913 | ||||||
Total liabilities and stockholders' equity | $ | 2,136,359 | $ | 1,792,890 |
COMSTOCK RESOURCES, INC.
CONSOLIDATED OPERATING RESULTS
(In thousands, except per unit amounts)
For the Three Months Ended September 30, 2007 | For the Three Months Ended September 30, 2006 | |||||||||||||||||||||||
Onshore(1) | Bois d'Arc Energy | Total | Onshore(1) | Bois d'Arc Energy | Total | |||||||||||||||||||
Oil production (thousand barrels) | 260 | 448 | 708 | 231 | 370 | 601 | ||||||||||||||||||
Gas production (million cubic feet – Mmcf) | 10,612 | 8,241 | 18,853 | 7,409 | 6,106 | 13,515 | ||||||||||||||||||
Total production (Mmcfe) | 12,170 | 10,930 | 23,100 | 8,792 | 8,328 | 17,120 | ||||||||||||||||||
Oil sales | $ | 16,628 | $ | 34,738 | $ | 51,366 | $ | 13,696 | $ | 25,935 | $ | 39,631 | ||||||||||||
Gas sales | 66,459 | 53,249 | 119,708 | 48,559 | 41,061 | 89,620 | ||||||||||||||||||
Total oil and gas sales | $ | 83,087 | $ | 87,987 | $ | 171,074 | $ | 62,255 | $ | 66,996 | $ | 129,251 | ||||||||||||
Average oil price (per barrel) | $ | 64.06 | $ | 77.50 | $ | 72.57 | $ | 59.42 | $ | 70.01 | $ | 65.95 | ||||||||||||
Average gas price (per thousand cubic feet – Mcf) | $ | 6.26 | $ | 6.46 | $ | 6.35 | $ | 6.55 | $ | 6.72 | $ | 6.63 | ||||||||||||
Average price (per Mcf equivalent) | $ | 6.83 | $ | 8.05 | $ | 7.41 | $ | 7.08 | $ | 8.04 | $ | 7.55 | ||||||||||||
Lifting cost | $ | 17,030 | $ | 16,975 | $ | 34,005 | $ | 13,366 | $ | 13,538 | $ | 26,904 | ||||||||||||
Lifting cost (per Mcf equivalent) | $ | 1.40 | $ | 1.55 | $ | 1.47 | $ | 1.52 | $ | 1.63 | $ | 1.57 | ||||||||||||
Oil and Gas Capital Expenditures | $ | 84,669 | $ | 44,905 | $ | 129,574 | $ | 120,656 | $ | 77,500 | $ | 198,156 |
For the Nine Months Ended September 30, 2007 | For the Nine Months Ended September 30, 2006 | |||||||||||||||||||||||
Onshore(1) | Bois d'Arc Energy | Total | Onshore(1) | Bois d'Arc Energy | Total | |||||||||||||||||||
Oil production (thousand barrels) | 766 | 1,233 | 1,999 | 696 | 1,033 | 1,729 | ||||||||||||||||||
Gas production (million cubic feet –Mmcf) | 28,462 | 24,136 | 52,598 | 22,327 | 16,388 | 38,715 | ||||||||||||||||||
Total production (Mmcfe) | 33,056 | 31,535 | 64,591 | 26,501 | 22,587 | 49,088 | ||||||||||||||||||
Oil sales | $ | 42,993 | $ | 83,844 | $ | 126,837 | $ | 39,808 | $ | 69,215 | $ | 109,023 | ||||||||||||
Gas sales | 193,101 | 171,371 | 364,472 | 156,909 | 119,221 | 276,130 | ||||||||||||||||||
Total oil and gas sales | $ | 236,094 | $ | 255,215 | $ | 491,309 | $ | 196,717 | $ | 188,436 | $ | 385,153 | ||||||||||||
Average oil price (per barrel) | $ | 56.15 | $ | 67.99 | $ | 63.45 | $ | 57.22 | $ | 67.00 | $ | 63.06 | ||||||||||||
Average gas price (per thousand cubic feet – Mcf) | $ | 6.78 | $ | 7.10 | $ | 6.93 | $ | 7.03 | $ | 7.27 | $ | 7.13 | ||||||||||||
Average price (per Mcf equivalent) | $ | 7.14 | $ | 8.09 | $ | 7.61 | $ | 7.42 | $ | 8.34 | $ | 7.85 | ||||||||||||
Lifting cost | $ | 48,709 | $ | 42,559 | $ | 91,268 | $ | 40,421 | $ | 37,799 | $ | 78,220 | ||||||||||||
Lifting cost (per Mcf equivalent) | $ | 1.47 | $ | 1.35 | $ | 1.41 | $ | 1.53 | $ | 1.67 | $ | 1.59 | ||||||||||||
Oil and Gas Capital Expenditures | $ | 286,804 | $ | 167,069 | $ | 453,783 | $ | 212,938 | $ | 191,798 | $ | 404,736 |
(1) Includes the onshore results of operations of Comstock Resources, Inc. |
COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)
For the Three Months Ended September 30, 2007 | For the Three Months Ended September 30, 2006 | |||||||||||||||||||||||||||||||
East Texas/ | East Texas/ | |||||||||||||||||||||||||||||||
North | South | Total | North | South | Total | |||||||||||||||||||||||||||
Louisiana | Texas | Other | Onshore | Louisiana | Texas | Other | Onshore | |||||||||||||||||||||||||
Oil production (thousand barrels) | 37 | 51 | 172 | 260 | 29 | 51 | 151 | 231 | ||||||||||||||||||||||||
Gas production (million cubic feet – Mmcf) | 6,395 | 3,426 | 791 | 10,612 | 4,507 | 2,065 | 837 | 7,409 | ||||||||||||||||||||||||
Total production (Mmcfe) | 6,616 | 3,735 | 1,819 | 12,170 | 4,679 | 2,371 | 1,742 | 8,792 | ||||||||||||||||||||||||
Oil sales | $ | 2,610 | $ | 3,820 | $ | 10,198 | $ | 16,628 | $ | 1,906 | $ | 3,498 | $ | 8,292 | $ | 13,696 | ||||||||||||||||
Gas sales | 38,802 | 22,919 | 4,738 | 66,459 | 28,737 | 14,625 | 5,197 | 48,559 | ||||||||||||||||||||||||
Total oil and gas sales | $ | 41,412 | $ | 26,739 | $ | 14,936 | $ | 83,087 | $ | 30,643 | $ | 18,123 | $ | 13,489 | $ | 62,255 | ||||||||||||||||
Average oil price (per barrel) | $ | 70.54 | $ | 74.90 | $ | 59.29 | $ | 64.06 | $ | 65.72 | $ | 68.59 | $ | 54.91 | $ | 59.42 | ||||||||||||||||
Average gas price (per thousand cubic feet – Mcf) | $ | 6.07 | $ | 6.69 | $ | 5.99 | $ | 6.26 | $ | 6.38 | $ | 7.08 | $ | 6.61 | $ | 6.55 | ||||||||||||||||
Average price (per Mcf equivalent) | $ | 6.26 | $ | 7.16 | $ | 8.21 | $ | 6.83 | $ | 6.55 | $ | 7.64 | $ | 7.74 | $ | 7.08 | ||||||||||||||||
Lifting cost(1) | $ | 7,822 | $ | 4,276 | $ | 4,932 | $ | 17,030 | $ | 5,568 | $ | 3,437 | $ | 4,361 | $ | 13,366 | ||||||||||||||||
Lifting cost (per Mcf equivalent) | $ | 1.18 | $ | 1.14 | $ | 2.71 | $ | 1.40 | $ | 1.19 | $ | 1.45 | $ | 2.50 | $ | 1.52 | ||||||||||||||||
Oil and Gas Capital Expenditures: | ||||||||||||||||||||||||||||||||
Acquisitions | $ | — | $ | (776 | ) | $ | — | $ | (776 | ) | $ | — | $ | 67,263 | $ | — | $ | 67,263 | ||||||||||||||
Leasehold costs | 2,266 | 460 | 75 | 2,801 | 259 | 882 | 689 | 1,830 | ||||||||||||||||||||||||
Exploratory drilling | — | 2,607 | 229 | 2,836 | — | — | — | — | ||||||||||||||||||||||||
Development drilling | 48,045 | 22,333 | 6,971 | 77,349 | 39,066 | 6,296 | 732 | 46,094 | ||||||||||||||||||||||||
Other development | 808 | 642 | 1,009 | 2,459 | 3,149 | 353 | 1,967 | 5,469 | ||||||||||||||||||||||||
Total | $ | 51,119 | $ | 25,266 | $ | 8,284 | $ | 84,669 | $ | 42,474 | $ | 74,794 | $ | 3,388 | $ | 120,656 |
(1) Includes production taxes of $4,009 and $2,487 for the three months ended September 30, 2007 and 2006, respectively. |
COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)
For the Nine Months Ended September 30, 2007 | For the Nine Months Ended September 30, 2006 | |||||||||||||||||||||||||||||||
East Texas/ | East Texas/ | |||||||||||||||||||||||||||||||
North | South | Total | North | South | Total | |||||||||||||||||||||||||||
Louisiana | Texas | Other | Onshore | Louisiana | Texas | Other | Onshore | |||||||||||||||||||||||||
Oil production (thousand barrels) | 122 | 158 | 486 | 766 | 89 | 164 | 443 | 696 | ||||||||||||||||||||||||
Gas production (million cubic feet – Mmcf) | 17,848 | 8,426 | 2,188 | 28,462 | 13,075 | 6,728 | 2,524 | 22,327 | ||||||||||||||||||||||||
Total production (Mmcfe) | 18,578 | 9,375 | 5,103 | 33,056 | 13,609 | 7,715 | 5,177 | 26,501 | ||||||||||||||||||||||||
Oil sales | $ | 7,500 | $ | 10,121 | $ | 25,372 | $ | 42,993 | $ | 5,637 | $ | 10,785 | $ | 23,386 | $ | 39,808 | ||||||||||||||||
Gas sales | 118,793 | 60,310 | 13,998 | 193,101 | 89,802 | 50,415 | 16,692 | 156,909 | ||||||||||||||||||||||||
Total oil and gas sales | $ | 126,293 | $ | 70,431 | $ | 39,370 | $ | 236,094 | $ | 95,439 | $ | 61,200 | $ | 40,078 | $ | 196,717 | ||||||||||||||||
Average oil price (per barrel) | $ | 61.48 | $ | 64.06 | $ | 52.21 | $ | 56.15 | $ | 63.34 | $ | 65.76 | $ | 52.79 | $ | 57.22 | ||||||||||||||||
Average gas price (per thousand cubic feet – Mcf) | $ | 6.66 | $ | 7.16 | $ | 6.40 | $ | 6.78 | $ | 6.87 | $ | 7.49 | $ | 6.21 | $ | 7.03 | ||||||||||||||||
Average price (per Mcf equivalent) | $ | 6.80 | $ | 7.51 | $ | 7.72 | $ | 7.14 | $ | 7.01 | $ | 7.93 | $ | 7.74 | $ | 7.42 | ||||||||||||||||
Lifting cost(2) | $ | 22,817 | $ | 12,060 | $ | 13,832 | $ | 48,709 | $ | 17,229 | $ | 10,770 | $ | 12,422 | $ | 40,421 | ||||||||||||||||
Lifting cost (per Mcf equivalent) | $ | 1.23 | $ | 1.29 | $ | 2.71 | $ | 1.47 | $ | 1.27 | $ | 1.40 | $ | 2.40 | $ | 1.53 | ||||||||||||||||
Oil and Gas Capital Expenditures: | ||||||||||||||||||||||||||||||||
Acquisitions | $ | — | $ | 31,189 | $ | — | $ | 31,189 | $ | 912 | $ | 67,263 | $ | — | $ | 68,175 | ||||||||||||||||
Leasehold costs | 2,801 | 1,965 | 2,780 | 7,546 | 493 | 1,067 | 1,823 | 3,383 | ||||||||||||||||||||||||
Exploratory drilling | — | 7,994 | 2,430 | 10,424 | — | 75 | — | 75 | ||||||||||||||||||||||||
Development drilling | 159,139 | 49,818 | 22,913 | 231,870 | 91,525 | 11,903 | 20,488 | 123,916 | ||||||||||||||||||||||||
Other development | 1,822 | 1,627 | 2,326 | 5,775 | 11,320 | 996 | 5,073 | 17,389 | ||||||||||||||||||||||||
Total | $ | 163,762 | $ | 92,593 | $ | 30,449 | $ | 286,804 | $ | 104,250 | $ | 81,304 | $ | 27,384 | $ | 212,938 |
(2) Includes production taxes of $10,511 and $8,793 for the nine months ended September 30, 2007 and 2006, respectively. |