Energy exploration firm Comstock Resources Inc offered a peek into its capital spending plans for completion and drilling operations next year. The Frisco, Texas-based operator has allocated approximately $450 million for those projects, according to NASDAQ.
A further $28 million will be allocated for leasing activities, the report said.
From the total budget, the firm is expected to allocate $80 million to complete drilling projects in 29 Eagle Ford shale wells in South Texas, which Comstock started drilling in 2013. In addition, the company will allocate $264 million for the drilling of 59 Eagle Ford shale wells in the same region, the report detailed.
The company will also use $50 million for drilling 10 Eagle Ford shale wells in East Texas. In addition, the firm will likely spend $27 million to drill 2 wells at Tuscaloosa Marine. Comstock will use the remaining $29 million for other capital developments, the report explained.
The firm's management expects Comstock to produce between 4.1 and 4.5 barrells of oil as a result of increased drilling projects in 2014. This range represents 75% to 95% growth from this year, NASDAQ reported.
Join the Conversation