Saturday, December 26, 2009

Haynesville Shale Drilling to Increase in 2010

Natural Gas prices have been slowly creeping up in December 2009. The higher prices have been associated with the colder weather that has been hitting the northeast. Natural Gas inventories have been very weak as a result of this.

Comstock Resources Inc. (CRK) announced two weeks ago that they will be increasing their drilling budget in the Haynesville Shale for 2010. With Natural Gas currently around $5.75, I am expecting $7-$8 natural gas in 2010. Comstock has acreage in Desoto Parish Louisiana and East Texas.

Comstock Resources, Inc. Announces 2010 Exploration and Development Budget

Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) announced that it plans to spend approximately $385.0 million in 2010 for development and exploration activities. Comstock expects to add an additional drilling rig in the second quarter of 2010 to the six rigs which the Company is currently utilizing in its Haynesville shale drilling program.

Full Article Here

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