Comstock to focus drilling on oil plays

Flagging the changes: Texas producer Comstock Resources to pin hopes on oil drilling in coming year

mturnage

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Bill Lehane

, Bill Lehane

 30 January 2012 15:16 GMT

US producer Comstock Resources has become the latest gas-focused player to shift its investment away from natural gas amid low prices.

The Frisco, Texas based company said it would devote 77% of a reduced drilling budget in the coming year to oil, with 92% of its net wells to be oil wells in 2012.

Comstock will cut its outlay on drilling from $573.4 million in 2011 to $458 million in 2012, citing “the continued weakness of natural gas prices which have worsened in January”.

Around a third of this expenditure will go on drilling at its Eagle Ford shale assets in south Texas, and another third to newly-acquired Delaware Basin properties, also in…

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