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Oil and Gas Reserves Information (Unaudited) (Tables)
12 Months Ended
Dec. 31, 2017
Extractive Industries [Abstract]  
Summary of Changes in Net Quantities of Crude Oil and Natural Gas Reserves

Set forth below is a summary of the changes in Comstock's net quantities of oil and natural gas reserves for each of the three years in the period ended December 31, 2017:

  

 

2015

 

 

2016

 

 

2017

 

 

 

Oil
(MBbls)

 

 

Natural
Gas
(MMcf)

 

 

Oil
(MBbls)

 

 

Natural
Gas
(MMcf)

 

 

Oil
(MBbls)

 

 

Natural
Gas
(MMcf)

 

Proved Reserves:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

20,854

 

 

 

495,266

 

 

 

9,229

 

 

 

569,596

 

 

 

7,277

 

 

 

872,468

 

Revisions of previous estimates

 

 

(5,096

)

 

 

(41,437

)

 

 

(406

)

 

 

130,416

 

 

 

1,232

 

 

 

33,721

 

Extensions and discoveries

 

 

231

 

 

 

168,539

 

 

 

64

 

 

 

285,076

 

 

 

1

 

 

 

291,881

 

Sales of minerals in place

 

 

(3,671

)

 

 

(5,096

)

 

 

(222

)

 

 

(58,942

)

 

 

(7

)

 

 

(7,593

)

Production

 

 

(3,089

)

 

 

(47,676

)

 

 

(1,388

)

 

 

(53,678

)

 

 

(951

)

 

 

(73,521

)

End of year

 

 

9,229

 

 

 

569,596

 

 

 

7,277

 

 

 

872,468

 

 

 

7,552

 

 

 

1,116,956

 

Proved Developed Reserves:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

16,247

 

 

 

324,598

 

 

 

9,229

 

 

 

311,130

 

 

 

7,277

 

 

 

321,527

 

End of year

 

 

9,229

 

 

 

311,130

 

 

 

7,277

 

 

 

321,527

 

 

 

7,552

 

 

 

436,114

 

Proved Undeveloped Reserves:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

4,607

 

 

 

170,668

 

 

 

 

 

 

258,466

 

 

 

 

 

 

550,941

 

End of year

 

 

 

 

 

258,466

 

 

 

 

 

 

550,941

 

 

 

 

 

 

680,842

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reserves associated with Assets Held for Sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proved Reserves

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

16,282

 

 

 

14,716

 

 

 

8,701

 

 

 

9,119

 

 

 

6,950

 

 

 

9,915

 

End of year

 

 

8,701

 

 

 

9,119

 

 

 

6,950

 

 

 

9,915

 

 

 

7,116

 

 

 

10,484

 

Proved Developed Reserves

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

14,028

 

 

 

14,071

 

 

 

8,701

 

 

 

9,119

 

 

 

6,950

 

 

 

9,915

 

End of year

 

 

8,701

 

 

 

9,119

 

 

 

6,950

 

 

 

9,915

 

 

 

7,116

 

 

 

10,484

 

Proved Undeveloped Reserves

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

2,253

 

 

 

645

 

 

 

 

 

 

 

 

 

 

 

 

 

End of year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Reserves

The following table sets forth the standardized measure of discounted future net cash flows relating to proved reserves at December 31, 2016 and 2017:

  

 

2016

 

 

2017

 

 

 

(In thousands)

 

Cash Flows Relating to Proved Reserves:

 

 

 

 

 

 

 

 

Future Cash Flows

 

$

2,267,877

 

 

$

3,588,764

 

Future Costs:

 

 

 

 

 

 

 

 

Production

 

 

(798,454

)

 

 

(986,398

)

Development and Abandonment

 

 

(502,848

)

 

 

(672,559

)

Future Income Taxes

 

 

(6,488

)

 

 

5,239

 

Future Net Cash Flows

 

 

960,087

 

 

 

1,935,046

 

10% Discount Factor

 

 

(530,812

)

 

 

(1,053,502

)

Standardized Measure of Discounted Future Net Cash Flows

 

$

429,275

 

 

$

881,544

 

Standardized Measure of Discounted Future Net Cash Flows
Related to Assets Held for Sale

 

$

77,146

 

 

$

109,134

 

 

Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Reserves

The following table sets forth the changes in the standardized measure of discounted future net cash flows relating to proved reserves for the years ended December 31, 2015, 2016 and 2017:

 

 

2015

 

 

2016

 

 

2017

 

 

 

(In thousands)

 

 

Standardized Measure, Beginning of Year

 

$

1,090,660

 

 

$

372,139

 

 

$

429,275

 

Net change in sales price, net of production costs

 

 

(751,774

)

 

 

(45,379

)

 

 

326,662

 

Development costs incurred during the year which were previously estimated

 

 

157,390

 

 

 

45,648

 

 

 

119,864

 

Revisions of quantity estimates

 

 

(111,454

)

 

 

113,583

 

 

 

57,042

 

Accretion of discount

 

 

114,427

 

 

 

37,251

 

 

 

43,130

 

Changes in future development and abandonment costs

 

 

14,901

 

 

 

5,315

 

 

 

(62,509

)

Changes in timing and other

 

 

(44,439

)

 

 

(38,071

)

 

 

(15,565

)

Extensions and discoveries

 

 

56,216

 

 

 

70,149

 

 

 

167,135

 

Sales of minerals in place

 

 

(43,694

)

 

 

(22,449

)

 

 

(6,027

)

Sales, net of production costs

 

 

(163,336

)

 

 

(107,253

)

 

 

(194,562

)

Net changes in income taxes

 

 

53,242

 

 

 

(1,658

)

 

 

17,099

 

Standardized Measure, End of Year

 

$

372,139

 

 

$

429,275

 

 

$

881,544