UPDATE 1-Comstock says to drill fewer wells in 2009
Jan 5 (Reuters) - Energy company Comstock Resources Inc (CRK.N) said it will drill fewer wells in 2009 compared with the prior year and that it will delay the development of new wells in the Cotton Valley region, citing lower natural gas prices.
The company, which raised its capital expenditure outlook for the year by $25 million to $450 million, said it expects to drill about 76 wells in 2009.
The Cotton Valley project, which is located within the East Texas/North Louisiana region, was the largest contributor to production growth in 2008, the company said.
"Our 2009 drilling program is focused on continued exploitation of our East Texas/North Louisiana acreage position including proving up the emerging Haynesville Shale play," Comstock Chief Executive Jay Allison said in a statement.
Comstock expects to spend about $399 million in the East Texas/North Louisiana operating region alone.
Shares of Comstock were down 26 cents at $48.11 early Monday morning on the New York Stock Exchange.
For the alerts, please double click [ID:nWNAB6701] (Reporting by Arup Roychoudhury in Bangalore; Editing by Amitha Rajan) (arup.roychoudhury@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: arup.roychoudhury.reuters.com@reuters.net))
