NYSE:CRK

October 2016
This presentation includes “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Forward-looking statements give our current
expectations or forecasts of future events. These statements include
estimates of future natural gas and oil reserves, expected natural gas and oil
production and future expenses, assumptions regarding future natural gas
and oil prices, budgeted capital expenditures and other anticipated cash
outflows, as well as statements concerning anticipated cash flow and
liquidity, business strategy and other plans and objectives for future
operations.
Our production forecasts are dependent upon many assumptions, including
estimates of production decline rates from existing wells and the outcome of
future drilling activity.
Important factors that could cause actual results to differ materially from those
in the forward-looking statements herein include the timing and extent of
changes in market prices for oil and gas, operating risks, liquidity risks,
including risks relating to our debt, political and regulatory developments
and legislation, and other risk factors and known trends and uncertainties as
described in our Annual Report on Form 10-K for fiscal year 2015 filed with
the Securities and Exchange Commission. Should one or more of these risks
or uncertainties occur, or should underlying assumptions prove incorrect,
our actual results and plans could differ materially from those expressed in
the forward-looking statements.

2
 Investment Considerations
§ Comstock has assembled a high quality portfolio of oil and gas assets in
the Haynesville and Eagle Ford shales
§ Comstock’s enhanced completion design has transformed the
Haynesville shale into one of North America’s highest return natural
gas basins
§ Comstock’s acreage position provides a strong foundation with over
700 operated locations, underpinning the Company’s future growth
§ Strong natural gas production growth to be driven by a two rig drilling
program funded primarily with operating cash flow
§ Natural gas production grows by ~10% in 2016 and ~40% in 2017
with high return Haynesville shale drilling program
§ Maintain low cost structure
§ One of the lowest overall cost structures in the industry which
improves with growth in Haynesville shale production
§ Balance sheet and liquidity improving
§ Retired $237 million of our senior notes generating annual interest
savings of $21 million with total interest savings to maturity of $83
million
§ Completed senior notes exchange offer reduces annual cash interest
burden by $37 million and allows the Company to pay an additional
$75 million in kind.
§ Future conversion of second lien notes will de-lever the balance sheet 3
 Senior Notes Exchange Offer
$700 MM 10.00% $289 MM 7.75% $175 MM 9.50%
Existing Notes: 1st Lien Senior Notes due Senior Unsecured Notes due Senior Unsecured Notes due
2020 2019 2020

$697.2 MM 10.00% $270.6 MM 7.75% $169.7 MM 9.50%

New Exchange
1st Lien Toggle Notes due 2nd Lien Convertible PIK 2nd Lien Convertible PIK
Notes:
2020 Notes due 2019 Notes due 2020

Maturity: 3/15/2020 4/1/2019 6/15/2020

Security: 1st Lien 2nd Lien 2nd Lien

Payable in cash at 10%, but

up to $75MM may be paid in
Payment of
kind at 12.25% at CRK's Payable only in kind at 7.75% Payable only in kind at 9.50%
Interest:
option for the issuance of up
to $92MM of new notes

Warrants to acquire 3.8% of Convertible into 43.8% of pro Convertible into 27.5% of pro
Equity Ownership:
pro forma equity forma equity at closing forma equity at closing

Optional Warrants exercisable at $.01 81.2 shares per $1,000 81.2 shares per $1,000
Conversion: per share principal amount of notes principal amount of notes

Mandatorily converted to Mandatorily converted to

Mandatory
None shares having a market value shares having a market value
Conversion:
of $1,000 of $1,000

Stock price is at least $12.32 Stock price is at least $12.32

Conversion
None for 15 consecutive trading for 15 consecutive trading
Trigger:
days days
4
 Major Properties
Other
Proved Reserves – 5 Bcfe
Wells – 332
E. Texas / N. Louisiana
Proved Reserves – 593 Bcfe
San Juan
Wells – 924

South Texas Longwood

Drew
Proved Reserves – 106 Bcfe Waskom

Texas
Wells – 322 Logansport
Blocker

Beckville

Mansfield
Darco TMS

Toledo
Bend

Douglass
South Texas

Louisiana
Eagle Ford

Company Overview
Proved Reserves-
704 Bcfe
56% - proved Las
Hermanitas
Rosita

developed
7% - oil Fandango

93% - gas Javelina

98% - operated

5
 Areas of Focus

Haynesville/
Bossier Tuscaloosa
Marine Shale

Texas Mississippi

South Texas
Eagle Ford Louisiana

Company Overview
Proved Reserves-
704 Bcfe
56% - proved
developed
7% - oil
93% - gas
98% - operated 6
 Proved Oil and Gas Reserves
Despite a very limited drilling program, Comstock achieved an all-in finding
cost of 20¢ per Mcf in the first half of 2016 with total proved reserves
additions of 151 Bcf and capital expenditures of $30.3 million.

Oil Gas Total

MBbls Bcf Bcfe
Proved Reserves as of 12/31/15 9,229 569.6 625.0
Production (772) (27.3) (32.0)
Divestitures (163) (3.7) (4.7)
Price Related Revisions* (1,556) (26.1) (35.4)
Additions 1,376 143.0 151.3

Proved Reserves as of 6/30/16 8,114 655.5 704.2

*SEC Prices
Q216- $37.86/Bbl and $2.07/Mcf
YE15- $46.88/Bbl and $2.34/Mcf

7
 East Texas / North Louisiana Region

East Texas / North LA

Reserves: 593 Bcfe

§ Own interests in 924

producing wells in
28 fields
§ ~ 67,000 net acres Longwood

with Lower Blocker

Waskom

Haynesville shale Logansport

Drew

development Beckville
Mansfield
potential
§ Texas
North
~ 47,000 net acres Toledo
Darco Bend
with Upper
South
Haynesville (Bossier) Toledo
Douglass Bend
shale development
potential
§ Horizontal Cotton Louisiana
Valley development
potential
8
 Haynesville/Bossier Shale

Haynesville Shale Cotton Valley

and Cotton Valley
Cotton Valley

Haynesville and Bossier Shale

Haynesville/Bossier
Shale

Net Acres 67,000

Resource 6 + Tcf
Potential

Drilled 10 (9.6 net) extended lateral wells in 2015

Drilled 3 (2.8 net) extended lateral wells in 2016
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 Haynesville Shale Program
§ Applying newest drilling and completion technologies to an
established world class asset
• Extended laterals
• Larger stimulation treatment
• Rates of return improve as well costs decline
• Extended lateral wells have 50% to 80% rates of return at
natural gas prices of $2.50 to $3.00/Mcf at current well costs
§ Extensive inventory of drilling and recompletion opportunities
(operated and mapped locations)
• Haynesville –
4,500 ft. - 230
7,500 ft. - 83
10,000 ft. - 70
• Bossier –
4,500 ft. - 130
7,500 ft. - 95
10,000 ft. - 97
§ Premium gas market
• Comstock has favorable marketing arrangements
10
 Haynesville Shale Program
Harrison 30-31
24 MMcf/d Bagley A-4
3 MMcf/d
Re-Frac
Harrison 30-19 Completed
24 MMcf/d Gamble 4-33
24 MMcf/d

Holmes 29-32
28 MMcf/d

Holmes 29-20
Pace 33 Boggess 5 -8
24 MMcf/d
4 MMcf/d 21 MMcf/d

Pyle 6-7 Shahan 5-8

26 MMcf/d 22 MMcf/d

Ramsey 7-18
DeSoto
Parish,
23 MMcf/d

Louisiana
Horn 8-17
21 MMcf/d

Caraway 20-29 Jordan 16-21

24 MMcf/d Ramsey 4-9 22 MMcf/d
23 MMcf/d

Acquired in Exchange 11
 Haynesville Extended Lateral Wells
Haynesville shale 7,500 foot lateral wells
25
Type Curve
Pyle 6-7
Shahan 5-8
Boggess 5-8
Horn 8-17
20 Harrison 30-19
Ramsey 7-18
Holmes 29-32
Gamble 4 - 33
Caraway 20-29
15 Jordan 16 - 21
MMcf per day

Ramsey 4 - 9
Harrison 30 - 31

10

5
Type
Curve
Days on production
0
0 100 200 300 400 500

New wells exceeding expectations

12
 Haynesville Well Economics

4,500' L 7,500' L 10,000' L

Estimated Well Costs ($ millions) $6.5 $8.5 $10.8
24 Hr IP (Mmcf per day) 15 20 24
Decline B Factor 0.99 0.99 0.99
Initial Decline (%) 73 67 64
Proppant/Cluster (K lbs) 150 150 150
EUR (Bcf per lateral ft.) 2.07 2.07 2.07
EUR (Bcf) 9.0 15.5 20.7

13
 Haynesville Well Economics

Rate of Return vs. Natural Gas Prices

120
110
100
90
80
70
% ROR

60 4,500 ft.
50
7,500 ft.
40
30 10,000 ft.
20
10
0
$2.00 $2.50 $3.00 $3.50
$/MCF

14
 Haynesville Well Economics

NPV 10 vs. Natural Gas Prices

$20
$18
$16
$14
MM$ NPV 10

$12
$10 4,500 ft.
$8 7,500 ft.
$6 10,000 ft.
$4
$2
$0
$2.00 $2.50 $3.00 $3.50
$/MCF

15
Improving Haynesville Gas Differentials
52¢

42¢
20¢
38¢

34¢
15¢

12¢

10¢

32¢

27¢ 26¢
24¢

2015 2016 2017 2018

Regional Transport & Basis vs Henry Hub
Wellhead Gathering & Treating

16
 Haynesville Staggered Lateral Potential
UPSIDE
640-acre Section • More Reserves
8 Wells/Section
Recovered
~600’ Spacing
• More Efficient
Reservoir
Drainage, Less
Waste

• Potential to add
83 Additional
4 Upper 200’ extended lateral
Haynesville locations
4 Lower

HAYNESVILLE
Upper
200’
Lower 17
 South Texas Region

South Texas
Reserves: – 106 Bcfe
South Texas
Eagle Ford

Texas
§ Own interests
in 322
producing
wells in 13
Las Hermanitas
fields
Rosita

Fandango

Javelina

18
South Texas Eagle Ford Shale Program
26,000 gross acres (19,000 net) prospective for oil
in the Eagle Ford shale
83 future drilling locations in oil window

Atascosa
Frio

LaSalle
McMullen

19
Eagle Ford Stacked / Staggered
Lateral Development
• 253 Potential Additional In-Fill Locations

130’

Eagle Ford Shale

20
 TMS Acreage
81,000 gross acres (76,000 net) in the
Tuscaloosa Marine shale in Louisiana and Mississippi
327 future drilling locations

Wilkinson Mississippi
Amite

Louisiana

East
Feliciana
St. Helena

21
 Proved Oil and Gas Reserves
Despite a very limited drilling program, Comstock achieved an all-in finding
cost of 20¢ per Mcf in the first half of 2016 with total proved reserves
additions of 151 Bcf and capital expenditures of $30.3 million.

Oil Gas Total

MBbls Bcf Bcfe
Proved Reserves as of 12/31/15 9,229 569.6 625.0
Production (772) (27.3) (32.0)
Divestitures (163) (3.7) (4.7)
Price Related Revisions* (1,556) (26.1) (35.4)
Additions 1,376 143.0 151.3

Proved Reserves as of 6/30/16 8,114 655.5 704.2

*SEC Prices
Q216- $37.86/Bbl and $2.07/Mcf
YE15- $46.88/Bbl and $2.34/Mcf

22
 Natural Gas Production
(MMcf / day)

2016 natural gas production is estimated to

average between 130 to 145 MMcf per day
174
16 162
156 152
11 149
6 148
3 15 146 3
6 10 9
4 15 133 12 4
25 5 5 4
5 4 17 5
5 13 122 122 7 16
24 16
4 12 111
20 6 17 18
4 105
11 98
8 4
22 4 15 91 5
8 16
20 4
19
8 4 15
21 5 3
20 6
124 20 125
19 117 115
108 103 105
88
78 77
67
58 53 48

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
2013 – 55.7 Bcf (-32%) 2014 – 39.8 Bcf (-29%) 2015 – 47.7 Bcf (+20%) 2016 –
27.3 Bcf

Haynesville Cotton Valley South Texas Other Held for Sale / Sold

23
 Oil Production
(MBbls / day)
2016 oil production is
estimated to average
between 3,800 to 4,100 12.2 12.2 12.4
0.2 0.6
barrels per day 0.2 0.2 0.4 0.5 11.5
10.4 1.1
0.1 10.2
0.2 0.5

1.9

7.6 0.4
6.9 0.3
6.9
0.3 0.4
6.0 0.4
0.2 11.8 11.6 5.4
11.3
4.8 10.1 0.3
9.9 4.6
0.3
0.4 3.9
7.9
7.3 0.3
6.6
5.8 6.1
5.1
4.5 4.2
3.6

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
2013 – 2,314 MBbls (+29%) 2014 – 4,313 MBbls (+86%) 2015 – 3,089 MBbls (-28%) 2016 –
772 MBbls
Eagle Ford Other Sold

24
Repositioning Comstock towards Growth
The successful exchange offer has allowed Comstock to redirect cash flow from
interest expense to capital expenditures
§ Two rig program in October 2016 to drill 24 wells by the end of 2017
§ Fueling growth in production and EBITDAX in 2017
Status Quo (No Drilling) Two Rig Development
Expected Production (MMcfe/d) Expected Production (MMcfe/d)

250.0 250.0
228.6

200.0 200.0
169.6 169.6 206.8

150.0 150.0
152.8 118.6 152.8

100.0 100.0
106.8

50.0 50.0

0.0 0.0
2016E FY 2017E FY 2016E FY 2017E FY
Low Guidance High Guidance
25
 Low Cost Structure
2016 Six Months Producing Costs Per Mcfe

$2.19

$0.64

§ Comstock total
producing costs $1.42
G&A
are 35% lower $0.27
than the average Lifting

E&P producing
costs $1.55

$1.15

CRK Average

26
 Balance Sheet
($ in millions) Pro Forma
June 30, 2016 June 30, 2016*

Cash and cash equivalents $ 67 $ 57

Revolving Credit Facility - -

10% Senior Secured Notes $ 700 $ 697
2nd Lien Convertible Notes ( All Interest PIK) - $ 440
Unsecured Senior Notes $ 463 $ 26
Total Debt $ 1,163 $ 1,163

Total Net Debt $ 1,096 $ 1,106

Available Credit Line $ 50 $ 50

Available Interest PIK - $ 75
Total Liquidity $ 117 $ 182

*Pro Forma for Senior Notes Exchange

Retired $237 million in long-term debt for $46 million and 2.7 million
of common stock generating annual interest savings of $20.6 million
with total interest savings to maturity of $83.0 million.
27