Friday, May 14, 2010

Comstock Revises Shale Boundary Maps

In looking through Comstock Resources earnings report, I noted that the company adjusted its perceived boundaries of both the Haynesville and Mid-Bossier Shales in its presentation.  Of course, maps from PowerPoint presentations are hardly the gospel, but it is interesting to see how they change over time as the data (or the message) change.

I've lined up the two maps, the top one from the May 2010 first quarter 2010 earnings report and the bottom one from February 2010 fourth quarter 2009 earnings report.  Both show the outlines of the Haynesville (red) and Middle Bossier (green) Shales. 

New Map (May 2010):

Old Map (February 2010):
What is interesting about the Haynesville boundary (in red) is that the dimple in northern Bossier Parish has disappeared. Interestingly, Comstock has acreage that was in the dimple. Either they have obtained some new data from this land or they are engaging in wishful thinking.  But the boundary has moved inward (towards the west) significantly in Webster Parish, completely eliminating Claiborne Parish.  At the same time, it also extends slightly farther east into Natchitoches Parish. 

In Texas, the Haynesville boundary extends farther west into Gregg and Rusk Counties and farther south into San Augustine and Sabine Counties.  Also, the dimple in Panola and Shelby Counties has become more defined.

The Mid-Bossier boundary (in green) extends farther to the northeast into Webster Parish and slightly farther to the southwest into Angelina County.

While there is no definitive map - at least not available to the public - it is interesting to see how new data changes the boundaries.

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