(RTTNews) - Monday, oil and natural gas producer Comstock Resources Inc. (CRK: News ) reported a loss in its third quarter, compared to a profitable year-ago quarter, hurt primarily by a sharp decline in revenue due to substantial decline in oil and natural gas prices. Earnings for the quarter also missed analysts estimate by a penny.

The Frisco, Texas-based company reported a net loss for the third quarter of $12.6 million or $0.28 per share, compared to net income of $224.62 million or $4.85 per share in the year-ago quarter.

The company attributed the loss in the third quarter to lower oil and natural gas prices in 2009.

Loss from continuing operations was $12.57 million or $0.28 per share, compared to income of $54.76 million or $1.18 per share in the year-ago quarter.

On average, eighteen analysts polled by Thomson Reuters expected the company to report a loss of $0.27 per share for the quarter. Analysts estimates typically exclude special items.

Revenues through oil and gas sales for the quarter decreased 59% to $67.44 million from $163.85 million in the prior-year quarter. Twelve analysts had a revenue consensus of $73.03 million for the third quarter.

Total operating expenses grew to $78.98 million from $77.54 million in the same quarter last year.
Comstock averaged $3.63 per Mcf for sales of its natural gas production in the third quarter of 2009, 64% lower than the $10.16 per Mcf realized in third quarter of 2008.

Realized oil prices in the third quarter of 2009 averaged $57.96 per barrel, 45% lower than the $105.15 per barrel in the same quarter last year.

Comstock's production in the third quarter of 2009 increased 13% to 17.0 billion cubic feet equivalent of natural gas or Bcfe, compared to 15.0 Bcfe in the third quarter of 2008. The 2009 third quarter average daily production rate of 184.3 million cubic feet of natural gas equivalent or MMcfe increased 9% from the 2009 second quarter production rate of 168.6 MMcfe per day.

For the first nine months of 2009, Comstock reported a net loss of $29.7 million or $0.66 per share, compared to net income from continuing operations of $154.6 million or $3.36 per share in the first nine months of 2008.

Oil and gas sales for the first nine months of 2009 decreased 57% to $200.7 million from $463.6 million in the first nine months of 2008.

CRK closed Monday's regular trading session at $42.72, up $1.63 or 3.97%, on a volume of 0.94 million shares. However, the stock declined $0.12 or 0.28%, trading at $42.60 in after hours.

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by RTT Staff Writer

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