Financial Results for the Three Months and Year Ended December 31, 2005

Comstock reported net income of $41.3 million or 96 cents per diluted share for the three months ended December 31, 2005 as compared to net income of $15.9 million or 43 cents per diluted share in the same quarter of 2004.

The fourth quarter 2005 results include a $9.8 million unrealized gain on the Company's derivatives held for price risk management. Without the unrealized gain from derivatives, net income for the fourth quarter of 2005 would have been approximately $35.5 million, or 82 cents per diluted share. Comstock's oil and gas sales were $93.4 million in 2005's fourth quarter, an increase of 31% over 2004's fourth quarter oil and gas sales of $71.2 million.

Comstock generated $69.0 million in operating cash flow (before changes in working capital accounts) in 2005's fourth quarter, which represents a 45% increase over 2004's fourth quarter cash flow of $47.5 million. EBITDAX or earnings before interest, taxes, depreciation, depletion, amortization, exploration expense and other noncash expenses was $72.8 million for the three months ended December 31, 2005 as compared to 2004's fourth quarter EBITDAX of $54.9 million.

On May 10, 2005, Comstock began accounting for its interest in Bois d'Arc Energy, Inc. (NYSE: BDE) ("Bois d'Arc") under the equity method and since that date is no longer including its share of Bois d'Arc's revenues, EBITDAX and cash flow in its consolidated results.

For the year ended December 31, 2005, Comstock's oil and gas sales totaled $303.3 million, as compared to oil and gas sales of $261.6 million for the same period in 2004. Net income for the year ended December 31, 2005 was $60.5 million, or $1.47 per diluted share, as compared to net income of $46.9 million or $1.29 per diluted share in 2004.

The 2005 results include the Company's share of a one time provision of $64.6 million for deferred income taxes by Bois d'Arc in connection with its conversion from a limited liability company to a corporation and a gain of $28.8 million recognized by Comstock in connection with Bois d'Arc's initial public offering.

The 2005 results also include an $11.1 million unrealized loss on the Company's derivatives held for price risk management. Excluding the one time adjustments to reflect Bois d'Arc's conversion to a corporation and initial public offering and the unrealized loss on derivatives, Comstock's net income for the year ended December 31, 2005 would have been $91.0 million or $2.21 per diluted share.

Operating cash flow (before changes in working capital accounts) generated by Comstock in 2005 was $216.3 million, a 23% increase from 2004's cash flow of $176.2 million. For the year ended December 31, 2005 EBITDAX of $240.6 million increased 19% as compared to EBITDAX of $202.6 million for the same period in 2004.

Production from Comstock's onshore properties in the fourth quarter of 2005 increased by 23% to 9.3 Bcf equivalent of natural gas ("Bcfe"), as compared to 2004's fourth quarter onshore production of 7.5 Bcfe. For the year ended 2005, Comstock's onshore production increased 14% to 33.2 Bcfe as compared to onshore production in 2004 of 29.0 Bcfe.

Comstock realized $10.38 per Mcf for its natural gas production in 2005's fourth quarter as compared to $6.66 per Mcf in 2004's fourth quarter. Realized oil prices in the fourth quarter of 2005 averaged $50.17 per barrel as compared to $47.06 per barrel for 2004. For the year ended December 31, 2005, Comstock's realized natural gas price averaged $7.83 per Mcf as compared to 2004's average natural gas price of $5.98 per Mcf and its realized oil price was $49.01 per barrel as compared to $39.86 per barrel in 2004.

In addition to achieving substantial growth of its onshore reserves and production in 2005, Comstock was able to significantly improve its balance sheet. Comstock reduced its outstanding debt from $403.0 million at the end of 2004 to $243.0 million at December 31, 2005 and increased its stockholders equity from $355.9 million at the end of 2004 to $582.9 million at December 31, 2005. Debt as a percent of total book capitalization fell from 53% at the end of 2004 to 29% at December 31, 2005.