Good day, ladies and gentlemen. Welcome to the Second Quarter 2019 Comstock Resources Inc Earnings Conference Call. [Operator Instructions] As a reminder, this call will be recorded. I'd now like to introduce your host for today's conference, Mr. Jay Allison. Please go ahead.

Chris, thank you and good morning. Good morning, everyone. I would be remiss this morning not to open this call with a thank you to the equity and debt holders and our sponsors at Comstock for really walking with us the past 12-months to create the second quarter results that we will present today. I would extend a very special thanks to Denham Capital for selling us Covey Park and becoming a 16% stakeholder and to Jerry Jones, who in the past 12-months has personally invested around $1.1 billion in Comstock, including purchasing 50 million newly issued shares of Comstock common stock at $6 per share about three weeks ago. That's a $300 million purchase. The Jones' family now owned 75% stake in Comstock and without their backing, we wouldn't have the results today. So thanks to all of you. Welcome to the Comstock Resources second quarter 2019 financial and operating results conference call. Today, we will review our second quarter 2019 earnings and drilling results, as well as update you on our acquisition of Covey Park Energy which closed on July the 16th. You can view slide presentation during or after this call by going to our website at www.comstockresources.com and downloading the quarterly results presentation. There you will find a presentation titled, Second Quarter 2019 Results. I am Jay Allison, Chief Executive Officer of Comstock. And with me is Roland Burns, our President and Chief Financial Officer; Dan Harrison, our Chief Operating Officer. Please refer to Slide 2 in our presentation and note that our discussions today will include forward-looking statements with meaning of securities laws. While we believe the expectations and such statements to be reasonable, there can be no assurance that such expectations will prove to be correct. Now if everyone returned to slide 3, the…

Thanks Jay. Allison Slide 5 illustrates the production growth generated by our Haynesville/Bossier Shale drilling program. In the second quarter this year production from our Haynesville/Bossier wells is up 83% to 416 million cubic feet of gas per day as compared to the 227 million per day that we produced in the second quarter of 2018. Production this quarter was also up 19% from our first quarter production rate of 349 million per day. We put eight net wells on production in the quarter after adding the 6.6 net wells in the first quarter. On the slide we're also showing Covey Park Haynesville/Bossier production and in the second quarter, Covey Park's Haynesville/Bossier wells produced 694 million per day, which is an increase of 43% over the 484 million per day that they produced in the second quarter of 2018. Covey Park put 6.1 net wells to sales in the second quarter after adding 11.7 net wells in the first quarter. On a combined basis, we produced 1.1 billion cubic feet of net production in the Haynesville in the second quarter. In the third quarter, we expect to see the rate of growth slowing just a little bit as on a combined basis, we're going to put 10.5 net wells to sales in the third quarter. Slide 6 recaps what production we had shut in for the quarter. And we were pleased to say that the second quarter shut in volumes decreased to 4%, and in most of the shut in volumes were almost 80% related to pipeline curtailment for either maintenance activities or repair activities or in a few instances where we had limited capacity to flow our wells at full rate. We are working to expand our options for our transportation mainly in our Northern Haynesville operations that will…

Thanks Roland. In Slide 17, you will see our new acreage map highlighting our new 293,000 net acres position, as a result of the Covey Park acquisition. Since reentering the play in 2015 the newly combined company has now drilled and completed total of 174 operated wells with an average IP rate of 23 million cubic feet a day. To date this year the combined companies have drilled 44 gross operated wells and plans to drill a total of 79 gross operated wells by yearend with an average lateral length this year of 8,000 feet. These wells have been and continue to be very successful. Over on Slide 18, you'll see the location of the 18 new operated wells from both companies that have been completed since our last update. This includes 10 new wells completed by Comstock and 8 new wells completed by Covey Park. The green markers denote the latest Comstock completions and the red markers denote the latest Covey Park completions. All Covey and Comstock wells were completed using our latest gen3 frexon which is using 3,800 pounds for the sand loading at 15 to 20 foot cluster spacing. The lateral links on these Comstock wells range from 4,426 feet to 11,319 feet with an average lateral length of 6,970 feet. The initial production rates range from 22 to 28 million cubic feet per day, with an average of 24 million cubic feet a day. The 8 new Covey Park wells completed in the second quarter were completed using average sand loading of 3,400 pounds per foot and at 24 to 40 foot cluster spacing. The lateral lengths range from 5,209 to 9,320 feet with an average length of 77 O2. The initial production rates range from 12 to 13 million cubic feet on average out feet…

All right. Again excellent reports from Roland and Dan. Thank both of you. If you look at the 2019 outlook go to slide 20, we summarized our outlook for this year. For the rest of this year, our primary focus is to complete the integration of Covey Park into Comstock. Our goal is to have that substantially complete by yearend, and it is going very well as I discussed earlier. We're confident that we'll deliver on the substantial value adding synergies that the combination of the two Haynesville Shale operators can offer. Our Haynesville drilling program continues to generate economic returns even in the low natural gas prices environment we're in today. Combined with Covey Park, Comstock now has the industry-leading low cost structure and natural gas well economics. The drilling program is --it will bring production growth this year as Dan said. Our natural gas production is expected to average 1.1 to 1.2 Bcf per day in second half of this year. With Covey Park's production being added for 77 days of the third quarter. Our oil production is expected to average 7,500 to 8,500 barrels per day in the second half of 2019, with new production from four new wells being added in the Eagle Ford starting in early July. These four wells had an average per well IP rate of 1,034 barrels of oil equivalent. We'll put in a conservative operating plan in 2020 as Roland has described that internally is funded the drilling program and will prioritize free cash flow generation of our production growth. We are high grading our drilling program now and we'll look to drop one to two of our operated rigs in Haynesville before the end of the year, which we will continue to maintain an active hedging program targeting the next 12-months of production. And lastly, we will protect our liquidity which is currently $287 million and will look to enhance it with non core asset sales and free cash flow generation, so we can pay down our bank debt. For the rest of call, we'll take questions from the analysts who follow the company. So, Chris, turn back over to you.

[Operator Instructions] : :

Okay. It was such complete report today that I think we answered all the questions.

We had a company call of two months ago and Jerry was on the call. And others are on the call when we announced the merger. Again, I want to thank you, it's a pretty heavy docket today at 10 o'clock, there are four or five only companies reporting. I want to tell you that we're going to continue to be consistent. We're going to continue to drill the low risk wells that have high return. We're going to be consistently strong. We've got some great legacy advantages. And again the market that we're seeking is Gulf Coast which is market with the greatest demand. So thank you for listening to the call and for exposing yourself to Comstock story. We're disciplined and we don't plan on disappointing anybody. We're going to give you our best effort. So thank you for the morning.

Thank you. Ladies and gentlemen, thank you for participating in today's conference. This does conclude today's program. You may all disconnect. Everyone have a great day.