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Oil and Gas Reserves Information (Unaudited) | 12 Months Ended
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Dec. 31, 2016
Extractive Industries [Abstract] |
Oil and Gas Reserves Information (Unaudited) | (12) Oil and Gas Reserves Information (Unaudited) Set forth below is a summary of the changes in Comstock's net quantities of oil and natural gas reserves for each of the three years in the period ended December 31, 2016:
|  | 2014 |  |  | 2015 |  |  | 2016 |
|  | Oil (MBbls) |  |  | Natural Gas (MMcf) |  |  | Oil (MBbls) |  |  | Natural Gas (MMcf) |  |  | Oil (MBbls) |  |  | Natural Gas (MMcf) |
Proved Reserves: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning of year |  |  | 21,976 |  |  |  | 452,653 |  |  |  | 20,854 |  |  |  | 495,266 |  |  |  | 9,229 |  |  |  | 569,596 |
Revisions of previous estimates |  |  | (2,182 | ) |  |  | 3,998 |  |  |  | (5,096 | ) |  |  | (41,437 | ) |  |  | (406 | ) |  |  | 130,416 |
Extensions and discoveries |  |  | 5,373 |  |  |  | 78,383 |  |  |  | 231 |  |  |  | 168,539 |  |  |  | 64 |  |  |  | 285,076 |
Sales of minerals in place |  |  | — |  |  |  | — |  |  |  | (3,671 | ) |  |  | (5,096 | ) |  |  | (222 | ) |  |  | (58,942 | )
Production |  |  | (4,313 | ) |  |  | (39,768 | ) |  |  | (3,089 | ) |  |  | (47,676 | ) |  |  | (1,388 | ) |  |  | (53,678 | )
End of year |  |  | 20,854 |  |  |  | 495,266 |  |  |  | 9,229 |  |  |  | 569,596 |  |  |  | 7,277 |  |  |  | 872,468 |
Proved Developed Reserves: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning of year |  |  | 13,914 |  |  |  | 344,278 |  |  |  | 16,247 |  |  |  | 324,598 |  |  |  | 9,229 |  |  |  | 311,130 |
End of year |  |  | 16,247 |  |  |  | 324,598 |  |  |  | 9,229 |  |  |  | 311,130 |  |  |  | 7,277 |  |  |  | 321,527 |
The upward revisions of previous estimates in 2016 were primarily performance-related and were attributable to the Company's well performance in the Haynesville shale as well as the expansion of the Company's future drilling plans. The downward revisions in 2015 were primarily price-related and were attributable to the decline in oil and natural gas prices from 2014. The proved oil and gas reserves utilized in the preparation of the financial statements were estimated by Lee Keeling and Associates, independent petroleum consultants, in accordance with guidelines established by the Securities and Exchange Commission and the Financial Accounting Standards Board, which require that reserve reports be prepared under existing economic and operating conditions with no provision for price and cost escalation except by contractual agreement. All of the Company's reserves are located onshore in the continental United States of America. The following table sets forth the standardized measure of discounted future net cash flows relating to proved reserves at December 31, 2015 and 2016:
|  | 2015 |  |  | 2016 |
|  | (In thousands) |
Cash Flows Relating to Proved Reserves: |  |  |  |  |  |  |  |
Future Cash Flows |  | $ | 1,763,146 |  |  | $ | 2,267,877 |
Future Costs: |  |  |  |  |  |  |  |
Production |  |  | (705,146 | ) |  |  | (798,454 | )
Development and Abandonment |  |  | (362,874 | ) |  |  | (502,848 | )
Future Income Taxes |  |  | (1,231 | ) |  |  | (6,488 | )
Future Net Cash Flows |  |  | 693,895 |  |  |  | 960,087 |
10% Discount Factor |  |  | (321,756 | ) |  |  | (530,812 | )
Standardized Measure of Discounted Future Net Cash Flows |  | $ | 372,139 |  |  | $ | 429,275 |
The standardized measure of discounted future net cash flows at the end of 2015 and 2016 was determined based on the simple average of the first of month market prices for oil and natural gas for each year. Prices were $46.88 per barrel of oil and $2.34 per Mcf of natural gas for 2015 and $37.62 per barrel of oil and $2.29 per Mcf of natural gas for 2016. Prices used in determining quantities of oil and natural gas reserves and future cash inflows from oil and natural gas reserves represent prices received at the Company's sales point. These prices have been adjusted from posted or index prices for both location and quality differences. Future development and production costs are computed by estimating the expenditures to be incurred in developing and producing proved oil and gas reserves at the end of the year, based on year end costs and assuming continuation of existing economic conditions. Future income tax expenses are computed by applying the appropriate statutory tax rates to the future pre-tax net cash flows relating to proved reserves, net of the tax basis of the properties involved. The future income tax expenses give effect to permanent differences and tax credits, but do not reflect the impact of future operations. The following table sets forth the changes in the standardized measure of discounted future net cash flows relating to proved reserves for the years ended December 31, 2014, 2015 and 2016:
|  | 2014 |  |  | 2015 |  |  | 2016 |
|  | (In thousands) |
Standardized Measure, Beginning of Year |  | $ | 807,217 |  |  | $ | 1,090,660 |  |  | $ | 372,139 |
Net change in sales price, net of production costs |  |  | 5,911 |  |  |  | (751,774 | ) |  |  | (45,379 | )
Development costs incurred during the year which were previously estimated |  |  | 344,590 |  |  |  | 157,390 |  |  |  | 45,648 |
Revisions of quantity estimates |  |  | (40,993 | ) |  |  | (111,454 | ) |  |  | 113,583 |
Accretion of discount |  |  | 105,400 |  |  |  | 114,427 |  |  |  | 37,251 |
Changes in future development and abandonment costs |  |  | (10,909 | ) |  |  | 14,901 |  |  |  | 5,315 |
Changes in timing and other |  |  | (19,028 | ) |  |  | (44,439 | ) |  |  | (38,071 | )
Extensions and discoveries |  |  | 163,559 |  |  |  | 56,216 |  |  |  | 70,149 |
Sales of minerals in place |  |  | — |  |  |  | (43,694 | ) |  |  | (22,449 | )
Sales, net of production costs |  |  | (458,254 | ) |  |  | (163,336 | ) |  |  | (107,253 | )
Net changes in income taxes |  |  | 193,167 |  |  |  | 53,242 |  |  |  | (1,658 | )
Standardized Measure, End of Year |  | $ | 1,090,660 |  |  | $ | 372,139 |  |  | $ | 429,275 |

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