NYSE:CRK

2nd Quarter 2016 Results

This presentation includes “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Forward-looking statements give our current expectations
or forecasts of future events. These statements include estimates of future natural
gas and oil reserves, expected natural gas and oil production and future expenses,
assumptions regarding future natural gas and oil prices, budgeted capital
expenditures and other anticipated cash outflows, as well as statements
concerning anticipated cash flow and liquidity, business strategy and other plans
and objectives for future operations.
Factors that could cause actual results to differ materially from expected results are
described under Risk Factors in our 2015 Form 10-K filed with the U.S. Securities
and Exchange Commission (“SEC”).
Our production forecasts are dependent upon many assumptions, including estimates
of production decline rates from existing wells and the outcome of future drilling
activity.
Important factors that could cause actual results to differ materially from those in the
forward-looking statements herein include the timing and extent of changes in
commodity prices for oil and gas, operating risks, liquidity risks, including risks
relating to our bank credit facility, our outstanding notes and any restructuring
thereof, our ability to continue as a going concern and any potential bankruptcy
proceeding, political and regulatory developments and legislation, and other risk
factors and known trends and uncertainties as described in the Registration
Statement on Form S-4 filed with the SEC and in our Annual Report on Form 10-
K for fiscal year 2015 filed with the SEC. Should one or more of these risks or
uncertainties occur, or should underlying assumptions prove incorrect, our actual
results and plans could differ materially from those expressed in the forward-
looking statements. 2
 2016 Q2 Summary

§ Low oil and natural gas prices continue to adversely impact

financial results
§ Oil Price ▼ 24%, Gas Price ▼ 16%
§ Oil & Gas Sales - $42 million, ▼ 46%
§ EBITDAX - $19 million
• Haynesville/Bossier shale program continues to deliver
• All 2015 -16 wells are performing above the 14-16 Bcf
type curve
• Two second quarter wells had average IP rates of 24
Mmcf/day.
• 2016 new wells also added an additional 13 Mmcf per day
from offset wells.
• Retired $107 million in long-term debt in 2016 which saves us
$8.7 million in annual interest payments ($28.4 million in total
interest to maturity)
• Protecting liquidity to get through the low prices
• Liquidity of $117 million
• Pending asset sale will add to liquidity
• Announced exchange offer to give Company flexibility to
restart drilling program in 4th quarter
3
 Natural Gas Production
(MMcf / day)

2016 natural gas production is estimated to

average between 130 to 145 MMcf per day
174
16 162
156 152
11 149
6 148
3 15 146 3
6 10 9
4 15 133 12 4
25 5 5 4
5 4 17 5
5 13 122 122 7 16
24 16
4 12 111
20 6 17 18
4 105
11 98
8 4
22 4 15 91 5
8 16
20 4
19
8 4 15
21 5 3
20 6
124 20 125
19 117 115
108 103 105
88
78 77
67
58 53 48

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
2013 – 55.7 Bcf (-32%) 2014 – 39.8 Bcf (-29%) 2015 – 47.7 Bcf (+20%) 2016 –
27.3 Bcf

Haynesville Cotton Valley South Texas Other Held for Sale / Sold

4
 Oil Production
(MBbls / day)
2016 oil production is
estimated to average
between 3,800 to 4,100 12.2 12.2 12.4
0.2 0.6
barrels per day 0.2 0.2 0.4 0.5 11.5
10.4 1.1
0.1 10.2
0.2 0.5

1.9

7.6 0.4
6.9 0.3
6.9
0.3 0.4
6.0 0.4
0.2 11.8 11.6 5.4
11.3
4.8 10.1 0.3
9.9 4.6
0.3
0.4 3.9
7.9
7.3 0.3
6.6
5.8 6.1
5.1
4.5 4.2
3.6

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
2013 – 2,314 MBbls (+29%) 2014 – 4,313 MBbls (+86%) 2015 – 3,089 MBbls (-28%) 2016 –
772 MBbls
Eagle Ford Other Sold

5
2016 Second Quarter Financial Results
$ in millions except per unit amounts

2016 2015
Second Second %
Quarter Quarter Change

Oil Production (Mbbls) 355 924 -62%

Gas Production (MMcf) 13,519 11,073 22%
Production (MMcfe) 15,649 16,616 -6%

Oil Price (Per Barrel) $42.21 $55.34 -24%

Gas Price (Per Mcf) $1.99 $2.37 -16%

Oil and Gas Sales (1) $41.8 $77.3 -46%

Lifting Costs 18.4 24.9 -26%

General and Administrative 5.7 7.2 -21%
Depreciation, Depletion and Amort. 36.0 90.6 -60%
Exploration and Impairments 1.7 25.0
Net Loss on Sales and Exchange of Properties 1.6 111.8

Operating Income (Loss) before Taxes (1) ($21.6) ($182.2)

Net Income (Loss) $4.9 ($135.1)

Net Income (Loss) per Share $0.41 ($14.64)

Net Income (Loss) per Share (2) ($4.05) ($5.56)

EBITDAX $19.3 $47.7 -60%

Cash Flow from Operations (3) ($8.3) $15.0 -155%

(1)
Includes Realized Hedging Gains and Losses
(2)
Excludes property impairments, unrealized gain or losses from derivatives, loss on property sales, gain on
retirement of debt and state income tax adjustment.
6
(3)
Excludes Working Capital Changes
 2016 Six Months Financial Results
$ in millions except per unit amounts

First 6 Months First 6 Months %

2016 2015 Change

Oil Production (Mbbls) 772 1,960 -61%

Gas Production (MMcf) 27,344 19,273 42%
Production (MMcfe) 31,974 31,034 3%

Oil Price (Per Barrel) $33.69 $49.53 -32%

Gas Price (Per Mcf) $1.94 $2.43 -20%

Oil and Gas Sales (1) $79.0 $143.8 -45%

Lifting Costs 36.9 45.9 -20%

General and Administrative 11.2 15.1 -26%
Depreciation, Depletion and Amort. 74.9 182.5 -59%
Exploration and Impairments 32.2 67.7
Net Loss on Sales and Exchange of Properties 0.9 111.8

Operating Income (Loss) before Taxes (1) ($77.1) ($279.1)

Net Income (Loss) ($51.7) ($213.6)

Net Income (Loss) per Share ($4.82) ($23.18)

Net Income (Loss) per Share (2) ($9.52) ($10.88)

EBITDAX $34.0 $87.5 -61%

Cash Flow from Operations (3) ($22.3) $35.0 -164%

(1)
Includes Realized Hedging Gains and Losses
(2)
Excludes property impairments, unrealized gain or losses from derivatives, loss on property sales, gain on
retirement of debt and state income tax adjustment.
(3)
Excludes Working Capital Changes
7
 Proved Oil and Gas Reserves
Despite a very limited drilling program, Comstock achieved an all-in finding
cost of 20¢ per Mcf in the first half of 2016 with total proved reserves
additions of 151 Bcf and capital expenditures of $30.3 million.

Oil Gas Total

MBbls Bcf Bcfe
Proved Reserves as of 12/31/15 9,229 569.6 625.0
Production (772) (27.3) (32.0)
Divestitures (163) (3.7) (4.7)
Price Related Revisions* (1,556) (26.1) (35.4)
Additions 1,376 143.0 151.3

Proved Reserves as of 6/30/16 8,114 655.5 704.2

*SEC Prices
Q216- $37.86/Bbl and $2.07/Mcf
YE15- $46.88/Bbl and $2.34/Mcf

8
 Balance Sheet
($ in millions)
June 30, 2016

Cash and cash equivalents $ 67

Revolving Credit Facility -

10 % Senior Secured Notes due 2020 $ 700
7¾ % Senior Notes due 2019 $ 288
9½ % Senior Notes due 2020 $ 175
Total Debt $ 1,163

Total Net Debt $ 1,096

Available Credit Line $ 50

Total Liquidity $ 117

Retired $237 million in long-term debt for $46 million

and 13.7 million shares (2.7 million as adjusted for the
reverse stock split) of common stock generating
annual interest savings of $20.6 million with total
interest savings to maturity of $83.0 million.
9
 Haynesville/Bossier Shale

Haynesville Shale Cotton Valley

and Cotton Valley
Cotton Valley

Haynesville and Bossier Shale

Haynesville/Bossier
Shale

Net Acres 67,000

Resource 6 + Tcf
Potential

Drilled 10 (9.6 net) extended lateral wells in 2015

Drilled 3 (2.8 net) extended lateral wells in 2016
10
 Haynesville Shale Program
§ Applying newest drilling and completion technologies to an
established world class asset
• Extended laterals
• Larger stimulation treatment
• Rates of return improve as well costs decline
• New wells have 49% to 79% rates of return at natural gas
prices of $2.50 to $3.00/Mcf at current well costs
§ Extensive inventory of drilling and recompletion
opportunities (operated and mapped locations)
• Haynesville –
4,500 ft. - 230
7,500 ft. - 83
10,000 ft. - 70
• Bossier –
4,500 ft. - 130
7,500 ft. - 95
10,000 ft. - 97
§ Premium gas market
• Comstock has favorable marketing arrangements
11
 Haynesville Shale Program
Harrison 30-31
24 MMcf/d Bagley A-4
3 MMcf/d
Re-Frac
Harrison 30-19 Completed
24 MMcf/d Gamble 4-33
24 MMcf/d

Holmes 29-32
28 MMcf/d

Holmes 29-20
Pace 33 Boggess 5 -8
24 MMcf/d
4 MMcf/d 21 MMcf/d

Pyle 6-7 Shahan 5-8

26 MMcf/d 22 MMcf/d

Ramsey 7-18
DeSoto
Parish,
23 MMcf/d

Louisiana
Horn 8-17
21 MMcf/d

Caraway 20-29 Jordan 16-21

24 MMcf/d Ramsey 4-9 22 MMcf/d
23 MMcf/d

Acquired in Exchange 12
 Haynesville Extended Lateral Wells
Haynesville shale 7,500 foot lateral wells
25
Type Curve
Pyle 6-7
Shahan 5-8
Boggess 5-8
Horn 8-17
20 Harrison 30-19
Ramsey 7-18
Holmes 29-32
Gamble 4 - 33
Caraway 20-29
15 Jordan 16 - 21
MMcf per day

Ramsey 4 - 9
Harrison 30 - 31

10

5
Type
Curve
Days on production
0
0 100 200 300 400 500

New wells exceeding expectations

13
 Haynesville Well Economics

4,500' L 7,500' L 10,000' L

Estimated Well Costs ($ millions) $6.5 $8.5 $10.8
24 Hr IP (Mmcf per day) 15 20 24
Decline B Factor 0.99 0.99 0.99
Initial Decline (%) 73 67 64
Proppant/Cluster (K lbs) 150 150 150
EUR (Bcf per lateral ft.) 2.07 2.07 2.07
EUR (Bcf) 9.0 15.5 20.7

14
 Haynesville Well Economics

Rate of Return vs. Natural Gas Prices

120
110
100
90
80
70
% ROR

60 4,500 ft.
50
7,500 ft.
40
30 10,000 ft.
20
10
0
$2.00 $2.50 $3.00 $3.50
$/MCF

15
 Haynesville Well Economics

NPV 10 vs. Natural Gas Prices

$20
$18
$16
$14
MM$ NPV 10

$12
$10 4,500 ft.
$8 7,500 ft.
$6 10,000 ft.
$4
$2
$0
$2.00 $2.50 $3.00 $3.50
$/MCF

16
 Haynesville Staggered Lateral Potential
UPSIDE
640-acre Section • More Reserves
8 Wells/Section
Recovered
~600’ Spacing
• More Efficient
Reservoir
Drainage, Less
Waste

• Potential to add
83 Additional
4 Upper 200’ extended lateral
Haynesville locations
4 Lower

HAYNESVILLE
Upper
200’
Lower 17
South Texas Eagle Ford Shale Program
26,000 gross acres (19,000 net) prospective for oil
in the Eagle Ford shale
83 future drilling locations in oil window

Atascosa
Frio

LaSalle
McMullen

18
Eagle Ford Stacked / Staggered
Lateral Development
• 253 Potential Additional In-Fill Locations

130’

Eagle Ford Shale

19
 Exchange Summary
§ Existing unsecured noteholders:
§ Par for par into new second lien PIK notes
§ Convertible into 73.5% of the pro forma common stock
§ Existing secured noteholders:
§ Par for par into new first lien notes
§ Same terms as today, except for Company option to pay up
to $75 million of interest in kind at 11%
§ Also receive penny warrants for 2% of pro forma shares
§ Conditions:
§ (1) Minimum participation of 95%; (2) Closing by
September 15, 2016; (3) All accrued interest paid in cash

Sources of Funds ($mm) Amount Uses of Funds ($mm) Amount

Issue New: Exchange Existing:
10.00% 1st Lien Toggle Notes due 2020 $700.0 10.00% 1st Lien Notes due 2020 $700.0
7.75% 2nd Lien Convertible PIK Notes due 2019 $288.5 7.75% Senior Unsecured Notes due 2019 $288.5
9.50% 2nd Lien Convertible PIK Notes due 2020 $174.6 9.50% Senior Unsecured Notes due 2020 $174.6
Total Sources of Funds $1,163.1 Total Uses of Funds $1,163.1

20
Repositioning Comstock towards Growth
§ The exchange offer will allow Comstock to redirect cash flow from
interest expense to capital expenditures
§ Deploy two rigs in 2017 and drill a total of 24 wells
§ Fueling growth in production and EBITDAX
§ Comstock will save up to $109 million in cash interest in 2017

Status Quo (No Drilling) Two Rig Development

Expected Production (MMcfe/d) Expected Production (MMcfe/d)

250.0 250.0
228.6

200.0 200.0
169.6 169.6 206.8

150.0 150.0
152.8 118.6 152.8

100.0 100.0
106.8

50.0 50.0

0.0 0.0
2016E FY 2017E FY 2016E FY 2017E FY 21
Low Guidance High Guidance
 Transaction Rationale

§ Enhance liquidity and put rigs to work, allowing

Rebuilding Comstock to maintain and grow enterprise value
Balance Sheet § Delever the balance sheet through conversion of
unsecured debt into equity

§ Refocus on Comstock’s core strategy of drilling

Focus on Drilling, wells with competitive economics, funded with
Production Growth cash flow
and Value Creation § Scalable drilling program with inventory of ~700
operated locations will grow EBITDAX

§ Exchange terms allow participating noteholders to

Protection of All protect their credit positions
Stakeholders’
Interests § Participating noteholders will also benefit from
equity upside
22