InstaNext, a premier provider of cloud-hosted commodity trading and risk management solutions, announced today that Comstock Resources has signed on as InstaNext’s newest E&P customer.
Headquartered in Frisco, Texas, Comstock Resources (NYSE: CRK) is engaged in the acquisition, development, production and exploration of oil and natural gas with operations concentrated in Texas and Louisiana. The company has over 800 drilling locations on its Haynesville/Bossier shale acreage, where it estimates to have over 10 Tcf of reserve potential. On August 1, Comstock announced its acquisition of North Louisiana properties from Enduro Resources Partners, which consists of approximately 21,000 gross acres in Louisiana and includes 120 producing natural gas wells. On August 14, Comstock closed an agreement with Jerry Jones, Dallas businessman and owner of the Dallas Cowboys Football Club Ltd., under which he contributed oil and gas properties in North Dakota in exchange for common stock in the company. This contribution provides Comstock with substantial cash flow to invest in its high return Haynesville shale drilling program and the capital to further grow its drilling prospect inventory through acquisitions of new leases and producing properties.
Comstock has selected the InstaNext platform to manage its new options book obtained from its recent North Louisiana property acquisition. The energy company determined that InstaNext had all the requirements needed to account for its hedging book, provide market data, as well as monitor the hedge coverage for their crude oil and natural gas production. “We are excited to add Comstock and their interesting businesses to our suite of E&P customers,” noted Richard Kulaszewski, EVP of Global Field Operations at InstaNext. “They reached out to a few of our existing customers and shortly after receiving feedback that we deliver what we sell, the implementation moved forward rapidly.”
Comstock will use InstaNext’s position reporting tools to reconcile mark-to-market and P&L amounts with their counterparties. They will also have the ability to utilize customized reports providing increased visibility of forecasted production vs. hedges for oil and gas. Lastly, Comstock elected to use the system’s advanced accounting module to generate its accounting entries and related financial disclosures.
InstaNext is comprised of a team of software and technology experts in the fields of commodity trading, hedging, and risk management. With an extensive portfolio of prior successes in the CTRM industry, InstaNext provides intuitive solutions to help companies meet the challenges of the complex commodities world. The InstaNext platform simplifies every aspect of commodity trading and risk management. The multi-market platform allows companies to analyze their positions in real-time via its powerful analysis capabilities. With InstaNext, historical and scenario-based data can be used to compare current positions against changes in the market, allowing for more effective management of portfolio risk and ensuring profit margins are secure. Using the latest cloud-hosted technology, InstaNext can be implemented quickly and with low risk.
For more information please visit our website at www.instanext.com.