Energy explorer Comstock Resources Inc. CRK announced plans to further lower its 2015 capital spending. Shares of the company gained about 2% on the NYSE following the announcement.

Comstock said that it plans to invest $248 million in 2015, down about 22% from the prior guidance provided in Dec 2014.

Comstock plans to drill 9 new long lateral wells this year in the Haynesville shale and spend about $95 million in the region. The company also intends to increase investment in the Haynesville shale refrac program following its first success in the same.  Comstock intends to spend about $23 million on 14 Haynesville refracs going forward.  

Comstock added that owing to its recent success in the Haynesville shale refrac program one of its rigs operating in the Haynesville region will be released by the end of March. As a result, the company will incur an early termination fee of $2.4 million.

Comstock announced that Pace #33 – its first refrac well in the Haynesville – has witnessed a significant increase in production volumes. The company has already identified about 185 promising refrac locations in the region and expects to attain substantial improvement in drilling and completion costs.

Per the new budget, the company anticipates 2015 natural gas production in the 130–155 million cubic feet per day (MMcf/d) range, whereas oil production is expected between 9,500 and 10,500 barrels per day.

Frisco, TX-based Comstock Resources, Inc. is an independent oil and gas exploration and production company engaged in the acquisition, exploration, and development of oil and gas properties.

Currently, Comstock Resources carries a Zacks Rank #3 (Hold).

Better-ranked players from the same industry include Midstates Petroleum Company, Inc. MPO, PDC Energy, Inc. PDCE and Swift Energy Co. SFY. All these stocks carry a Zacks Rank #2 (Buy).