# Can Comstock Make Money In The Western Haynesville?
**URL:** https://www.mineralrightsforum.com/t/can-comstock-make-money-in-the-western-haynesville/83576
**Category:** General Mineral Rights Discussion
**Created:** [September 10, 2025, 6:07pm UTC](https://www.mineralrightsforum.com/t/can-comstock-make-money-in-the-western-haynesville/83576 "2025-09-10T18:07:20Z")
**Posts on this page:** 20
**Page:** 1
### Author:  [@Alan\_Herrington](https://www.mineralrightsforum.com/u/Alan_Herrington)
#### Post date: [September 10, 2025, 6:07pm UTC](https://www.mineralrightsforum.com/t/can-comstock-make-money-in-the-western-haynesville/83576/1 "2025-09-10T18:07:20Z")
Comstock had 23 wells in production as of June 2025. These wells have produced 176.1 billion cubic feet of gas.
Gross revenue from these wells, as reported via the Texas Comptroller’s Office CONG system, was $422.9 million.
Reported marketing (gas treatment and transportation) costs were $149.3 million.
For discussion purposes, I have assumed a net royalty rate of 15%, reflecting the fact that a lot of leases do not have a cost-free royalty. This produces total royalties of $63.4 million.
Net revenue after marketing and royalties equals
$422.9 - 149.3 - 63.4 = $210.2 million
Comstock recently stated that current drilling and completion costs were down to about $25 million per well. Their earliest wells cost closer to $40 million, but I’m assuming for this analysis that each of the 23 wells cost $25 million.
Total drilling and completion cost: $25 million x 23 wells = $575 million
$210.2 million - 575 million = negative cash flow of $364.8 million
It should be noted that Comstock essentially owns the pipelines and gas treatment plant, so there is some “play” in these numbers (for example, Comstock’s June 2025 marketing costs were about $1.10 per MCF compared to $0.67 for Aethon). However, it is clear that Comstock is running a significant net cash deficit so far on these wells.
It will be interesting to observe the dynamics of the cash flow picture moving forward.
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### Author:  [@Baylor](https://www.mineralrightsforum.com/u/Baylor)
#### Post date: [September 11, 2025, 2:56am UTC](https://www.mineralrightsforum.com/t/can-comstock-make-money-in-the-western-haynesville/83576/2 "2025-09-11T02:56:16Z")
I believe Aethon’s numbers are better. I know they’ve had the best well. I wonder if they are making money?
If not, maybe the Core Haynesville will look sexier?
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### Author:  [@TroubledVictor](https://www.mineralrightsforum.com/u/TroubledVictor)
#### Post date: [September 11, 2025, 10:33am UTC](https://www.mineralrightsforum.com/t/can-comstock-make-money-in-the-western-haynesville/83576/3 "2025-09-11T10:33:57Z")
Obviously they will keep flowing the wells, but yes it seems as these wells have largely declined they would be lucky to get their money back in 10 years.
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### Author:  [@mwils51](https://www.mineralrightsforum.com/u/mwils51)
#### Post date: [September 11, 2025, 11:12am UTC](https://www.mineralrightsforum.com/t/can-comstock-make-money-in-the-western-haynesville/83576/4 "2025-09-11T11:12:00Z")
I am sure Jerry Jones/Comstock and Aethon are all as frustrated with the \<$3 per MCF we are selling the gas at as I am. We really need sustained $5+ gas price.
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### Author:  [@TEXMAN](https://www.mineralrightsforum.com/u/TEXMAN)
#### Post date: [September 11, 2025, 4:57pm UTC](https://www.mineralrightsforum.com/t/can-comstock-make-money-in-the-western-haynesville/83576/5 "2025-09-11T16:57:35Z")
Alan, what reserves are Comstock using for these wells?
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### Author:  [@C.RITZ](https://www.mineralrightsforum.com/u/C.RITZ)
#### Post date: [September 11, 2025, 7:11pm UTC](https://www.mineralrightsforum.com/t/can-comstock-make-money-in-the-western-haynesville/83576/6 "2025-09-11T19:11:12Z")
Look at their stock price and that will answer your question.
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### Author:  [@TEXMAN](https://www.mineralrightsforum.com/u/TEXMAN)
#### Post date: [September 11, 2025, 7:39pm UTC](https://www.mineralrightsforum.com/t/can-comstock-make-money-in-the-western-haynesville/83576/7 "2025-09-11T19:39:42Z")
I know they are still leasing so they must like what they see.
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### Author:  [@TEXMAN](https://www.mineralrightsforum.com/u/TEXMAN)
#### Post date: [September 11, 2025, 7:39pm UTC](https://www.mineralrightsforum.com/t/can-comstock-make-money-in-the-western-haynesville/83576/8 "2025-09-11T19:39:47Z")
The numbers I have seen have shown pretty low decline rates. I’m sure they are choked back.
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### Author:  [@gergs1973](https://www.mineralrightsforum.com/u/gergs1973)
#### Post date: [September 12, 2025, 9:21pm UTC](https://www.mineralrightsforum.com/t/can-comstock-make-money-in-the-western-haynesville/83576/9 "2025-09-12T21:21:22Z")
Hi TEXMAN, what does it mean to have shown low decline rates and please define what it means that they are choked back? Thanks
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### Author:  [@Alan\_Herrington](https://www.mineralrightsforum.com/u/Alan_Herrington)
#### Post date: [September 12, 2025, 9:52pm UTC](https://www.mineralrightsforum.com/t/can-comstock-make-money-in-the-western-haynesville/83576/10 "2025-09-12T21:52:57Z")
When I have time, I will post about decline rates. Some of Comstock’s wells have shown sharp drops recently. My impression is that Aethon has some wells with longer “legs” than Comstock.
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### Author:  [@TEXMAN](https://www.mineralrightsforum.com/u/TEXMAN)
#### Post date: [September 12, 2025, 11:13pm UTC](https://www.mineralrightsforum.com/t/can-comstock-make-money-in-the-western-haynesville/83576/11 "2025-09-12T23:13:04Z")
I have heard that these wells, while certainly declining, show lower rates because they are being curtailed because of outlet capacity.
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### Author:  [@TroubledVictor](https://www.mineralrightsforum.com/u/TroubledVictor)
#### Post date: [September 13, 2025, 11:53am UTC](https://www.mineralrightsforum.com/t/can-comstock-make-money-in-the-western-haynesville/83576/12 "2025-09-13T11:53:11Z")
Unfortunately, it does not seem to be the case after 10-11 months.
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### Author:  [@mwils51](https://www.mineralrightsforum.com/u/mwils51)
#### Post date: [September 13, 2025, 1:51pm UTC](https://www.mineralrightsforum.com/t/can-comstock-make-money-in-the-western-haynesville/83576/13 "2025-09-13T13:51:10Z")
Alan, as I am sure you are already aware, Atheon’s Curry #2 well is still producing like mad after almost 3 years. Every time production dips a little for a couple of months it returns right back to near peak production. My family and I have interest in the nearby Aethon KODA well. It is doing very well after over 2 years. I keep praying it will make another return trip or two back to peak production the way Currie has but so far no cigar. Right next door to me is Comstock’s initial well that started this whole Western Haynesville play CIRCLE M ALLOC and it looks to be fizzling out.
I would be very interested in your thoughts, predictions, and analysis!
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### Author:  [@Mineral\_Owner5](https://www.mineralrightsforum.com/u/Mineral_Owner5)
#### Post date: [September 14, 2025, 11:32pm UTC](https://www.mineralrightsforum.com/t/can-comstock-make-money-in-the-western-haynesville/83576/14 "2025-09-14T23:32:19Z")
The best play is the Deep Bossier in Houston County drilled horizontal on my mineral rights!
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### Author:  [@Alan\_Herrington](https://www.mineralrightsforum.com/u/Alan_Herrington)
#### Post date: [September 15, 2025, 7:06pm UTC](https://www.mineralrightsforum.com/t/can-comstock-make-money-in-the-western-haynesville/83576/15 "2025-09-15T19:06:27Z")
Here is a production comparison for Aethon’s and Comstock’s best wells so far in the Western Haynesville play:
**Aethon Currie 2HB:**
Total production days: 1,006
Average daily production through June 2025: 20,471 MCF
Average daily production during June 2025: 18,540 MCF
% of overall average production: 90.6%
**Comstock Circle M:**
Total production days: 1,171
Average daily production through June 2025: 16,561 MCF
Average daily production during June 2025: 2,008 MCF
% of overall average production: 12.1%
This is a pattern that applies to most of the Aethon and Comstock wells that have been in production for at least a year. The Aethon wells have higher average daily production and the decline rate is lower over time. However, most of the Comstock wells do not show as steep a decline as the Circle M has.
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### Author:  [@NMoilboy](https://www.mineralrightsforum.com/u/NMoilboy)
#### Post date: [September 15, 2025, 7:56pm UTC](https://www.mineralrightsforum.com/t/can-comstock-make-money-in-the-western-haynesville/83576/16 "2025-09-15T19:56:30Z")
_Hi TEXMAN, what does it mean to have shown low decline rates and please define what it means that they are choked back? Thanks_
Not TXMAN. Low decline rates mean the gas production rate has not declined very much.
Re: “choked back.” You are using a choke to hold back pressure on the well. Think of it like a propane tank where you have barely opened the valve (choke). Propane comes out, lowers the pressure in the tank, in an hour you will have less pressure in the tank which affects the rate at which pressure comes out of the tank, thus the rate goes down. If you slowly open the valve/choke with time you can keep the rate flat or mostly flat (but then you are taking more propane out of the tank and lowering the pressure even more). At some point the valve is fully open, and then the rate starts falling off the table.
If your well is in better rock, or thicker rock, or you put a better frac on it… you effectively have a bigger tank. Gross simplification but shrug.
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### Author:  [@gergs1973](https://www.mineralrightsforum.com/u/gergs1973)
#### Post date: [September 15, 2025, 10:40pm UTC](https://www.mineralrightsforum.com/t/can-comstock-make-money-in-the-western-haynesville/83576/17 "2025-09-15T22:40:14Z")
Hi Alan, research from AI gives many clues to the difference in these 2 wells’ average production percentages. Many factors are involved to come up with these figures. Sounds like comparing apples to oranges as far as the research coming from AI. I am not necessarily disagreeing, but further research may be warranted with these 2 wells.
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### Author:  [@gergs1973](https://www.mineralrightsforum.com/u/gergs1973)
#### Post date: [September 15, 2025, 10:46pm UTC](https://www.mineralrightsforum.com/t/can-comstock-make-money-in-the-western-haynesville/83576/18 "2025-09-15T22:46:27Z")
Very well done, I appreciate the descriptive explanation. Helpful.
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### Author:  [@TEXMAN](https://www.mineralrightsforum.com/u/TEXMAN)
#### Post date: [September 15, 2025, 10:55pm UTC](https://www.mineralrightsforum.com/t/can-comstock-make-money-in-the-western-haynesville/83576/19 "2025-09-15T22:55:36Z")
Comstock must be very happy with their results. They have bet the company on it and continue to lease in Leon County.
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### Author:  [@Alan\_Herrington](https://www.mineralrightsforum.com/u/Alan_Herrington)
#### Post date: [September 15, 2025, 11:14pm UTC](https://www.mineralrightsforum.com/t/can-comstock-make-money-in-the-western-haynesville/83576/20 "2025-09-15T23:14:58Z")
I’m not sure what you mean by AI. The numbers I provided are from the wells’ actual production to date. Nothing has been projected.
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