The morning after the Super Bowl, Jay Allison remarked upon the New England Patriots’ comeback win. “I thought the game was going to be just horrible and then it became great. Like the Haynesville: It became horrible and now it’s great again.”
The chairman and CEO of Dallas-based Comstock Resources Inc. faced some daunting decisions in late 2014. Operating in the Eagle Ford, oil had already fallen from more than $100 during the summer to less than $75 before Thanksgiving. The OPEC-induced free-fall eventually found bottom at just under $27 in early 2016.
“The past couple of years were one of the worst oil crises in a generation,” Allison said. “It wiped out trillions of dollars in market value. It made most drilling prospects worthless no matter what basin you were in—or no matter what country you were in.”
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Source: Daily Dose of ShaleDirectories.com News