CRK Company Profile

We are engaged in the acquisition, development, production and exploration of oil and natural gas. Our common stock is listed and traded on the New York Stock Exchange under the symbol "CRK". Our oil and gas operations are primarily concentrated in Texas and Louisiana. Our operations are principally focused in two operating areas: East Texas/North Louisiana and South Texas. Our properties have an average reserve life of approximately 14.8 years and have extensive development and exploration potential. Our properties in the East Texas/North Louisiana region, which are primarily prospective for natural gas, include 78,437 acres (66,172 net to us) in the Haynesville or Bossier shale formations. Advances in drilling and completion technology have allowed us to increase the reserves recovered through longer horizontal lateral length and substantially larger well stimulation. As a result of the improved economic returns that we achieved with our Haynesville shale natural gas wells, and continued low oil prices, our 2015 and 2016 drilling activity primarily targeted natural gas in the Haynesville shale. In our South Texas region, our Eagleville field includes 25,949 acres (19,046 net to us) located in the oil window of the Eagle Ford shale. In addition to our acreage in the Eagle Ford shale, we have 71,813 acres (66,698 net to us) in Mississippi and Louisiana that are prospective for oil development in the Tuscaloosa Marine shale. We currently have no plans to develop the Tuscaloosa Marine shale properties prior to the expiration of the leases unless oil prices improve significantly in the near term.

Grow Oil and Natural Gas Reserves and Production. Each year, we conduct exploration and development activities to grow our reserve base and to replace our production. In 2016, we focused on our Haynesville shale properties in North Louisiana as these properties provide us the highest returns within our opportunity set. We deferred further development of our oil and other natural gas properties given the low oil and natural gas prices.

Exploit Existing Reserves. We seek to maximize the value of our oil and natural gas properties by increasing production and recoverable reserves through development drilling and workover, recompletion and exploitation activities. We utilize advanced industry technology, including horizontal drilling, enhanced logging and steering tools, and formation stimulation techniques.

The Logansport field located in DeSoto Parish, Louisiana primarily produces from the Haynesville and Bossier shale formations at a depth of 11,100 to 11,500 feet and from multiple sands in the Cotton Valley and Hosston formations at an average depth of 8,000 feet. Our proved reserves of 739.0 Bcfe in the Logansport field represent approximately 81% of our proved reserves. We own interests in 252 wells (173.8 net to us) and operate 187 of these wells in this field. Most of our drilling activities have been focused on our Logansport field where we drilled 9 wells (8.6 net to us) and 11 wells (7.8 net to us) in 2015 and 2016, respectively. We plan to drill 16 wells in Logansport in 2017 targeting the Haynesville shale formation.