Comstock 2017 Eagle Ford Divestiture

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2 Opportunity Overview Opportunity to acquire a highly economic, operated oil asset in the black and volatile oil windows of the Eagle Ford play A partially developed oil asset with a strong PDP base in a low risk area of the play Q net production of 2,866 boe/d (1) (>70% oil) from 184 operated and 7 non-operated wells Large leasehold of ~18,600 net acres (~90% HBP) in McMullen, LaSalle, Frio, Atascosa, Wilson, and Karnes counties, Texas Eagle Ford acreage over 63% undeveloped Over 327 gross (214 net) drilling locations in the Lower Eagle Ford; additional potential locations in Upper Eagle Ford, Austin Chalk, and Buda formations Recent Eagle Ford completions using higher proppant intensity have yielded 14% to 39% greater EURs than legacy wells Low D&C costs and short cycle times; wells with 7,500 lateral length average 13 days spud to rig release Extensive infrastructure in place, including field electrification, CDPs, and midstream to facilitate full development No long-term midstream commitments Offset operators include EOG, Cabot, Titan, BHP, Carrizo, Chesapeake, EP Energy, Lonestar, Murphy, and Sundance Energy 1 1. Reported on a 2-stream basis.

3 Key Investment Highlights Large contiguous Eagle Ford position Low risk highly economic upside inventory Predictable production and cash flow ~18,600 net acre position, primarily in the prolific black and volatile oil windows of McMullen, LaSalle, Frio, Atascosa, Wilson, and Karnes counties Operational control with high average WI of ~69%. Main partners are KKR, Cortez, and Eagle Ford Minerals LLC Legacy KKR agreement may allow buyer to increase acquisition size by ~20% if tag along election is made (no pref right) Potential for lateral lengths in excess of 10,000 feet in some areas given lease configuration, partner support, and shallow depths Gross Eagle Ford thickness of up to ~180 (~150 average) across the position Low-risk upside consists of 279 gross operated Lower Eagle Ford drilling locations and 48 non-op locations Significant running room with over 63% of the Eagle Ford locations undeveloped Inventory infills and extends existing development by downspacing to latest spacing and modernizing completions De-risked through a high degree of well control and third party seismic surveys 99% of locations have IRRs over 20% at flat $55/ bbl WTI oil and $3.00/mcf Henry Hub gas pricing Modern completion methods are providing a significant performance uplift over historical results in the area Tighter cluster spacing (15-25 ) and higher proppant/fluid loading are resulting in a 14% to 39% uplift over legacy wells Uplift from modern completions and longer laterals proven in multiple offset wells Significant Liner Refrac potential with larger completion designs on legacy wells Majority of existing wells were completed with older techniques Other Eagle Ford operators older style refracs are increasing production by an average of 74% of IP rates New design incorporating a new liner, new perf, and larger proppant expected to provide up to 2x the original IP Upper Eagle Ford prospective and untested for staggered/stacked development across a portion of the acreage (unquantified) Austin Chalk is productive in numerous offsets yet is unquantified across Comstock s position Average net production of 2,866 boe/d (>70% oil, 2-stream basis) from 191 PDP wells as of Q Comstock s most recently drilled well came on in February 2015 Next twelve month PDP decline rate of ~15% High degree of control as ~90% of leasehold is HBP and almost 98% of current production is operated LTM (1) cash flow is approximately $35 million; 2018E cash flow projected to be ~$100 million at $55/bbl average oil price Predictable PDP cash flow with high netbacks supports exploitation and financing activities Infrastructure in place with ample takeaway capacity supports full development plan Area exit for Comstock Full exit of South Texas Eagle Ford play for Comstock (all rights, all depths) Asset under-capitalized as Comstock has focused on Haynesville development (last well drilled 2015) Experienced field operations staff are available for hire Provides an attractive entry vehicle or bolt-on acquisition with exposure to some of the most economic parts of the Eagle Ford 2 1. LTM = Last 12 months.

4 Geological Overview GEOLOGICAL HIGHLIGHTS OF THE LOWER EAGLE FORD IN THE COMSTOCK ACREAGE AREA Acreage area lies primarily in the black and volatile oil windows of the Eagle Ford play 3 Gross Eagle Ford thickness of up to ~180 (~150 average) across the position Porosity averages 11% and OOIP estimates of ~20 mmbbls per section Additional upside potential possible in the Upper Eagle Ford, Austin Chalk, and Buda formations

5 COMMENTARY CROSS SECTION AND LOCATION MAP ON SSTVD STRUCTURE Shallower to the northwest and deeper to the southeast Centerline landing targets chosen at middle or lower half of Lower Eagle Ford section EAST Landing targets generally picked in intervals of high porosity Coates Regional dip in Lower Eagle Ford of 2 Porosity trends: Average DPHI of 11% Average Net thickness greater than 9% DPHI 104 Net-to-gross (N:G) of 70% at 9% DPHI Graben-style normal faulting encountered at terminus of Atascosa Trough in northern Schorp leases WEST Schorp Y-Bar Jupe/NWR N. Cortez Henry Dome Geosteering solution obtained from previous wells and uncertainty mitigated by 2D seismic lines Radiating faults related to Henry Dome bisect few wells on edge of Gloria Wheeler lease RTH Swenson Hill Previous wells steered across faults 3D seismic coverage over entire lease WEST EAST >9% SPHI >30 ohm >9% DPHI 4

6 Highly Productive Wells Continue to be Drilled by Offset Operators Orion 1H 1 Cabot IP30: 922 boe/d 1 st 6 mo: 11 boe/ft Burns Ranch O 3H 2 Chesapeake IP30: 1,529 boe/d 1 st 6 mo: 30 boe/ft Tom Hanks EF 35 3 Verdun IP30: 1,684 boe/d 1 st 6 mo: 24 boe/ft Martin Ranch A 34H 4 Matador IP30: 1,896 boe/d 1 st 6 mo: 64 boe/ft Hindes Unit 7H 5 EOG IP30: 3,037 boe/d 1 st 6 mo: 36 boe/ft Naylor Jones 39 6H 6 EOG IP30: 2,464 boe/d 1 st 6 mo: 26 boe/ft Smart Unit 6H 7 EOG IP30: 2,271 boe/d 1 st 6 mo: 36 boe/ft Antrim Cook 4H 8 EOG IP30: 2,115 boe/d 1 st 6 mo: 33 boe/ft Peeler Ranch Q 5H 9 Chesapeake IP30: 3,409 boe/d 1 st 6 mo: 26 boe/ft Gordon A Unit 5H 10 EOG IP30: 972 boe/d 1 st 6 mo: 10 boe/ft Gordon A Unit 6H 11 EOG IP30: 1,101 boe/d 1 st 6 mo: 12 boe/ft 5 Source: DrillingInfo

7 Gross Oil (bopd) IRR Comstock 2017 Eagle Ford Divestiture Low Risk Drilling Inventory Generates Robust Returns ROBUST UPSIDE ECONOMICS REFRACS AND LOWER EAGLE FORD DRILLING LOCATIONS (1) Liner Refracs McMullen Four Corners Frio Atascosa Wilson Pilot 100% + 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 1,200 1, Count 7,500' Low GOR Type Curve IP30: EUR: IRR: PV bo/d 575 mboe 70% $5,113m Months 99% of locations have IRRs greater than 20% 6 Note: Flat $55/bbl WTI oil and $3.00/mcf Henry Hub gas pricing. 1. For convenience, Wilson / Karnes acreage not shown.

8 WTI ($bbl) Net Production (boe/d) Cash Flow ($mm) Comstock 2017 Eagle Ford Divestiture Predictable Production and Cash Flow Supports Development HISTORICAL & FORECASTED NET PDP PRODUCTION & CASH FLOW $70 7,000 Net Production WTI Monthly PDP Cash Flow $6.0 $60 6,000 Last LOS Data 31-Jul-17 Effective Date 01-Nov-17 $5.0 $50 $40 $30 $20 5,000 4,000 3,000 2,000 $4.0 $3.0 $2.0 $10 1,000 Historical Forecast $1.0 $0 0 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct NOVEMBER 2017E NET PRODUCTION BY COMMODITY BY OPERATORSHIP BY FORMATION NGL 14% Gas 11% Non-op 2% Lower Eagle Ford 100% 3.1 mboe/d 3.1 mboe/d 3.1 mboe/d Oil 75% Op 98% 7 Note: Flat $55/bbl WTI oil and $3.00/mcf Henry Hub gas pricing. Production quoted on a 3-stream basis.

9 KKR Joint Venture KKR participates in Comstock s Eagle Ford shale drilling program in South Texas for onethird of its working interest in wells drilled in exchange for paying $25,000 per acre for the net acreage being acquired KKR earns one-third of Comstock s working interest in an 80 acre Designated Well Tract ( DWT ) assigned to each well drilled The JV applies to wells spud on or subsequent to March 31, 2012 The JV allowed Comstock to accelerate drilling in the Eagle Ford shale program Reserve Report assumes that KKR participates pro-rata for wells drilled within existing DWTs, but not for wells drilled outside of existing DWTs KKR JV agreement includes A tag-along right A maintenance right A tax partnership 8

10 Comstock s Estimated Net Reserves and Present Value (PV-10) Total Summary Resource Estimate as of November 1, 2017 (1) Category Count Net Oil Net NGL Net Gas Net Total Net Capex Net PV-0 Net PV-10 Dev. Costs (mbbl) (mbbl) (mmcf) (mmboe) ($mm) ($mm) ($mm) ($/boe) PDP 191 7,618 1,340 6, $1.2 $219.4 $132.6 n.a. PUD ,999 6,989 33, $818.4 $1,146.4 $434.0 $14.20 Total Proved ,618 8,329 40, $819.6 $1,365.8 $566.6 n.a. PROB ,838 3,047 14, $317.0 $438.5 $166.9 $14.24 Liner Refracs ,503 3,225 15, $395.4 $684.3 $178.7 $13.95 Total ,959 14,601 70, $1,532.0 $2,488.6 $912.3 n.a. NET PV-10 BY CATEGORY NET RESERVES BY PRODUCT NET RESERVES BY OPERATORSHIP Liner Refracs 20% PRB 18% PDP 14% $912 mm PUD 48% NGL 12% Gas 10% 118 mmboe Oil 78% Non-op 4% 118 mmboe Op 96% 9 Note: Flat $55/bbl WTI oil and $3.00/mcf Henry Hub gas pricing. 1. Excludes value of KKR s interest which may be tagged along.

11 Additional Transaction Information Confidentiality Agreement Download at signed copy to Evaluation Materials Includes supporting documents such as land, commercial assumptions, and technical support Comstock Reserve Report in ARIES and PHDWin Data Rooms (Houston, TX) Open After executing a Confidentiality Agreement, please contact Chelsea Neville ( , Comstock.EagleFord@bmo.com) to schedule a Data Room appointment Final Offers Final offers expected week of January 15 th, 2018 Bid Instructions and exact Bid Date will be communicated to participants Primary Contact Submit questions and inquiries to Comstock.EagleFord@bmo.com DECEMBER 2017 JANUARY 2018 S M T W T F S S M T W T F S Data Room presentations Bid week Holiday 10 BMO Capital Markets Project Team Geoff Roberts MD / Head of US A&D geoff.roberts@bmo.com Disclaimer Howard Barnwell Director / Transaction Mgr howard.barnwell@bmo.com Eric Monus, PE Senior Engineer eric.monus@bmo.com Jennifer Jacobs Senior Engineer jennifer1.jacobs@bmo.com Sean Gryger Senior Geoscientist sean.gryger@bmo.com Dan Schockling Director / Commercial dan.schockling@bmo.com NOTE: All or part of the Comstock 2017 Eagle Ford Divestiture is subject to prior sale at any time and any dates are subject to revisions at any time, at the sole discretion of Comstock Resources, Inc ( Comstock ) and BMO Capital Markets Corp. ( BMOCMC ). Please do not contact Comstock directly. Direct all inquiries to the BMO Capital Markets Corp. ( BMOCMC ) personnel listed above. DISCLAIMER: No representation or warranty is given as to the achievement, completeness, accuracy or reasonableness of any information, data, projection, forecast, or other forward-looking statement (including, but not limited to, with respect to future production and the cash flows to be derived therefrom) contained in this presentation, all of which (i) reflect various assumptions made by, and significant elements of judgment of, Comstock and its management and (ii) are subject to business, economic and competitive uncertainties and contingencies. Neither Comstock, nor any of its directors, officers, employees, affiliates, consultants, representatives or agents, including, but not limited to, BMOCMC, (i) assumes any responsibility or duty to update or revise this information, or to inform any prospective purchaser(s) of any matter of which any of them becomes aware that may affect any matter referred to in this information, (ii) accepts responsibility for any errors and omissions which may be contained herein and (iii) accepts any liability whatsoever for any loss (whether direct or consequential) arising from any use of or reliance on this information. In all cases, interested parties should conduct their own investigation and analysis of the properties, in consultation with their own legal, technical, financial, accounting and other advisors. The presentation of this information does not constitute an offer that can be accepted to form a binding contract or deemed a basis for contract by estoppel or otherwise, and no prospective purchaser may rely on this information as a basis for incurring any costs, undertaking any obligation or foregoing any opportunity. Comstock reserves the right, at any time, to terminate any ongoing discussions with any prospective purchaser and to modify any procedures without giving advance notice or providing any reason therefor to such prospective purchasers, and the act of providing this information shall not be construed, interpreted or implied to obligate Comstock to furnish any additional information or to compel Comstock to consummate a transaction with respect to all or any portion of the Properties. No legal relationship shall be created between Comstock and the recipient by virtue of the provision of this information by Comstock or by virtue of any discussion or communications in connection herewith. Comstock further reserves the right to take any action with respect to the Properties, whether within or outside the ordinary course of business. This document is not to be construed as an offer or solicitation to buy or sell any security..