Slide 1: Investor Presentation
Investor Presentation October 2026
Slide 2: Disclaimer
Disclaimer This presentation includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements give our current expectations or forecasts of future events. These statements include
Slide 3: Investment Considerations
Investment Considerations • A leading Haynesville operator with substantial scale • Largest acreage position in Haynesville/Bossier shale, a premier natural gas basin • Substantial Upside in emerging Western Haynesville play • Robust inventory of 3,344 high-return net drilling locations • Access to
Slide 4: Transformative Strategic Partnership with SOCAR
Transformative Strategic Partnership with SOCAR Letter of Intent Purchase Price Asset Perimeter Entered into a binding letter of intent $1.65 billion cash, subject to SOCAR will acquire 20% of on August 31, 2026; completion of customary adjustments; proceeds Comstock's interest in Legacy the transac
Slide 5: Investment Considerations
Investment Considerations Key Partnership Impacts to Comstock The $1.65 billion purchase price provides strong validation of the value implied by the quality and longevity of Comstock’s upstream assets in Value Validation the Legacy Haynesville and Western Haynesville Reaffirmation of the signif
Slide 6: Strategic SOCAR Investment
Strategic SOCAR Investment Strategic Partnership Allows Comstock to Retain Significant Ownership and Upside in the Assets Arkansas SOCAR is paying $1.65 billion in cash to acquire: Legacy Texas Haynesville Louisiana • 20% non-operated working interest in Legacy Haynesville upstream assets • 15% non-
Slide 7: Strategic Partnership with SOCAR
Strategic Partnership with SOCAR A Country with More Than 170 Years of Expertise in Oil & Gas Development SOCAR Overview SOCAR Natural Gas Presence • State-owned oil company of Azerbaijan • Integrated energy group ▪ Baa3 and BBB Ratings (Moody’s / Fitch) ▪ > $45 billion Group Revenue 1846 - first ev
Slide 8: Benefits of the Strategic Partnership
Benefits of the Strategic Partnership Partnership combines Comstock’s Gulf Coast location, access to significant gas reserves, and midstream operations with SOCAR’s LNG and trading platforms Scaled footprint across Legacy and Western Haynesville with decades of drilling inventory Positioned to optim
Slide 9: Integrated Value Chain
Integrated Value Chain Expanded Value Maximization and Volatility Management Capabilities • End-to-end gas monetization capability: SOCAR complements Comstock’s existing asset base by bringing an expanded trading platform and downstream marketing capability • Gateway to European gas markets: SOCAR p
Slide 10: Pro Forma Capitalization
Pro Forma Capitalization Deleveraging Transaction with Net Debt Reducing to < $1.5 billion on a Pro Forma Basis Overview Capitalization Table 1 • Proceeds from the transaction will be used to ($ in millions) 6/30/2026 Adjustments Pro Forma repay the outstanding balance under the Total Net Debt $3,08
Slide 11: $450 million Drilling Venture With Jerry Jones
$450 million Drilling Venture With Jerry Jones • On August 31, 2026, we entered into a Haynesville shale drilling venture with Jerry Jones, the Company’s majority stockholder • Beginning September 1, 2026, a partnership owned by the Jones family will fund the drilling and completion costs of 85% of
Slide 12: Haynesville Shale Footprint
Haynesville Shale Footprint Leading acreage position in Haynesville/Bossier shale play in Texas and Louisiana - 1,078,228 gross / 809,244 net acres Western Haynesville Legacy Haynesville (733,912 gross/ 545,190 net) (344,316 gross/ 264,054 net) Harrison Webster Bossier Caddo Bienville Panola Red Rus
Slide 13: Drilling Inventory
Drilling Inventory Legacy Haynesville As of June 30, 2026 13 • Average lateral length of location inventory is 10,153 feet • Includes 113 (90 net) U or J Hook locations (60 Haynesville, 53 Bossier) 13
Slide 14: Drilling Inventory
Drilling Inventory Western Haynesville As of June 30, 2026 • Assumes average working interest of 70% to 90% 14 14
Slide 15: Haynesville Horseshoe Wells
Haynesville Horseshoe Wells • The horseshoe design can convert four sectional laterals into two 2-mile lateral wells • Drilling costs savings of 35% - $800 per lateral ft. vs $1,240 for a short lateral • Drilling inventory in Legacy Haynesville now includes 113 future horseshoe locations • Comstock
Slide 16: Lateral Lengths
Lateral Lengths Average Lateral Length (feet) Legacy Haynesville Western Haynesville Wells that reached Total Depth Uncompleted wells are estimated 16
Slide 17: YTD 2026 Drilling Results
YTD 2026 Drilling Results •22 operated wells were turned to sales with an average lateral length of 12,052 feet and an average per well IP rate of 31 MMcf per day Well Name Lateral TTS Date IP Rate Louisiana 1 Whitney Corp 28-33-4 #1 13,737 03/25/2026 28 Harrison Webster 2 Whitney Corp 28-33-4 #2 15
Slide 18: YTD 2026 Drilling Results
YTD 2026 Drilling Results • Eleven operated wells were turned to sales with an average lateral length of 10,331 feet and average Freestone per well IP rate of 31 MMcf per day Well Name Lateral TTS Date IP Rate Limestone 1 Hutto Rodell #1 8,261 01/16/2026 20 2 Bumpurs NMH #1 11,325 03/10/2026 32 3 Bu
Slide 19: Drilling Efficiency
Drilling Efficiency Legacy Haynesville Drilling Days to Total Depth Footage per Day 19 Excludes pilot holes, cores and sidetracks.
Slide 20: Drilling Efficiency
Drilling Efficiency Western Haynesville Drilling Days to Footage Total Depth per Day Excludes pilot holes, cores and sidetracks. 20
Slide 21: D&C Costs
D&C Costs Legacy Haynesville Drilling Completion (Laterals > 8,500 ft.) ($ per Lateral Foot) Wells that reached Total Depth Wells turned to Sales Excludes pilot holes, cores and sidetracks. 21
Slide 22: D&C Costs
D&C Costs Western Haynesville Drilling Completion ($ per Lateral Foot) Wells that reached Total Depth Wells turned to Sales Excludes pilot holes, cores and sidetracks. 22
Slide 23: Gulf Coast LNG
Gulf Coast LNG • U.S. natural gas markets are structurally tightening due to accelerating LNG exports and industrial load growth along the U.S. Gulf Coast • U.S. export capacity is Louisiana projected to expand by ~25 Bcf/d over the next decade • Industrial gas demand is expected to grow ~8 Bcf/d th
Slide 24: Attractive Gas Marketing
Attractive Gas Marketing • Superior price realization due to the proximity to Gulf Coast growing demand from LNG Perryville terminals, petrochemical and (2%) industrial complexes Bethel • Existing transport agreements are (15%) Carthage long-term with favorable rates (27%) • Selling directly to end-
Slide 25: Midstream Subsidiary
Midstream Subsidiary Bethel Gas Plant • Western Haynesville gathering Freestone and treating is provided by Pinnacle Gas Services which has 246 miles of in-service high-pressure pipelines and Limestone two gas treating plants • Comstock owns 73% of Marquez Pinnacle Gas Services and Gas Plant directs
Slide 26: Pinnacle Equity Investment
Pinnacle Equity Investment • On June 15, 2026, Comstock sold a minority equity interest its midstream subsidiary, Pinnacle Gas Services LLC , to certain funds managed by Sixth Street Navarro Bethel Gas Plant • Sixth Street invested $600 million in Pinnacle to acquire a 27% non-controlling common equ
Slide 27: Pinnacle Equity Investment
Pinnacle Equity Investment Sixth Street Partners invested $600 Million investment in Pinnacle Gas Services for a 27% stake Pinnacle and Western Investment implies a ~$2.2 Billion Enterprise Value for Pinnacle Haynesville Value Comstock retains a 73% controlling common equity interest in Pinnac
Slide 28: Power Generation Hub
Power Generation Hub • The Western Haynesville was selected to host the recently announced Texas Natural Gas-Fired Power Generation Hub to deliver dispatchable power at scale to serve large-scale users, including data centers and advanced manufacturing • Located within the rapidly growing ERCOT mark
Slide 29: Low Producing Cost
Low Producing Cost Best-in-class cost structure of gas producers 50% lower than peer average $ / Mcfe 29 Source: Public filings. Based on Q2’26 reported actuals. Gas peers consist of: AR, BKV, CNX, EQT, EXE, GPOR, INR and RRC.
Slide 30: Reserves (at Year-End NYMEX Prices)
Reserves (at Year-End NYMEX Prices) • Spent $1,055 million in 2025 to add 1 Tcfe of Proved Reserves achieving all in finding costs of $1.02 per Mcfe • Replaced 229% of 2025 production Total Reserves (19.3 Tcfe) Bcfe Proved Reserves as of 12/31/24 7,023 7.7 Production (450) Drilling Additions 1,069 R
Slide 31: Capitalization
Capitalization Bank Credit Facilities ($ in millions) 6/30/2026 Upstream $1.5 Billion Secured Revolving Credit Facility: Cash and Cash Equivalents $45 • $2 billion borrowing base (reaffirmed in November 2025) Upstream Credit Facility $545 • Maturity date November 15, 2027 Midstream Credit Facility $
Slide 32: ESG
ESG Comstock strives to maintain sustainable and safe business practices and is committed to conducting business in a responsible manner that protects the environment along with the health, safety and security of employees, contractors and the communities where it operates. Environmental Social Gove
Slide 33: Appendix
Appendix
Slide 34: Natural Gas Hedges
Natural Gas Hedges (Mmcf/d) $/Mmbtu (Mmcf/d) $/Mmbtu (Mmcf/d) $/Mmbtu 2026 Total Swaps 320 $3.51 2027 Total Swaps 110 $3.50 2028 Total Swaps 110 $3.50 Q1 780 Collars 460 $3.50 x $4.35 Q1 510 Collars 400 $3.50 x $4.44 Q1 110 Collars 2026 Total Swaps 320 $3.51 2027 Total Swaps 110 $3.50 2028 Total Swa
Slide 35: Guidance
Guidance Guidance 3Q 2026 2026 Production (Mmcfe/d) 1,300 - 1,400 1,250 - 1,400 Total Capex ($ in Millions) $375 - $450 $1,450 - $1,550 Pinnacle Gas Services ($ in Millions) $25 - $45 $100 - $150 Expenses ($/Mcfe) - Lease Operating ($/Mcfe) $0.25 - $0.29 $0.25 - $0.29 Gathering & Transportation ($/M
Slide 36: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted Net Income Quarter Ended June 30, Six Months Ended June 30, Year Ended December 31, $ in thousands except per share amounts 2026 2025 2026 2025 2025 2024 Net income $ 8,766 $ 124,842 $ 116,216 $ 3,564 $ 420,203 $ (218,754) Unrealized loss (gain) from derivative f