Comstock Resources is based in Frisco, Texas and is engaged in the acquisition, development, production and exploration of oil and natural gas with operations concentrated in the Haynesville Shale in North Louisiana and East Texas. Our common stock is listed and traded on the New York Stock Exchange under the ticker CRK.
Comstock offers potential investors the opportunity to invest in a Company with strong growth potential and a proven track record of successfully developing shale resource plays. In 2020, we are focusing our drilling activities on continued natural gas development in the Haynesville shale using an enhanced completion design. The Company has almost 2,000 drilling locations on its Haynesville/Bossier shale acreage, where the Company estimates to have approximately 18 Tcfe of reserve potential. We have one of the lowest overall cost structures in the industry, driving strong EBITDAX margins of 74% in the fourth quarter of 2019.
At December 31, 2019, we owned interests in 2,800 producing wells. Our oil and gas properties are estimated to have proved reserves of approximately 5.4 Tcfe which are 93% natural gas and 7% oil. Our drilling activity is focused in East Texas and North Louisiana where we have approximately 309,000 net acres prospective for natural gas in the Haynesville or Bossier shale formations. In 2015, we initiated a drilling program based on a new well design that significantly enhanced the economics of these wells. Since that time, Comstock and Covey Park have drilled a total of 252 wells using the enhanced drilling and completion design and these wells had an average per well initial production rate of 23 MMcf per day.