<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
AMENDMENT NO. 1 TO
SCHEDULE 13D
Under the Securities Exchange Act of 1934
COMSTOCK RESOURCES, INC.
------------------------------------------------------
(Name of Issuer)
Common Stock, $0.50 Par Value
------------------------------------------------------
(Title of Class of Securities)
205768203
(CUSIP NUMBER)
CAMBRIDGE INVESTMENTS, LTD.
600 Montgomery Street
27th Floor
San Francisco, California 94111
Tel. No.: (415) 627-3017
-----------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
- with copies to -
Michael G. Tannenbaum, Esq.
Newman Tannenbaum Helpern Syracuse & Hirschtritt LLP
900 Third Avenue - 13th Floor
New York, New York 10022
(212) 508-6700
October 2, 1997 and October 23, 1997
-----------------------------------------------------
(Date of event which requires filing of this statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d- 1(b)(3) or (4) check the following box [ ]
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934, as amended ("Act") or otherwise subject to the liabilities of that section
of the Act but shall be subject to all other provisions of the Act.
Page 1 of 8 Pages
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_______________________________________________________________________________
CUSIP No. 205768203 13D
_______________________________________________________________________________
1 NAME OF REPORTING PERSONS
S.S OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Cambridge Investments, Ltd.
______________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
______________________________________________________________________________
3 SEC USE ONLY
______________________________________________________________________________
4 SOURCE OF FUNDS*
00
______________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) [ ]
______________________________________________________________________________
6 CITIZENSHIP OR PLACE OR ORGANIZATION
U.S.A.
_______________________________________________________________________________
| |
NUMBER OF | 7 | SOLE VOTING POWER
SHARES | |
BENEFICIALLY | | as of October 20, 1997, 1,565,800 shares of Common
OWNED BY | | Stock (See Item 5.)
EACH | |
REPORTING | | as of October 23, 1997, 1,390,400 shares of Common
PERSON WITH | | Stock (See Item 5.)
|_____|________________________________________________________
| |
| 8 | SHARED VOTING POWER
| | 0
|_____|________________________________________________________
| |
| 9 | SOLE DISPOSITIVE POWER
| | as of October 20, 1997, 1,565,800 shares of Common
| | Stock (See Item 5.)
| |
| | as of October 23, 1997, 1,390,400 shares of Common
| | Stock (See Item 5.)
|_____|_________________________________________________________
| |
| 10 | SHARED DISPOSITIVE POWER
| | 0
_______________|_____|_________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
as of October 20, 1997, 1,565,800 shares of Common Stock (See Item 5.)
as of October 23, 1997, 1,390,400 shares of Common Stock (See Item 5.)
______________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
______________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
as of October 20, 1997, 6.47% shares of Common Stock (See Item 5.)
as of October 23, 1997, 5.75% shares of Common Stock (See Item 5.)
______________________________________________________________________________
14 TYPE OF REPORTING PERSON*
IA
______________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT
Page 2 of 8 Pages
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AMENDMENT NO. 1 TO
------------------
SCHEDULE 13D
------------
This Amendment No. 1 to Schedule 13D is being filed on behalf
of Cambridge Investments, Ltd., a California corporation ("Cambridge" or "CIL"),
registered as an investment advisor in the State of California, regarding shares
of Comstock Resources, Inc. acquired on behalf of certain of its clients. The
information contained in this amendment reflects activity relating to two
reportable events. The first of these reportable events occurred on October 2,
1997 and resulted from Cambridge's beneficial ownership in the Issuer increasing
by more than 1% over that which was previously reported. The second reportable
event occurred on October 23, 1997 and resulted from Cambridge's beneficial
ownership in the Issuer decreasing by more than 1% below that which it
beneficially owned as of October 20, 1997.
Item 1. Security and Issuer
-------------------
Securities acquired: Common Stock, $0.50 par value
Issuer: Comstock Resources, Inc. (the "Issuer")
5005 LBJ Freeway - Suite 1000
Dallas, TX 75244
(214) 701-2000
Item 2. Identity and Background
-----------------------
There is no change in this section.
Item 3. Source and Amount of Funds
--------------------------
(i) October 2, 1997 Event: As of October 20, 1997, Cambridge,
through Cambridge Energy, L.P. ("CELP"), Cambridge Energy Fund International
Ltd. ("CEF") Cambridge Oil & Gas, L.P. ("COG"), Cambridge Oil & Gas
International, Ltd. ("COG Int'l"), Palamundo, LDC ("Palamundo"), Quantum
Partners, LDC ("QUE") and Cambridge (collectively, the "Funds"), has invested
approximately $16,860,833.44 in Common Stock of the Issuer as described in Item
5 below. CELP, CEF, COG, COG Int'l., Palamundo, QUE and Cambridge have invested
approximately $3,610,255.47 $3,367,198.46, $1,038,790.25, $725,892.50,
$113,109.75, $3,334,510.60 and $2,059,116.41, respectively. The source of these
funds was the respective working capital of each of the Funds. JRT may be deemed
to have invested directly and indirectly approximately $2,611,960.06 in Common
Stock of the Issuer as described in Item 5 below.
(ii) October 23, 1997 Event: As of October 23, 1997,
Cambridge, through Cambridge Energy, L.P. ("CELP"), Cambridge Energy Fund
International Ltd. ("CEF") Cambridge Oil & Gas, L.P. ("COG"), Cambridge Oil &
Gas International, Ltd. ("COG Int'l"), Palamundo, LDC ("Palamundo"), and Quantum
Partners, LDC ("QUE") (collectively, the "Funds"), has invested approximately
$14,949,048 in Common Stock of the
Page 3 of 8 Pages
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Issuer as described in Item 5 below. CELP, CEF, COG, COG Int'l., Palamundo, QUE
and Cambridge have invested approximately $4,891,740.30, $4,648,682.80,
$1,038,790.25, $725,892.50, $113,109.75, $3,334,510.60 and $0, respectively. The
source of these funds was the respective working capital of each of the Funds.
JRT may be deemed to have invested directly and indirectly approximately
$196,320.75 in Common Stock of the Issuer as described in Item 5 below.
Item 4. Purpose of the Transaction
--------------------------
There is no change in this section.
Item 5. Interest in Securities of the Issuer
------------------------------------
(a)(i) October 2, 1997 Event: As of October 20, 1997,
Cambridge is the beneficial owner of 1,565,800 shares of Common Stock, or 6.47%
shares of the shares outstanding. Of the 1,565,800 shares of Common Stock
described above, (i) 402,900 are deemed beneficially owned by Cambridge in its
capacity as investment advisor for the institutional account of CELP; (ii)
337,366 are deemed beneficially owned by Cambridge in its capacity as investment
advisor for the institutional account of CEF; (iii) 83,200 are deemed
beneficially owned by Cambridge in its capacity as investment advisor for the
institutional account of COG; (iv) 60,650 are deemed beneficially owned by
Cambridge in its capacity as investment advisor for the institutional account of
COG Int'l.; (v) 10,784 are deemed beneficially owned by Cambridge in its
capacity as investment advisor for the institutional account of Palamundo; (vi)
273,500 are deemed beneficially owned by Cambridge in its capacity as investment
advisor for the institutional account of QUE; and (vii) 169,800 are deemed
beneficially owned by Cambridge in its capacity as investment advisor for its
institutional account. JRT, directly and indirectly, may be deemed the
beneficial owner of 227,600 shares of Common Stock or, in the aggregate, 0.9% of
the shares outstanding.
(a)(ii) October 23, 1997 Event: As of October 23, 1997,
Cambridge is the beneficial owner of 1,390,400 shares of Common Stock, or 5.75%
shares of the shares outstanding. Of the 1,390,400 shares of Common Stock
described above, (i) 498,900 are deemed beneficially owned by Cambridge in its
capacity as investment advisor for the institutional account of CELP; (ii)
433,366 are deemed beneficially owned by Cambridge in its capacity as investment
advisor for the institutional account of CEF; (iii) 83,200 are deemed
beneficially owned by Cambridge in its capacity as investment advisor for the
institutional account of COG; (iv) 60,650 are deemed beneficially owned by
Cambridge in its capacity as investment advisor for the institutional account of
COG Int'l.; (v) 10,784 are deemed beneficially owned by Cambridge in its
capacity as investment advisor for the institutional account of Palamundo; and
(vi) 273,500 are deemed beneficially owned by Cambridge in its capacity as
investment advisor for the institutional account of QUE. JRT, directly and
indirectly, may be deemed the beneficial owner of 30,000 shares of Common Stock
or, in the aggregate, 0.1% of the shares outstanding.
Page 4 of 8 Pages
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The number of shares beneficially owned by Cambridge, and the
percentage of outstanding shares represented thereby, have been computed in
accordance with Rule 13d-3 under the Act. The percentage of ownership of
Cambridge on October 20, 1997 and October 23, 1997 is based on 24,199,785
outstanding shares of Common Stock as reported in the Issuer's Quarterly Report
on Form 10-Q as filed with the Securities and Exchange Commission on August 11,
1997.
(b) Cambridge has the sole power to vote and dispose of the
shares of Common Stock held for the institutional accounts of CELP, CEF, COG,
COG Int'l., Palamundo, QUE and Cambridge, respectively. As of October 20, 1997,
JRT has the sole power to vote and dispose of the 227,600 shares of Common Stock
held by him directly or through an entity established for the benefit of his
family. As of October 23, 1997, JRT has the sole power to vote and dispose of
the 30,000 shares of Common Stock held by him directly or through an entity
established for the benefit of his family.
(c) The transactions in the Issuer's securities by Cambridge
since the last filing are listed as Annex A attached hereto and made apart
hereof.
(d) The Funds, respectively, and the entity established for
the benefit of JRT's family have the right to participate in the receipt of
dividends from, or proceeds from the sale of securities held on behalf of such
funds.
(e) Not Applicable.
Item 6. Contracts, Arrangement, Understandings or Relationships with
------------------------------------------------------------
Respect to Securities of the Issuer
-----------------------------------
There is no change in this section.
Item 7. Material to be Filed as Exhibits
--------------------------------
There is no change in this section.
Page 5 of 8 Pages
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CRK
---
<TABLE>
<CAPTION>
==========================================================================================================================
DATE TRANS SHARES PRICE ACCOUNT
(A/D) ($)
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
09/05/97 A 14,800 12.25 CEF
- --------------------------------------------------------------------------------------------------------------------------
09/05/97 A 15,200 12.25 CELP
- --------------------------------------------------------------------------------------------------------------------------
09/05/97 A 4,000 12.25 COG
- --------------------------------------------------------------------------------------------------------------------------
09/05/97 A 800 12.25 COGI
- --------------------------------------------------------------------------------------------------------------------------
09/05/97 A 4,800 12.25 JRT*
- --------------------------------------------------------------------------------------------------------------------------
09/05/97 A 800 12.25 PAL
- --------------------------------------------------------------------------------------------------------------------------
09/05/97 A 4,400 12.25 QUE
- --------------------------------------------------------------------------------------------------------------------------
09/24/97 D (51,500) 11.6432 JRT*
- --------------------------------------------------------------------------------------------------------------------------
09/25/97 D (8,300) 11.8025 JRT*
- --------------------------------------------------------------------------------------------------------------------------
10/01/97 D (4,800) 11.8125 CEF
- --------------------------------------------------------------------------------------------------------------------------
10/01/97 D (4,900) 11.8125 CELP
- --------------------------------------------------------------------------------------------------------------------------
10/01/97 A 2,900 11.8125 COG
- --------------------------------------------------------------------------------------------------------------------------
10/01/97 A 9,000 11.8125 COGI
- --------------------------------------------------------------------------------------------------------------------------
10/01/97 A 11,300 12.083 JRT*
- --------------------------------------------------------------------------------------------------------------------------
10/01/97 A 11,000 12.083 JRT*
- --------------------------------------------------------------------------------------------------------------------------
10/01/97 D (200) 11.8125 PAL
- --------------------------------------------------------------------------------------------------------------------------
10/01/97 D (2,000) 11.8125 QUE
- --------------------------------------------------------------------------------------------------------------------------
10/02/97 D (12,750) 12.375 CEF
- --------------------------------------------------------------------------------------------------------------------------
10/02/97 D (12,600) 12.375 CELP
- --------------------------------------------------------------------------------------------------------------------------
10/02/97 A 123,500 12.5 CIL
- --------------------------------------------------------------------------------------------------------------------------
10/02/97 A 30,000 12.375 COGI
- --------------------------------------------------------------------------------------------------------------------------
10/02/97 A 120,000 12.5 JRT*
- --------------------------------------------------------------------------------------------------------------------------
10/02/97 A 50,000 12.5 JRT*
- --------------------------------------------------------------------------------------------------------------------------
10/02/97 D (1,050) 12.375 PAL
- --------------------------------------------------------------------------------------------------------------------------
10/02/97 D (3,600) 12.375 QUE
- --------------------------------------------------------------------------------------------------------------------------
10/06/97 D (10,000) 13.25 CEF
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 6 of 8 Pages
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================================
DATE TRANS SHARES PRICE ACCOUNT
(A/D) ($)
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
10/06/97 D (10,000) 13.25 CELP
- ------------------------------------------------------------------------------------------------------------------------
10/06/97 A 60,000 13.3844 QUE
- ------------------------------------------------------------------------------------------------------------------------
10/06/97 A 10,000 13.25 QUE
- ------------------------------------------------------------------------------------------------------------------------
10/07/97 A 25,000 13.5 QUE
- ------------------------------------------------------------------------------------------------------------------------
10/09/97 A 21,500 12.9971 QUE
- ------------------------------------------------------------------------------------------------------------------------
10/20/97 D (61,000) 12.9547 JRT*
- ------------------------------------------------------------------------------------------------------------------------
10/21/97 D (50,000) 13.25 JRT*
- ------------------------------------------------------------------------------------------------------------------------
10/21/97 D (20,000) 13.1875 JRT*
- ------------------------------------------------------------------------------------------------------------------------
10/22/97 D (127,600) 13.4156 JRT*
- ------------------------------------------------------------------------------------------------------------------------
10/23/97 A 96,000 13.3488 CEF
- ------------------------------------------------------------------------------------------------------------------------
10/23/97 A 96,000 13.3488 CELP
- ------------------------------------------------------------------------------------------------------------------------
10/23/97 D (169,800) 13.375 CIL
========================================================================================================================
</TABLE>
* These transactions relate to shares held by JRT and any entity established for
the benefit of his family.
Page 7 of 8 Pages
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Signatures
- ----------
After reasonable inquiry and to the best of our knowledge and belief,
the undersigned certify that the information set forth in this statement is
true, complete and correct.
Dated: November 3, 1997
CAMBRIDGE INVESTMENTS, LTD.
By: /s/ Jocelyn E. Weingart
-----------------------
Jocelyn E. Weingart,
Vice President
Page 8 of 8 Pages
