COMSTOCK RESOURCES, INC. ANNOUNCES THE DIVESTITURE OF BAKKEN SHALE ASSETS
07 Outubro 2021 - 7:30AM
Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK)
announced today that it has entered into an asset purchase
agreement with Northern Oil & Gas, Inc. ("NOG") to sell its
assets in the Bakken shale for $154 million in cash, subject to
adjustment and customary closing conditions. The properties being
sold include non-operated interests in over 400 producing wells
(65.9 net) with recent production of greater than 4,500 net barrels
of oil equivalent per day (approximately 65% oil). The sale is
expected to close in the fourth quarter and will have an effective
date of October 1, 2021. Comstock expects to recognize a pre-tax
loss of $130-$140 million on the divestiture. EnergyNet is acting
as exclusive advisor to Comstock on the sale.
Comstock plans to re-invest the proceeds from
the property sale into its Haynesville shale development program,
including the acceleration of completing 13 (9.4 net) drilled and
uncompleted wells which were originally budgeted to be completed in
2022. Comstock may also use a portion of the proceeds to acquire
additional leasehold and to fund additional drilling activity in
2022.
About Comstock Resources
Comstock Resources is a leading independent
natural gas producer with operations focused on the development of
the Haynesville shale in North Louisiana and East Texas. The
Company's stock is traded on the New York Stock Exchange under the
symbol CRK.
This press release may contain
"forward-looking statements" as that term is defined in the Private
Securities Litigation Reform Act of 1995. Such statements are based
on management's current expectations and are subject to a number of
factors and uncertainties which could cause actual results to
differ materially from those described herein. Although the Company
believes the expectations in such statements to be reasonable,
there can be no assurance that such expectations will prove to be
correct. The Company’s Annual Report on Form 10-K,
subsequent Quarterly Reports on Form 10-Q, recent Current Reports
on Form 8-K, and other SEC filings discuss important risk factors
that could affect the Company’s business, results of operations and
financial condition. The forward-looking statements in this news
release speak only as of this date. Comstock does not undertake any
obligation to revise or update publicly any forward-looking
statement.
Ron Mills
VP of Finance and Investor Relations
Comstock Resources
972-668-8834
rmills@comstockresources.com
Comstock Resources (NYSE:CRK)
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