COMSTOCK RESOURCES, INC. ANNOUNCES CLOSING OF BAKKEN DIVESTITURE
16 Novembro 2021 - 6:15PM
Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK)
today announced it has closed on the sale of the previously
announced divestiture of its Bakken shale non-operated properties
for total consideration of $154 million, before selling expenses
with an effective date of October 1, 2021. The properties sold
include non-operated interests in 442 producing wells (68.3 net)
producing approximately 4,500 barrels of oil equivalent per day.
Comstock expects to recognize a pre-tax loss of $150-$160 million
on the divestiture.
A portion of the sales proceeds will be used to
fund a $36.4 million acquisition of predominantly undeveloped
Haynesville shale acreage in East Texas. The acquisition includes
22,175 net acres in Harrison, Leon, Panola, Robertson and Rusk
Counties and includes interests in 38 (18.8 net) producing wells
with current gas production of 1.7 MMcf/day.
Approximately 95% of the acreage to be acquired is held by
production. An affiliate of the Company's majority stockholder is
acquiring the remaining 50% of the acreage and wells alongside
Comstock. Comstock will operate the drilling program and has
identified 104.4 net drilling locations on the jointly acquired
acreage. The acquisition is expected to close before year-end.
"This value adding bolt-on acquisition will add
52.2 high quality net drilling locations to Comstock's prospect
inventory and will allow us to extend the lateral length on 19 of
our existing drilling locations by more than 3,000 feet", stated M.
Jay Allison, Chairman and Chief Executive Officer of Comstock.
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.
Ron Mills
VP of Finance and Investor Relations
Comstock Resources
972-668-8834
rmills@comstockresources.com
Comstock Resources (NYSE:CRK)
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