Questions? +1 (202) 335-3939 Login
Trusted News Since 1995
A service for energy industry professionals · Friday, March 29, 2024 · 699,705,346 Articles · 3+ Million Readers

Comstock Resources, Inc. Announces Haynesville Shale Acreage Acquisition

Frisco, Texas, Dec. 19, 2018 (GLOBE NEWSWIRE) --

COMSTOCK RESOURCES, INC. ANNOUNCES
HAYNESVILLE SHALE ACREAGE ACQUISITION

FRISCO, TEXAS, December 19, 2018 – Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) announced today that it has entered into an agreement with Shelby Shale, LLC ("Shelby") to acquire an 88% interest in  6,124 gross acres (6,023 net) limited to Shelby's Haynesville shale rights in Harrison and Panola counties, Texas for $20.5 million.  Comstock will pay the purchase price over a four year period by granting Shelby a 12% interest in each well drilled by Comstock on the acreage up to a total of $20.5 million in carried costs.  Comstock has identified 33 (22.9 net) potential drilling locations on this acreage, including 27 (22.4 net) that would be operated by Comstock.

"The additional acreage added by the Shelby acquisition is near our recently acquired Enduro acreage," stated M. Jay Allison, Chief Executive Officer of Comstock.  "This acreage enhances our long-term opportunity set in the Haynesville shale and will be incorporated into our drilling plans over the next four years."

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.

Comstock Resources, Inc. is an independent energy company based in Frisco, Texas and is engaged in oil and gas acquisitions, exploration and development primarily in Texas and Louisiana.  The Company's stock is traded on the New York Stock Exchange under the symbol CRK.

Comstock Resources
                    Gary H. Guyton
                    Director of Planning and Investor Relations
                    (972) 668-8834

crk_logo.JPG

Powered by EIN News
Distribution channels: Energy Industry


EIN Presswire does not exercise editorial control over third-party content provided, uploaded, published, or distributed by users of EIN Presswire. We are a distributor, not a publisher, of 3rd party content. Such content may contain the views, opinions, statements, offers, and other material of the respective users, suppliers, participants, or authors.

Submit your press release