Comstock Resources, Inc. Announces Closing of South Texas Divestiture and Hedging Update
December 12 2016 - 5:38PM
COMSTOCK
RESOURCES, INC. ANNOUNCES
CLOSING OF SOUTH TEXAS DIVESTITURE AND HEDGING
UPDATE
FRISCO, TEXAS,
December 12, 2016 - Comstock Resources, Inc. ("Comstock" or the
"Company") (NYSE: CRK) today announced that it has closed the
previously announced sale of its conventional natural gas
properties in South Texas. The Company received proceeds of
$26.7 million from the divestiture representing the sales price of
$28 million as adjusted for activity subsequent to the effective
date. Comstock intends to use the proceeds from the sale
toward funding its 2016 drilling program.
Additionally, the Company
announced that it has expanded its hedging program for 2017 with
the recent improvement in natural gas prices. Currently, the
Company has hedged 50 million cubic feet per day of its 2017
natural gas production at $3.32 per Mmbtu.
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.
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Comstock Resources, Inc via Globenewswire
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