Comstock Resources, Inc. Announces Haynesville Shale Acreage Acquisition
December 19 2018 - 4:20PM
COMSTOCK RESOURCES, INC.
ANNOUNCESHAYNESVILLE 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
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