Comstock Resources, Inc. Adds to Haynesville Acreage with Joint Development Venture
January 09 2017 - 6:45AM
COMSTOCK
RESOURCES, INC. ADDS TO HAYNESVILLE
ACREAGE WITH JOINT DEVELOPMENT VENTURE
FRISCO, TEXAS,
January 9, 2017 - Comstock Resources, Inc. ("Comstock" or the
"Company") (NYSE: CRK) today announced that it has entered into a
joint development venture that will target the Haynesville
shale.
Comstock and USG Properties
Haynesville, LLC ("USG") have entered an agreement to jointly
develop certain acreage prospective for the Haynesville shale in
Louisiana and Texas which has recently been acquired by USG.
Comstock will operate the wells to be drilled and will manage the
drilling program. Comstock will receive a 12.5% working
interest in the acreage in consideration for serving as operator
and can acquire an additional 12.5% working interest in each well
drilled by reimbursing USG for the related acreage costs of the
well being drilled. Initially, USG is contributing 3,315 net
acres to the venture. Comstock estimates that a minimum of 20
wells will be drilled to develop this acreage and plans to add a
third operated drilling rig in April 2017 to drill the joint
venture wells. Comstock also intends to work with USG to acquire
additional acreage for the joint development venture.
With the addition of the joint
development venture, Comstock has revised its capital budget for
2017 to $168.5 million and anticipates drilling 24 (18.9 net)
Haynesville shale wells in 2017.
The Company additionally announced
that it has continued to add to its hedging program for 2017 with
the continued improvement in natural gas prices. Currently,
the Company has, in the aggregate, hedged 65 million cubic feet per
day of its 2017 natural gas production at $3.37 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
Comstock Resources (NYSE:CRK)
Historical Stock Chart
From Apr 2024 to May 2024
Comstock Resources (NYSE:CRK)
Historical Stock Chart
From May 2023 to May 2024