Mon, Dec 22, 2014 00:21
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Comstock Resources Completes Oil and Gas Property Divestitures

Texas Business reports: FRISCO, Texas—Comstock Resources Inc. completed the previously announced divestiture of certain oil and gas properties located in Tyler and Polk counties in South Texas and Lincoln Parish in North Louisiana.

The net proceeds realized from these divestitures after purchase price adjustments and selling costs are approximately $123.0 million and are being used to pay down outstanding borrowings under the Company's bank credit facility and for general corporate purposes.

“Successful completion of these asset sales is part of our 2012 strategy to grow our oil production and reserves through exploration and development of unconventional shale formations, while maximizing the value of our conventional oil and gas properties and protecting our balance sheet in this period of very weak natural gas prices,” said Comstock chief executive M. Jay Allison in a prepared statement.

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.