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.”