Sunday, October 24, 2010

Comstock Resources, Inc.: Mississippi shale sale

By Andrea:

Comstock Resources, Inc. (CRK) recently released an update and announced that it will be selling $75 million worth of natural gas and crude oil assets from it's Mississippi properties:

Comstock Resources, Inc. (CRK) announced that it has entered into an agreement to sell its oil and gas properties located in Mississippi to a privately held company. Comstock expects to receive $75 million in cash pursuant to the terms of the sale. Net production from the properties to be sold averaged 1,138 barrels of oil and 0.9 MMcf of natural gas per day during the first six months of 2010. The sale is expected to close prior to year end and is subject to completion of customary due diligence by the purchaser and closing conditions.

"The successful sale of this non-core asset allows us to further concentrate our resources and personnel on our core assets in the Haynesville and Bossier shale and our emerging position in the Eagle Ford shale," stated M. Jay Allison, Chief Executive Officer of Comstock.

Scotia Waterous (USA) Inc. acted as financial advisor to Comstock with respect to the sale.

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