Comstock Resources to sell conventional gas properties in South Texas for $28M
Comstock Resources announced that it has entered into a definitive purchase and sale agreement with a third party to sell Comstock's conventional natural gas properties in South Texas for a sale price of $28.0M. The sale, which is subject to customary closing conditions and adjustments, is expected to close in December and will have an effective date of August 1. Comstock intends to use the proceeds from the sale toward funding its 2016 drilling program. The properties being sold are producing approximately 9.6M cubic feet per day of natural gas and 22 barrels of oil per day. The Company expects to realize a pre-tax loss on the divestiture of approximately $10.0M. The Company also announced that it has recently restarted its Haynesville drilling program and on September 28 spudded the Company's fourth well this year and plans to add a second operated drilling rig by early November.