Comstock Resources acquires Haynesville shale assets for $31M
Comstock Resources, Inc. announced that it was the successful bidder on Package 2 - North Louisiana Properties at an auction held July 17, 2018, that was conducted under the Chapter 11 bankruptcy proceedings of Enduro Resource Partners LLC, et. al. The North Louisiana properties consist of approximately 21,000 gross acres (9,900 net) primarily in Caddo and DeSoto Parishes in Louisiana. Comstock bid $31.0 million, subject to purchase price adjustments, for the properties which include 120 (26.2 net) producing natural gas wells, 49 (14.7 net) of which produce from the Haynesville shale. Current net production from the properties being acquired is approximately 26 million cubic feet per day of natural gas following the recent completion of four (1.1 net) long-lateral Haynesville shale wells. The acquisition, which is subject to the issuance of a Final Sales Order by the United States Bankruptcy Court for the District of Delaware, will have an effective date of January 1, 2018, and an anticipated closing date of July 31, 2018. Comstock estimates that it is acquiring 288 Bcfe of proved reserves which are 12% developed. Comstock has identified 112 (31.0 net) potential drilling locations on this acreage, 21 (17.9 net) of the future locations would be operated by Comstock.