Comstock Signs LOI for $1.65B Asset Deal with SOCAR

CRK Comstock Resources Inc

$13.77 +2.68%

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1. 1Comstock Resources (CRK) rose 5% after announcing an LOI for a $1.65 billion cash transaction with SOCAR involving Haynesville assets.
2. 2Under a separate drilling venture, the Jones family partnership will pre-fund 85% of drilling and completion costs for 18 wells in western Haynesville and 80% for 9 legacy wells, with estimated costs of about $450 million.
3. 3SOCAR will acquire non-operated interests, while Comstock plans to use proceeds to reduce debt, lowering net debt from $3.1 billion to roughly $1.5 billion.

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