Comstock Resources to sell $100.5 million in shares to majority shareholder Jerry Jones
Comstock Resources agreed to sell 12,500,000 common shares for about $100.5 million to two Jerry Jones-controlled entities, at $8.036 per share. The company says it will use the proceeds to pay down bank debt incurred for recent Western Haynesville acreage acquisitions, and Jones's stake would rise to about 67% from 65%.
- Buyers: Arkoma Drilling L.P. and Williston Drilling L.P., both controlled by majority shareholder Jerry Jones
- Price of $8.036 per share, the average closing price for the five trading days ended March 20, 2024
- Proceeds to repay bank debt partly used to fund acquisitions of 200,000 net undeveloped acres in the Western Haynesville for $58.7 million
- Closing is subject to customary conditions, including an amended and restated registration rights agreement