Comstock Resources, Inc. Announces Sale of Bois d'Arc Energy, Inc. to Stone Energy Corporation
FRISCO, Texas, Aug. 28 /PRNewswire-FirstCall/ -- Comstock Resources, Inc. ("Comstock") (NYSE: CRK) announced that its 49% interest in its subsidiary Bois d'Arc Energy, Inc. ("Bois d'Arc") (NYSE: BDE) was acquired by Stone Energy Corporation ("Stone") (NYSE: SGY) pursuant to the previously announced merger between Stone and Bois d'Arc. Comstock received $440 million in cash and 5,317,069 shares of common stock of Stone pursuant to the terms of the merger. Comstock used the cash proceeds to repay amounts outstanding under its bank credit facility.
"We are very excited about this combination and are enthusiastic about our 13% ownership interest in Stone Energy," stated M. Jay Allison, Chief Executive Officer of Comstock. "In combination with Bois d'Arc, Stone is now one of the largest Gulf of Mexico focused operating companies. The completion of this transaction allows Comstock to focus entirely on growing its onshore operations and provides additional capital to develop our leasehold position in the emerging Haynesville shale gas play in East Texas and North Louisiana."
This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct.
Comstock Resources, Inc. is a growing independent energy company based in Frisco, Texas and is engaged in oil and gas acquisitions, exploration and development primarily in Louisiana and Texas. The Company's stock is traded on the New York Stock Exchange under the symbol CRK.
SOURCE Comstock Resources, Inc.
CONTACT: Roland O. Burns, Sr. Vice President and Chief Financial Officer
of Comstock Resources, Inc., +1-972-668-8800
Web site: http://www.comstockresources.com
(CRK BDE SGY)