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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): December 31, 2007
COMSTOCK RESOURCES, INC.
(Exact Name of Registrant as Specified in Charter)
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STATE OF NEVADA
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001-03262
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94-1667468 |
(State or other
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(Commission File Number)
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(I.R.S. Employer |
jurisdiction of incorporation)
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Identification Number) |
5300 Town And Country Boulevard
Suite 500
Frisco, Texas 75034
(Address of principal executive offices)
(972) 668-8800
(Registrants Telephone No.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.01. Completion of Acquisition or Disposition of Assets.
On December 31, 2007, Comstock Resources, Inc. (Comstock), announced that on December 28,
2007 it closed the previously announced acquisition of certain oil and gas properties and related
assets from SWEPI LP, an affiliate of Shell Oil Company (Shell) for $170.0 million. Comstock
acquired producing properties in South Texas which include 67 (43.0 net) producing wells which are
currently producing 22 million cubic feet of natural gas equivalent per day. Comstock estimates
that the acquired properties have net proved reserves of approximately 57 billion cubic feet
(Bcf) of natural gas. All of the proved reserves are in the developed category. In addition to
the proved reserves, Comstock estimates that the properties could yield an additional 90 Bcf of
resources potential from future exploitation.
The acquisition had an effective date of October 1, 2007. The acquisition was funded by
borrowings under Comstocks bank credit facility, with Bank of Montreal as administrative agent for
a syndicate of banks.
The press release announcing the closing of this transaction is attached as Exhibit 99.1.
Item 9.01. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Financial Statements of Business Acquired
Not Applicable
(b) Pro Forma Financial Information
Not Applicable
(c) Exhibits. The following exhibits are filed with this document:
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Exhibit No. |
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Description |
99.1
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Press Release Dated December 31, 2007 announcing the acquisition |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the
registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
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COMSTOCK RESOURCES, INC.
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Dated: December 31, 2007 |
By: |
/s/ M. JAY ALLISON
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M. Jay Allison |
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President and Chief Executive Officer |
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exv99w1
Exhibit 99.1
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5300 Town and Country Blvd., Suite 500
Frisco, Texas 75034
Telephone: (972) 668-8800
Contact: Roland O. Burns
Sr. Vice President and Chief Financial Officer
Web Site: www.comstockresources.com |
NEWS RELEASE
For Immediate Release
COMSTOCK RESOURCES, INC. CLOSES
$170.0 MILLION OIL & GAS PROPERTY ACQUISITION
FRISCO, TEXAS, December 31, 2007 Comstock Resources, Inc. (Comstock or the
Company)(NYSE:CRK) announced that on December 28, 2007 it closed the previously announced
acquisition of certain oil and gas properties and related assets from SWEPI LP, an affiliate of
Shell Oil Company (Shell) for $170.0 million. Comstock acquired producing properties in South
Texas which include 67 (43.0 net) producing wells which are currently producing 22 million cubic
feet of natural gas equivalent per day. Comstock estimates that the acquired properties have net
proved reserves of approximately 57 billion cubic feet (Bcf) of natural gas. All of the proved
reserves are in the developed category. In addition to the proved reserves, Comstock estimates
that the properties could yield an additional 90 Bcf of resources potential from future
exploitation.
The acquisition had an effective date of October 1, 2007. The acquisition was funded by
borrowings under Comstocks bank credit facility, with Bank of Montreal as administrative agent for
a syndicate of banks.
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 managements 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
and in the Gulf of Mexico through its ownership in Bois dArc Energy, Inc. (NYSE: BDE). The
Companys stock is traded on the New York Stock Exchange under the symbol CRK.