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): March 19, 2012
COMSTOCK RESOURCES, INC.
(Exact Name of Registrant as Specified in Charter)
|
STATE OF NEVADA
|
001-03262
|
94-1667468
|
|
(State or other
jurisdiction incorporation)
|
(Commission File Number)
|
(I.R.S. Employer
Identification Number)
|
5300 Town And Country Boulevard
Suite 500
Frisco, Texas 75034
(Address of principal executive offices)
(972) 668-8800
(Registrant's 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:
|
¨
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
¨
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
¨
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
¨
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Item 7.01 Regulation FD Disclosure
The information in this Form 8-K and the Exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
On March 19, 2012 we issued a press release, attached hereto as Exhibit 99.1 and incorporated herein by reference, announcing the divestiture of certain of our non-core oil and natural gas properties and expected proceeds from sales of these properties of approximately $128.0 million after customary closing adjustments and other customary closing conditions. A copy of the press release announcing the disposal of certain of our non-core oil and gas properties and other matters is attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits
|
Exhibit 99.1
|
Press Release, dated March 19, 2012.
|
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.
|
COMSTOCK RESOURCES, INC.
|
||
|
Dated: March 19, 2012
|
By:
|
/s/ ROLAND O. BURNS
|
|
Roland O. Burns
|
||
|
Senior Vice President and Chief Financial Officer
|
Exhibit 99.1
|
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. UPDATES STATUS
OF PLANNED 2012 DIVESITURES
FRISCO, TEXAS, March 19, 2012 – Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today provided an update of the status of the divestitures planned for this year.
The Company previously announced its plans to sell non-core oil and gas properties located in Tyler and Polk counties in South Texas and Lincoln Parish in North Louisiana. Production from these properties averaged 366 barrels of oil per day and 9.1 million cubic feet of natural gas per day during January and February 2012. Proved oil and gas reserves attributable to these properties were estimated at 1.7 million barrels of oil and 53 billion cubic feet of natural gas as of December 31, 2011.
Comstock expects to receive gross proceeds of $128.0 million from the property sales. On February 29, 2012, Comstock closed on the sale of certain of these properties with a third party and received proceeds of $9.5 million. On March 14, 2012, Comstock entered into an agreement to sell the remaining properties to a third party for $118.5 million. This sale is expected to close on May 1, 2012 and is subject to customary purchase price adjustments and other customary closing conditions. The effective date for both sales is January 1, 2012.
Comstock also reported that it has sold 1.2 million of the 1.8 million shares of Stone Energy Corporation common stock it held at December 31, 2011. Comstock received cash proceeds of $37.7 million for the shares it sold.
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 an independent energy company based in Frisco, Texas and is engaged in oil and gas acquisitions, exploration and development primarily in Texas and Louisiana. The Company's stock is traded on the New York Stock Exchange under the symbol CRK.