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): January 25, 2016
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
On January 25, 2016 we issued a press release announcing that we have completed an acreage swap with another operator which increases our Haynesville Shale drilling inventory. The swap is an equal exchange of assets with no cash consideration. The additional acreage acquired, which is comprised of approximately 3,600 net acres, expands our inventory of extended reach lateral locations in our core Haynesville Shale play in DeSoto Parish, Louisiana. As a part of this exchange we divested approximately 2,500 net acres in Atascosa County, Texas. A copy of the press release is attached hereto as Exhibit 99.1.
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.
Item 9.01 Financial Statements and Exhibits
|
Exhibit 99.1 |
Press Release, dated January 25, 2016. |
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: January 25, 2016 |
By: |
/s/ ROLAND O. BURNS | ||||
| Roland O. Burns | ||||||
| President and Chief Financial Officer | ||||||
Exhibit 99.1
|
5300 Town and Country Blvd., Suite 500 Frisco, Texas 75034 Telephone: (972) 668-8834 Contact: Gary H. Guyton Director of Planning and Investor Relations Web Site: www.comstockresources.com |
NEWS RELEASE
For Immediate Release
COMSTOCK RESOURCES, INC.
ADDS TO HAYNESVILLE INVENTORY
FRISCO, TEXAS, January 25, 2016 – Comstock Resources, Inc. (“Comstock” or the “Company”) (NYSE: CRK) announced today that it has completed an acreage swap with another operator which increases the Company’s Haynesville Shale drilling inventory. The swap is an equal exchange and therefore will require no cash outflows from Comstock. The additional acreage expands Comstock’s inventory of extended reach lateral locations in its core Haynesville Shale play in DeSoto Parish, Louisiana.
In the swap, Comstock will receive roughly 3,600 net acres in DeSoto Parish, Louisiana including four gross (3.5 net) wells currently producing approximately 1.1 million cubic feet of natural gas per day net to Comstock’s interest. The acreage swap will allow the Company to increase the number of its Haynesville Shale drilling inventory by 39 locations, including 33 extended reach lateral locations (7,500 to 10,000 feet) and six one section lateral locations.
In consideration for the Haynesville Shale acreage, Comstock divested approximately 2,500 net acres in Atascosa County, Texas. The acreage exchanged included seven gross (5.3 net) producing wells which are producing approximately 110 barrels of oil per day net to Comstock’s interest.
“We continue to search for ways to increase shareholder value during the current market downturn”, stated M. Jay Allison, Comstock’s Chairman and Chief Executive Officer. “This transaction shows our confidence in the new Haynesville drilling program and our ability to create value even in this low oil and gas price environment.”
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.