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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): October 28, 1997
COMSTOCK RESOURCES, INC.
(Exact name of registrant as specified in its charter)
NEVADA 0-16741 94-1667468
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification Number)
5005 LBJ Freeway, Suite 1000, Dallas, Texas
75244 (Address of principal executive
offices)
(972) 701-2000
(Registrant's Telephone No.)
Item 5. Other Events
On October 28, 1997, Comstock Resources, Inc. ("the Company") announced
that the Company has entered into a letter of intent to acquire interests in
certain offshore Louisiana oil and gas properties for a cash purchase price of
$205 million from Bois d'Arc Resources and its partners. The Company is
acquiring interests in thirty-one (31) wells and eight (8) separate production
complexes located in the Gulf of Mexico offshore of Plaquemines and Terrebonne
Parishes, Louisiana. The acquisition includes interests in the Louisiana State
and Federal offshore areas of Main Pass Blocks 21 and 25, Ship Shoal Blocks 66,
67, 68 and 69 and South Pelto Block 1.
The Company's independent petroleum engineers estimate that the
properties contain proved oil and gas reserves as of November 1, 1997, the
effective date of the acquisition, of approximately 19.7 million barrels of oil
equivalent. Approximately $30 million of the purchase price is attributed to the
undrilled prospects. The acquisition is subject to the parties executing a
mutually agreeable purchase and sale agreement. The Company expects to close the
transaction on or about December 15, 1997.
Item 7. Financial Statements, Proforma Financial Information and Exhibits
c. Exhibits
99 (a) Press Release issued October 28, 1997.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
COMSTOCK RESOURCES, INC.
Dated: October 31, 1997 By: /s/ROLAND O. BURNS
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ROLAND O. BURNS
Senior Vice President, Chief Financial Officer,
Secretary, and Treasurer (Principal Financial
and Accounting Officer)
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EXHIBIT INDEX
Exhibit Number Description
99 (a) Press Release issued October 31, 1997.
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COMSTOCK RESOURCES, INC.
5005 LBJ Freeway, Suite 1000
Dallas, Texas 75244
Telephone: (972) 701-2000
Contact: Roland O. Burns
Sr. Vice President and
Chief Financial Officer
NEWS RELEASE
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For Immediate Release
COMSTOCK RESOURCES, INC. TO ACQUIRE
OFFSHORE LOUISIANA OIL AND GAS PROPERTIES
FOR $205 MILLION
DALLAS, TEXAS, October 28, 1997 -- Comstock Resources, Inc.
("Comstock")(NYSE:CRK) today announced that Comstock has entered into a letter
of intent to acquire interests in certain offshore Louisiana oil and gas
properties for a cash purchase price of $205 million from Bois d'Arc Resources
and its partners. Comstock is acquiring interests in thirty-one (31) wells and
eight (8) separate production complexes located in the Gulf of Mexico offshore
of Plaquemines and Terrebonne Parishes, Louisiana. The acquisition includes
interests in the Louisiana State and Federal offshore areas of Main Pass Blocks
21 and 25, Ship Shoal Blocks 66, 67, 68 and 69 and South Pelto Block 1.
Twenty-eight (28) of these wells are currently producing approximately 9,000
barrels of oil equivalent per day, net to the interest being acquired by
Comstock . Two additional wells are expected to be connected to production
facilities in early November and one well at Main Pass Block 21 is currently in
the process of drilling. Comstock estimates that the properties being acquired
contain twenty-one (21) proved undeveloped locations. The Company is also
acquiring interests in six undrilled prospects which have been delineated by 3-D
seismic.
The Company's independent petroleum engineers estimate that the properties
contain proved oil and gas reserves as of November 1, 1997, the effective date
of the acquisition, of approximately 19.7 million barrels of oil equivalent.
Approximately $30 million of the purchase price is attributed to the undrilled
prospects.
The acquisition is subject to the parties executing a mutually agreeable
purchase and sale agreement. Comstock expects to close the transaction on or
about December 15, 1997.
"The $205 million acquisition will be the largest transaction in the Company's
history," stated M. Jay Allison, Chairman and President of Comstock. "The
acquisition will give the Company a major presence in the Gulf of Mexico, which
has been a core area for the Company. The acquisition also has significant
developmental and exploration upside by continuing the exploration program that
Bois d'Arc has proven to be successful."
Comstock Resources, Inc. is a rapidly growing independent oil and gas company
based in Dallas, Texas and is engaged in oil and gas property acquisitions, and
oil and gas exploration, development and production primarily in Texas and
Louisiana.