Frisco-based Comstock Resources acquires $170.0 million in oil & gas properties

by PegNews wire

FRISCO — Comstock Resources, Inc. announced today that it closed the previously announced acquisition of certain oil and gas properties and related assets from SWEPI LP, an affiliate of Shell Oil Company for $170.0 million.

Comstock acquired producing properties in South Texas which include 67 producing wells which are currently pumping out 22 million cubic feet of natural gas equivalent per day, and estimates that the acquired properties have net proved reserves of approximately 57 billion cubic feet ("Bcf") of natural gas.

In addition to the proved reserves, Comstock estimates that the properties could yield an additional 90 Bcf of resources potential from future exploitation.

Source: Comstock Resources