Comstock Acquires Delaware Basin Assets for $331.9M

Comstock Resources announced Thursday that on Dec. 29 it closed the previously announced acquisition of oil and gas properties in the Delaware Basin in West Texas from Eagle Oil & Gas Co. and certain other parties for $331.9 million.  
 
The acquisition includes approximately 68,000 gross (44,000 net) acres in the Southern Delaware Basin in Reeves County, Texas, which are prospective for development in the Bone Spring and Wolfcamp shales.  
 
The acquisition consists primarily of leasehold but also includes an estimated 21.5 MMboe of proved reserves as of Nov. 1, and net daily production which averaged 1,445 boepd during November 2011.  
 
The properties acquired included 33 producing wells and six wells in various stages of completion. The acquisition had an effective date of Nov. 1.  
 

The acquisition was funded by borrowings under Comstock 's bank credit facility. 

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