Comstock Resources announced that it has accepted offers whereby it intends to sell certain properties in East and South Texas for $122.0 million. The properties include Comstock's interests in the J.C. Martin, AWP and East Seven Sisters fields in South Texas and the Gilmer field in East Texas. Comstock owns net profit interests in these fields which are operated by other parties.
The sales are expected to close in June 2008 with an effective date of April 1, 2008. The estimated proved reserves attributable to the properties being sold are 44.3 Bcfe. Production in the first quarter of 2008 attributable to Comstock's interest in these properties was 8.5 MMcfe per day. Comstock expects to realize an after tax gain of $16.6 million on these sales. Scotia Waterous (USA) Inc. acted as financial advisor to Comstock with respect to these sales.
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