Comstock To Acquire DevX Energy
Comstock Resources, Inc. and DevX Energy, Inc. announced that they have entered into a letter of intent which provides for Comstock to offer to purchase all of the outstanding shares of DevX's common stock for $7.32 per share. The acquisition is subject to negotiation and execution of a definitive agreement and approval by Comstock's and DevX's board of directors.
DevX is an independent energy company based in Dallas, Texas engaged in the exploration, development and acquisition of oil and gas properties. DevX's oil and gas properties are located onshore primarily in East and South Texas, Kentucky, Oklahoma and Kansas.
"DevX's oil and gas reserves are primarily natural gas, have a long life and have low lifting costs," stated M. Jay Allison, President and Chief Executive Officer of Comstock. "The acquisition of DevX will complement our existing oil and gas reserve base and balance our onshore reserve growth with our offshore reserve growth which is driven by our successful offshore exploration program."