Texas Properties Sold by Comstock for $122 Million
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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