Comstock Resources Inc. said June 10 it will become a Haynesville Basin leader with the acquisition of privately-held Covey Park Energy LLC.

In a joint statement, the companies announced an agreement for Comstock to acquire Covey Park in a cash and stock transaction worth roughly $2.2 billion. The transaction also includes the assumption of outstanding debt and the retirement of existing preferred units for a total of $1.1 billion.

Comstock plans to fund the acquisition through a combination of debt under its revolver and an investment from its shareholder and Dallas Cowboys owner Jerry Jones.

Already have an account? Log In

Thanks for reading Hart Energy.

Sign Up now to get unmatched coverage of the oil and gas industry’s entire landscape.

Free Access