Comstock Resources Inc. announced the sale of its Bakken assets on Oct. 7 with plans to reinvest the proceeds into the Haynesville Shale.
Northern Oil and Gas Inc. agreed to acquire the Bakken assets from Comstock Resources for $154 million in cash. The transaction, which Northern expects to fund with cash on hand, operating free cash flow and borrowings under its revolving credit facility, is set to close in November.
Comstock’s Bakken assets, described by Northern as a bolt-on acquisition, comprise nonoperated interests across over 400 producing wellbores located primarily in North Dakota’s Williams, McKenzie, Mountrail and Dunn counties. The assets are operated by multiple operators in the Williston Basin and include 65.9 net producing wells. October production on the assets is projected to be greater than 4,500 boe/d (2-stream, about 65% oil).