John Jacobi launched Covey Park Resources in 2013 alongside co-CEO Alan Levande and backed by private-equity firm Denham Capital Management. The Dal­las E&P quickly amassed acreage, scale and cash flow in the Haynesville Shale, becoming one of the largest private operators in the play. But the industry downturn in 2015 and subsequent capital flight by the investment community scuttled early exit models for the maturing start-up, requiring alternative solu­tions to a persistent problem.

Covey Park found its exit in a $2.2 billion sale to Comstock Resources Inc. in July. Com­stock itself had been recapitalized within the past year by iconic oilman and Dallas Cow­boys owner Jerry Jones, now a majority owner, putting it in a unique position to consolidate its existing position in the Haynesville with Covey Park’s. This at a time when public companies are eschewing acreage additions.

Jacobi spoke at Oil and Gas Investor’s A&D Strategies and Opportunities conference in Dallas in October in a Q&A format with In­vestor editor-at-large Nissa Darbonne. These comments were excerpted and edited from his public remarks.

Already have an account? Log In

Thanks for reading Hart Energy.

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

Get Access