Comstock Resources Inc.
Comstock Resources is in negotiation with Dallas businessman and owner of the Dallas Cowboys Football Club Ltd., Jerry Jones, to make a substantial investment in the company. Under a letter of intent entered into by the company and Arkoma Drilling LP and Williston Drilling LP, Comstock will acquire interests in certain oil and gas properties located in North Dakota in exchange for common stock in the company. Comstock is acquiring the properties for $620 million. There is no debt associated with the properties. Arkoma will receive approximately 88.6 million newly issued shares of Comstock common stock based on an agreed upon share price of $7 per share. Upon completion of the transaction, Arkoma will own approximately 84% of the company's pro forma outstanding shares.