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FRISCO, Texas, March 20, 2024 (Globe Newswire) — Comstock Resources, Inc. (“Comstock” or the “Company”) (NYSE: CRK) has announced that principal shareholder Jerry Jones has announced an additional $100 million announced that they had agreed to invest. He has equity investments in the Company through two of his business entities that he controls. The Jones entities intend to acquire 12.5 million shares of common stock in a private placement at a price of $8.036 per share, representing the average closing price of the five business days ending March 20, 2024. Completion of the transaction is subject to customary termination. conditions. After the Equity Investment, Jerry Jones will own approximately 67% of our outstanding common stock, an increase from his 65% prior to the Equity Investment.
Comstock intends to use proceeds from the equity investment to repay bank debt incurred in part to fund several recently completed acquisitions of 200,000 acres of net undeveloped land in Comstock’s western Haynesville operations. .
About Comstock Resources:
Comstock Resources is a leading independent natural gas producer with operations focused on the Haynesville Shale development in northern Louisiana and eastern Texas.
This press release is neither an offer to sell nor a solicitation of an offer to buy any securities. Further, there shall be no sale of such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or registration. Eligibility under the securities laws of any applicable state or jurisdiction. The common stock being sold in the private placement has not been registered under the Securities Act of 1933, as amended (the “Securities Act”) or any state securities laws, and may not be offered or sold unless so registered. In the United States, excluding transactions pursuant to or not subject to an exemption from the registration requirements of securities laws and applicable state securities laws.
This press release may contain “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management’s current expectations and are subject to a number of factors and uncertainties that could cause actual results. It’s very different from what’s described here. Although we believe that the expectations contained in such statements are reasonable, there can be no assurance that such expectations will prove to be correct. Information regarding assumptions, uncertainties, and risks that may affect actual results may be disclosed by the Company to the Securities and Exchange Commission (“SEC”), which is available on the Company’s website or the SEC’s website at sec.gov. stated in the submitted documents..
CONTACT: Ron Mills Vice President of Finance and Investor Relations Comstock Resources 972-68-8834 rmills@comstockresources.com
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