Comstock Resources has agreed to acquire a stake of 88% in 6,124 gross acres in Shelby Shale's Haynesville shale rights across Harrison and Panola counties, Texas for $20.5m.
Image: Conventional oil production. Photo: courtesy of Vlado/FreeDigitalPhotos.net.
Comstock will pay the purchase price over a four year period by granting Shelby a 12% interest in each well drilled by Comstock on the acreage up to a total of $20.5 million in carried costs. Comstock has identified 33 (22.9 net) potential drilling locations on this acreage, including 27 (22.4 net) that would be operated by Comstock.
Comstock CEO Jay Allison said: “The additional acreage added by the Shelby acquisition is near our recently acquired Enduro acreage.
“This acreage enhances our long-term opportunity set in the Haynesville shale and will be incorporated into our drilling plans over the next four years.”
Source: Company Press Release