Comstock Resources, a Texas-based energy company, has entered into an agreement to sell its oil and gas properties located in Mississippi to a privately held company.
Net production from the properties to be sold averaged 1,138 barrels of oil and 0.9mmcf of natural gas per day during the first six months of 2010.
The sale is expected to close prior to the year end, and Comstock expects to receive $75m in cash pursuant to the terms of the sale.
Comstock CEO Jay Allison said that the sale of this non-core asset allows the company to further concentrate its resources and personnel on its core assets in the Haynesville and Bossier shale and its emerging position in the Eagle Ford shale.
Comstock is engaged in oil and gas acquisitions, exploration and development primarily in Texas and Louisiana.