Comstock Resources, Inc. Enters into New $2.5 Billion Revolving Credit Facility; Announces Executive Changes
July 16, 2019 at 04:20 pm
Share
Comstock Resources, Inc. announced that it has entered into a new $2.5 billion revolving credit facility with eighteen banks. Bank of Montreal is serving as administrative agent for the five year revolving credit facility which has an initial borrowing base of $1.575 billion. The Company elected to set the committed borrowing base at $1.5 billion. The merger transaction was funded with the proceeds from the equity contribution from Mr. Jones and borrowings under the new bank credit facility.
Comstock's Board of Directors was expanded following the merger to include Covey Park's former Co-CEO John Jacobi and Jordan Marye, a Managing Partner of Denham Capital. The Company's management team will continue to be led by M. Jay Allison as Chairman of the Board and Chief Executive Officer and Roland Burns as President and Chief Financial Officer. The go forward executive management team will include leaders from both Comstock and Covey Park and will include Dan Harrison as Chief Operating Officer; David Terry as Senior Vice President of Corporate Development; Patrick McGough as Vice President of Operations; Dan Presley as Vice President of Accounting, Controller and Treasurer; Mark Wilson as Vice President of Financial Reporting; LaRae Sanders as Vice President of Land; and Whitney Ward as Vice President of Marketing. Russell Romoser, Vice President of Reservoir Engineering; Mike McBurney, Vice President of Marketing and Rick Singer, Vice President of Financial Reporting will continue to serve the Company through the transition period and plan to retire once the transition is complete.
Comstock Resources, Inc. is an independent energy company. The Company is engaged in the acquisition, exploration, development and production of oil and natural gas in the United States. The Company operates through the exploration and production of North American oil and natural gas segment. The Company primarily operates in the Haynesville shale, a natural gas basin located in North Louisiana and East Texas, with economic and geographical proximity to the Gulf Coast markets. The Company is focused on the development of drilling opportunities in the Haynesville and Bossier shales and exploration activities in Western Haynesville play. The Company has approximately 2,959 drilling locations on its Haynesville/Bossier shale acreage, where the Company estimates to have 4.9 trillion cubic feet equivalent (TCFE) of reserve potential. The Company owns interests in approximately 2,478 producing oil and natural gas wells (1,516.7 net) and operates 1,703 of these wells.