Comstock Resources To Sell Bakken Shale Assets To Northern Oil & Gas For $154 Mln

Comstock Resources, Inc. (CRK) on Thursday announced its divestiture plan of selling Bakken shale assets to Northern Oil & Gas, Inc. for $154 million, to be paid in cash.

The company sees a pre-tax loss of $130 million-$140 million on the sale.

The properties on sale include non-operated interests in more than 400 producing wells with recent production of greater than 4,500 net barrels of oil equivalent per day.

The company intends to use the proceeds from the sale to use for Haynesville shale development program, including completing 13 drilled and uncompleted wells which were originally budgeted to be completed in 2022.

The deal s expected to close in the fourth quarter, with the effective date of October 1, 2021.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Sandoz, Inc., an unit of Novartis AG, is recalling one lot of deep vein thrombosis (DVT) medication Enoxaparin Sodium in the form of injection for the potential exposure to high temperatures that may have impacted product effectiveness, the U.S. Food and Drug Administration or FDA said in a statement. Livia Global, Inc., a health and wellness company, is recalling two lots of its Liviaone liquid probiotics citing the possibility of contamination by Pseudomonas aeruginosa, the U.S. Food and Drug Administration said. Pseudomonas aeruginosa is a microorganism found in the environment that, if ingested, can cause life-threatening infection in immunocompromised individuals. United Airlines operated Thursday the first ever passenger flight using 100% Sustainable Aviation Fuel or SAF as part of its efforts to combat climate change. The airline flew the green flight from Chicago's O'Hare International Airport or ORD to Washington, D.C.'s Reagan National Airport or DCA with more than 100 passengers.
Follow RTT