Dallas Cowboys owner Jerry Jones is putting his money where his money is, making an additional $100 million equity investment in Comstock Resources, of which he is already the majority shareholder.
Jones, through entities he controls, will acquire 12.5 million shares of common stock at a $8.036 per share — the average closing prices for the five trading days ended March 20.
Following the investment, Jones will increase ownership of Comstock to 67% from 65%. Comstock’s market capitalization is about $2.25 billion, suggesting his share of the company is valued at $1.5 billion.
Comstock said it will use the proceeds from the equity investment to pay down bank debt which was partially incurred to fund several recently completed acquisitions of 200,000 net undeveloped acres in Comstock’s Western Haynesville play for $58.7 million.
RELATED
Comstock Continues Wildcatting, Drops Two Legacy Haynesville Rigs
Recommended Reading
Subsea Tieback Round-Up, 2026 and Beyond
2024-02-13 - The second in a two-part series, this report on subsea tiebacks looks at some of the projects around the world scheduled to come online in 2026 or later.
2023-2025 Subsea Tieback Round-Up
2024-02-06 - Here's a look at subsea tieback projects across the globe. The first in a two-part series, this report highlights some of the subsea tiebacks scheduled to be online by 2025.
Curtiss-Wright to Deploy Subsea System at Petrobras' Campos Field
2024-02-12 - Curtiss-Wright and Petrobras will combine capabilities to deploy a subsea canned motor boosting system at a Petrobras production field in the Campos Basin.
AI Advancing Underwater, Reducing Human Risk
2024-03-25 - Experts at CERAWeek by S&P Global detail the changes AI has made in the subsea robotics space while reducing the amount of human effort and safety hazards offshore.
Forum Energy Signs MOU to Develop Electric ROV Thrusters
2024-03-13 - The electric thrusters for ROV systems will undergo extensive tests by Forum Energy Technologies and SAFEEN Survey & Subsea Services.