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

(RTTNews) - 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.