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Comstock Resources to acquire Covey Park in $2.2 billion deal

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Christian Fernsby |
Comstock Resources
Acquisition   Comstock Resources

Comstock Resources said it would buy privately held natural gas company Covey Park in a deal valued at about $2.2 billion.

The cash-and-stock deal would raise Comstock’s net production to more than 1.1 billion cubic feet equivalent per day, the company said.

Dallas-based billionaire Jerry Jones, who first invested in Comstock in April last year, will infuse an additional $475 million in cash for 50,000,000 of newly issued shares of Comstock common stock.

The additional equity investment brings Jerry Jones’ total investment in Comstock to about $1.1 billion.

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