Jerry Jones Makes Additional $100M Investment in Frisco-Based Natural Gas Producer Comstock Resources » Dallas Innovates

Dallas Cowboys owner and GM Jerry Jones has gotten lots of heat from fans this off-season for barely investing in the NFL free agency market. But there’s one thing he’s definitely all in on—natural gas.

Jones, who’s already the majority shareholder in Frisco-based natural gas producer Comstock Resources, has agreed to make an additional $100.45 million equity investment in the company via two entities he controls.

The Jones-controlled entities will acquire 12.5 million shares of common stock in the private placement at a price of $8.036 per share. After the equity investment, Jones will own roughly 67% of the company’s common shares outstanding, up from 65% before this new equity investment.

Comstock said it will use the investment proceeds 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.

Comstock Resources is a leading independent natural gas producer with operations focused on the development of the massive dry natural gas formation called the Haynesville Shale in North Louisiana and East Texas.

The Haynesville Shale lies at vertical depths between 10,000 and 14,000 feet and was discovered by Chesapeake Energy in early 2008.

David Seeley contributed to this report.

Get on the list.
Dallas Innovates, every day.

Sign up to keep your eye on what’s new and next in Dallas-Fort Worth, every day.

R E A D   N E X T

  • North Texas has plenty to see, hear, and watch. Here are our editors’ picks. Plus, you’ll find more selections to “save the date.”

  • Peruse Dallas Innovates’ special once-a-year magazines. Each edition is a keeper.

  • Skydance produced the hit movie “Air,” directed by Ben Affleck and starring Affleck, Matt Damon and Viola Davis, about the birth of the Air Jordan Brand. With “Jerrah” as the star of its new project, Skydance aims to mine “never before seen content” from the NFL Films vaults to reveal the Dallas Cowboys owner like never before.

  • Here are the grantees and a gallery.

  • Dallas Innovates, the Dallas Regional Chamber, and Dallas AI are teaming up to launch the new AI 75 program at Capital Factory’s Future of AI Salon today. The first-ever list will recognize Dallas-Fort Worth innovators in artificial intelligence. Nominations are open through March 20.

Source link

Check Also

Parvis Invest Partners with Goodland Equity Partners to Enhance Real Estate Investment Opportunities Across Canada

Strategic Alliance Expands Parvis’ Network, Broadens Access to Premium Real Estate Investments Nationwide Vancouver, British …

Leave a Reply

Your email address will not be published. Required fields are marked *