11/26/2007 4:18:27 PM Comstock Resources, Inc. (CRK) announced that it has agreed to purchase certain oil and gas properties from SWEPI LP, an affiliate of Shell Exploration & Production for $170.0 million.
With the acquisition, Comstock would acquire producing properties in the Dinn Ranch, Fandango, Rosita, and Rosita East fields in Duval and Zapata counties in South Texas on 11 thousand acres. The transaction is expected to close in December.
The properties being acquired include 70 producing wells that are producing about 21.9 million cubic feet of natural gas per day. Comstock expects that these properties have net proved reserves of about 57.8 billion cubic feet of natural gas. In addition to the proved reserves, Comstock anticipates that the properties could yield an additional 90 Bcf of resources potential from future exploitation.
http://www.rttnews.com/sp/Quickfactsnew.asp?item=147
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