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.
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