COMSTOCK RESOURCES, INC. CLOSES ACQUISITION OF STANFORD OFFSHORE ENERGY, INC.
DALLAS, Nov. 18 /PRNewswire/ -- Comstock Resources, Inc. (NASDAQ-NMS: CMRE) today announced that on Nov. 17, 1993, Comstock closed its previously announced acquisition of Stanford Offshore Energy, Inc. ("Stanford"). Stanford was merged into a wholly owned subsidiary of Comstock and will operate under the name Comstock Offshore Energy, Inc. beginning today. The Stanford stockholders were issued 1,760,000 shares of common stock of Comstock in the merger. Stanford has interests in 48 oil wells (30.6 net) and 53 gas wells (30.1 net) located in Texas, Offshore Louisiana, Mississippi, Oklahoma and Kansas. The proved oil and gas reserves attributable to the Stanford properties are estimated by independent oil and gas engineers at 762,000 barrels of oil and 15.9 billion cubic feet of natural gas, as of Nov. 1, 1993. On the date of the closing, Stanford had outstanding debt of approximately $16.5 million which was assumed by Comstock Offshore Energy, Inc. "The acquisition of Stanford, valued at approximately $22.7 million, represents the largest transaction closed by Comstock to date," stated M. Jay Allison, president and chief executive officer. "This acquisition should add in excess of $10 million to our 1994 oil and gas sales as well as significantly increase the future earnings and cash flow per share of the company." Comstock Resources, Inc. is a rapidly growing independent energy company engaged in oil and gas property acquisitions and oil and gas exploration, development, and production in the United States. -0- 11/18/93 /CONTACT: M. Jay Allison, president and chief executive officer of Comstock Resources, Inc., 214-701-2000/ (CMRE)
CO: Comstock Resources, Inc. ST: Texas IN: OIL SU: TNM
SP -- NY017 -- 5927 11/18/93 10:09 EST
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|Date:||Nov 18, 1993|
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