Comstock Resources, Inc. (stock ticker: CRK) said it has entered into an agreement with Shelby Shale, LLC to acquire an 88% interest in 6,124 gross acres (6,023 net) limited to Shelby's Haynesville shale rights in Harrison and Panola counties, Texas for $20.5 million.

Comstock will pay the purchase price over a four-year period by granting Shelby a 12% interest in each well drilled by Comstock on the acreage up to a total of $20.5 million in carried costs.

Comstock has identified 33 (22.9 net) potential drilling locations on this acreage, including 27 (22.4 net) that would be operated by Comstock. Comstock CEO Jay Allison said the acreage is an add on to its recently acquired Enduro acreage.

NOTE: map and description are for Comsto...

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