Business Context and Reporting Period
Company: Comstock Resources, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: November 14, 2013
Reporting Period: Event-based report regarding a specific acquisition announcement.
Key Financial Metrics
This filing does not provide standard financial performance metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on a specific capital expenditure event.
- Acquisition Consideration: $54.5 million aggregate.
- Asset Size: 55,000 acres (53,000 net).
Material Changes
The company entered into agreements to acquire oil and gas leases in Louisiana and Mississippi. This represents a material expansion of the company's asset base in the Tuscaloosa Marine shale formation.
- Locations: Wilkinson and Amite Counties (Mississippi); East Feliciana and St. Helena Parishes (Louisiana).
- Target Resource: Oil in the Tuscaloosa Marine shale formation.
- Transaction Status: Subject to customary closing conditions and adjustments.
Guidance, Outlook, and Management Commentary
Management expects to complete the acquisition of these leases in the fourth quarter of 2013. The company stated it is actively pursuing other lease acquisition opportunities in this play and another play prospective for oil development.
Investor Verification Checklist
- Verify the final closing date and any adjustments to the $54.5 million consideration.
- Confirm the specific terms of the customary closing conditions.
- Assess the company's liquidity and capital resources to fund the $54.5 million acquisition.
- Review subsequent filings for updates on the "other lease acquisition opportunities" mentioned by management.