Comstock Resources, Inc. and Kohlberg Kravis Roberts & Co L.P. (together with its affiliates, "KKR") Moreported the signing of a definitive participation agreement providing for the participation of KKR in Comstock's future development of its Eagle Ford shale acreage in Atascosa,

Frio, Karnes, LaSalle, McMullen and Wilson Counties in South Texas. Under the terms of the participation agreement, KKR will have the right to participate for one-third of Comstock's working interest in wells drilled on Comstock's 28,000 net acres in exchange for paying $25,000 per acre through a drilling carry for the net acreage being acquired by KKR.

Comstock expects to ultimately develop most of its acreage based on spacing units of approximately 80 acres. The agreement will apply to wells spud by Comstock on or subsequent to March 31, 2012. Comstock will retain all of its interest in wells spud prior to March 31, 2012.

Tags: Comstock Resources