Comstock Resources, Inc. has entered into an agreement with Ursa Resources Group II LLC to acquire 70% of its interests in certain oil and gas properties in Burleson and Washington Counties, Texas for $66.5 million. The properties being acquired include one well producing 433 barrels of oil equivalent per day (BOED) (227 BOED, net to the interests being acquired) and approximately 32,000 gross acres (20,000 net) that are prospective for oil in the East Texas Eagle Ford shale formation.
The properties are near successful Eagle Ford shale wells drilled by other industry participants. Comstock expects to complete the acquisition during this quarter, which is subject to customary closing conditions contained in the purchase agreement. Comstock anticipates moving one of its operated rigs to these properties in early 2014 and estimates that it will drill ten operated wells on this acreage in 2014.