COMSTOCK RESOURCES, INC. ANNOUNCES CONVERSION OF PREFERRED STOCK
30 Novembre 2022 - 10:15PM
Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK)
announced today that effective November 30, 2022, all outstanding
shares of the Company's Series B Convertible Preferred Stock have
been converted into 43,750,000 shares of common stock.
The Series B Convertible Preferred Stock was
issued in July 2019 in connection with the acquisition of Covey
Park Energy LLC as part of the financing for this transformational
acquisition. Jerry Jones, the Company's major stockholder, provided
the funds needed to complete the strategic transaction. "Comstock's
outstanding performance since I made my initial investment in
August 2018 and my confidence in the Company's future have led me
to further increase my ownership stake in Comstock. I am very
excited to continue to partner with Comstock's management and
stockholders as we enter 2023. Comstock now has a very strong
balance sheet and the largest acreage position in North America's
premiere natural gas basin which supports decades of drilling and
reserve growth" stated Mr. Jones, Dallas businessman and owner of
the Dallas Cowboys.
Following the conversion, the Company has
277,507,678 shares of common stock outstanding and no outstanding
shares of preferred stock. The Jerry Jones family owns 66% of the
outstanding shares.
About Comstock Resources
Comstock Resources, Inc. is a leading
independent natural gas producer with operations focused on the
development of the Haynesville shale in North Louisiana and East
Texas. The Company's stock is traded on the New York Stock Exchange
under the symbol CRK.
This press release may contain
"forward-looking statements" as that term is defined in the Private
Securities Litigation Reform Act of 1995. Such statements are based
on management's current expectations and are subject to a number of
factors and uncertainties which could cause actual results to
differ materially from those described herein. Although the Company
believes the expectations in such statements to be reasonable,
there can be no assurance that such expectations will prove to be
correct. Information concerning the assumptions, uncertainties and
risks that may affect the actual results can be found in the
Company's filings with the Securities and Exchange Commission
("SEC") available on the Company's website or the SEC's website at
sec.gov.
Ron Mills
VP - Finance and Investor Relations
Comstock Resources
972-668-8834
rmills@comstockresources.com
Comstock Resources (NYSE:CRK)
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