Deals - Acquisition, Mergers, Divestitures

Comstock to Acquire Assets from Ovation Energy For $62.5 Million

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   |    Friday,August 22,2025

Comstock Resources agreed to acquire substantially all of the assets of Ovation Energy, L.P. for $62.5 million, expanding its producing footprint across multiple U.S. natural gas basins.

The acquisition is effective October 1, 2004, and includes producing properties in the East Texas, Arkoma, Anadarko, and San Juan basins. Comstock estimated the assets carry ~42.7 Bcfe of proved reserves, which are 99% natural gas, with approximately 66% classified as proved developed. Future development costs related to the properties were estimated at $0.41 per Mcfe.

The package includes 161 active wells, with Comstock expected to operate 69 of them. Current production at announcement was approximately ~7 MMcfe/d. Comstock expected the transaction to close on October 1, 2004.

In conjunction with the deal, Comstock also announced new hedges tied both to the Ovation acquisition and its expanded East Texas drilling program. Hedges related to the Ovation assets consist of costless collars covering a monthly volume of 256,000 MMBtu for 2005 and 2006, with $4.50 floors and ceilings of $10.30 (2005) and $9.02 (2006) on a NYMEX basis. Separately, hedges linked to the East Texas drilling program consist of costless collars for 200,000 MMBtu per month for 2005 and 2006, settling against the first-of-month Houston Ship Channel (HSC) Index, with a $4.50 floor and ceilings of $10.00 (2005) and $8.25 (2006).

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