Dallas Cowboys owner Jerry Jones made energy news this week by investing more than another $100 million in Comstock Resources, Inc., the independent natural gas producer with operations focused on the development of the Haynesville Shale in North Louisiana and East Texas.
Jones is the majority shareholder in the company based in Frisco, Texas, the same city where the Cowboys Staris located. The Star is the 91-acre campus of theDallasCowboys World Headquarters and practice facility.
Comstock announced Jones agreed to made an additional $100,450,000 equity investment in the company through two entites he controls. The Jones entities will acquire 12,500,000 shares of common stock in the private placement at a price of $8.036 per share, which represents the average of the closing prices for the five trading days ended March 20, 2024.
Following the equity investment, Jerry Jones will own approximately 67% of the Company’s common shares outstanding, up from 65% before this equity investment.
Comstock will use the proceeds from the equity investment to pay down bank debt which was partially incurred to fund several recently completed acquisitions of 200,000 net undeveloped acres in Comstock’s Western Haynesville play for $58.7 million.