Comstock Resources Announces Conversion of Preferred Stock

Source: www.gulfoilandgas.com 11/30/2022, Location: North America

Comstock Resources, Inc. announced 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.


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