The oil and gas firm controlled by Dallas Cowboys owner Jerry Jones will buy another Dallas firm for about $1.6 billion to become a leading natural gas producer in the Haynesville shale.
The publicly traded Comstock Resources, of which Jones acquired a controlling stake last year, said it will buy the privately backed Covey Park Energy for nearly $1.6 billion in cash and stock, not counting the assumption of another $625 million in debt.
Frisco-Based Comstock focuses on the Haynesville in Texas and Louisiana and South Texas’ Eagle Ford shale. Jones will invest another $475 million in cash to help fund the deal and ensure he maintain the controlling ownership stake. [read more]