Comstock Assets providing U.S. shale oil and gasoline property, doc reveals

Oil rigs operate at sunset in Midland, Texas, the United States, February 13, 2019. Image dated February 13, 2019. REUTERS / Nick Oxford

Aug 18 (Reuters) – Dallas Cowboys owner Jerry Jones’ Comstock Resources (CRK.N) Oil company offers to sell real estate in Bakken oil field in North Dakota, as a Reuters marketing document shows, as rising energy prices drive buying and selling in the sector.

Crude oil prices are up about 38% since the start of the year as economies recover and fuel demand rebounds from travel restrictions to contain the pandemic. US shale oil companies are also looking to scale up to increase returns and operational efficiencies.

A Comstock representative did not immediately respond to a request for comment.

The properties offered include a non-operating stake in 436 wells. The stocks are valued at approximately $ 200 million based on futures prices, according to the document.

The 427 actively producing wells in the portfolio recently had a six-month average net production of 6,400 barrels of oil equivalent per day, according to the teaser.

The value of deals in the second quarter of this year reached $ 33 billion for more than 40 deals – the highest quarterly value since the second quarter of 2019, according to the consulting firm Enverus.

Comstock’s decision to divest its Bakken assets comes as deal activity grows in the Haynesville shale in Louisiana, where it produces most of its energy. Competitors Southwestern Energy of Louisiana recently bought Indigo Natural Resources and Chesapeake Energys acquired Vine Energy.

“High oil prices and a resurgence in Bakken’s M&A activity may have prompted the company to market its non-operating holdings to fund its stake in the Haynesville consolidation,” said Andrew Dittmar, senior M&A analyst with the data provider Enverus.

Reporting by Liz Hampton in Denver; Adaptation by Barbara Lewis and Nick Zieminski

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