Comstock Resources, Inc. announced that its 49% interest in its subsidiary Bois d'Arc Energy, Inc. was acquired by Stone Energy Corporation pursuant to the previously announced merger between Stone and Bois d'Arc. Comstock received $440 million in cash and 5,317,069 shares of common stock of Stone pursuant to the terms of the merger. Comstock used the cash proceeds to repay amounts outstanding under its bank credit facility.
"We are very excited about this combination and are enthusiastic about our 13% ownership interest in Stone Energy," stated M. Jay Allison, Chief Executive Officer of Comstock. "In combination with Bois d'Arc, Stone is now one of the largest Gulf of Mexico focused operating companies. The completion of this transaction allows Comstock to focus entirely on growing its onshore operations and provides additional capital to develop our leasehold position in the emerging Haynesville shale gas play in East Texas and North Louisiana."
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