A Haynesville Shale "leasing frenzy" in central Texas

BY LIZ SWAINE | Staff writer

Energy media is abuzz with word that Comstock Resources might be looking to sell their Northwest Louisiana Haynesville Shale properties which the company now refers to as their "Legacy" Haynesville.

One possible purchaser is said to be Citadel, the hedge fund that owns APEX Natural Gas. APEX has been aggressive in leasing urban Shreveport-Bossier mineral rights and purchasing existing Haynesville shale drilling units from other operators.

“Comstock has got good rock locations,” says Shreveport mineral consultant Skip Peel. “They’ve got plenty of undrilled well locations.”

According to reports, Comstock wants to sell their so-called “Legacy” Haynesville position to prioritize its Western Haynesville play in central Texas.

Peel says “prioritize” could be another word for “fund.” He said the Western Haynesville is a productive but expensive play.

“The reason it's expensive is because it's much deeper, it's hotter, it's over pressured, it's more expensive from a drilling and completing standpoint.”

According to TGS, a company that provides energy data and intelligence, permit depths range from 14,000 to 25,000 feet, with pressures as high as 17,000 psi, and bottom hole temperatures of 340 degrees in the Western Haynesville. TGS said those numbers require advanced and costly technologies to do the job and stay safe.

Comstock's 2nd quarter 2025 investor results report that their five Western Haynesville wells are seeing a production rate of  roughly 50% higher than their Legacy Haynesville rate — 36 MMcf per day compared to 25 MMcF.

Peel says there is a leasing frenzy happening in the Western Haynesville and it includes locally known names like Aethon and Comstock. They are now being joined by Expand Energy and Matsui E&P USA. 

Where is the Western Haynesville?

Operators began to lease up mineral rights in the area only recently, in 2020.  The area is comprised of Freestone, Leon, Limestone and Robertson counties, which are to the south and east of Dallas. Hearne, which is north of Bryan and College Station, is the largest town in the region.

“Companies with a lot of know-how and a lot of money are all just piling into it,” said Peel.

Meanwhile, Peel is watching what might happen with the leases Comstock might sell locally.

“What happens is these private equity companies and maybe Citadel as a hedge fund, buy Haynesville assets and kind of invest in it, but don't fully develop it. They hold on to it for two or three years, and then they sell it to somebody else for a profit. And that's happened. This may be the fifth or sixth time in the 17 years that the Haynesville Shale has been going on, but it's still hot.”