Comstock Sells Haynesville, Cotton Valley Assets for $445MM

Comstock Sells Haynesville, Cotton Valley Assets for $445MM

Comstock Resources is selling a portion of its Haynesville acreage to focus on its western Haynesville play and reduce debt. The company is marketing approximately 38,000 net acres in its legacy East Texas and Louisiana Haynesville portfolio, which is producing about 150 MMcf/d of gas. A recent sale of certain Cotton Valley wells in East Texas and North Louisiana was also completed in September 2025 for $15.2 million. 

Details of the sale

  • What's being sold: Approximately 38,000 net acres in the legacy Haynesville play across East Texas (Harrison County) and Louisiana (Caddo, Bossier, Webster, and Bienville parishes).
  • Production: The assets being sold currently produce around 150 MMcf/d of gas.
  • Reason for selling: Comstock is divesting these "non-core" assets to reduce debt and to fund its growth in the emerging western Haynesville play.
  • Potential buyer: The hedge fund Citadel has been reported as being in talks to acquire some of the assets, as shown in Hart Energy reports. 
  •  

What this means for Comstock

  • The sale is a part of a strategic shift to prioritize the more expensive but high-potential western Haynesville play, which is located about 30 miles north of College Station, Texas.
  • Comstock continues to hold over 302,000 net acres in its legacy Haynesville portfolio, which it considers its "core" and main production base.
  • The proceeds from the sale will be used to help the company's balance sheet, as explained by Hart Energy. 

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Replies to This Discussion

Permalink Reply by Jimmy Hamiter yesterday

Comstock recently permitted 4 new wells in late September that cross my section (032, 12N, 14W): WHITSON 5-32-29 HC 001-ALT and 002-ALT, and SPEIGHTS 5-32-29 HC 001-ALT and 001-ALT.

It's been 3 years since the field order (92-N-53) was issued for these wells. Each of the recent permits for them is good for 1 year.

So... given the above sentence, the Comstock activity I've seen on here recently, and Jerry's apparent more recent focus on his company... is that an indicator they're serious about getting these wells drilled sooner than later?

I learned a long time ago to keep my expectations realistic and low in these situations. But the activity and timing, and greatly ramped up calls from buyers my sister and I have been getting, got me to thinking, and curious.

Permalink Reply by Skip Peel - Mineral Consultant yesterday

Thanks, Jimmy.  A good example of how field orders (spacing approvals) are in effect indefinitely unless replaced by a later field order.  Wells that match those lateral paths can be permitted at any time while the field order is in effect.

Comstock sold their less important CV and HA assets and kept their core Louisiana Haynesville units.  The company is certainly focusing on the Western Haynesville but their legacy Louisiana Haynesville is too much of revenue generator to sell off at this point.

There is no way to know for sure when permitted wells will be drilled but here is what I do to get an idea.  Search by Organization on SONRIS.  Copy the wells that are Status 01, permitted.  Then go through and click on each serial number to see if a well has been spud.  Eliminate them from you list.  The click on the remaining well serial numbers and look at the permit expiration date and note it.  Then go to the Comstock press releases and/or presentations to look for any statement of the number of rigs drilling Haynesville wells.  If you wish to go a step further you can go back to the SONRIS list of wells and check the Status 31 wells (drilled but not yet reported complete) to see which have been fracked (the rig has been released) and which others are reporting such that you can get an idea of how close to reaching Total Depth (TD) they are.  This will give you an idea of when rigs will be moving onto permitted wells.

Permalink Reply by Jimmy Hamiter yesterday

Great info, Skip. Thanks!

Permalink Reply by CG yesterday

The Whitson wells started drilling last week.

Permalink Reply by Jimmy Hamiter yesterday

Great to know, thanks for sharing that! I'll keep track of this using Skip's advice.  

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