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
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Permalink Reply by Jimmy Hamiter on
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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.
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Permalink Reply by Skip Peel - Mineral Consultant on
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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.
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Great info, Skip. Thanks!
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Hi Skip. Regarding the ALT-001 and ALT-002 wells I originally noted this replied to, all 4 are designated HA RA SUO. Would they be tied to a particular Unit Well? Just trying to get a sense of how any new production from these wells would pay out in terms of pooling and what not. Thanks!
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Permalink Reply by Skip Peel - Mineral Consultant
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Jimmy, many wells that are long lateral, cross unit (HC) wells only use the name of the first unit the well penetrates in the name. So the wells could produce from HA RA SUO and other units (sections). Since you have the well permits, look at the well plat and see what percentage of the horizontal lateral lies in each section. That is an estimate. The actual "as drilled" lengths for each section will be reported to the state and available in the database some weeks after the wells are reported complete.
From your earlier reply it looks like all four wells will produce from three sections. It looks to me that SUO is the unit for Section 5.
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Thank you, Skip. I looked at the plat in the permit doc, but couldn't find a "percentage" for each horizontal lateral. The document did list the unit wells for each of the three sections—SUO, SUZ (mine, being the middle), and SUV with serial numbers, so that helps. As always, I appreciate your knowledge and assistance!
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Permalink Reply by Skip Peel - Mineral Consultant
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You're welcome, Jimmy. Neither you nor I will see an exact percentage until months after the wells are completed. You can however estimate what percent lies in each.. Being the middle unit is good. It gives you the greatest percentage however it is still less than 50% in most cases.
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Duly noted. Whitson 001 has been fracked. Whitson 002 and Speights 001 are status 31 but only in their scout reports. Speights 002 is in progress but drilled to a specific MD and TVD. I'll check periodically to gauge progress with this information in mind. Thanks again!
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Permalink Reply by Skip Peel - Mineral Consultant
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When your wells hit status 31 scroll all the way to the bottom of the SONRIS well file and see if there is a work permit listed for the frack. Usually all the wells being drilled as a group will get that work order on the same date. It is effective for twelve months but the frack usually occurs with a month of so of the work permit date. Good luck.
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Great to know, thanks for sharing that! I'll keep track of this using Skip's advice.
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