Comstock Resources, Inc. filed an 8-K on September 1, 2026, disclosing a letter of intent with the State Oil Company of Azerbaijan Republic for a $1.65 billion cash acquisition of working interests in its Haynesville assets, alongside a new shale drilling venture with majority stockholder Jerry Jones.

Key Highlights

  • $1.65 billion aggregate purchase price: SOCAR or a wholly owned subsidiary would pay $1.65 billion in cash, subject to customary purchase price adjustments, for the disclosed interests.
  • Legacy Haynesville interest: SOCAR would acquire a non-operated working interest representing 20% of Comstock's interest in its Legacy Haynesville upstream assets.
  • Western Haynesville interest: SOCAR would acquire a non-operated working interest equal to 15% of Comstock's interest in its Western Haynesville upstream assets, reducing to 7.5% after five years and once a 15% return on investment is achieved.
  • Pinnacle Gas Services stake: SOCAR would acquire 15% of Comstock's 73% ownership interest in Pinnacle Gas Services LLC, which provides midstream services to the Western Haynesville.
  • Jones family drilling venture: Beginning September 1, 2026, a partnership owned by the Jones family will fund 85% of drilling and completion costs for 18 Western Haynesville wells and 80% for nine Legacy Haynesville wells over the next twelve months, expected to cost approximately $450 million.
  • Interest reversion provision: After a 15% return on investment is achieved in the Jones drilling venture, 50% of the interest in the wells will revert to Comstock.
  • Effective date: The SOCAR transaction will have an effective date of July 1, 2026.

Comstock Resources Discloses SOCAR Letter of Intent and Jones Family Drilling Agreement

According to the filing, Comstock Resources, Inc. (NYSE:CRK) entered into a letter of intent with the State Oil Company of Azerbaijan Republic ("SOCAR") under which SOCAR or a wholly owned subsidiary of SOCAR would acquire three distinct interests for an aggregate cash purchase price of $1.65 billion, subject to customary purchase price adjustments. The filing states that "the letter of intent binds the parties to negotiate in good faith a definitive purchase and sale agreement," and the transaction is reported to carry an effective date of July 1, 2026. No definitive agreement has been announced.

The three interests covered by the letter of intent, as described in the filing, are: a non-operated working interest representing 20% of Comstock's interest in its Legacy Haynesville upstream assets; a non-operated working interest equal to 15% of Comstock's interest in its Western Haynesville upstream assets, which would reduce to 7.5% after five years and once SOCAR achieves a 15% return on investment in those assets; and 15% of Comstock's 73% ownership interest in Pinnacle Gas Services LLC, the company providing midstream services to the Western Haynesville.

Separately, the filing discloses that Comstock entered into a Haynesville shale drilling venture with Jerry Jones, identified as the company's majority stockholder. According to the filing, a partnership owned by the Jones family will fund 85% of the drilling and completion costs of 18 Western Haynesville wells and 80% of nine Legacy Haynesville wells drilled by Comstock over the next twelve months, a program the filing states "is expected to cost approximately $450 million." Once the Jones family partnership achieves a 15% return on investment, 50% of the interest in those wells will revert to Comstock, according to the filing. The 8-K was signed by Roland O. Burns, President and Chief Financial Officer.

What Was Disclosed

Comstock Resources filed an 8-K under Item 7.01 (Regulation FD) disclosing a $1.65 billion letter of intent with SOCAR for working interests in its Haynesville assets and a separate approximately $450 million drilling cost-sharing venture with a Jones family partnership, both announced September 1, 2026.