BAKU, Azerbaijan, November 5. Azerbaijan's state oil company SOCAR will acquire stakes in Comstock’s US assets, the company said on November 5.
"On November 4, 2026, a definitive purchase and sale agreement was signed between SOCAR and Comstock for SOCAR to acquire non-operated working interests in 20% of Comstock’s interest in its Legacy Haynesville upstream assets, 15% of Comstock’s interest in its Western Haynesville upstream assets, and 15% of Comstock’s 73% interest in Pinnacle Gas Services LLC," said SOCAR.
Reportedly, under the agreement, the aggregate cash purchase price amounts to USD 1.65 billion, subject to customary purchase price adjustments.
"SOCAR’s interest in the Western Haynesville upstream assets will reduce to 7.5% after five years and after SOCAR has achieved a 15% return on investment in those assets. The effective date of the transaction has been set as 1 July 2026. The necessary governmental approvals and other legal procedures required under applicable legislation are being pursued to close the transaction," said Azerbaijan's state oil company.
Comstock Resources, Inc. is a leading independent natural gas producer with operations focused on the development of the Haynesville shale in North Louisiana and East Texas. The Company's stock is traded on the NYSE and the NYSE Texas under the symbol CRK.
According to its 2025 annual report, Comstock had approximately 7 trillion cubic feet equivalent (Tcfe) of proved natural gas and oil reserves as of December 31, 2025. The estimated PV-10 value of these reserves was $4.5 billion.
