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Industry Brief

Comstock Resources Inc. has agreed to acquire 70% of Ursa Resources Group II LLC's interests in oil and gas properties in Burleson and Washington counties, TX, for $66.5 million. The properties include one well producing 433 boe/d (227 boe/d, net to the interests being acquired) and 32,000 gross acres (20,000 net) that are prospective for oil in the East Texas Eagle Ford Shale and near other parties' successful wells. The deal is expected to close by year-end. Frisco, TX-based Comstock said it anticipates moving one of its operated rigs to the acquired properties early next year and expects to drill 10 operated wells on the acreage in 2014. "This acquisition will allow us to extend our successful South Texas Eagle Ford shale program into East Texas," said CEO Jay Allison. "The East Texas Eagle Ford acquisition, combined with the acreage the company is acquiring in the Tuscaloosa Marine Shale play [see Shale Daily, Nov. 15], will complement our successful oil drilling program in South Texas by adding multiple years of additional oil drilling inventory for Comstock."
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