Comstock Resources Inc. plans to fund a boost in completions activity at its Haynesville Shale assets in Louisiana and Texas using the proceeds from selling properties in North Dakota.


The Frisco, TX-based independent said Thursday it would exit the Bakken Shale, selling its assets to Northern Oil & Gas Inc. for $154 million in cash.

The plan is to accelerate the completion of 13 gross (9.4 net) drilled and uncompleted wells that were originally budgeted to be completed in 2022. Comstock said it may also use some of the sale proceeds to acquire more acreage and fund additional drilling activity next year.

The deal comes amid a volatile global natural gas market that has seen European and Asian benchmarks set record high prices going into winter. 

Comstock has pointed to...