Comstock Resources, Inc. announced that it has obtained commitments from a syndicate of thirteen banks for a new five year reserve-based revolving credit facility with an initial borrowing base of $700.0 million.  The New Credit Facility is subject to customary closing conditions and will become effective concurrent with the closing of the contribution of certain oil and gas assets by Arkoma Drilling, L.P. and Williston Drilling, L.P., entities owned by Jerry Jones and his family, pursuant to the Contribution Agreement entered into on May 9, 2018 between Comstock and such entities.  The issuance of Comstock common stock in connection with the Jones contribution is being submitted to the Company's stockholders for approval at its upcoming annual meeting to be held on August 10, 2018.

The New Credit Facility was arranged by BMO Capital Markets and has an initial borrowing base of $700.0 million, which will be re-determined on a semi-annual basis.  The New Credit Facility will be secured by substantially all of Comstock's assets and will be administered by Bank of Montreal.  Borrowings under the New Credit Facility will bear interest at the Company's option, at either LIBOR plus 2% to 3% or a base rate plus 1% to 2%, in each case depending on the utilization of the borrowing base.  Comstock will pay a commitment fee of 0.375% to 0.5% on the unused borrowing base.

"We are excited to have completed this part of our refinancing plan and appreciate the support from Bank of Montreal and the other twelve banks comprising our new bank group.  We are looking forward to the August 10th annual meeting when our shareholders will vote on the Jones contribution, the cornerstone of our refinancing plan", stated M. Jay Allison, Chairman and Chief Executive Officer of the Company.