FRISCO, Texas, April 30 /PRNewswire-FirstCall/ -- Comstock Resources, Inc.('Comstock') (NYSE: CRK) announced that its 49% owned subsidiary Bois d'ArcEnergy, Inc. ('Bois d'Arc') (NYSE: BDE) entered into a definitive mergeragreement with Stone Energy Corporation ('Stone') (NYSE: SGY) pursuant towhich Stone will acquire Bois d'Arc. Under the terms of the merger agreement,Bois d'Arc shareholders, including Comstock, will receive $13.65 in cash and0.165 shares of Stone common stock for each share of Bois d'Arc. Comstockwill receive $440 million in cash and 5,317,069 shares of the common stock ofStone for its stake in Bois d'Arc.
Completion of the transaction is subject to approval by the Bois d'Arc andStone stockholders, regulatory approvals, and other customary conditions.Concurrent with the execution of the merger agreement, Comstock entered into astockholder agreement in which it has agreed to vote in favor of the merger.
'We are very excited about this combination and are enthusiastic about our13% post merger ownership in Stone Energy,' stated M. Jay Allsion, ChiefExecutive Officer of Comstock. 'Stone has made significant strides inpositioning itself as a leader in the Gulf of Mexico and the Bois d'Arc teamhas done an outstanding job of creating value since Bois d'Arc's inception.'
This press release may contain 'forward-looking statements' as that termis defined in the Private Securities Litigation Reform Act of 1995. Suchstatements are based on management's current expectations and are subject to anumber of factors and uncertainties which could cause actual results to differmaterially from those described herein. Although the Company believes theexpectations in such statements to be reasonable, there can be no assurancethat such expectations will prove to be correct.
Comstock Resources, Inc. is a growing independent energy company based inFrisco, Texas and is engaged in oil and gas acquisitions, exploration anddevelopment primarily in Louisiana and Texas and in the Gulf of Mexico throughits ownership in Bois d'Arc Energy, Inc. (NYSE: BDE). The Company's stock istraded on the New York Stock Exchange under the symbol CRK.
SOURCE Comstock Resources, Inc.
