Comstock Announces Partnership With SOCAR; Enters Haynesville Drilling Venture With Jerry Jones

Comstock Resources (CRK) signed a letter of intent with SOCAR (State Oil Company of the Azerbaijan Republic), where SOCAR or a wholly owned subsidiary would acquire CRK, subject to definitive purchase terms. While deal details are not provided in the excerpt, the LOI suggests potential upside optionality versus a fully closed transaction. Market reaction is likely limited until pricing and conditions of the definitive agreement are disclosed.