COMSTOCK ANNOUNCES SIGNING OF FRAMEWORK AGREEMENT FOR $1.65 BILLION STRATEGIC PARTNERSHIP WITH SOCAR
FRISCO, TX, Sept. 28, 2026 (GLOBE NEWSWIRE) -- Comstock Resources, Inc. (NYSE and NYSE Texas: CRK) ("Comstock" or the "Company") announced today that in conjunction with the Azerbaijan International Investment Forum, Comstock and SOCAR entered into a Framework Agreement memorializing the previously announced strategic partnership and SOCAR's $1.65 billion investment in the Haynesville Shale, North America’s premier natural gas basin with close proximity to the Gulf of America's LNG export facilities. The Framework Agreement memorializes both parties' mutual commitment to negotiate and execute a definitive purchase and sale agreement consistent with the previously announced letter of intent related to the $1.65 billion strategic partnership. The definitive purchase and sale agreement is anticipated to be signed no later than October 31, 2026, and the transaction is expected to be closed by the end of 2026.
To maximize the value of the Haynesville shale assets, Comstock and SOCAR will work together to explore opportunities for SOCAR to market natural gas produced from the Haynesville Shale assets attributable to Comstock's interest for sale as LNG in international markets outside the United States. The parties will be focused on identifying potential offtake counterparties, evaluating pricing structures and assessing logistical and regulatory considerations associated with such international marketing arrangements.
The strategic partnership is part of a broader relationship between the United States and Azerbaijan under the protocol of the 1st Azerbaijan-United States Economic Dialogue that was signed in June 2026. The Azerbaijan-United States Framework for Securing of Supply in the Mining and Processing of Critical Minerals and Rare Earths was signed by the Azerbaijan Minister of Economy and the U.S. Assistant Secretary of State for Economic, Energy and Business Affairs. The agreement highlights that the United States and Azerbaijan have a long history of cooperation in the oil and gas sector and share a commitment to affordable, abundant energy.
About Comstock Resources
Comstock Resources, Inc. is a leading independent natural gas producer with operations focused on the development of the Haynesville shale in North Louisiana and East Texas. The Company's stock is traded on the NYSE and the NYSE Texas under the symbol CRK.
About SOCAR
SOCAR is a global integrated energy company headquartered in Azerbaijan. The company operates across the energy value chain, from oil and gas exploration and production to refining, petrochemicals, transportation, trading, and distribution. With a broad international footprint, SOCAR contributes to the energy security of Azerbaijan and its strategic partners while advancing sustainable development.
Forward-Looking Statements
This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the expected execution of a definitive agreement, the expected timing and completion of the proposed transaction, the receipt of required regulatory approvals, the anticipated use of proceeds, expected leverage and interest savings and future development plans. Such statements are based on management’s current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein, including the risk that a definitive agreement is not executed, that required approvals are not obtained or are delayed, or that the transaction is not completed on the terms described or at all. Although the Company believes the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct. Information concerning the assumptions, uncertainties and risks that may affect the actual results can be found in the Company's filings with the Securities and Exchange Commission ("SEC") available on the Company's website or the SEC's website at sec.gov.
Ron Mills
Vice President of Finance and Investor Relations
Comstock Resources
972-668-8834
rmills@comstockresources.com
