COMSTOCK ANNOUNCES SIGNING OF FRAMEWORK AGREEMENT FOR $1.65 BILLION STRATEGIC PARTNERSHIP WITH SOCAR
The companies will assess potential buyers, pricing, logistics and regulatory considerations for international gas sales.
Rhea-AI Summary
Comstock Resources (CRK) and SOCAR signed a framework agreement for their previously announced $1.65 billion Haynesville Shale partnership. The agreement records their commitment to negotiate and execute a definitive purchase and sale agreement consistent with an earlier letter of intent. The companies anticipate signing that agreement no later than October 31, 2026, and expect the transaction to close by the end of 2026.
The companies will explore whether SOCAR could market natural gas produced from the Haynesville assets and attributable to Comstock's interest for sale as liquefied natural gas (LNG) outside the United States. The framework agreement was signed in conjunction with the Azerbaijan International Investment Forum. The partnership is part of a broader U.S.-Azerbaijan relationship under a protocol signed in June 2026.
Key Figures
- SOCAR investment
- $1.65 billion
- Strategic partnership for the Haynesville Shale
- Definitive agreement deadline
- October 31, 2026
- Anticipated signing no later than this date
- Expected transaction closing
- End of 2026
- Expected closing timeframe
Previous Partnership Reports
-
Letter of intent set SOCAR’s $1.65 billion asset transaction, pending a definitive agreement
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
lng technical
offtake financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
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
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
Ron Mills VP - Finance and Investor Relations Comstock Resources 972-668-8834 rmills@comstockresources.com
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
When do Comstock Resources and SOCAR expect to finalize and close their Haynesville partnership?
They anticipate signing a definitive purchase and sale agreement no later than October 31, 2026, and expect the transaction to close by the end of 2026. The signed framework agreement records their commitment to negotiate and execute that definitive agreement.
What international gas sales are Comstock Resources and SOCAR exploring?
The companies will explore opportunities for SOCAR to market gas produced from the Haynesville assets and attributable to Comstock's interest for sale as LNG outside the United States. Their work will focus on potential buyers, pricing structures, and logistical and regulatory considerations.