Frisco, TX, May 13, 2020 (GLOBE NEWSWIRE) -- Comstock Resources, Inc. (NYSE: CRK)  announced today that it has commenced an underwritten public offering of 40 million shares of its common stock. Comstock also intends to grant the underwriters a 30-day option to purchase up to 6 million additional shares of common stock.

Comstock intends to use the net proceeds from the offering to redeem the Company’s Series A Redeemable Convertible Preferred Stock for $210 million plus accrued and unpaid dividends and to reduce amounts outstanding under its bank credit facility.

Citigroup is acting as the sole book-running manager and representative of the underwriters for the offering.

Comstock Resources, Inc. is an independent energy company based in Frisco, Texas engaged in oil and gas acquisitions, exploration and development, and its assets are primarily located in Texas, Louisiana and North Dakota. The Company's stock is traded on the New York Stock Exchange under the symbol CRK.