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Comstock Resources Inc Declares A Dividend; Authorizes $100 Million Share Repurchase Plan And Completes Divestiture Of West Texas Oil And Gas Properties


Wednesday, 15 May 2013 09:52am EDT 

Comstock Resources Inc announced that Board of Directors declared its first dividend payable to its stockholders and has approved an open market share repurchase plan following the divestiture of the Company's West Texas oil and gas properties. As announced ,Comstock completed the divestiture of it West Texas oil and gas properties which generated $808 million in net proceeds, after selling costs. The Company intends to use proceeds primarily to reduce debt and enhance financial flexibility. The Board of Directors declared a dividend of $0.125 per share to be paid on June 15, 2013 to all stockholders of record as of May 31, 2013. The Board also approved an open market share repurchase plan which permits the Company to repurchase up to $100 million of its common stock in the open market. The timing and actual number of shares repurchased will depend on a variety of factors including the stock price, corporate and regulatory requirements and other market and economic conditions. The share repurchase plan does not obligate Comstock to acquire any specific number of shares. 

Company Quote

11.84
0.33 +2.87%
4:03pm EDT