Jones-controlled Comstock Resources is acquiring rival Covey Park Energy in a $2.2 billion deal, with the Dallas businessman putting up $475 million of his own money toward the deal.
“I am excited to provide the funding and to team up with Denham Capital to combine the two companies to create the basin leader in the Haynesville shale.
Record U.S. production and the lack of pipeline capacity has made it difficult or impossible to make profits.
The world is going to see demand increase for natural gas because of its value as an energy source and a more friendly alternative to coal. The U.S. is now poised to become one of the biggest global players in the space — and Jones gets it.
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Source: FOX business