BAKU, Azerbaijan, November 5. The $1.65 billion
SOCAR divestiture will substantially enhance Comstock's balance
sheet, Comstock said on November 4.


“The effective date of the transaction is July 1, 2026 and is
expected to close by year end, subject to customary conditions,
including any required governmental approvals,” the company
said.


On November 4, 2026, the company entered into an amendment to
its bank credit facility to extend the maturity date of the bank
credit facility to November 15, 2028.


“Upon the closing of the SOCAR transaction and the retirement of
debt using the proceeds received from SOCAR, the maturity date will
extend further to November 15, 2031. After closing the SOCAR
transaction, aggregate commitments under the bank credit facility
will continue to be $1.5 billion while borrowings will be subject
to a borrowing base initially set at $1.6 billion,” said
Comstock.







On November 4, 2026, a definitive purchase and sale agreement
was signed between SOCAR and Comstock for SOCAR to acquire
non-operated working interests in 20% of Comstock’s interest in its
Legacy Haynesville upstream assets, 15% of Comstock’s interest in
its Western Haynesville upstream assets, and 15% of Comstock’s 73%
interest in Pinnacle Gas Services LLC.


SOCAR’s interest in the Western Haynesville upstream assets will
reduce to 7.5% after five years and after SOCAR has achieved a 15%
return on investment in those assets.