Deal Worth $620 Million Could Soon Put Jerry Jones in Control of Frisco Oil Company

Dallas Cowboys owner Jerry Jones could soon own a controlling stake in Frisco oil and gas explorer Comstock Resources Inc.Comstock announced Thursday that it signed a letter of intent to buy Jones' Bakken Shale interests in exchange for $620 million of the company's stock. The North Dakota land is owned by Jones' Arkoma Drilling LP and Williston Drilling LP. Jones' companies will be paid in 88.6 million Comstock shares worth $7 each, representing an 84 percent stake in the company. Comstock said it expects the deal to close in the next several weeks.Earlier this month, Jones invested $75 million for a 14 percent stake in Comstock. He said at the time that he missed out on $600 million in profits when he failed to invest in the company in 1999.Jones' Bakken Shale land produces 10,500 barrels of oil and 20 million cubic feet of natural gas a day. The properties, which Comstock said will generate $200 million in cash flow this year, include 332 producing oil wells, 128 drilled but uncompleted wells and 10 undrilled locations."I am excited to be partnering with Comstock by contributing my oil and gas properties to Comstock, which will allow them to strengthen their balance sheet," Jones said in the company's announcement.   Continue reading...