Dallas Cowboys owner Jerry Jones made headlines Monday when an energy company he controls acquired a smaller company for $2.2 billion dollars. Dallas Morning News business reporter Orla McCaffrey joins NBC 5 to give more insight to the deal.
An oil and gas company controlled by Dallas Cowboys owner Jerry Jones has reached an agreement to buy Covey Park Energy in a $2.2 billion cash and stock deal.
Frisco-based Comstock and Covey Park, with headquarters in Dallas, announced the agreement on Monday.
A statement from both companies says Jones will provide $475 million as part of the acquisition, bringing his total investment in Comstock to $1.1 billion. Jones remains the largest shareholder with 75% ownership.
Comstock, according to its website, has focused on acquisition, development, production and exploration of oil and gas properties mainly in Texas, Louisiana and North Dakota. Covey Park operates mainly in northern Louisiana and East Texas.
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