Comstock Expects $1.65B SOCAR Deal To Strengthen Its Balance Sheet
“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.
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