India, Sept. 1 -- Comstock Resources, Inc. (CRK) shares rose 7.52 percent to $15.52 on Tuesday, after the company announced a letter of intent with the State Oil Company of the Azerbaijan Republic (SOCAR) for the sale of interests in its Haynesville assets and Pinnacle Gas Services for $1.65 billion in cash.
The stock opened at $15.82 and traded between $14.90 and $16.12. Its 52-week range is $12.12 to $28.10 on the New York Stock Exchange. Trading volume was 5.10 million shares, compared with an average volume of 2.42 million shares.
Under the proposed transaction, SOCAR would acquire a 20 percent non-operated working interest in Comstock's Legacy Haynesville assets, a 15 percent interest in its Western Haynesville assets that would redu...