COMSTOCK ANNOUNCES $600 MILLION STRATEGIC INVESTMENT BY SIXTH STREET IN PINNACLE GAS SERVICES

Comstock Resources sold a 27% non-controlling equity interest in its midstream subsidiary Pinnacle Gas Services to Sixth Street for $600 million, valuing Pinnacle at $2.2 billion enterprise value. Comstock retained 73% controlling interest and used proceeds to eliminate all Pinnacle debt and preferred equity while reducing annual fixed charges by approximately $40 million. The transaction strengthens Comstock's balance sheet and validates the value of its Western Haynesville acreage.