Jones’ firm to buy natural-gas company

Comstock Resources Inc., the energy company controlled by Dallas Cowboys owner Jerry Jones, has agreed to acquire the closely held natural-gas producer Covey Park Energy LLC in a $1.1 billion cash-and-stock deal to add assets in the Haynesville shale basin.

Including debt, the deal is valued at $2.2 billion.

The deal will make Comstock the “leader” in the Haynesville shale basin, a gas-rich region that covers parts of Arkansas, Louisiana and East Texas, the Frisco, Texas-based company said in a statement Monday. Comstock has become increasingly focused on gas in recent years — its oil output has dropped from 39% of production in 2014 to 9% last year.

Drilling technology has improved and explorers have become more efficient, allowing the Haynesville play to make a comeback. Output is estimated to have jumped 22% in about a year, according to data from Rystad Energy.

Citing the “soft” condition of the U.S. natural gas market — prices are close to a three-year low — Jones said he saw an opportunity akin to his $140 million purchase of the Cowboys 30 years ago. The team is now worth about $5 billion and is the most valuable franchise in the National Football League, according to Forbes magazine.

“I bought it when everything was down and out,” the 76-year-old said during a conference call Monday. “This is opportune times, especially when you can deal with a world-class asset located where it is.”