The deal, worth about $54 million, was the second transaction of SM's divestiture in the Ark-LA-Tex area of East Texas and northern Louisiana.
Comstock, based in Frisco, Texas, intends to use proceeds to fund its 2015 drilling program and to enhance the company's liquidity as well as for other corporate purposes.
Companies are motivated by ambition and opportunity, while sellers are trying to get ahead of debt or stay afloat in a turbulent year for A&D.
New Standard’s drilling and operating program in the Eagle Ford has been overseen by its majority shareholder, Magnum Hunter Resources Corp.
Only a portion of the Utica and Marcellus pipeline was up for sale, but a premium bid worth hundreds of millions changed CEO Gary Evans’ thinking.
Freeport-McMoran Oil & Gas Inc. controls millions of acres in Texas, California, Louisiana and Africa, but low oil prices have stifled investment and will hurt growth.
Diamondback has its critics, but the company continues to defy expectations with deals, upped production and costs low enough to boast a $30 WTI breakeven.
In the Permian, Eagle Ford, Utica and other plays, nearly three dozen deals have cropped up as upstream A&D tries to continue its strongest rally since December.
The suit hinged on the U.S. operating in bad faith for Native Americans, but an appellate court found that the suit was meritless without the government as a defendant.
The assets have roughly 4,750 barrels of oil equivalent per day (boe/d) of crude oil production and more than 23 MMboe of independently engineered proven plus probable reserves.
The proceeds will most likely be used on Pioneer's Permian and Eagle Ford assets, where rates-of-return are above 50% at current commodity prices, said an analyst.
Following the acquisitions, the company said its acreage position in the Permian Basin in southeast New Mexico and West Texas increased to about 155,500 gross acres.