Comstock Resources Inc., Frisco, Texas, (NYSE: CRK) plans to sell its oil and gas properties in Mississippi to Petro Harvester Oil & Gas LLC, a newly formed venture of Houston-based global private-equity firm TPG Capital, for $75 million in cash.

Net production from the properties averaged 1,138 barrels of oil and 900,000 cubic feet of gas per day during the first six months of 2010.

Comstock chief executive M. Jay Allison says, "The successful sale of this non-core asset allows us to further concentrate our resources and personnel on our core assets in the Haynesville and Bossier shale and our emerging position in the Eagle Ford shale."

Scotia Waterous (USA) Inc. is financial advisor to Comstock. The sale is expected to close prior to year-end.

KeyBanc Capital Markets Inc. senior managing director Jack Aydin says the $75-million sale price implies a value of $9,705 per thousand cubic feet equivalent per day for production and $2.50 per thousand cubic feet equivalent for proved reserves.

Aydin says, “Pro forma for the asset sale and a $49-million tax refund, we estimate Comstock’s total liquidity to be around $755 million, including its untapped $500 million borrowing base and 4.8 million shares of Stone Energy (NYSE: SGY).