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Acquisitions and Dispositions of Oil and Gas Properties | 12 Months Ended
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Dec. 31, 2020
Business Combinations [Abstract] |
Acquisitions and Dispositions of Oil and Gas Properties | Acquisitions and Dispositions of Oil and Gas PropertiesIn April 2018, Comstock sold its producing Eagle Ford shale oil and gas properties for $106.4 million and retained the undeveloped acreage. The Company recognized a loss on sale of these properties of $32.7 million during the Predecessor Period from January 1, 2018 through August 13, 2018. Results of operations for the properties that were sold during the Predecessor Period from January 1 through August 13, 2018 were as follows:
| Predecessor
| For the Period from January 1, 2018 through August 13, 2018
| (In thousands)
Total oil and gas sales | $ | 17,747 |
Total operating expenses (1) | (6,134) |
Operating income | $ | 11,613 |
_______________ (1)Includes direct operating expenses, depreciation, depletion and amortization and exploration expense. Excludes interest expense, general and administrative expenses and depreciation, depletion and amortization expense subsequent to the date the assets were designated as held for sale. On July 31, 2018, the Company acquired oil and gas properties in North Louisiana and Texas for $41.5 million. These properties included 22,559 acres (12,085 net) and 114 producing natural gas wells (27.8 net), 47 (14.6 net) of which produce from the Haynesville shale. On August 14, 2018, as part of the Jones Contribution, the strategic drilling venture previously entered into by the Company and Arkoma Drilling, LP was terminated and Comstock re-acquired working interests in wells drilled under the joint venture for $17.9 million, representing the costs paid by Arkoma Drilling, LP. On September 21, 2018, the Company entered into a joint development venture with an affiliate of USG Properties Haynesville, LLC by contributing its undeveloped Eagle Ford shale acreage. Under the joint development venture, Comstock can participate in drilling wells on the undeveloped acreage and can participate in any in-fill wells or refracs of existing wells on acreage owned by the joint venture partner. Comstock subsequently sold a portion of the undeveloped acreage in the joint venture for proceeds of $13.7 million in September 2018. On December 19, 2018, the Company entered into an agreement to acquire 5,301 net acres in Harrison and Panola counties, Texas. The Company will pay $20.5 million over a four years period by providing a 12% carried interest in each well drilled by Comstock on the acreage. On July 16, 2019, the Company acquired Covey Park Energy LLC, for consideration valued at approximately $2.2 billion. The acquisition included 317,142 acres (248,196 net) with 1,230 producing natural gas wells (712.0 net), 844 (383.0 net) of which produce from the Haynesville/Bossier shales. On November 1, 2019, the Company acquired a privately held company in exchange for 4.5 million newly- issued shares of the Company's common stock. The properties acquired included 7,702 acres (3,155 net) and 75 producing natural gas wells (20.1 net), 36 (11.7 net) of which produce from the Haynesville shale. During 2020, the Company leased 13,519 net acres for a total lease cost of $7.9 million.

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- Definition The entire disclosure for properties used in normal conduct of oil and gas exploration and producing operations. This disclosure may include property accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 360 -URI http://asc.fasb.org/subtopic&trid=2145654 + Details
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