Comstock Resources, Inc. has entered into a definitive agreement with Rosetta Resources Inc. pursuant to which Rosetta will acquire all of Comstock's oil and gas properties in Reeves and Gaines counties in West Texas for a sales price of $768 million, subject to customary purchase price adjustments and closing conditions.

The sale will have an effective date of January 1, 2013 and is expected to close on or about May 15, 2013. The Company intends to use the proceeds from the sale to reduce its outstanding debt and to fund an increase to its 2013 drilling program in the Eagle Ford shale.

Comstock also announced a revised capital budget for 2013 to reflect the divestiture of the West Texas properties and an increase in drilling activity in its Eagle Ford shale in South Texas.

Tags: Comstock Resources