Arkoma Drilling Ups Comstock Stake to 10%
Ticker: CRK · Form: SC 13D/A · Filed: Aug 15, 2024 · CIK: 23194
Sentiment: neutral
Topics: ownership-change, schedule-13d, energy
Related Tickers: CRK
TL;DR
Arkoma Drilling now owns 10% of Comstock Resources after filing an amended 13D.
AI Summary
On August 15, 2024, Arkoma Drilling, L.P., along with affiliated entities, filed an amendment (No. 6) to their Schedule 13D concerning Comstock Resources, Inc. The filing indicates a change in beneficial ownership, with the group now holding 10.0% of the outstanding common stock, amounting to 30,500,000 shares. This filing follows a previous amendment on August 13, 2024.
Why It Matters
This filing signifies a notable increase in ownership by a significant shareholder in Comstock Resources, potentially influencing future strategic decisions or market perception.
Risk Assessment
Risk Level: medium — Increased ownership by a single entity can lead to concentrated influence, potentially impacting the company's strategic direction and shareholder value.
Key Numbers
- 10.0% — Ownership Stake (Represents the beneficial ownership percentage of Comstock Resources, Inc. common stock.)
- 30,500,000 — Shares Owned (The total number of Comstock Resources, Inc. common shares beneficially owned by the filing group.)
Key Players & Entities
- Arkoma Drilling, L.P. (company) — Filing entity and beneficial owner
- Comstock Resources, Inc. (company) — Subject company
- Thomas L. Walker (person) — Contact person for filing entities
- 30,500,000 shares (dollar_amount) — Number of shares beneficially owned
- 10.0% (dollar_amount) — Percentage of outstanding common stock owned
- August 15, 2024 (date) — Filing date of the amendment
- August 13, 2024 (date) — Date of previous amendment
FAQ
What is the primary purpose of this SC 13D/A filing?
The primary purpose is to report an amendment to the Schedule 13D, indicating a change in the beneficial ownership of Comstock Resources, Inc. common stock by Arkoma Drilling, L.P. and its affiliates.
Who are the principal filing persons involved in this amendment?
The principal filing persons are Arkoma Drilling, L.P., Blue Star Exploration Co, JWJ BES, LLC, and Williston Drilling, L.P.
What is the total percentage of Comstock Resources, Inc. common stock now beneficially owned by the filing group?
The filing group now beneficially owns 10.0% of the outstanding common stock of Comstock Resources, Inc.
How many shares of Comstock Resources, Inc. common stock does the filing group beneficially own?
The filing group beneficially owns 30,500,000 shares of Comstock Resources, Inc. common stock.
When was the previous amendment to this Schedule 13D filed?
The previous amendment to this Schedule 13D was filed on August 13, 2024.
Filing Stats: 2,536 words · 10 min read · ~8 pages · Grade level 8.4 · Accepted 2024-08-15 16:43:48
Key Financial Figures
- $0.50 — me of Issuer) Common stock, par value $0.50 per share (Title of Class of Securiti
- $8.1643 — per Share August 5, 2024 825,000 $8.1643 August 6, 2024 825,868 $8.494 A
- $8.494 — $8.1643 August 6, 2024 825,868 $8.494 August 7, 2024 825,868 $8.8165
- $8.8165 — 8 $8.494 August 7, 2024 825,868 $8.8165 August 8, 2024 825,868 $9.4186
- $9.4186 — $8.8165 August 8, 2024 825,868 $9.4186 August 9, 2024 825,868 $9.7612
- $9.7612 — $9.4186 August 9, 2024 825,868 $9.7612 August 12, 2024 981,898 $10.1322
- $10.1322 — $9.7612 August 12, 2024 981,898 $10.1322 August 13, 2024 981,898 $10.1359
- $10.1359 — $10.1322 August 13, 2024 981,898 $10.1359 August 14, 2024 981,898 $10.5834
- $10.5834 — $10.1359 August 14, 2024 981,898 $10.5834 August 15, 2024 981,898 $10.5567
- $10.5567 — $10.5834 August 15, 2024 981,898 $10.5567 (d) No person (other than the Reporti
Filing Documents
- crk_13da_20240815.htm (SC 13D/A) — 245KB
- 0000950170-24-097641.txt ( ) — 247KB
Source and Amount of Funds or Other Consideration
Item 3. Source and Amount of Funds or Other Consideration. The Reporting Persons used cash to make the purchases of Common Stock listed in the table presented in Item 5(c) below.
Purpose of Transaction
Item 4. Purpose of Transaction.
of this Schedule 13D is hereby supplemented as follows
Item 4 of this Schedule 13D is hereby supplemented as follows: The Reporting Persons file this Amendment No. 5 following a 1.7% increase in the percentage of the class beneficially owned. Between August 13 and August 15, 2024, JWJ BES purchased 2,945,694 shares of Common Stock at the purchase prices set forth in the table presented in Item 5(c) below.
Interest in Securities of the Issuer
Item 5. Interest in Securities of the Issuer. Items 5(a), (b), (c), (d) and (e) of the Schedule 13D are hereby amended and restated in their entirety as follows: (a) The information set forth on rows 11 and 13 of the cover pages of this Schedule 13D is incorporated by reference. The percentage is calculated based upon 292,260,645 outstanding shares of Common Stock, as disclosed in Comstock Resources, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024. (b) The information set forth in rows 7 through 10 of the cover pages to this Schedule 13D is incorporated by reference. (c) The table below sets forth the purchases of Common Stock in the open market effected by JWJ BES during the past 60 days. Date Number of Shares Purchased Average Price per Share August 5, 2024 825,000 $8.1643 August 6, 2024 825,868 $8.494 August 7, 2024 825,868 $8.8165 August 8, 2024 825,868 $9.4186 August 9, 2024 825,868 $9.7612 August 12, 2024 981,898 $10.1322 August 13, 2024 981,898 $10.1359 August 14, 2024 981,898 $10.5834 August 15, 2024 981,898 $10.5567 (d) No person (other than the Reporting Persons) is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of Common Stock subject to this Schedule 13D. (e) Not applicable. SCHEDULE 13D CUSIP No. 205768302 Page 8 of 9
SIGNATURES
SIGNATURES After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: August 15, 2024 ARKOMA DRILLING, L.P. By: Blue Star Exploration Company, its general partner By: /s/ Thomas L. Walker Name: Thomas L. Walker Title: Treasurer WILLISTON DRILLING, L.P. By: Blue Star Exploration Company, its general partner By: Thomas L. Walker Name: Thomas L. Walker Title: Treasurer JWJ BES, LLC By: Blue Star Exploration Company, its managing member By: Thomas L. Walker Name: Thomas L. Walker Title: Treasurer BLUE STAR EXPLORATION COMPANY By: Jerral W. Jones its Sole Shareholder By: /s/ Jerral W. Jones Jerral W. Jones By: /s/ Jerral W. Jones Jerral W. Jones SCHEDULE 13D CUSIP No. 205768302 Page 9 of 9 JOINT FILING AGREEMENT PURSUANT TO RULE 13d-1(k) The undersigned acknowledge and agree that the foregoing statement on Schedule 13D is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13D may be filed on behalf of each of the undersigned without the necessity of filing additional joint filing agreements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained herein or therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate. Date: August 15, 2024 ARKOMA DRILLING, L.P. By: Blue Star Exploration Company, its general partner By: /s/ Thomas L. Walker Name: Thomas L. Walker Title: Treasurer WILLISTON DRILLING, L.P. By: Blue Star Exploration Company, its general partner By: Thomas L. Walker Name: Thomas L. Walker Title: Treasurer