28 Aug 2006capital raising announcement● NeutralMajor
Bois d'Arc agreed on August 25, 2006 to sell 2,250,000 new shares to Comstock Resources in a private placement at $15.94 per share (the NYSE closing price that day), with closing expected August 31, 2006. It also agreed to buy an additional 20% working interest in its Ship Shoal 113 Unit for $19.2 million (effective March 1, 2006, estimated about 9 billion cubic feet equivalent of proved reserves), to be funded with the Comstock proceeds. Existing shareholders are diluted by the new shares.