COMSTOCK ANNOUNCES $600 MILLION STRATEGIC INVESTMENT BY SIXTH STREET IN PINNACLE GAS SERVICES

FRISCO, TX, June 15, 2026 (GLOBE NEWSWIRE) -- Comstock Resources, Inc. (NYSE: CRK) announced today that it has sold a minority equity interest in Comstock's midstream subsidiary, Pinnacle Gas Services LLC ("Pinnacle"), to certain funds managed by Sixth Street, a leading global investment firm.

Sixth Street invested $600 million in Pinnacle and acquired a 27% non-controlling common equity interest in Pinnacle. Sixth Street's investment values Pinnacle at a $2.2 billion enterprise value. Upon closing the transaction, Comstock retained a 73% controlling common equity interest in Pinnacle, valued today at approximately $1.6 billion, and continues to manage, operate and control the business under a management services agreement with Comstock.  

The proceeds from the investment were used to fully extinguish and retire the Pinnacle preferred equity securities for $445 million plus accrued dividends, all outstanding indebtedness at Pinnacle, transaction costs and for working capital.

Key Transaction Benefits to Comstock

• Pinnacle and Western Haynesville Value Confirmation – Investment implies a $2.2 billion enterprise value for Pinnacle validating the significant value Comstock has created from its midstream infrastructure and reflecting the expected future production growth resulting from Comstock's development of its 540,000 net acres in the Western Haynesville.
  
  
• Strengthens Balance Sheet and Reduces Fixed Charges – The transaction is deleveraging; with proceeds used to extinguish and retire all preferred equity securities and outstanding indebtedness at Pinnacle. Further, this transaction is expected to materially reduce the fixed charges of Pinnacle by approximately $40 million per year.
  
  

• Increased Comstock's Ownership in Pinnacle's Future Upside – Comstock retains a controlling 73% equity interest in Pinnacle. Upon Sixth Street achieving certain return hurdles, Sixth Street's ownership in Pinnacle will be reduced from 27% to 19.5% and Comstock's ownership of Pinnacle will increase from 73% to 80.5% compared to the 70% it was entitled to prior to the redemption of the preferred units.
  
  
• Maintain Operational Control – Comstock will continue to manage, operate, and control all key strategic and operational decisions at Pinnacle, preserving full alignment between its upstream and midstream operations.
  
  

M. Jay Allison, Chief Executive Officer of Comstock, commented:

"This transaction is another validation of the future potential of Comstock's Western Haynesville acreage, which is well positioned to service the growing demand for natural gas in our region. The Western Haynesville represents one of the largest undeveloped natural gas resources with access to the growing demand along the Gulf Coast and will also serve the recently announced Texas Power Generation Hub in Anderson County Texas. This transaction with Sixth Street represents an important milestone for Comstock and a strong validation of the value we have created in the Western Haynesville.   Importantly, through this investment, we are strengthening our balance sheet by reducing debt and simplifying our capital structure — all while increasing our substantial majority ownership and maintaining full operational control of the Pinnacle system. We are excited to welcome Sixth Street as a long-term partner as we continue to build out one of the premier midstream platforms in the country."

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