Oaktree investor Howard Marks (Trades, Portfolio) amassed a 10% stake in a Frisco, Texas based oil and gas company, Comstock Resources, on the day it announced a swell in its calculated proved reserves that triggered a pop in its stock price. The calculation used modest price estimates of $2.29 per million cubic feet of natural gas and $37.62 per barrel for oil, 2% and 20% lower than figures used in 2015. The Haynesville shale reaches from East Texas to North Louisiana and contains mostly natural gas. Market prices for oil declined by 4% to $42.07 and increased 4% for natural gas to $2.62 per million cubic feet. The price per barrel of oil dropped 25% to $36.15 and 12% for natural gas to $2.17 per million cubic feet.

Source: Forbes February 07, 2017 22:36 UTC