EX-5.1 2 d848128dex51.htm EX-5.1 EX-5.1

Exhibit 5.1

 

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June 10, 2024

Comstock Resources, Inc.

5300 Town and Country Blvd., Suite 500

Frisco, TX 75034

Ladies and Gentlemen:

We have acted as special Nevada counsel to Comstock Resources, Inc., a Nevada corporation (the “Company”), in connection with the preparation of the Registration Statement on Form S-3 (the “Registration Statement”) to be filed on the date hereof by the Company with the Securities and Exchange Commission. The Registration Statement relates to, among other things, the resale from time to time by the selling stockholders named therein, pursuant to Rule 415 of the General Rules and Regulations promulgated under the Securities Act of 1933, as amended (the “Securities Act”), of up to 12,500,000 shares of common stock of the Company, $0.50 par value per share (the “Shares”). The Shares may be sold or delivered from time to time as set forth in the Registration Statement, any amendment thereto, the prospectus contained therein (the “Prospectus”) and supplements to the Prospectus pursuant to Rule 415 under the Act.

In connection with this opinion, we have examined originals or copies, certified, or otherwise identified to our satisfaction, of:

 

  (i)

the Second Amended and Restated Articles of Incorporation of the Company, as filed with the Nevada Secretary of State on August 13, 2018;

 

  (ii)

Certificate of Amendment to Articles of Incorporation, as filed with the Nevada Secretary of State on July 16, 2019;

 

  (iii)

Amended and Restated Bylaws of the Company, adopted August 21, 2014, as amended August 17, 2018 and as further amended July 15, 2019, and certified to us to be currently in effect;

 

  (iv)

Resolutions (the “Authorizing Resolutions”) adopted by the Board of Directors of the Company (the “Board of Directors”) and the Audit Committee of the Board of Directors on March 20, 2024, relating to the issuance and registration of the Shares;

 

  (v)

A Subscription Agreement dated as of March 20, 2024 (the “Subscription Agreement”), by and among the Company, Arkoma Drilling L.P., a Texas limited partnership (“Arkoma”) and Williston Drilling, L.P., a Texas limited partnership (“Williston,” and together with Arkoma, the “Jones Entities”) pursuant to which the Jones Entities agreed to purchase the Shares and the Company agreed to sell to the Shares to the Jones Entities;

 

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June 10, 2024

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  (vi)

A Second Amended and Restated Registration Rights Agreement dated as of March 25, 2024 (the “Registration Rights Agreement”), by and among the Company and the Jones Entities;

 

  (vii)

the Prospectus; and

 

  (viii)

A certificate of Roland O. Burns, President, Chief Financial Officer and Secretary of the Company dated as of June 10, 2024, certifying the Authorizing Resolutions and certain other factual matters to us.

In addition to the foregoing, we have examined such other instruments, documents and records that we deemed relevant and necessary for the basis of our opinion hereinafter expressed. In rendering the opinions contained herein, we have, with your permission, made the following assumptions: (i) all documents submitted to or reviewed by us, including all amendments and supplements thereto, are accurate and complete and, if not originals, are true, correct, and complete copies of the originals; (ii) the signatures on each of such documents by the parties thereto are genuine; (iii) each individual who signed such documents had the legal capacity to do so; and (iv) all persons who signed such documents on behalf of a business entity were duly authorized to do so. We have assumed that there are no amendments, modifications, or supplements to such documents other than those amendments, modifications, and supplements that are known to us.

This opinion is limited to the Nevada Revised Statutes, and we disclaim any opinion as to the laws of any other jurisdiction. We further disclaim any opinion as to any other statute, rule, regulation, ordinance, order or other promulgation of any other jurisdiction or any regional or local governmental body or as to any related judicial or administrative opinion.

Based upon the foregoing and our examination of such questions of law as we have deemed necessary or appropriate for the purpose of this opinion, it is our opinion that the Shares are validly issued, fully paid and nonassessable.

This opinion is rendered to you in connection with the Registration Statement and is not to be relied upon for any other purpose. We disclaim any obligation to advise you of any change of law that occurs, or any facts of which we may become aware, after the date of this opinion.

This opinion is based upon our knowledge of the law and facts relevant to the transactions herein referenced as of the date hereof. We assume no duty to update or supplement this opinion to reflect any facts or circumstances that may hereafter come to our attention or to reflect any changes in any law that may hereafter occur or become effective.

 

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June 10, 2024

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We hereby consent to the filing of this opinion as an exhibit to the Registration Statement. In giving this consent, we do not thereby admit that we are included in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Securities and Exchange Commission.

 

Very truly yours,
WOODBURN AND WEDGE
By:  

/s/ Shawn G. Pearson

  Shawn G. Pearson

 

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