Item 1.01 Entry into a Material Definitive Agreement

On November 15, 2022, Comstock Resources, Inc ("Comstock" or the "Company") entered into an amended and restated revolving credit agreement with Wells Fargo Bank National Association, as administrative agent, and other lenders party thereto (the "Credit Agreement"). The Credit Agreement is a senior secured reserve based revolving credit facility with an aggregate maximum credit amount of $3.5 billion, a borrowing base of $2.0 billion and total lender commitments of $1.5 billion. The Credit Agreement has a maturity date of November 15, 2027.

Comstock can make borrowings under the credit facility at (i) adjusted SOFR plus a margin ranging from 1.75% to 2.75% or (ii) an alternate base rate, plus a margin ranging from 0.75% to 1.75%, in each case depending on the utilization of the borrowing base. The undrawn portion of the total lender commitments will be subject to a commitment fee ranging from 0.375% to 0.50%, which is also dependent on the utilization of the borrowing base. The borrowing base will be redetermined by the lenders semi-annually beginning April 1, 2023 and at certain other times as permitted under the Credit Agreement.

The Credit Agreement contains customary financial and non-financial covenants. Comstock must maintain (1) a ratio of Total Net Debt to EBITDAX of less than 3.5 to 1.0 and (2) an adjusted current ratio of at least 1.0 to 1.0. In addition, the Credit Agreement contains various covenants that limit, among other things, Comstock's ability to incur additional indebtedness, grant liens, make distributions and dividends, enter into transactions with affiliates and make certain acquisitions and investments.

If an event of default occurs under the Credit Agreement, the lenders will be able to accelerate the maturity of the credit facility and exercise other rights and remedies. An event of default includes, among other things nonpayment of principal when due, nonpayment of interest, fees or other amounts, material inaccuracy of representations and warranties, violation of covenants, bankruptcy events, certain ERISA events, judgments in excess of $75 million and a change in control.

The preceding summary of the material terms of the Credit Agreement is qualified in its entirety by the full text of the Credit Agreement, which is filed herewith as Exhibit 10.1. In the event of any discrepancy between the preceding summary and the text of the Credit Agreement, the text of the Credit Agreement shall control.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant into a Material Definitive Agreement

The information set forth in Item 1.01 above is hereby incorporated into this Item 2.03 by reference, insofar as it relates to the creation of a direct financial obligation.

Item 9.01 Financial Statements and Exhibits



 Exhibit No.   Description
     10.1        Second Amended and Restated Credit Agreement dated as of November
               15, 2022, among the Company, Wells Fargo Bank, National Association as
               Administrative Agent and the lenders party thereto from time to
               time.

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