Comstock Resources, Inc. (NYSE: CRK) announced it has signed a framework agreement with SOCAR, the Azerbaijan state energy company, formalizing a previously announced $1.65 billion strategic partnership involving the Haynesville Shale natural gas basin in North Louisiana and East Texas.

The framework agreement commits both parties to negotiate and execute a definitive purchase and sale agreement no later than October 31, 2026, with the transaction expected to close by year-end 2026.

Under the partnership, Comstock and SOCAR plan to explore opportunities for SOCAR to market natural gas produced from Haynesville Shale assets as liquefied natural gas in international markets outside the United States. The companies said they will work to identify potential offtake counterparties, evaluate pricing structures, and assess logistical and regulatory considerations related to such arrangements.

The deal is described as part of a broader relationship between the United States and Azerbaijan established under the 1st Azerbaijan-United States Economic Dialogue, signed in June 2026. A separate framework agreement on critical minerals and rare earths was also signed by the Azerbaijani Minister of Economy and the U.S. Assistant Secretary of State for Economic, Energy and Business Affairs at that time.

The framework agreement was signed in conjunction with the Azerbaijan International Investment Forum. Comstock is focused on Haynesville Shale development, which the company notes has proximity to Gulf Coast LNG export facilities.