Comstock Resources Inc. (CRK) came up with an updated status of the divesture program planned for 2012.

In late February, the company completed the sale of some of its non-core oil and gas assets in Tyler and Polk counties to a third party for $9.5 million.

Comstock plans to divest the remaining assets for $118.5 million. In this regard, the company has signed a deal with a third party. The agreement, pending customary regulations and purchase price adjustments, is slated to close on May 1, 2012.

Comstock had earlier disclosed its intention to dispose these South Texas and Lincoln Parish based assets and obtain gross proceeds of $128.0 million.

These properties are estimated to generate daily production of about 366 barrels of oil and 9.1 million cubic feet of natural gas during the first two months of 2012. As of December 31, 2011, this North Louisiana-located acreage is valued to hold a proved reserve of 1.7 million barrels of oil and 53 billion cubic feet of natural gas.

Comstock also announced the sale of 1.2 million shares (out of 1.8 million) of Stone Energy Corporation (SGY) that it held as of December 31, 2011. With this move, Comstock received cash proceeds of $37.7 million.

We believe that Comstock’s divesture planning highlights its strategy of shedding properties that that do not fit its long-term growth plan. The company targets to sell its high cost and low profit generating assets and concentrate on acquiring acreages that would render high returns going forward.

Comstock, which operates within the energy sector along with bigger players such as Apache Corporation (APA) and Chesapeake Energy Corporation (CHK), currently retains a Zacks #3 Rank (short-term Hold rating).

We are also maintaining a long-term Neutral rating on the shares, based on the company’s growing reserve base, strong position in the prolific Haynesville Shale play and effective cost structure, partially offset by over exposure to the natural gas scenario and a volatile macro environment.

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