market folly

Zach Schreiber's hedge fund firm PointState Capital has filed a 13G with the SEC on shares of Comstock Resources (CRK).  Per the filing, PointState now owns 9.99% of the company with 1.49 million shares.

This is a newly disclosed equity position for the firm and the filing was made due to activity on November 8th.

Per Google Finance, Comstock Resources is "an energy company engaged in the acquisition, exploration, development and production of oil and natural gas in the United States. The Company operates in the segment of exploration and production of oil and natural gas. The Company's oil and gas operations are concentrated in Texas and Louisiana. Its operations are focused in two operating areas: East Texas/North Louisiana and South Texas. The Company's properties in the East Texas/North Louisiana region include approximately 80,660 acres in the Haynesville or Bossier shale formations. The Company's Eagleville field includes approximately 30,220 acres located in the oil window of the Eagle Ford shale in South Texas. The Company owns interests in over 1,575 producing oil and natural gas wells, and operates over 950 of these wells. The Company owns interests in over 20 wells in the Rosita field, located in Duval County, Texas."