Why Jerry Jones rang the opening bell at the NYSE this morning

Why Jerry Jones rang the opening bell at the NYSE this morning

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Story Courtesy of Dallas Morning News

Dallas Cowboys owner Jerry Jones had an eventful morning in New York City Wednesday, where he was present at the New York Stock Exchange to ring the opening bell in celebration of his $2.2 billion acquisition of Covey Park Energy.

Jones' oil and gas company Comstock Resources made a cash-and-stock deal to acquire Covey Park Energy that was expected to close at the end of July. The acquisition of Covey Park's assets will double Frisco-based Comstock's production, bringing its number of drilling locations to 2,000.

The deal will also merge the two companies' staffs, saving around $25 million in general expenses. Jones has been a majority stakeholder in Comstock since May 2018 with a 75% ownership interest.

But Jones didn't spend too much time celebrating as he went on CNBC's "Squawk on the Street" shortly after markets opened to discuss Cowboys running back Ezekiel Elliott's new six-year, $90 million contract extension.

"We're all overpaid ...," Jones told CNBC in response to the new contract that makes Elliott the highest-paid running back in the NFL. "For what he has done, how he's worked, how he's utilized his skills, he's in the marketplace of where we are in pro sports and pro football."

Jones' investments in oil and gas dating back to the 1970s were key to building the resources necessary for his purchase of the Dallas Cowboys for $140 million in 1989. The Cowboys are now the most valuable NFL franchise worth close to $4.8 billion, according to Forbes.

Comstock's price was up nearly 17% Wednesday midday at $7.15.

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