Domestic energy explorer Comstock Resources Inc. ( CRK ) has entered into an agreement to sell off its oil and gas properties in Reeves and Gaines counties in West Texas. The assets were sold to Houston-based oil and natural gas producer Rosetta Resources Inc. ( ROSE ) for $768 million. The sale – with an effective date of Jan 1, 2013 – is likely to close on May 15. Comstock plans to use the proceeds to pay off its outstanding debt and to increase its 2013 drilling fund for the Eagle Ford shale. Comstock also revised its capital spending budget for 2013 to reflect the above divestiture and an increase in drilling activity in its Eagle Ford shale in South Texas. This year, Comstock plans to spend $422 million, which includes $410 million on drilling activities and $12 million on exploratory leasehold. Comstock will drill 82 wells in its current operations in South Texas and East Texas/North Louisiana for about $347 million.