Comstock Resources, Inc. (NYSE:CRK) CEO Jay M. Allison exercised 45,000 options yesterday in a transaction worth over $1.39 million. According to the form 4 filing with the SEC, Allison exercised the 45,000 options at $3.88 per share and then immediately sold them at $31.32. The filing also noted that he gave away 25,000 shares as a gift. Comstock's stock has been on a bull run since October, rising from $26 to $33 before retracing slightly over the past few sessions. Sometimes insider selling is seen as a lack of confidence in management; however, in many cases it is simply timely portfolio diversification for executives.

Comstock Resources, Inc. (Comstock) is engaged in the acquisition, development, production and exploration of oil and natural gas. The Company's oil and natural gas operations are concentrated in the east Texas/north Louisiana, southeast Texas, south Texas and Mississippi regions. In addition, the Company has properties in other regions in Arkansas, Kansas, Kentucky, New Mexico and Oklahoma. The Company owns 48% of Bois d'Arc Energy, Inc., which conducts exploration, development and production operations in state and federal waters of the Gulf of Mexico.

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