Comstock Resources | Chairman, President & CEO
Although Jay Allison’s business involves the oil fields, one could say his work ethic first went into play on the football field at Baylor. “Playing football under Coach Grant Teaff taught me to continue to give my best – no matter what,” he said. “I remember my freshman year at Baylor, we were behind at half-time against the University of Texas and overcame a 24-point deficit to beat them. We went on to play in the Cotton Bowl in 1975.”
Backed by his belief of giving his best effort, Allison went on to earn not one, but three degrees from Baylor. He earned a BBA in Accounting in 1978, an MS in 1980 and a JD in 1981. Before embarking on his career, Allison built a strong academic foundation that would benefit him in the future.
“My thought was that once you start school you should stay in until you have earned all the degrees that you will need while you are in that phase of life,” he said. “Once you enter the working world and have a family and incur debt, it is harder, in my opinion, to go back into the world of education.”
Following his football days, Allison switched to the game of finding oil and gas. Using his law degree, he gained exposure to the industry as a practicing oil and gas attorney for the firm of Lynch, Chappell & Alsup in Midland, Texas.
“Practicing oil and gas law gave me the confidence that I needed and experience to be successful in the oil and gas industry,” he said. “When the opportunity presented itself, I was able to create a successful independent oil and gas company. Understanding the legal side of the industry is always an advantage especially in the beginning when you are involved with setting up a company.”
In 1983, Allison co-founded a private independent oil and gas company which acquired Comstock Resources in 1987. He has experienced success first-hand through witnessing the rise of Comstock Resources, which is based in Frisco, Texas. The independent company is engaged in onshore oil and gas exploration and production and owns 49 percent of a successful offshore exploration company, Bois d’Arc Energy, Inc.
“Somewhere along the road you realize that what you had dreamed would happen has been greatly exceeded,” he said. “Comstock started out over 20 years ago with virtually no assets and no financial backing, and today we have $2.4 billion in assets and great financial strength. We have closed over 35 corporate transactions and have been listed for 11 years on the New York Stock Exchange.”
Along with his business ventures, Allison has maintained his ties with Baylor through serving on the university’s Board of Regents for the past nine years. Allison is grateful for his good fortune and maintains a positive outlook in life while keeping the important things in mind.
“Give your best, love your family, treat all people with equal respect no matter their occupation or place in life, and honor Christ in everything.”