Contango Oil & Gas

Contango Oil & Gas Co. is an independent oil and natural gas company.

The public offering of common stock provided the cushion needed to refinance the debt.

Contango Oil & Gas Avoids A Costly Reorganization

HOUSTON, Sept.  27, 2019  (GLOBE NEWSWIRE) -- Contango Oil & Gas Company (NYSE American: MCF) (“Contango” or the “Company”) announced today that it has entered into an asset purchase agreement to acquire the assets of White Star Petroleum LLC and certain affiliates (“White Star”) as a part of the White Star Chapter 11 bankruptcy, 363 sales process. 

Contango Announces Signing of Agreement to Acquire Assets of White Star Petroleum LLC

HOUSTON, Sept.  13, 2019  (GLOBE NEWSWIRE) -- Contango Oil & Gas Company (NYSE American: MCF) (“Contango” or the “Company”) today announced that it has priced a public offering of approximately 44.7 million shares of its common stock for total gross proceeds (before the underwriting discount and estimated expenses) of $42.5 million. The underwriters have a 30-day option to purchase up to an additional approximately 6.7 million shares of common stock from the Company. The offering is expected to close on September 17, 2019, subject to customary closing conditions.    

Contango Announces Pricing of $50 Million Common Stock Offering and Concurrent Private Placement

HOUSTON, Sept.  12, 2019  (GLOBE NEWSWIRE) -- Contango Oil & Gas Company (NYSE American: MCF) (“Contango” or the “Company”) today announced the launch of an underwritten public offering of shares of its common stock. The underwriters will have an option to purchase additional shares of common stock from the Company. Net proceeds from the offering are expected to be used to fund the cash portion of the purchase price for the previously announced pending acquisition of certain oil and gas properties from Will Energy Corporation (the “Pending Acquisition”) that is due at closing, and for related transaction expenses. Pending the application of the net proceeds in this manner, the Company intends to use the balance of the net proceeds from this offering to reduce borrowings under its revolving credit facility or invest in short-term securities. If the Pending Acquisition is not consummated, the Company intends to use the net proceeds from this offering for general corporate purposes, including funding future potential acquisitions or a portion of its 2019 capital program.

Contango Announces Public Offering of Common Stock

HOUSTON, Sept.  12, 2019  (GLOBE NEWSWIRE) -- Contango Oil & Gas Company (NYSE American: MCF) (“Contango” or the “Company”) announced today that the Company has received a commitment from JPMorgan Chase Bank, N.A., Royal Bank of Canada and Cadence Bank, N.A. to provide a senior secured reserve-based revolving credit facility of up to $500 million (the “New Credit Facility”), which is expected to replace the current credit facility which matures on October 1, 2019 (the “Existing Credit Agreement”). The initial borrowing base under the New Credit Facility is expected to be $65 million. Additionally, if the Pending Acquisition (defined below) is consummated on or prior to November 30, 2019, then, subject to certain conditions, the borrowing base is expected to increase to $80 million. The New Credit Facility will have a five year term. The New Credit Facility will be guaranteed by certain of the Company’s subsidiaries and secured by substantially all of Contango’s assets and the assets of the guarantors thereunder, including not less than 85% of the total value of the Company’s proved oil and gas properties. The commitment letter provides that the New Credit Facility is subject to certain conditions to closing, including negotiation of customary credit documents in form and substance satisfactory to the lenders.

Contango Oil and Gas Company Announces:

Contango Oil & Gas Co. (MCF) CEO Wilkie Colyer on Q2 2019 Results - Earnings Call Transcript

Contango (MCF) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

Will Contango (MCF) Report Negative Q2 Earnings? What You Should Know

Major sharholder is one of the smartest investors out there.

Who Is John Goff And Why Should You Care?

Contango Oil & Gas Company's (MCF) CEO Wilkie Colyer on Q1 2019 Results - Earnings Call Transcript

Analysts Estimate Contango (MCF) to Report a Decline in Earnings: What to Look Out for

Contango Oil & Gas (MCF) CEO, Wilkie Colyer on Q4 2018 Results - Earnings Call Transcript

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