Contango Completes Acquisition of Mid-Con Energy Partners
22 January 2021 - 9:17AM
Contango Oil & Gas Company (NYSE American: MCF)
(“Contango” or the “Company”) today announced the successful
completion of its acquisition of Mid-Con Energy Partners, LP
(“Mid-Con”) (NASDAQ: MCEP).
In accordance with the terms of the merger
agreement, Mid-Con unitholders will receive 1.75 shares of Contango
common stock for each unit of Mid-Con common units owned. Prior to
the open of trading today, Mid-Con common units ceased to be listed
for trading on the Nasdaq Global Select Market.
Wilkie S. Colyer, Jr., Contango’s Chief
Executive Officer, commented, “After many months of significant
effort from both companies, this merger further highlights
Contango’s ability to execute on its strategy to acquire producing
properties and implement cost-cutting efforts that maximize
shareholder returns. As a result of the merger, our largest
shareholder and Chairman, John C. Goff, has increased his ownership
to just under 25% of the combined business. The Board and
management team remain committed to growing shareholder value as we
look for new opportunities in the current dislocated market
environment. We welcome Mid-Con’s investors, employees, and other
stakeholders to the Contango platform.”
About Contango
Contango Oil & Gas Company is a
Houston, Texas based, independent oil and natural gas company whose
business is to maximize production and cash flow from its offshore
properties in the shallow waters of the Gulf of Mexico and onshore
properties in Texas, Oklahoma, Louisiana and Wyoming and, when
determined appropriate, to use that cash flow to explore, develop,
and increase production from its existing properties, to acquire
additional PDP-heavy crude oil and natural gas properties or to pay
down debt. Additional information is available on the Company’s
website at http://contango.com. Information on our website is not
part of this release.
This communication contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, and Section 21E of the Securities Exchange Act of 1934, as
amended. These statements are based on Contango’s current
expectations. The words and phrases “should”, “could”, “may”,
“will”, “believe”, “plan”, “intend”, “expect”, “potential”,
“possible”, and similar expressions identify forward-looking
statements and express Contango’s expectations about future events.
All statements, other than statements of historical facts, included
in this communication that address activities, events or
developments that Contango expects, believes or anticipates will or
may occur in the future are forward-looking statements. Such
statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond Contango’s control.
Consequently, actual future results could differ materially from
Contango’s expectations due to a number of factors, including, but
not limited to market conditions, industry conditions, the impact
of COVID-19 pandemic, the consummation of the asset acquisition,
actions by third parties (including investors and the seller), and
other factors which could affect Contango’s operations or financial
results, including those described in Contango’s Annual Report on
Form 10-K and other reports on file with the Securities and
Exchange Commission. Investors are cautioned that any
forward-looking statements are not guarantees of future performance
and actual results and developments may differ materially from the
projections in the forward-looking statements. Forward-looking
statements speak only as of the date they were made and are based
on the estimates and opinions of management at the time the
statements are made. Contango does not assume any obligation to
update forward-looking statements should circumstances or
management’s estimates or opinions change, except as required by
law.
Contango Oil & Gas CompanyE. Joseph Grady,
713-236-7400Senior Vice President and Chief Financial
OfficerSource: Contango Oil & Gas Company
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