Contango Announces Public Offering of Common Stock
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July 22, 2016 8:54 AM EDT
Contango Oil & Gas Company (NYSE: MCF) announced that it has priced a public offering of 5,000,000 shares of its common stock for total gross proceeds (before the underwriting discount and estimated expenses) of $50 million. The underwriters have an option for 30 days to purchase up to an additional 750,000 shares of common stock from the Company. Proceeds from the offering are expected to be used to fund the purchase... More
July 21, 2016 4:29 PM EDT
Contango Oil & Gas Company (NYSE: MCF) announced that it has entered into an agreement with a private oil and gas company to purchase one-half of sellers interests in approximately 12,100 gross undeveloped acres (~5,000 net acres) for up to $25 million in the Southern Delaware Basin of Texas, currently one of the most active and economically attractive oil and gas basins in the United States.
The purchase price is comprised of $10 million in cash at initial closing and $10 million in carried well costs expected to be paid over the next 14 months. Certain additional contingent payments upon... More
