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MCF

Contango Oil & Gas

$0.99

-0.0951 (-8.72%)

16:10
09/12/19
09/12
16:10
09/12/19
16:10

Contango gets commitment for credit facility, to acquire assets of Will Energy

Contango Oil & Gas announced that the company has received a commitment from JPMorgan, Royal Bank of Canada and Cadence Bank, N.A. to provide a senior secured reserve-based revolving credit facility of up to $500M, which is expected to replace the current credit facility which matures on October 1. The initial borrowing base under the New Credit Facility is expected to be $65M. Additionally, if the Pending Acquisition 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 also announced that it has entered into a contribution and purchase agreement with Will Energy Corporation to acquire approximately 159,872 net acres located in North Louisiana and the Western Anadarko Basin in Western Oklahoma and the Texas Panhandle for aggregate consideration of $23 million, consisting of $20 million in cash and $3 million in common stock.

MCF Contango Oil & Gas
$0.99

-0.0951 (-8.72%)

02/12/19
ROTH
02/12/19
DOWNGRADE
ROTH
Neutral
Contango Oil & Gas downgraded to Neutral from Buy at Roth Capital
02/12/19
ROTH
02/12/19
DOWNGRADE
Target $4
ROTH
Neutral
Contango Oil & Gas downgraded to Neutral from Buy at Roth Capital
As previously reported, Roth Capital analyst John White downgraded Contango Oil & Gas to Neutral from Buy and reduced his price target to $4 from $5. In a research note to investors, White also said he moved his 2019 WTI crude oil price estimate lower to $55/bbl from $65/bbl to better reflect the current commodity price environment, and cut his estimates for Q4 EPS to (20c) from (9c).
07/11/19
ROTH
07/11/19
DOWNGRADE
ROTH
Sell
Contango Oil & Gas downgraded to Sell from Neutral at Roth Capital
Roth Capital analyst John White downgraded Contango Oil & Gas to Sell from Neutral, citing liquidity concerns.
07/11/19
07/11/19
DOWNGRADE
Target $1.6

Sell
Contango Oil & Gas downgraded to Sell on liquidity concerns at Roth Capital
As previously reported, Roth Capital analyst John White downgraded Contango Oil & Gas to Sell from Neutral, citing liquidity concerns. With no positive announcements to date on the existing credit facility or an announcement of a new credit facility, the analyst has concerns about the company's liquidity to execute its near-term drilling plans. White also lowered his price target on the shares to $1.60 from $4.

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