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MCF

Contango Oil & Gas

$2.43

-0.08 (-3.19%)

08:52
11/04/19
11/04
08:52
11/04/19
08:52

Contango Oil & Gas closes acquisition of assets of White Star Petroleum

Contango Oil & Gas Company has completed its previously announced acquisition of certain assets and liabilities, including approximately 315,000 net acres located in the STACK, Anadarko and Cherokee operating districts in Oklahoma from White Star Petroleum and certain of its affiliates for a total purchase price of $132.5M. Following adjustment for the results of operations for the period between the effective and closing dates, and other estimated customary closing adjustments, the Company paid a total cash consideration of $95.8M which includes the previously funded cash deposit of $12.5M. The acquired White Star assets produced approximately 15,000 barrels of oil equivalent per day as of the July 1, 2019 effective date, and which consisted of approximately 63% oil and NGLs. The acreage is approximately 80% held-by-production. Approximately 65% of the wells are operated by White Star and are mature fields with strong cash flow and that provide significant development potential from PDNP and PUD opportunities. The Properties also include integrated gathering and saltwater disposal systems, which reduces lease operating expenses and adds third party cash flow. The Company also announced today that it has entered into an amendment to its credit agreement by and among the Company, JPMorgan Chase Bank, N.A., as Administrative Agent, pursuant to which two additional banks were added to the bank group, and the borrowing base under the Credit Agreement increased to $145 million. The Acquisition was funded from net proceeds from the previously announced private placement of Series B Contingent Convertible Preferred Stock and borrowings under the Credit Agreement.

MCF Contango Oil & Gas
$2.43

-0.08 (-3.19%)

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.
09/24/19
ROTH
09/24/19
UPGRADE
Target $1.45
ROTH
Neutral
Contango Oil & Gas upgraded to Neutral from Sell at Roth Capital
Roth Capital analyst John White upgraded Contango Oil & Gas to Neutral from Sell, with an unchanged price target of $1.45, as he awaits more details on the recently announced acquisition. The analyst notes that he previously rated the shares Sell based on his concerns of the near-term maturity of the bank revolver, but those concerns have been alleviated as Contango Oil & Gas has a new credit facility.
09/30/19
LTCO
09/30/19
NO CHANGE
Target $2.5
LTCO
Neutral
Contango Oil & Gas price target raised to $2.50 from $1 at Ladenburg
Ladenburg Thalmann analyst Michael Schmitz raised his price target for Contango Oil & Gas to $2.50 from $1.00 after the company agreed to acquire the assets of White Star Petroleum and certain affiliates as a part of the White Star Chapter 11 bankruptcy. The analyst maintains a Neutral rating on Contango.

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