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Contango Oil & Gas Company (NYSE American: MCF) reported its Q3 2021 financial results, revealing production sales of 2,426 MBoe, a significant increase from 1,587 MBoe in Q3 2020. The company posted a net loss of $15.2 million, compared to $6.8 million in the previous year. Adjusted EBITDAX surged to $31.6 million, up from $15.8 million year-over-year. The company completed the Wind River Basin Acquisition, acquiring 446 Bcfe of reserves for approximately $62.6 million. A pending merger with Independence Energy is set for a stockholder vote on December 6, 2021.
Contango Oil & Gas Company (NYSE: MCF) announced earnings will be released on November 15, 2021, after market close. Due to the upcoming Special Meeting of Shareholders on December 6, 2021, regarding the Proposed Merger with Independence Energy, the company will not hold a conference call. Key financial and operational information will be included in the earnings release to provide insights into the quarter. Shareholders are encouraged to read the Proxy Statement/Prospectus before making any voting decisions related to the merger.
Contango Oil & Gas Company (NYSE American: MCF) has scheduled a Special Meeting for shareholders on December 6, 2021, to approve a business combination with Independence Energy LLC. The merger is anticipated to close on or around December 7, 2021, subject to shareholder approval and customary conditions. This transaction will result in the formation of a new holding company, expected to be named Crescent Energy Company, with its Class A common stock set to trade on the NYSE under the symbol “CRGY.”
Contango Oil & Gas Company (NYSE American: MCF) has successfully completed the acquisition of low decline, conventional gas assets in Wyoming's Wind River Basin from ConocoPhillips for $67 million. The acquired assets have a net production run rate of approximately 78 Mmcfe/d, with an expected annual decline rate of 5% over the next five years. Contango aims to optimize cash flow and reserves from these assets, leveraging its expertise in asset management. This acquisition aligns with the company's strategy to enhance production and explore further acquisition opportunities.
Contango Oil & Gas Company (NYSE American: MCF) reported its Q2 2021 earnings, with production sales of 2,196 MBoe, a 49% increase from the previous year. Total revenues soared to $83.6 million, compared to $17.8 million in Q2 2020, largely driven by higher commodity prices. However, the company faced a net loss of $32.6 million, compared to $28.0 million last year. Adjusted EBITDAX rose to $31.1 million versus $7.0 million, reflecting positive acquisition contributions. The company is pursuing a merger with Independence Energy, expected to be completed in Q4 2021.
Contango Oil & Gas Company (NYSE American: MCF) plans to release its second quarter 2021 earnings on August 11, 2021, after market close. A conference call will follow on the same day at 4:00 PM CDT to discuss the earnings results. Interested parties can join the call through a provided link or by dialing in. The company focuses on maximizing production and cash flow from its Gulf of Mexico and onshore properties across several states. This announcement highlights the company's ongoing commitment to transparency and communication with investors.
Contango Oil & Gas Company (NYSE American: MCF) announced an agreement to acquire low decline, conventional gas assets in Wyoming's Wind River Basin from ConocoPhillips for $67 million. The deal includes approximately 446 Bcfe of proved developed producing (PDP) reserves, enhancing Contango's production run rate by 57% in Q3 2021, reaching 78 Mmcfe/d. The acquisition, effective June 1, 2021, is expected to add significant value through cash flow optimization. Funding will come from cash reserves and a revolving credit facility.
Independence Energy and Contango Oil & Gas Company (MCF) announced a definitive all-stock merger agreement, unanimously approved by both Boards. The deal aims to create a leading diversified U.S. independent oil and gas firm, with projected cash flow accretion of ~15% in 2021 and ~50% in 2022. The merger positions the combined company to leverage low-decline assets across multiple key basins, supported by KKR’s management team. Independence shareholders will own 76%, while Contango’s will have 24%. The transaction is expected to close in Q3 or Q4 2021, pending shareholder and regulatory approvals.
Contango Oil & Gas Company (NYSE American: MCF) reported first-quarter financial results for 2021, highlighting production sales of 1,773 MBoe, or 19.7 MBoe per day, a rise from 1,720 MBoe year-on-year. The net loss for the quarter was $4.3 million, significantly improved from $105.3 million in the prior year. Revenue surged to $60 million, up from $34.6 million, driven by increased commodity prices and production from recent acquisitions, notably the Mid-Con and Silvertip. The company's adjusted EBITDAX reached $23.8 million, reflecting solid operational performance amid ongoing COVID-19 challenges.
Contango Oil & Gas Company (NYSE American: MCF) will release its first quarter 2021 earnings before market open on May 13, 2021. A conference call discussing the results is scheduled for the same day at 8:00 am CDT. Participants can join via a provided link or by dialing in. A replay will be available shortly after the call until May 20, 2021. The company focuses on maximizing production and cash flow from its offshore and onshore properties across various states, aiming to develop existing properties and potentially acquire new ones.
