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Contango Oil & Gas Company (NYSE American: MCF) announced an amendment to its Senior Credit Facility, increasing the borrowing base from $120 million to $250 million. The amendment reinstates a minimum current ratio test and slightly reduces the maximum Debt/Adj. EBITDAX from 3.5:1 to 3.25:1. As of April 30, 2021, Contango reported $2.9 million in cash and $86.7 million in long-term debt. With the new borrowing base, the company has $160.4 million in undrawn capacity. Management anticipates achieving a sub .5x Debt/Adj. EBITDAX ratio by year-end and a net cash position by Q3 2022.
Contango Oil & Gas Company (NYSE American: MCF) announced the immediate appointment of Karen Simon and Janet Pasque to its Board of Directors. Simon, an investment banking veteran, will enhance the company’s ESG initiatives as chair of a new oil and gas production committee. Pasque brings extensive oil and gas experience, supporting Contango's growth strategy. The board now consists of seven directors, five of whom are independent. These appointments aim to strengthen leadership and market positioning while advancing responsible production practices.
Contango Oil & Gas Company (MCF) reported a net loss of $25.2 million for Q4 2020, a significant improvement from a loss of $138.4 million in Q4 2019. Production sales reached 1,321 MBoe, averaging 14.4 MBoe per day. Total operating expenses were $17.1 million, aligning with the lower end of guidance. Following the acquisitions of Mid-Con Energy and Silvertip, production capacity is projected at 24.5 MBoe per day. The company anticipates a net cash position by Q3 2022 and has hedged a substantial portion of its oil and gas production for 2021.
Contango Oil & Gas Company (NYSE American: MCF) announced plans to release its fourth quarter 2020 earnings before market open on March 10, 2021. A conference call will be held on the same day at 8:00 am CST to discuss earnings, with a related presentation available on the company's website prior to the call. Contango focuses on maximizing production and cash flow from its offshore and onshore oil and natural gas properties in the Gulf of Mexico and several states, including Texas and Oklahoma.
Contango Oil & Gas Company (NYSE American: MCF) has successfully completed its acquisition of assets from Silvertip in the Big Horn, Permian, and Powder River Basins for $58 million. The deal is expected to enhance Contango’s production capacity as the acquired assets are low decline and held by production. The company projects that its net producing oil decline rate will decrease to approximately 11% in 2021, reflecting potential for improved operational stability. The acquisition aligns with Contango’s strategy to maximize production and explore further growth opportunities.
On January 25, 2021, Contango Oil & Gas Company (MCF) addressed the US Department of Interior's temporary suspension of federal permitting, asserting no anticipated negative impacts on its legacy or recently acquired production, including from Mid-Con Energy Partners (MCEP) and Silvertip transactions. The company stated that the Pine Tree growth project has necessary permits, and operations to restore shut-in production remain unaffected by the suspension. The Silvertip acquisition is expected to finalize on February 1, 2021, aligning with Contango's strategy of acquiring cash-flowing assets.
Contango Oil & Gas Company (NYSE American: MCF) has completed its acquisition of Mid-Con Energy Partners, LP (NASDAQ: MCEP), with Mid-Con unitholders receiving 1.75 shares of Contango for each unit. This merger consolidates operations in Fort Worth, Texas, and increases the ownership stake of Contango's Chairman, John Goff, to 24.3%. CEO Wilkie S. Colyer emphasized the merger's strategic significance for enhancing shareholder value and expanding production capabilities, especially in the current market environment.
Contango Oil & Gas Company (NYSE American: MCF) and Mid-Con Energy Partners, LP (NASDAQ: MCEP) announced the completion of the Mid-Con consent process for their merger on January 6, 2021. A majority of Mid-Con's common unit holders approved the Merger Agreement and the amendment of its Long-Term Incentive Program. The merger closing is expected on January 21, 2021, pending customary conditions. This acquisition is seen as a strategic move to enhance production and cash flow in oil and gas operations.
Contango Oil & Gas Company (NYSE American: MCF) announced a private placement agreement to sell approximately 14.2 million shares of common stock, expecting to generate gross proceeds of about $22.0 million. This capital will fund the acquisition of assets in the Big Horn, Permian, and Powder River Basins. The closing date for this transaction is set for December 1, 2020. The press release also outlines that the shares have not been registered under the Securities Act, thus limiting their sale until proper registration or exemptions are met.
Contango Oil & Gas Company (NYSE American: MCF) announced an asset purchase agreement to acquire oil and gas assets in the Big Horn, Permian, and Powder River Basins for $58 million. This acquisition represents a discount of over 50% to the producing reserve value. The deal includes approximately 7.5 Mboe/d of production and 18.3 Mmboe of PDP reserves. The transaction is expected to increase Contango's reserve value by 36% and has an estimated unlevered payback period of 2.7 years. The closing is set for December 31, 2020, funded through cash and credit facilities.
