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Contango Completes Acquisition of Silvertip Assets

Assets acquired are low decline, oily, and held by production
Contango’s
net producing oil decline rate projected to drop to approximately 11% in 2021
FORT WORTH, Texas, Feb. 01, 2021 (GLOBE NEWSWIRE) Contango Oil & Gas Company (NYSE American: MCF) (“Contango” or the “Company”) today announced the successful completion of its previously announced acquisition of assets located in the Big Horn, Permian, and Powder River Basins (“Project Silvertip”).
In accordance with the terms of the Purchase and Sale Agreement (“PSA”), Contango acquired these assets for $58 million, subject to customary purchase price adjustments and an August 1, 2020 effective date.
Wilkie S. Colyer, Jr., Contango’s Chief Executive Officer, commented, “We are excited to announce the closing of the Silvertip assets. Since signing the PSA, we have only grown more excited by the producing reserves, employees, and upside the Silvertip assets provide. We continue to be ....

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