Contango Completes Colorado Property Sale
December 22 2016 - 12:24PM
Business Wire
Contango Oil & Gas Company (NYSE MKT: MCF) announced today
that it has completed the sale of all of its non-core onshore
Colorado assets to an independent oil and gas company for an
aggregate purchase price of $5.0 million. The properties were sold
effective December 1, 2016 and consist of the Company’s
approximately 16,000 gross (11,200 net) acres primarily in Adams
and Weld counties, Colorado and associated producing vertical
wells.
The properties sold will not have a material impact on the
Company’s production, cash flow or borrowing base. Proved reserves
at January 1, 2016 were 4.2 Bcfe (51% liquids) and third quarter
2016 production averaged 0.4 Mmcfed. The Company will use the
proceeds for general corporate purposes.
Contango Oil & Gas Company is a Houston, Texas based,
independent energy company engaged in the acquisition, exploration,
development, exploitation and production of crude oil and natural
gas offshore in the shallow waters of the Gulf of Mexico and in the
onshore Texas and Rocky Mountain regions of the United States.
Additional information is available on the Company's website at
http://contango.com.
This press release contains forward-looking statements regarding
Contango that are intended to be covered by the safe harbor
"forward-looking statements" provided by the Private Securities
Litigation Reform Act of 1995, based on Contango’s current
expectations and includes statements regarding acquisitions and
divestitures, estimates of future production, future results of
operations, quality and nature of the asset base, the assumptions
upon which estimates are based and other expectations, beliefs,
plans, objectives, assumptions, strategies or statements about
future events or performance (often, but not always, using words
such as "expects", “projects”, "anticipates", "plans", "estimates",
"potential", "possible", "probable", or "intends", or stating that
certain actions, events or results "may", "will", "should", or
"could" be taken, occur or be achieved). Statements concerning oil
and gas reserves also may be deemed to be forward-looking
statements in that they reflect estimates based on certain
assumptions that the resources involved can be economically
exploited. Forward-looking statements are based on current
expectations, estimates and projections that involve a number of
risks and uncertainties, which could cause actual results to differ
materially from those, reflected in the statements. These risks
include, but are not limited to: the risks of the oil and gas
industry (for example, operational risks in exploring for,
developing and producing crude oil and natural gas; risks and
uncertainties involving geology of oil and gas deposits; the
uncertainty of reserve estimates; the uncertainty of estimates and
projections relating to future production, costs and expenses;
potential delays or changes in plans with respect to exploration or
development projects or capital expenditures; health, safety and
environmental risks and risks related to weather such as hurricanes
and other natural disasters); uncertainties as to the availability
and cost of financing; fluctuations in oil and gas prices; risks
associated with derivative positions; inability to realize expected
value from acquisitions, inability of our management team to
execute its plans to meet its goals, shortages of drilling
equipment, oil field personnel and services, unavailability of
gathering systems, pipelines and processing facilities and the
possibility that government policies may change or governmental
approvals may be delayed or withheld. Additional information on
these and other factors which could affect Contango’s operations or
financial results are included in Contango’s other reports on file
with the Securities and Exchange Commission. Investors are
cautioned that any forward-looking statements are not guarantees of
future performance and actual results or developments may differ
materially from the projections in the forward-looking statements.
Forward-looking statements are based on the estimates and opinions
of management at the time the statements are made. Contango does
not assume any obligation to update forward-looking statements
should circumstances or management's estimates or opinions change.
Initial production rates are subject to decline over time and
should not be regarded as reflective of sustained production
levels.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161222005584/en/
Contango Oil & Gas CompanyE. Joseph Grady,
713-236-7400Senior Vice President and Chief Financial
OfficerorSergio Castro, 713-236-7400Vice President and
Treasurer
Contango Oil and Gas (AMEX:MCF)
Historical Stock Chart
From Aug 2024 to Sep 2024
Contango Oil and Gas (AMEX:MCF)
Historical Stock Chart
From Sep 2023 to Sep 2024