Contango Oil & Gas Company Appoints Two Directors; Announces Senior Management Change
August 15 2018 - 9:00AM
Contango Oil & Gas Company (NYSE American: MCF)
(“Contango” or the “Company”) today announced the appointment of
two new directors, John C. Goff and Wilkie S. Colyer, Jr.,
and also announced that Allan D. Keel, President and Chief
Executive Officer and a director, is leaving the Company to pursue
other business interests. Mr. Colyer has been appointed
Interim President and Chief Executive Officer effective
immediately. At the request of the Board of Directors, Mr. Joseph
J. Romano, Chairman of the Board of Contango, intends to take a
more active role in the executive management and oversight of the
Company in order to assist Mr. Colyer.
Mr. Goff is a private investor based in Fort
Worth, Texas and co-founder and Chairman of Crescent Real Estate
Holdings, a privately held real estate organization. Through family
and investment entities controlled by him, Mr. Goff recently
acquired approximately 18.3% of the outstanding Contango common
stock. Mr. Colyer has been with Goff Capital, the family office of
John C. Goff, for over ten years, where he has been responsible for
the firms’ energy investments.
Mr. Romano commented, “We are thrilled that John
Goff has made a strategic investment in Contango and become our
largest shareholder. Over the last couple months, our directors
have had multiple discussions with John and Wilkie regarding their
investment in Contango. We were impressed by their ideas for the
future of Contango and their willingness to step up and fully
engage in finding solutions for current issues, improving processes
and outcomes and developing new goals for this Company to increase
its value to its shareholders. Wilkie brings significant expertise
to the position of Interim President and CEO having been involved
in numerous successful energy related investments with John.”
“On behalf of the Board we would like to thank
Allan Keel for his years of service and efforts to guide the
Company through a difficult period in our industry.”
Mr. Colyer stated, “This Company was founded on
the belief that low costs, profitability, alignment of incentives,
and a contrarian mindset forge the path to superior shareholder
returns. The Company has an attractive set of assets with
significant potential, but we need a lower cost structure that is
aligned with our asset base. To that end, my first order of
business is to recommend a 50% reduction in the CEO’s salary to
show all stakeholders that we are serious about change. I
have also made a substantial investment personally in the common
shares of the Company, which aligns my interests with all
shareholders. I’m excited about this opportunity and ready to
get to work.”
Mr. Goff stated, “We have followed the Contango
story for some time and believe this is a very attractive platform
for long term growth. I am very confident in Wilkie’s ability
to take decisive action in the short term and help craft and
execute a successful long-term strategy.”
Mr. Keel has resigned from his positions as
President and Chief Executive Officer and as a director of the
Company effective immediately. Mr. Keel had held his positions with
Contango since its merger with Crimson Exploration Inc. in October
2013.
About Wilkie Colyer
Wilkie S. Colyer, Jr, joined Goff Capital,
the family office of John Goff, in 2007. Most recently, he
served as Principal for Goff Capital, Inc. and Senior Vice
President, Investments of Goff Focused Strategies LLC, an exempt
reporting advisor with the SEC and the State of Texas. Mr.
Colyer, age 33, has been responsible for the firms’ energy
investing and has held a material role in public and private
investments in sectors including financial services and real
estate, among others. Mr. Colyer currently serves on the
Board of Directors of two publicly held oil and gas producers in
which Mr. Goff holds a significant interest, Resolute Energy
Corporation and Mid-Con Energy Partners, LP. Mr. Colyer
received a Bachelor of Arts in Economics from the University of
Texas at Austin. Mr. Colyer holds the Chartered Financial
Analyst (“CFA”) designation and is a member of the CFA Society of
Dallas-Fort Worth.
About John Goff
John C. Goff is a private investor based in Fort
Worth, Texas. Mr. Goff, age 62, joined the late financier and
well-known fund manager Richard Rainwater in 1987, investing in
public securities, private equity and distressed debt in a variety
of industries, including oil and gas, health care, insurance and
banking. Mr. Goff co-founded Crescent Real Estate with Mr.
Rainwater in the early 1990s, designing the strategy and
orchestrating the acquisitions leading to its initial public
offering (NYSE) in May 1994. Under Mr. Goff’s leadership as
Vice Chairman and CEO, Crescent grew from approximately $500
million at its IPO to $6.5 billion upon its sale to Morgan Stanley
in August 2007. In November 2009, Mr. Goff reacquired
Crescent in partnership with Barclays Capital, and in December 2017
he purchased Barclays’ interest to become the principal owner of
Crescent Real Estate and its subsidiaries. Mr. Goff also owns
Canyon Ranch, the world’s recognized leader in healthy living and
luxury spa vacations.
Mr. Goff is a graduate of The University of
Texas at Austin and is a member of the McCombs Business School Hall
of Fame. He was named EY Entrepreneur of the Year for the Southwest
Region in real estate and construction, and was inducted to the
North Texas Commercial Association of Realtors and Real Estate
Professionals Hall of Fame.
About the Company
Contango Oil & Gas Company is a Houston,
Texas based, independent energy company whose business is to
maximize production from its shallow offshore Gulf of Mexico
properties and onshore properties in Texas and Wyoming, and to use
that cash flow to explore, develop, exploit, produce and acquire
crude oil and natural gas properties in the Texas and Rocky
Mountain regions of the United States. Additional information is
available on the Company’s website at
http://www.contango.com.
ContactsContango Oil & Gas
Company
E. Joseph Grady(713) 236-7400Senior Vice
President and Chief Financial Officer
Sergio Castro(713) 236-7400Vice President and
Treasurer
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