Contango Completes Acquisition of Wind River Basin Assets

Source: www.gulfoilandgas.com 8/31/2021, Location: North America

Contango Oil & Gas Company (MCF) (“Contango”) announced the successful completion of its previously announced acquisition of low decline, conventional gas assets in the Wind River Basin of Wyoming from ConocoPhillips.

Highlights

- Assets acquired are PDP-heavy assets with a net production run rate of approximately 78 Mmcfe/d (100% gas), as of the effective date of the acquisition, and an expected 5% annual decline rate over the next 5 years.
- Significant potential for upside via Contango’s track record of optimizing cash flow and reserves on acquired assets.
- Purchase price of $67 million, subject to customary purchase price adjustments and a June 1, 2021 effective date.

Wilkie S. Colyer, Jr., Contango’s Chief Executive Officer, commented, “We are excited to announce the closing of the acquisition of the Wind River Basin assets from ConocoPhillips. We feel fortunate to have been able to acquire these PDP-heavy assets at a discount to the proved producing reserve value and believe that we can further enhance the value of the assets through Contango’s track record of optimizing cash flow and reserves on acquired assets. We continue to be on the lookout for similar, additional acquisition opportunities in this target-rich environment.”


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