25 Jan 2021director interest notice● Neutral
CONTANGO OIL & GAS CO Chief Executive Officer Wilkie Schell Colyer Jr. received 2,100 shares as part of the equity award.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
25 Jan 2021director interest notice● Neutral
CONTANGO OIL & GAS CO SVP/General Counsel/Corp Sec Charles L Mclawhorn III received 7,973 shares as part of the equity award.
25 Jan 2021director interest notice● Neutral
CONTANGO OIL & GAS CO SVP-Chief Operating Officer Chad B Roller received 9,275 shares as part of the equity award.
22 Jan 2021substantial holder notice● Neutral
John C. Goff, Travis Goff, Goff MCF Partners, LP, GFS Contango GP, LLC, GFS Management, LLC, Goff Focused Strategies LLC, GFT Strategies, LLC, The John C. Goff reported a CONTANGO OIL & GAS CO shareholding of 48,394,574 shares (24.30% of votes) in a periodic institutional filing.
22 Jan 2021director interest notice● Neutral
CONTANGO OIL & GAS CO director John C Goff received 11,001,628 shares as part of the equity award.
22 Jan 2021director interest notice● Neutral
CONTANGO OIL & GAS CO director John C Goff received 11,001,628 shares as part of the equity award.
21 Jan 2021substantial holder notice● Neutral
Contango Oil & Gas Company reported no remaining CONTANGO OIL & GAS CO shareholding in its periodic institutional filing.
21 Jan 2021business combination● NeutralMajor
Contango completed its merger with Mid-Con Energy Partners on Jan 21, 2021. Mid-Con ceased to exist and became a wholly owned subsidiary (Michael Merger Sub LLC). Each Mid-Con common unit converted into 1.7500 Contango shares, and phantom units vested and converted at the same ratio. This resolves the merger pending since Oct 2020; the S-4 was declared effective Dec 18, 2020. Existing Contango holders keep their shares, now diluted by the issuance.
14 Jan 2021director interest notice● Neutral
CONTANGO OIL & GAS CO SVP and CFO E Joseph Grady acquired 32,330 shares and disposed of 7,872 in a set of related equity transactions.
29 Dec 2020securities registration● Neutral
CONTANGO OIL & GAS CO filed the final prospectus for a registered offering.
22 Dec 2020substantial holder notice● Neutral
John C. Goff, Goff MCF Partners, LP, GFS Contango GP, LLC, GFS Management, LLC, Goff Focused Strategies LLC, GFT Strategies, LLC, The John C. Goff, JCG reported a CONTANGO OIL & GAS CO shareholding of 37,464,696 shares (21.60% of votes) in a periodic institutional filing.
18 Dec 2020securities registration● Neutral
CONTANGO OIL & GAS CO filed the final prospectus for a registered offering.
18 Dec 2020director interest notice● Neutral
Douglas W Schnitzer became a CONTANGO OIL & GAS CO company insider (initial ownership filing).
18 Dec 2020securities registration● Neutral
CONTANGO OIL & GAS CO registered a securities offering with the SEC using its shelf eligibility.
11 Dec 2020director interest notice● Neutral
Dws Growth Capital LP became a CONTANGO OIL & GAS CO company insider (initial ownership filing).
10 Dec 2020securities registration● Neutral
CONTANGO OIL & GAS CO filed the final prospectus for a registered offering.
4 Dec 2020business combination● Neutral
Contango filed Amendment No. 1 to its S-4 for the Mid-Con merger. It now states that Contango and Mid-Con holders are expected to own about 87% and 13% of the combined company, respectively. The Contango consent figures are still blank, and Contango shareholders will not vote. The exchange ratio remains 1.7500 Contango shares per Mid-Con unit.
3 Dec 2020capital raising announcement● NeutralMajor
Contango agreed on Nov 29, 2020 to sell 14,194,516 new shares at $1.55 each in a private placement, raising about $22.0M gross. Existing shareholders are diluted by the new shares. The filing does not state what the money is for; the same-week $58M acquisition (which the company said would be funded partly by capital markets financing) is a possible link, but that is an inference. Contango must try to file a resale registration for these shares within 30 days of issuance.
30 Nov 2020material agreement▲ GoodMajor
Contango signed an agreement on Nov 27, 2020 to buy oil and gas assets in the Big Horn Basin (Wyoming/Montana), Powder River Basin (Wyoming) and Permian Basin (Texas/New Mexico) from an undisclosed seller for about $58M cash, with closing expected Dec 31, 2020. It paid a $5.8M deposit, with $52.2M due at closing, to be funded from cash, its revolving credit facility and capital markets financing. This is a new acquisition running alongside the pending Mid-Con merger; the press release describes the deal as a bank-owned liquidation of assets.
24 Nov 2020securities registration● Neutral
CONTANGO OIL & GAS CO registered a securities offering with the SEC using its shelf eligibility.
23 Nov 2020business combination● Neutral
Contango filed its S-4 registration statement for the shares to be issued in the Mid-Con merger (up to 25,409,163 shares at the 1.7500 exchange ratio). It is a draft: the ownership split and consent figures are still blank. Contango shareholders won't be asked to vote, since written consent has been delivered by holders of enough shares. Closing can happen no sooner than 20 days after the document is mailed, and Mid-Con needs a majority of its units to approve, which unitholders holding 8,107,900 units have agreed to deliver.
16 Nov 2020quarterly activities report▼ Bad
CONTANGO OIL & GAS CO reported quarterly revenue of $31.3 million and a net loss of $6.8 million for the period ended 2020-09-30.
16 Nov 2020quarterly activities report▼ Bad
CONTANGO OIL & GAS CO reported quarterly revenue of $31.3 million and a net loss of $6.8 million for the period ended 2020-09-30.
6 Nov 2020substantial holder notice● Neutral
Mid-Con Energy Partners, LP, Mid-Con Energy Partners GP, LLC disclosed a new substantial CONTANGO OIL & GAS CO shareholding (51.20% of votes).
6 Nov 2020director interest notice● Neutral
CONTANGO OIL & GAS CO director Bulent Ayhan Berilgen received 13,092 shares as part of the equity award.
6 Nov 2020director interest notice● Neutral
CONTANGO OIL & GAS CO director John C Goff received 10,474 shares as part of the equity award.
6 Nov 2020director interest notice● Neutral
CONTANGO OIL & GAS CO director Ellis L Mccain received 14,159 shares as part of the equity award.
6 Nov 2020director interest notice● Neutral
CONTANGO OIL & GAS CO director Joseph J Romano received 13,189 shares as part of the equity award.
6 Nov 2020substantial holder notice● Neutral
DWS Growth Capital LP, Avondale Growth Capital LP, DWS Capital LP, DS Investments GP LLC, KLS GP LLC, JWS Investment Partnership LP, Schnitzer WRI GP LLC, Ken L. Schnitzer, Jr, Douglas W. Schnitzer disclosed a new substantial CONTANGO OIL & GAS CO shareholding (9.50% of votes).
5 Nov 2020debt financing● NeutralMajor
Contango signed a Third Amendment to its JPMorgan credit agreement, raising the borrowing base to $130.0M with a $10.0M automatic cut on March 31, 2021. Margins rise 25 basis points, hedging must cover at least 75% of projected producing volumes for 24 months, and a minimum $25M gross cash equity contribution is required. It takes effect only on completion of conditions including the Mid-Con merger, and the lenders postponed the November 1, 2020 borrowing base redetermination to December 31, 2020.