4 Nov 2020substantial holder notice● Neutral
Contango Oil & Gas Company disclosed a new substantial CONTANGO OIL & GAS CO shareholding (56.60% of votes).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
28 Oct 2020substantial holder notice● Neutral
LKCM Investment Partnership, L.P, LKCM Investment Partnership II, L.P, Luther King Capital Management Corporation, J. Luther King, Jr reported a CONTANGO OIL & GAS CO shareholding of 7,663,594 shares (4.80% of votes) in a periodic institutional filing.
28 Oct 2020capital raising announcement● NeutralMajor
Contango sold 26,451,988 new common shares at $1.50 each in a private placement, raising about $39.7M gross, with shares issued October 27, 2020. This leaves 159,490,918 shares outstanding, so existing holders are diluted. Contango must file a resale registration statement within 30 days of issue. The amended credit agreement (see next filing) requires a minimum $25M equity contribution, which may be related, but this filing doesn't say so (inference).
What it means for a shareholder
26.5m new shares at $1.50 to raise about $39.7m. That's 17% dilution: every existing holder's slice gets 17% smaller. If you held $1,000 of shares (667 at the issue price), your slice goes from 0.000501% to 0.000418% of the company. To keep it you'd need 133 more shares - about $200 at the issue price.
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27 Oct 2020material agreement● Neutral
This is an amended copy of the October 25 merger 8-K, filed only to correct the 'Subject Company' header so it names Mid-Con Energy Partners instead of Contango. The filing states no other changes, so the merger terms (1.7500 Contango shares per Mid-Con unit) are unchanged.
27 Oct 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 37,454,222 shares (23.50% of votes) in a periodic institutional filing.
26 Oct 2020business combination● NeutralMajor
Contango agreed to buy Mid-Con Energy Partners, the company it already had a management services agreement with, by merger. Each Mid-Con common unit converts into 1.7500 Contango shares, so Contango shareholders will be diluted by newly issued shares. Closing needs shareholder and unitholder approvals, an effective S-4 registration statement and NYSE American listing of the new shares. Holders of 81,753,700 Contango shares signed voting-support agreements, and either side can terminate if the deal isn't done within 180 days. Break fees are $1.5M plus up to $1.5M expenses, and Contango agreed to reimburse Mid-Con for up to $1.5M of expenses.
19 Aug 2020quarterly activities report▼ Bad
CONTANGO OIL & GAS CO reported quarterly revenue of $17.8 million and a net loss of $28.0 million for the period ended 2020-06-30.
19 Aug 2020quarterly activities report▼ Bad
CONTANGO OIL & GAS CO reported quarterly revenue of $17.8 million and a net loss of $28.0 million for the period ended 2020-06-30.
14 Aug 2020late filing notice▼ Bad
CONTANGO OIL & GAS CO notified the SEC that its quarterly report would be filed late.
22 July 2020director interest notice● Neutral
CONTANGO OIL & GAS CO director John C Goff received 38,062 shares as part of the equity award.
7 July 2020director interest notice● Neutral
Charles L Mclawhorn III became a CONTANGO OIL & GAS CO SVP/GENERAL COUNSEL/CORP SEC and company insider (initial ownership filing).
7 July 2020director interest notice● Neutral
Chad B Roller became a CONTANGO OIL & GAS CO SVP-Chief Operating Officer and company insider (initial ownership filing).
7 July 2020director interest notice● Neutral
Will Farley Dakan became a CONTANGO OIL & GAS CO President and company insider (initial ownership filing).
2 July 2020securities registration● Neutral
CONTANGO OIL & GAS CO filed a prospectus supplement covering resales by selling shareholders.
26 June 2020director interest notice● Neutral
CONTANGO OIL & GAS CO director Ellis L Mccain received 38,062 shares as part of the equity award.
26 June 2020securities registration● Neutral
CONTANGO OIL & GAS CO filed the final prospectus for a registered offering.
26 June 2020director interest notice● Neutral
CONTANGO OIL & GAS CO director Joseph J Romano received 38,062 shares as part of the equity award.
26 June 2020director interest notice● Neutral
CONTANGO OIL & GAS CO director Bulent Ayhan Berilgen received 38,062 shares as part of the equity award.
24 June 2020material agreement● NeutralMajor
Contango set up an at-the-market program with Jefferies allowing it to sell up to $100 million of common stock from time to time, with commission up to 3.0%. It plans to use proceeds to repay borrowings under the JPMorgan credit agreement and for general corporate purposes such as acquisitions and exploratory drilling. No shares are stated as sold yet; any sales would dilute existing holders.
24 June 2020securities registration● Neutral
CONTANGO OIL & GAS CO filed a prospectus supplement for an offering off its existing shelf.
15 June 2020debt financing▼ BadMajor
Contango amended its JPMorgan credit agreement on June 9, 2020, cutting the borrowing base from the $145 million set in November 2019 to $95.0 million, with further $10.0 million cuts on June 30 and September 30, 2020, and adding stricter terms (higher interest margin, a weekly mandatory prepayment of cash above $5.0 million, a 90-day limit on overdue payables). The current-ratio covenant test is suspended until the quarter ending March 31, 2022. About $82.768 million was outstanding at March 31, 2020. The same release says the Iron Flea exploratory well in the Gulf of Mexico was unsuccessful, and first-quarter 2020 production was about 18,900 barrels of oil equivalent per day, roughly triple the prior-year quarter, which the company attributes mainly to the White Star and Will Energy acquisitions.
11 June 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 37,416,160 shares (28.40% of votes) in a periodic institutional filing.
11 June 2020director interest notice● Neutral
CONTANGO OIL & GAS CO director John C Goff converted derivative holdings into 2,220,000 shares.
10 June 2020securities registration● Neutral
CONTANGO OIL & GAS CO registered a securities offering with the SEC using its shelf eligibility.
5 May 2020director interest notice● Neutral
CONTANGO OIL & GAS CO SVP and CFO E Joseph Grady had 1,492 shares withheld for taxes on vesting stock.
28 Apr 2020director interest notice● Neutral
CONTANGO OIL & GAS CO Vice President Operations Michael J Autin had 318 shares withheld for taxes on vesting stock.
21 Apr 2020director interest notice● Neutral
CONTANGO OIL & GAS CO SVP and CFO E Joseph Grady had 2,583 shares withheld for taxes on vesting stock.
21 Apr 2020director interest notice● Neutral
CONTANGO OIL & GAS CO Vice President Operations Michael J Autin had 1,347 shares withheld for taxes on vesting stock.
31 Mar 2020substantial holder notice● Neutral
Karlin Energy, LLC, Gracie Investing, LLC, Karlin Asset Management, Inc, Karlin Holdings Limited Partnership, Gary Karlin Michelson MD Living Trust dated, Gary Karlin Michelson reported a CONTANGO OIL & GAS CO shareholding of 9,808,552 shares (7.60% of votes) in a periodic institutional filing.
14 Feb 2020substantial holder notice● Neutral
T. ROWE PRICE ASSOCIATES, INC disclosed a new substantial CONTANGO OIL & GAS CO shareholding (7.50% of votes).