13 Feb 2020substantial holder notice● Neutral
Deutsche Bank AG* reported a CONTANGO OIL & GAS CO shareholding of 4,231,711 shares (3.21% of votes) in a periodic institutional filing.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
24 Jan 2020securities registration● Neutral
CONTANGO OIL & GAS CO filed the final prospectus for a registered offering.
16 Jan 2020securities registration● Neutral
CONTANGO OIL & GAS CO registered a securities offering with the SEC using its shelf eligibility.
24 Dec 2019capital raising announcement● NeutralMajor
Contango raised $53.35 million in a private placement: 19,000,000 common shares at $2.50 plus 2,340,000 non-voting Series C preferred shares at $2.50 (bought by Goff affiliates, CEO Wilkie Colyer and executive W. Farley Dakan) that convert one-for-one on shareholder approval. It also signed a Joint Development Agreement with Juneau Oil & Gas giving it the right to acquire interests in Juneau's Gulf of Mexico prospects for $6.0 million ($1.69 million cash plus 1,725,000 new shares). The new shares dilute existing holders; the release says proceeds are for general corporate purposes including spending under the Juneau agreement. Note the leadership change: Colyer is now President and CEO and Goff is described as Chairman.
23 Dec 2019substantial holder notice● Neutral
John C. Goff, Goff MCF Partners, LP, GFS Contango GP, LLC, GFS Management, LLC, Goff Focused Strategies LLC, GFT Strategies, LLC, JCG reported a CONTANGO OIL & GAS CO shareholding of 35,196,160 shares (27.70% of votes) in a periodic institutional filing.
23 Dec 2019substantial 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 5,590,594 shares (5.20% of votes) in a periodic institutional filing.
18 Dec 2019substantial holder notice● Neutral
John C. Goff, Goff MCF Partners, LP, GFS Contango GP, LLC, GFS Management, LLC, Goff Focused Strategies LLC, GFT Strategies, LLC reported a CONTANGO OIL & GAS CO shareholding of 36,739,945 shares (33.90% of votes) in a periodic institutional filing.
18 Nov 2019substantial holder notice● Neutral
John C. Goff, Goff MCF Partners, LP, GFS Contango GP, LLC, GFS Management, LLC, Goff Focused Strategies LLC, GFT Strategies, LLC reported a CONTANGO OIL & GAS CO shareholding of 36,739,945 shares (33.90% of votes) in a periodic institutional filing.
12 Nov 2019quarterly activities report▼ Bad
CONTANGO OIL & GAS CO reported quarterly revenue of $12.5 million and a net loss of $7.8 million for the period ended 2019-09-30.
12 Nov 2019quarterly activities report▼ Bad
CONTANGO OIL & GAS CO reported quarterly revenue of $12.5 million and a net loss of $7.8 million for the period ended 2019-09-30.
5 Nov 2019asset acquisition disposition● NeutralMajor
Contango closed the White Star acquisition on November 1, 2019 (about 315,000 net acres in Oklahoma, $132.5 million purchase price; after closing adjustments it paid about $96 million cash, including the $12.5 million deposit), resolving the pending deal. It funded this with a new $22 million private placement of 1,102,838 Series B convertible preferred shares at $20.00 (some bought by John Goff affiliates) plus borrowings, and the credit facility's borrowing base was raised from $65 million to $145 million with two banks added. Each Series B share converts into 10 common shares once authorized common shares are increased, which dilutes existing holders; Goff affiliates also lent $5 million at 7% on a demand note.
1 Nov 2019substantial 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 4,568,794 shares (5.30% of votes) in a periodic institutional filing.
1 Nov 2019substantial holder notice● Neutral
John C. Goff, Goff MCF Partners, LP, GFS Contango GP, LLC, GFS Management, LLC, Goff Focused Strategies LLC, GFT Strategies, LLC reported a CONTANGO OIL & GAS CO shareholding of 36,739,945 shares (35.10% of votes) in a periodic institutional filing.
1 Oct 2019material agreement● NeutralMajor
Contango agreed to buy assets from White Star Petroleum, including about 315,000 net acres in the STACK, Anadarko and Cherokee areas of Oklahoma, for about $132.5 million in cash, subject to adjustments. It paid a $12.5 million deposit and owes $120.0 million at closing, which it expects in the fourth quarter of 2019. A bankruptcy court approved the sale on September 30, 2019. This is the Pending Acquisition that the September 2019 stock offering was raised to help pay for; the deal can still fail if closing conditions are not met.
23 Sept 2019material agreement termination● Neutral
Contango terminated its October 1, 2013 credit agreement with Royal Bank of Canada and repaid all obligations under it in full, after entering the new JPMorgan-led credit agreement dated September 17, 2019. This closes the older bank facility that had been due to mature on October 1, 2019.
20 Sept 2019substantial holder notice● Neutral
LKCM Investment Partnership, L.P, LKCM Investment Partnership II, L.P, Luther King Capital Management Corporation, J. Luther King, Jr disclosed a new substantial CONTANGO OIL & GAS CO shareholding (5.30% of votes).
20 Sept 2019substantial 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 disclosed a new substantial CONTANGO OIL & GAS CO shareholding (11.40% of votes).
18 Sept 2019substantial holder notice● Neutral
John C. Goff, Goff MCF Partners, LP, GFS Contango GP, LLC, GFS Management, LLC, Goff Focused Strategies LLC, GFT Strategies, LLC reported a CONTANGO OIL & GAS CO shareholding of 32,180,644 shares (37.40% of votes) in a periodic institutional filing.
18 Sept 2019capital raising announcement● NeutralMajor
Contango raised money in two ways: a public offering of 44,736,842 common shares plus 6,710,526 more bought by underwriters (net about $46.13 million), and a $7.5 million private sale of 789,474 Series A preferred shares to entities tied to director John C. Goff. The preferred shares convert automatically to common once more shares are authorized and shareholders approve. The proceeds are meant mainly for the cash due on a pending acquisition, with the rest going to repay revolver debt or short-term investments. Contango also signed a new JPMorgan-led revolving credit facility with a $65 million borrowing base maturing September 17, 2024, which resolves the October 2019 maturity of the old RBC facility. The large share issuance dilutes existing holders.
16 Sept 2019securities registration● Neutral
CONTANGO OIL & GAS CO filed a prospectus supplement for an offering off its existing shelf.
12 Sept 2019securities registration● Neutral
CONTANGO OIL & GAS CO filed a prospectus supplement for an offering off its existing shelf.
8 Aug 2019quarterly activities report▼ Bad
CONTANGO OIL & GAS CO reported quarterly revenue of $12.8 million and a net loss of $5.0 million for the period ended 2019-06-30.
8 Aug 2019quarterly activities report▼ Bad
CONTANGO OIL & GAS CO reported quarterly revenue of $12.8 million and a net loss of $5.0 million for the period ended 2019-06-30.
18 June 2019debt financing▼ BadMajor
Contango and its lenders, led by Royal Bank of Canada, amended the credit agreement, setting the borrowing base at $85 million with $75 million currently available. The company said it is still in talks about refinancing or replacing the facility, which matures October 1, 2019, and that there is no assurance a deal will be reached on acceptable terms. This is a continuation of the 2013 credit agreement, now with a firm maturity date approaching; the next borrowing base review is August 1, 2019.
17 June 2019listing compliance notice● NeutralMajor
CONTANGO OIL & GAS CO's exchange filed to remove a class of its securities from listing.
14 June 2019business combination● NeutralMajor
Contango moved its legal home from Delaware to Texas on June 14, 2019, by merging into a wholly owned Texas subsidiary after shareholders approved it at the annual meeting. Shares converted one-for-one and kept the MCF ticker on NYSE American, authorized shares rose from 55,000,000 to 105,000,000, and shareholders elected six directors including Wilkie S. Colyer, Jr. and John C. Goff.
8 May 2019quarterly activities report▼ Bad
CONTANGO OIL & GAS CO reported quarterly revenue of $14.0 million and a net loss of $8.6 million for the period ended 2019-03-31.
8 May 2019quarterly activities report▼ Bad
CONTANGO OIL & GAS CO reported quarterly revenue of $14.0 million and a net loss of $8.6 million for the period ended 2019-03-31.
15 Mar 2019substantial holder notice● Neutral
Deutsche Bank AG* disclosed a new substantial CONTANGO OIL & GAS CO shareholding (8.29% of votes).
3 Dec 2018substantial holder notice● Neutral
John C. Goff, Goff MCF Partners, LP, Goff Capital, Inc reported a CONTANGO OIL & GAS CO shareholding of 6,673,678 shares (20.20% of votes) in a periodic institutional filing.