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Contango to Begin One-Rig Program in Late 2016
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Contango Oil & Gas Company reported its financial results for the three and six months ended June 30, 2016 and provided an operational update.
Key Points: Intends to revisit our 2016 capital program in order to begin drilling a one rig continuous program in late-2016. Second Quarter Summary Production of 6.8 Bcfe for the quarter, or 74.6 Mmcfed; within guidance Adjusted EBITDAX of $10.1 million for the quarter and net loss of $17.3 million Quarter-end debt balance of $111 million, a $4.5 million decrease from year-end Completed the purchase of approximately 12,100 gross operated undeveloped acres (~5,000 net to MCF) in the Southern Delaware Basin ofTexas in July 2016; drilling to commence in late-2016 Completed an underwritten public offering of 5,000,000 shares of common stock for net…- ✓ Full news archive — U.S., Canada & international coverage
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