Private Equity | Deals - Acquisition, Mergers, Divestitures | Capital Markets | Name Change

Independence, Contango Finalize Merger; Rebrand as PE-Backed Crescent Energy Co.

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Contango Oil & Gas Company has finalized its merger with Independence Energy Corp., and the new entity has rebranded as Crescent Energy Company.

Crescent is backed by PE firm KKR.

Crescent's Class A common stock will trade on the New York Stock Exchange under the ticker symbol "CRGY" at the open of trading on December 8, 2021, and as previously announced.

Crescent had production of approximately 119 MBoe/d on a pro forma basis in the second quarter of 2021 from assets across the lower 48 states:

John Goff, Chairman of Crescent, said, "We appreciate the strong support for this transaction from the Contango shareholders, which we view as further affirmation of the significant benefits it will deliver. The combined expertise of the Contango and KKR teams along with a much greater scale affords us the ability to continue to take advantage of industry consolidation."

David Rockecharlie, Chief Executive Officer of Crescent, said, "We believe the current market environment provides opportunity to significantly grow Crescent and create meaningful shareholder value by executing our differentiated strategy focused on cash flow, risk management and investment returns."

With the transaction now closed, Crescent is positioned to continue its demonstrated strategy of:

• Employing a differentiated business model that combines an investor mindset and deep operational expertise
• Investing capital with discipline and a focus on cash flow
• Acquiring and developing a portfolio of low-risk assets
• Engaging on key Environmental, Social and Governance ("ESG") principles with a commitment to continuous improvement
• Providing downside protection through strong risk management

Leadership Team & Board

As previously announced, the combined business will be managed by KKR's Energy Real Assets team and led by David Rockecharlie, Head of KKR Energy Real Assets, who will serve as Chief Executive Officer and as a member of the Board of Directors.

John Goff will be Chairman of the Board of Directors, which is composed of nine members, five from legacy Independence, three from legacy Contango and one non-legacy representative.

New Corporate Website & Investor Presentation

In connection with the formation of Crescent, the company has launched a new corporate website. Additional details about the company can now be found at www.crescentenergyco.com, along with updated presentation materials posted today.

Further details regarding the transactions can be found in the report on Form 8-K that Crescent will file with the Securities and Exchange Commission.

Share Exchange

In accordance with the terms of the merger agreement, each eligible share of Contango common stock issued and outstanding immediately prior to the effective time of the transaction will be exchanged for 0.2000 shares of Crescent Class A Common Stock.

Additional information regarding the exchange of Contango common stock for merger consideration was mailed to registered holders of Contango common stock.

With the completion of the transaction, as of today, Contango common stock will no longer be listed for trading.