One-Page Deal Sheet
Contango Completes $40.0 Million Property Sale
Not Disclosed Contango Oil & Gas Co.
Announced Date
April 02,2011
Effective Date
April 01,2011
Close Date
May 16,2011
Transaction Type
Property
Enterprise Value (EV)($MM)
40
Location
Country
United States
State
Texas
Play
Production & Reserves Reserves
Transaction Details: Subscribe to see
Contango Oil & Gas Company has completed the sale of substantially all of its onshore Texas assets to an independent oil and gas company for an aggregate purchase price of $40.0 million. The properties were sold effective April 1, 2011 and include: (i) the Company’s 90% working interest (72% net revenue interest) and subsequent 5% overriding royalty interest in the 21 wells drilled in Panola County, Texas under our joint venture with Patara Oil & Gas LLC; (ii) the Company’s 100% working interest (72.5% net revenue interest) in Rexer #1, drilled in south Texas; and (iii) a 75% working interest…
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