Contango

Texas-based exploration and production (E&P) firms Independence Energy LLC and Contango Oil & Gas Co. announced Tuesday they will merge in an all-stock transaction. The E&Ps produced a combined 111,000 boe/d of oil and gas in the first quarter across several major Lower 48 basins. Houston-based Independence is owned and managed by global investment firm…

Contango Oil & Gas Co. is set to expand its footprint in the Big Horn, Permian and Powder River basins after agreeing to purchase bank-owned liquidated assets for $58 million. Under the purchase and sale agreement announced Monday, the Fort Worth, TX-based independent is to acquire around 7,500 boe/d of production, 18.3 million boe of…

Houston-based independent Contango Oil & Gas Co. has secured an agreement with long-time partner Juneau Oil & Gas LLC to develop some prospects in the shallow waters of the Gulf of Mexico (GOM).

Houston-based Contango Oil & Gas Co. on Friday clinched an agreement to buy the assets of bankrupt White Star Petroleum LLC for $132.5 million.

ANR said it has shut in the Contango Eugene Island 63/11 receipt point for pipeline repairs and is not accepting nominations there until further notice.

Independent producer Petrohawk Energy Corp. has agreed to buy 24,000 net acres in the Fayetteville Shale for $343 million in cash from Alta Resources LLC, Contango Oil & Gas Co. and other parties, the company said last Tuesday.

Independent producer Petrohawk Energy Corp. has agreed to buy 24,000 net acres in the Fayetteville Shale for $343 million in cash from Alta Resources LLC, Contango Oil & Gas Co. and other parties, the company said Tuesday.

Houston-based Contango Oil & Gas Co. reported net income for the year, which ended June 30, at $7.1 million (68 cents/share), compared with a loss of $4.9 million (minus 54 cents) for 2003. Natural gas and oil sales for the year were $27.6 million, down from $33.9 million a year earlier. After reflecting gains and losses from hedging activities, total revenues were $27.7 million, compared with last year’s $28.2 million. Total proved reserves as of June 30 were 15.6 Bcf and 297,000 bbl. “Our fiscal year 2004 onshore exploration program was a disappointment,” said CEO Kenneth Peak. “Although we participated in the drilling of 14 exploratory wells, eight of which were successful, we only found 1.7 Bcfe, far short of replacing our 5.0 Bcfe of fiscal year 2004 production. We expect to participate in five to seven onshore exploration wells over the next six to nine months.” Peak said current production is 15 MMBtue/d.