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.

Contango

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 KKR & Co. Inc. through its Energy Real Assets Platform. Independence’s portfolio of producing assets spans the Eagle Ford Shale, Rockies, Permian Basin and Midcontinent regions. Fort Worth, TX-based Contango is an independent with producing assets in the Midcontinent, Permian, Rockies and offshore Gulf of Mexico areas.

“This is a very compelling merger for Contango shareholders providing substantial value accretion,...