HOUSTON--(BUSINESS WIRE)--Contango Oil & Gas Company (NYSE MKT:MCF)  announced that it has priced a public offering of 5,000,000 shares of its common stock for total gross proceeds (before the underwriting discount and estimated expenses) of $50 million. The underwriters have an option for 30 days to purchase up to an additional 750,000 shares of common stock from the Company. Proceeds from the offering are expected to be used to fund the purchase price of the Company’s recently announced acquisition of undeveloped Southern Delaware Basin acreage from a third party (the “Acquisition”) and drilling costs associated with the initial development thereof. Pending such use, the Company intends to use the proceeds of the offering to repay amounts outstanding under its revolving credit facility, which will be reborrowed from time to time. If the Acquisition does not close, the Company intends to use the net proceeds for general corporate purposes.

RBC Capital Markets, SunTrust Robinson Humphrey and Seaport Global Securities are acting as joint book-running managers for the offering. The offering is expected to close on July 27, 2016, subject to customary closing conditions.

Contango Oil & Gas Company is a Houston, Texas based, independent energy company engaged in the acquisition, exploration, development, exploitation and production of crude oil and natural gas offshore in the shallow waters of the Gulf of Mexico and in the onshore Texas Gulf Coast and Rocky Mountain regions of the United States. Additional information is available on the Company's website at www.contango.com.