HOUSTON, Oct. 30, 2019 (GLOBE NEWSWIRE) -- Contango Oil & Gas Company (NYSE American: MCF) announced today that the Company has completed its previously announced acquisition of approximately 159,872 net acres located in North Louisiana (12,560 net acres) and the Western Anadarko Basin in Western Oklahoma and the Texas Panhandle (147,312 net acres) from Will Energy Corporation for an aggregate consideration of $23 million. Following adjustments for recent sales of non-core, non-operated Louisiana properties by Will Energy, the results of operations for the period between the effective and closing dates, and other estimated customary closing adjustments, the consideration paid at closing consisted of $14.75 million in cash and 3,500,000 shares of common stock.

The Properties are approximately 95% held by production, and currently produce approximately 1,400 boepd with 34% of that production comprised of liquids. Approximately 75% of that production is operated. The Properties are mature fields with existing cash flow, low decline and significant development potential from PDNP and PUD opportunities.

Contango Oil & Gas Company is a Houston, Texas based, independent oil and natural gas company whose business is to maximize production and cash flow from its offshore properties in the shallow waters of the Gulf of Mexico and onshore properties in Texas and Oklahoma and to use that cash flow to explore, develop, exploit, increase production from and acquire crude oil and natural gas properties in the United States.