FORT WORTH, Texas, Feb. 01, 2021 (GLOBE NEWSWIRE) -- Contango Oil & Gas Company (NYSE American: MCF) today announced the successful completion of its previously announced acquisition of assets located in the Big Horn, Permian, and Powder River Basins.

In accordance with the terms of the Purchase and Sale Agreement (“PSA”), Contango acquired these assets for $58 million, subject to customary purchase price adjustments and an August 1, 2020 effective date.

Wilkie S. Colyer, Jr., Contango’s Chief Executive Officer, commented, “We are excited to announce the closing of the Silvertip assets. Since signing the PSA, we have only grown more excited by the producing reserves, employees, and upside the Silvertip assets provide. We continue to be on the lookout for additional acquisition opportunities like Silvertip in this target rich environment.”

About Contango

Contango Oil & Gas Company is a Fort Worth, 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, Oklahoma, Wyoming, and Louisiana and, when determined appropriate, to use that cash flow to explore, develop, and increase production from its existing properties, to acquire additional PDP-heavy crude oil and natural gas properties or to pay down debt. Additional information is available on the Company’s website at http://contango.com. Information on our website is not part of this release.