Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/contango-oil-gas-and-crimson-exploration-enter-int.shtmlContango Oil & Gas and Crimson Exploration enter into merger agreement
Contango Oil & Gas Company and Crimson Exploration Inc. have signed
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Contango Oil & Gas Company and Crimson Exploration Inc. have signed a merger agreement for an all-stock transaction pursuant to which Crimson would become a wholly owned subsidiary of Contango. Upon consummation of the merger, each share of Crimson stock will be converted into 0.08288 shares of Contango stock resulting in Crimson stockholders owning 20.3% of the post-merger Contango.
Following the merger, the combined company will be a premier Houston-based independent oil and gas company with a balanced offshore Gulf of Mexico ('GoM') and onshore Texas production profile and a deep inventory of high-impact GoM prospects complemented by Crimson's onshore oil and natural gas liquids-focused, lower-risk unconventional resource positions in several prolific plays. Pro forma for the merger, Contango's net daily production for the quarter ending March 31, 2013 would be approximately 101 Mmcfe (31% oil and natural gas liquids) and the proforma combined company's total proved reserves are estimated to be approximately 312 Bcfe (31% oil and natural gas liquids), based on SEC pricing at March 31, 2013.
