Acquisitions & Divestitures

Contango Oil & Gas Strikes JV Deal With Former Partner In US GoM

The original partnership in the late 1990s between Contango and Juneau Oil & Gas made several notable discoveries in the U.S. Gulf of Mexico.

Emily

Patsy

Hart Energy

Fri, 12/20/2019 - 11:30 AM

Contango Oil & Gas Strikes JV Deal With Former Partner In US GoM

The first prospect of Juneau’s that Contango acquired, the Iron Flea, is estimated to have reserve potential of about 19 million barrels of oil equivalent (86% oil) net to Contango’s interest. (Source: Contango Oil & Gas Co./Shutterstock.com)

Contango Oil & Gas Co. entered a joint venture (JV) agreement on Dec. 20 to develop certain offshore exploration prospects in the U.S. Gulf of Mexico (GoM) shelf owned by Juneau Oil & Gas LLC.

“Our entire team could not be more excited to reconnect with our original partner Contango Oil & Gas, which Ken Peak and I started back in 1999,” Brad Juneau, president of Juneau Oil & Gas, said in a statement.

The companies’ original partnership made several notable discoveries in the GoM from inception, including the discovery of the Dutch and Mary Rose Field, which Wilkie S. Colyer, Contango’s president and CEO , said continues to be an important contributor to Contango’s reserves and cash flow.

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Emily Patsy

Emily Patsy is the senior managing editor for Hart Energy’s Digital News Group. She's responsible for the daily news flow and also manages the A&D Watch and Energy Pulse weekly newsletters.

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