Contango Oil & Gas Co. said Dec. 23 it has closed its previously announced private placement of 19,000,000 shares of common stock and 2,340,000 shares of Series C preferred stock.

The Company received gross proceeds of approximately $53.35 million, which it intends to use for general corporate purposes, including capital expenditures under the Company’s concurrently announced Joint Development Agreement with Juneau Oil & Gas, LLC.

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The preferred stock ranks pari passu with the Company’s common stock and which will automatically convert into common stock upon approval of the Company’s shareholders.