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.
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.
BP last reduced its dividend in 2010, when it was suspended for three quarters following the deadly Deepwater Horizon rig explosion.
Schlumberger, Halliburton and Baker Hughes shift focus overseas and away from U.S. shale as domestic revenues dry up.
Kicked out of the club in 2012, the Haynesville was resurrected beginning in 2017 to take on the mighty Marcellus in metrics, aided by a proximity-to-market kicker. Now, it’s taking on oil basins at the IRR weigh-in.