Contango Completes Acquisition of Oklahoma Assets from White Star Petroleum

Updated 1 year 10 months ago

Contango Oil & Gas has completed its previously announced acquisition of certain assets and liabilities, including approximately 315,000 net acres located in the STACK, Anadarko, and Cherokee operating districts in Oklahoma from White Star Petroleumfor a total purchase price of $132.5 million. Contango paid a total cash consideration of $95.8 million, which includes the previously funded cash deposit of $12.5 million. The acquired White Star assets produced approximately 15,000 bbl boe/d which consisted of approximately 63% oil and NGLs. The acreage is approximately 80% held-by-production. Approximately 65% of the wells are operated by White Star and are mature fields. The properties also include integrated gathering and saltwater disposal systems.