Contango and Mid-Con Energy entered into an agreement in October 2020 for an all-stock merger in which Mid-Con unit holders will receive 1.75 shares of Contango common stock for each common unit, a 5% premium based on a 15-day volume-weight average price. Contango shareholders will own 87% of the combined company. The transaction has been approved unanimously by the directors of both companies with voting agreement signed by over 50% of holders on both sides of the deal, including Goff Capital. Contango's management with continue to lead the company with headquarters in Fort Worth, Texas.
Contango's revolving credit facility has been expanded from $75 million to $130 million, and the company executed a $39.7 million private placement. Intrepid Partners advised Contango, and Petrie Partners advised Mid-Con.