Contango Affiliate the High Bidder on Two Louisiana Lease Tracts
Contango Oil & Gas Co. said that its affiliated company, Republic Exploration LLC (REX), was the high bidder on two lease tracts at the State of Louisiana Mineral Lease Sale held on Thursday.
REX bid approximately $0.2 million ($0.08 million net to Contango) on 51.65 acres of Tract 38858, and approximately $4.4 million ($1.8 million net to Contango) on 1,436.26 acres of Tract 38860 (collectively, the "Mary Rose" prospect).
Contango also announced that its Dutch #1 well at Eugene Island 10 is flowing at 37 million cubic feet equivalent per day ("Mmcfe/d") (12.2 Mmcfe/d net to Contango). Further, the remaining $20 million of its previously announced $30 million secured term loan facility with a private investment firm is now fully available.
Contango is a Houston-based, independent natural gas and oil company. The Company's core business is to explore, develop, produce and acquire natural gas and oil properties primarily offshore in the Gulf of Mexico and onshore in the Arkansas Fayetteville Shale. The Company also owns a 10% interest in a limited partnership formed to develop an LNG receiving terminal in Freeport, Texas, and holds investments in companies focused on commercializing environmentally preferred energy technologies.
- Contango, Crimson Exploration Pen Merger Agreement (Apr 30)
- Contango Mourns Loss of Founder (Apr 22)
- Contango Spotlights Year-End Results (Aug 29)
Company: Republic Exploration LLC (REX) more info
- Contango's Affiliate Snags 2 Leases in Central Gulf of Mexico (Apr 13)
- Contango Acquires Interest in Dutch, Mary Rose Discoveries for $200 Million (Jan 04)
- Contango Affiliate Wins Bid on Two GoM Lease Blocks (Aug 23)