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Tuesday, 02 December, 2008, 21:20 GMT | more >>

Contango completes Texas sale



By Upstream staff 

Contango Oil & Gas said today it has completed the sale of substantially all of its south Texas natural gas and oil interests to Edge Petroleum for $50 million.

Pre-tax proceeds to Contango after netting adjustments will equal approximately $43.2 million, the company said.

Chairman and chief executive Kenneth Peak added: "We currently expect that we will participate in approximately 20 onshore wells in calendar year 2005. Our estimated share of dry hole costs for these wells is approximately $10 million.

"Additionally, the funds will enable the company to consider acquiring a 5% to 20% working interest position on a prospect by prospect basis in offshore Gulf of Mexico exploration opportunities developed by our two partially owned subsidiaries, Republic Exploration and Contango Offshore Exploration."


Wednesday, 29 December, 2004, 18:23 GMT  | last updated: Thursday, 28 April, 2005, 09:41 GMT

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