Going, going, gone: Another public oil and gas operator in Oklahoma announces merger plans

Another Oklahoma-based oil and gas company is on its way to being gone. In a move one analyst expects to see more of, Mid-Con Energy Partners announced Monday it is merging with Contango Oil & Gas. The Fort Worth, Texas-based Contango will assume ownership of Mid-Con’s assets as part of an all-stock deal valued at $400 million that’s expected to close by early next year. Contango officials said the deal benefits their company because it increases its exposure to proved-developed oil reserves at an attractive price, reduces its costs and provides Mid-Con’s investors with greater liquidity, financial stability and future growth opportunities. The announcement comes about 60 days after Mid-Con issued “going concern” language in a quarterly filing it made in August. Then, Mid-Con officials stated its ability to operate into the future would depend on whether or not it could successfully renegotiate its revolving credit agreement...MORE