Contango Completes Purchase of Well Assets

November 1, 2019

Houston independent Contango Oil & Gas Company has completed its acquisition of a company with Louisiana, Anadarko and Texas Panhandle assets.

The company has closed on its purchase of Dallas-area-based Will Energy Corp. with an estimated sale value of about $23 million.

The deal includes Will Energy’s 159,872 net acres in North Louisiana and the Western Anadarko Basin in Western Oklahoma and the Texas Panhandle (147,312 net acres).

The Properties are 95% held by production with currently produce approximately 1,400 boepd with 34% of that production comprised of liquids.

About 75% of that production is operated, Contango said.

The Properties are mature fields with existing cash flow, low decline and significant development potential from PDNP and PUD opportunities.