Contango Announces John Goff as New Chairman of the Board and Enhancement to Its Management Team

HOUSTON, Oct. 18, 2019 (GLOBE NEWSWIRE) -- Contango Oil & Gas Company (NYSE American: MCF) (“Contango” or the “Company”) announced that John C. Goff, a current director and the Company’s largest shareholder, has been appointed Non-Executive Chairman of the Board of Directors.  Mr. Goff replaces Joe Romano, who will remain on the Board as a director.  Mr. Goff said, “We thank Joe for his years of service as Chairman of the Board and look forward to his continued contribution as a director of the Company.  We are excited about our recent announcements of the pending acquisitions of Will Energy and White Star, which are truly transformative transactions for Contango.  We are committed to our strategy of continuing to consolidate the fragmented E&P space during this unique window of opportunity.  Wilkie Colyer has worked with me for the last 12 years and I look forward to supporting him and the dedicated Contango team.”  

Contango also announced today that it has enhanced its management team through the appointment of Farley Dakan as its Senior Vice President – Corporate Development.  In his new role at Contango, Mr. Dakan will report to Wilkie S. Colyer, Contango’s President & CEO, and will be responsible for the integration of the Company’s recent acquisitions, as well as the identification, evaluation, financing and integration of future acquisitions as part of the Company’s consolidation strategy.

Mr. Dakan has extensive experience in management, advisory and board roles with both private and public companies in a number of different industries.  Immediately prior to joining Contango, Mr. Dakan was founder, owner and CEO of Will Energy Corporation, which recently entered into a Contribution and Purchase Agreement for the sale of its oil and gas asset portfolio to Contango.  Prior to founding Will Energy Corporation, Mr. Dakan’s advisory and management roles were in support of clients such as Wells Fargo, Fortress Investment Group, Goldman Sachs, Credit Suisse and numerous other investment firms and corporations.  Mr. Dakan began his career with a predecessor firm of Ernst & Young and graduated with a degree in finance from Baylor University. 

Mr. Colyer said “We are extremely fortunate to be able to attract Farley to Contango.  Farley’s extensive experience and network in the distressed asset arena will position him to contribute immediately to our goal of identifying and consummating additional industry consolidation opportunities.”

About Contango Oil & Gas Company

Contango Oil & Gas Company is a Houston, Texas based, independent oil and natural gas company whose underlying business has been to maximize production and cash flow from its offshore properties in the shallow waters of the Gulf of Mexico and onshore properties in Texas and Oklahoma and to use that cash flow to explore, develop, exploit, increase production from and acquire crude oil and natural gas properties across the United States.  Contango has added to its corporate strategy the implementation of a consolidation strategy to pursue the acquisition of PDP-heavy opportunities that it believes will be available in the near future from stressed or distressed situations.  Additional information is available on the Company’s website at http://contango.com.  Information on the website is not part of this release.

Forward-Looking Statements and Cautionary Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, as amended.  These statements are statements regarding expectations, beliefs, plans, objectives, assumptions, strategies or statements about future events or performance.  Words and phrases used to identify our forward-looking statements include terms such as “strategy,” “forward,” “expects”, “projects”, “anticipates”, “believes”, “plans”, “estimates”, “potential”, “possible”, or “intends”, or words and phrases stating that certain actions, events or results “may”, “will”, “should”, or “could” be taken, occur or be achieved.  Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties including those discussed under the “Risk Factors” heading in our annual report on Form 10-K for the year ended December 31, 2018 and our quarterly reports on Form 10-Q filed with the SEC, and which could cause actual results to differ materially from those reflected in the statements.  Additional information on these and other factors which could affect Contango’s operations or financial results are included in Contango’s reports on file with the SEC.  Forward-looking statements speak only as of the date they were made and are based on the estimates and opinions of management at the time the statements are made.  The Company undertakes no obligation to update such statements, except as required by law.