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MCF - Contango Oil & Gas Avoids A Costly Reorganization
Contango Oil & Gas Company (TX)
Contango Oil & Gas (MCF) announced a public offering of common stock. In addition, there will be a private placement with companies affiliated with a director who is also a major shareholder in the company. The success of this transaction enabled the company to also announce a new credit line. The company also has plans to acquire some low-decline production to enhance cash flow.
This is really the first time there has been significant positive news to staunch a long, slow decline from a Wall Street growth story that was conservatively managed to