MCF - Contango sees no impact from U.S. federal permitting suspension

Contango Oil & Gas (MCF) says it does not expect any negative impact from the Biden's administration's 60-day suspension of oil and gas permitting or leasing on federal lands and waters."Federal acreage within our asset base is comprised largely of developed reserves, thereby mitigating any impact the temporary suspension... might have on our operations," CEO Wilkie Colyer says, adding that "any increased regulation on drilling could ultimately be beneficial to companies with PDP-heavy profiles to the extent that it leads to higher future commodity prices."The company also says the suspension will not affect production acquired through its Mid-Con Energy Partners and Silvertip deals; the latter acquisition is expected to close on Feb. 1.Shares -2.9% post-market after closing regular trading -1.8%.

For further details see:

Contango sees no impact from U.S. federal permitting suspension