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MCF - Mid-Con Energy Partners Merges With Contango
Contango Oil & Gas Company (TX)
Mid-Con is merging with Contango Oil & Gas.
Mid-Con's unitholders will receive around 13% of the combined company, including the effects of Contango's private placement.
This is a way for Mid-Con to navigate its debt issues, including significant overleverage at strip prices and a credit facility that matures in six months.
The upside for Mid-Con's current unitholders is reduced since debt makes up a smaller portion of Contango's total enterprise value.