Contango Oil & Gas Company announced the execution of an agreement with a select group of institutional and accredited investors to sell 26,451,988 shares of common stock in a private placement. The Company expects to receive gross proceeds from the equity capital raise of approximately $39.7 million, which it intends to use in connection with the Company’s concurrently announced pending merger with Mid-Con Energy Partners, LP, and general corporate purposes, including repayment of debt outstanding under its revolving credit facility. The closing is expected to occur on October 27, 2020.

This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The shares of common stock to be sold in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or under any state securities laws and, unless so registered may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

Contango Oil & Gas Company is an independent oil and natural gas company whose business is to maximize production and cash flow from its offshore properties in the shallow waters of the Gulf of Mexico and onshore properties in Texas, Oklahoma, Louisiana and Wyoming and, when determined appropriate, to use that cash flow to explore, develop, and increase production from its existing properties, to acquire additional PDP-heavy crude oil and natural gas properties or to pay down debt.