Contango Oil & Gas Company Buyback
OLI recorded this information on 11/5/2014
Company:
Contango Oil & Gas Company
Buyback:
MCF buyback
$Amount Authorized:
$50,000,000
Buyback Details:
Contango Oil & Gas Company (NYSE MKT:MCF) announced today that its Board of Directors has decided to resume the repurchase of its common shares under the Company's 2011 Share Repurchase Program (the "Program"). The Board's decision to resume the repurchase of shares is based on its belief that the current market price reflects a significant discount to the estimated inherent value of the Company's stock and represents an excellent investment opportunity for its shareholders. Shares may be purchased through open market or privately negotiated purchases in accordance with the provisions of the Program, the Company's insider trading policy, applicable securities laws, and other legal requirements. Repurchased shares of common stock will become authorized but unissued shares, and may be reissued in the future for general corporate and other purposes. The Program was approved and originally implemented in September 2011, with a total of $50.0 million authorized for the repurchase of shares. As of the date of this release, $39.2 million remains available for share repurchases under the Program.
Contango Oil & Gas is an independent oil and natural gas company. Co.'s business is focused on the production from its offshore properties in the shallow waters of the Gulf of Mexico and onshore properties primarily located in Oklahoma, Texas, Wyoming and Louisiana. Co. is also engaged in the exploration, development, exploitation and acquisition of oil and natural gas properties across the U.S. Co.'s primary producing areas include Offshore Gulf of Mexico, Central Oklahoma, Western Anadarko, West Texas, and Other, including East, South and Southeast Texas, Louisiana, Wyoming and Mississippi.
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Avg. Broker Rec.
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Hold (2.00 out of 4) 13rd percentile
(ranked lower than approx. 87% of all stocks covered)
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