Contango to acquire assets of White Star Petroleum LLC

Contango Oil & Gas Co. has entered into an asset purchase agreement to acquire the assets of White Star Petroleum LLC and certain affiliates as a part of the White Star Chapter 11 bankruptcy, 363 sales process.

The asset purchase agreement provides that Contango will acquire approximately 15,000 boe/d of production, approximately 20 million boe of proved developed producing (PDP) reserves as of the July 1 effective date, and 315,000 net acres in Oklahoma (split into the three operating districts) from White Star for a total purchase price of $132.5 million.

White Star’s production is liquids weighted at 63-percent oil and NGLs, and the acreage is 80-percent held by production. Approximately 65 percent of the wells are operated by White Star and are mature fields with strong cash flow and significant development potential from proved developed nonproducing and PDP opportunities.

The transaction is expected to close in the fourth quarter of 2019.

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